DGAI/USDT OI 5min Up 6.35% $142K rose to $151K, Price -0.77%, New Shorts Entering
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PRECIOUS-Gold lackluster ahead of inflation data as oil prices rise
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quote: . @gdog97_ explains @Ethena Pay and lays out why owning the entire stack matters by pointing to how Coinbase captures 60% of Circle's USDC revenue
"A lot of the products in the market haven't got the full vertical integration between owning the stablecoin infrastructure, the yield generation engine, and the front end that sits on top. Taking a debit card and putting it on someone else's stablecoin means you lose the most valuable piece of the entire chain, the stablecoin sitting in the background"
"If you're creating one of these platforms and you don't own the whole stack, the issuance of the stablecoins, the generation of the yield, and all the UX and cards and spending on top of it, you've lost the beating heart of these businesses"
"People speak a lot about the Coinbase and Circle deal, where Coinbase makes something like 60% of the revenues of the USDC sitting there. If you always depend on the distribution of others, there isn't that much margin left for you in the end. If you never own the user, you can never control that economic relationship in a much more powerful way"
@ethena | E184: @ethena CEO - Why @EthenaPay Feels Like Revolut, Not MetaMask
@gdog97_ is the founder and CEO of Ethena. He stumbled into DeFi in 2019 when a friend showed him MakerDAO - taking out a $5,000 loan against $10,000 of ETH with no one standing in the middle of the transaction.
Six years later he's running Ethena, which scaled to $15 billion in stablecoin supply faster than anything else in crypto history, and his thesis is that a dollar with a yield in an app that doesn't feel like crypto is what finally brings 100 million new users in.
Timestamps
0:00 Intro
2:37 Which Of Guy's Plans Fell Apart
5:37 Where Actually Are The Users Everyone Wants
7:10 What Got Guy Hooked On Crypto
9:20 PayPal vs Revolut vs Neo Banks
12:43 Partnerships: @variational_io @Bitwise
13:36 Revolut vs Stablecoin Neo Banks
15:58 Is Switching To Neo Banks Really A 10x
18:00 EthenaPay, Explained Simply
21:21 Why Build Another Crypto Neo Bank
23:53 Will Crypto Banks Fight Over The Pie
25:55 How Ethena Wins Users By Helping Everyone
32:47 What Actually Makes Ethena Different
36:51 Ethena's Cashback System Revealed
38:32 How Ethena Cuts Fees
39:39 How Ethena Finds The Best Yield
45:16 Guy On Dealing With FUD
48:35 Why Guy Stays Quiet
49:29 Partnership: @KASTxyz
50:17 Ethena's KPI Targets
51:55 The Holy Grail For A Stablecoin Neo Bank
52:31 Partnerships: @JupiterExchange Ethena
53:14 If Everyone Does The Same Thing, Who Wins
55:23 What's Next For Ethena After EthenaPay
56:36 Is EthenaPay Basically USDe
58:04 Closing Thoughts
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Reuters9/8news
Kansas Republican Senator Marshall Says He Will Fight to Keep Bombardier’s Over 1,200 Kansas Jobs After Trump’s Threats to Ban Bombardier Airplanes
Just tried a CyberCab ride here in Austin Texas 🤩 Super smooth experience. The style is just unmatched especially vs Waymo which I tried last year.
Hope it’s not gonna take years until this is possible in Germany. Come on EU 🤞 https://t.co/ZJsmmELnxw
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August Yielded a Record Month in RWA Perp Volume
Cash markets do not share a clock and RWA perps don’t wait for them to agree. August was another record month against the previous report’s published July baseline. The tracked RWA perp market generated $751.9 billion in RWA perp volume, versus $708.3 billion in July, a 6.2% increase. The market also handled a wider range of situations. Memory equities reversed after a long run higher. Seoul paused program trading during a sharp selloff. Moderna doubled after a clinical readout. Different markets, different schedules, one place to keep trading. The month was larger AND broader: more assets, more types of event, and more reasons to trade around the clock. Yet, still a lot of market left to build. Memory Equities Traded in Both Directions July was a one-way memory trade. August brought the other side of it. The tracked memory complex — SNDK, SKHYNIX, SKHY, MU, SNXX, DRAM, and SAMSUNG — generated $327.4 billion, or 43.5% of August volume. Four of the ten most-traded assets came from the group: SNDK ranked first, SKHYNIX third, MU sixth, and SKHY tenth.
On August 4, the memory trade moved higher. SanDisk rose 8%, Micron 6%, and SK hynix 4% after the companies advanced the first Open Compute Project HBF specification. On August 18, it moved lower: Micron fell 5%, SanDisk 6%, Western Digital 7%, and SK hynix 6% as Treasury yields moved higher and investors repriced the trade. The same group drove both the rally and the selloff and kept trading through both. Korea Sold Off; Perps Kept Trading Korean exposure was not a side story. SKHYNIX ranked third, KORU ninth, and SKHY tenth. Together, they generated $117.1 billion, or 15.6% of August volume. On August 19, the KOSPI fell nearly 6% and a Korea selloff triggered a five-minute sell-side sidecar for program trading. After the close, SK hynix announced a 40 trillion won buyback plan, and the KOSPI recovered almost all of the previous session’s loss the next day. MRNA Perps Listed in Hours. Depth Did Not. On August 19, Moderna and Merck reported positive Phase 3 results for their personalised mRNA cancer vaccine in melanoma. Moderna’s stock rose 176.97% in the session. Very few venues had an MRNA market live before the result; TrueCurrent was one. A few more markets followed shortly after the news broke, including TradeXYZ. From its August 19 listing through month-end, MRNA generated $571.6 million and ranked 69th by volume. Its first two sessions produced $213.5 million combined, representing close to 40% of its total monthly volume. The point is access to the event, not the total volume. Traders already have venues for recurring events around the MAG7 and large technology and AI companies, especially earnings. MRNA showed how that can extend to a smaller public company when a one-off clinical result drives attention. With the right risk, and market-data systems, an exchange can make the event tradable quickly, while the news is still relevant and driving volatility. The 24/7 Reference-Price Problem August brought a market-structure question into focus: who produces a usable price when traditional market infrastructure is closed, paused, or has not opened yet? Douro Labs and the Hyperliquid Policy Center brought that question into the SEC’s market-structure process, arguing that the SEC should recognize qualifying independent reference prices for onchain markets where the SIP-derived NBBO is unavailable or does not reflect onchain conditions. The standard they describe rests on direct contributors, a published methodology, transparent publishers, and checks against traditional market data. A separate SEC comment from the Hyperliquid Policy Center and trade[XYZ] used IPOPs — cash-settled pre-IPO perpetuals with no shares, voting rights, or claim on the issuer — as an example of price discovery before a public listing. The CFTC comment process raises a related question for 24/7 futures and perpetuals in energy markets, where the underlying can keep moving after U.S. futures close. All point to the same shift: perps are bringing questions of data provenance, instrument classification and market access into policy discussions. That is directly relevant to RWA markets. These issues are directly relevant to Pyth, whose data infrastructure is used across much of the tracked volume. August in Numbers August closed at $751.9 billion in tracked volume, a 6.2% increase from the previous month.
Asset Class Ranking The market is very much still equity-led with $487.3 billion or 64.8% of the total volume. Commodities followed at $152.3 billion (20.3%), then indices at $103.9 billion (13.8%) and FX at $8.3 billion (1.1%).
Venue Ranking August showcased a reshuffle behind Binance which is head and shoulders above the rest and still growing ($385.6 billion to $437.4 billion). OKX took the 2nd spot as it held its volume above $100 billion and moved from third to second, while Hyperliquid dropped sharply from July’s second-place position to $84.6 billion in August. The RWA perp volume remained top-five concentrated with over 95% of it being traded on Binance, OKX, Hyperliquid, Bitget, and Bybit.
Market-Data Provider Ranking On the data provider and infrastructure front, Pyth remained the undisputed leader with over $715 billion in RWA perp volume secured, representing 96.27% of the total tracked RWA perp volume. One extra percentage point compared to July further solidifying Pyth Pro and Indices as the products powering 24/7 tradfi markets.
Methodology and Sources All volume, listing and provider figures are drawn from Refraction Research and the RWA Markets dashboard, built by @zinnresearch. Volume is notional traded volume across tracked perpetual venues. Volume priced per market data provider attributes each venue-symbol pair to its stated pricing source, weighted by volume. Pairs without a confirmed source are recorded as unverified.
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news9/8news
August Yielded a Record Month in RWA Perp Volume
Cash markets do not share a clock and RWA perps don’t wait for them to agree.
August was another record month against the previous report’s published July baseline. The tracked RWA perp market generated $751.9 billion in RWA perp volume, versus $708.3 billion in July, a 6.2% increase.
The market also handled a wider range of situations. Memory equities reversed after a long run higher. Seoul paused program trading during a sharp selloff. Moderna doubled after a clinical readout. Different markets, different schedules, one place to keep trading.
The month was larger AND broader: more assets, more types of event, and more reasons to trade around the clock. Yet, still a lot of market left to build.
Memory Equities Traded in Both Directions
July was a one-way memory trade. August brought the other side of it.
The tracked memory complex — SNDK, SKHYNIX, SKHY, MU, SNXX, DRAM, and SAMSUNG — generated $327.4 billion, or 43.5% of August volume. Four of the ten most-traded assets came from the group: SNDK ranked first, SKHYNIX third, MU sixth, and SKHY tenth.
On August 4, the memory trade moved higher. SanDisk rose 8%, Micron 6%, and SK hynix 4% after the companies advanced the first Open Compute Project HBF specification. On August 18, it moved lower: Micron fell 5%, SanDisk 6%, Western Digital 7%, and SK hynix 6% as Treasury yields moved higher and investors repriced the trade.
The same group drove both the rally and the selloff and kept trading through both.
Korea Sold Off; Perps Kept Trading
Korean exposure was not a side story. SKHYNIX ranked third, KORU ninth, and SKHY tenth. Together, they generated $117.1 billion, or 15.6% of August volume.
On August 19, the KOSPI fell nearly 6% and a Korea selloff triggered a five-minute sell-side sidecar for program trading. After the close, SK hynix announced a 40 trillion won buyback plan, and the KOSPI recovered almost all of the previous session’s loss the next day.
MRNA Perps Listed in Hours. Depth Did Not.
On August 19, Moderna and Merck reported positive Phase 3 results for their personalised mRNA cancer vaccine in melanoma. Moderna’s stock rose 176.97% in the session.
Very few venues had an MRNA market live before the result; TrueCurrent was one. A few more markets followed shortly after the news broke, including TradeXYZ.
From its August 19 listing through month-end, MRNA generated $571.6 million and ranked 69th by volume. Its first two sessions produced $213.5 million combined, representing close to 40% of its total monthly volume.
The point is access to the event, not the total volume. Traders already have venues for recurring events around the MAG7 and large technology and AI companies, especially earnings. MRNA showed how that can extend to a smaller public company when a one-off clinical result drives attention. With the right risk, and market-data systems, an exchange can make the event tradable quickly, while the news is still relevant and driving volatility.
The 24/7 Reference-Price Problem
August brought a market-structure question into focus: who produces a usable price when traditional market infrastructure is closed, paused, or has not opened yet?
Douro Labs and the Hyperliquid Policy Center brought that question into the SEC’s market-structure process, arguing that the SEC should recognize qualifying independent reference prices for onchain markets where the SIP-derived NBBO is unavailable or does not reflect onchain conditions. The standard they describe rests on direct contributors, a published methodology, transparent publishers, and checks against traditional market data.
A separate SEC comment from the Hyperliquid Policy Center and trade[XYZ] used IPOPs — cash-settled pre-IPO perpetuals with no shares, voting rights, or claim on the issuer — as an example of price discovery before a public listing. The CFTC comment process raises a related question for 24/7 futures and perpetuals in energy markets, where the underlying can keep moving after U.S. futures close.
All point to the same shift: perps are bringing questions of data provenance, instrument classification and market access into policy discussions. That is directly relevant to RWA markets. These issues are directly relevant to Pyth, whose data infrastructure is used across much of the tracked volume.
August in Numbers
August closed at $751.9 billion in tracked volume, a 6.2% increase from the previous month.
Asset Class Ranking
The market is very much still equity-led with $487.3 billion or 64.8% of the total volume. Commodities followed at $152.3 billion (20.3%), then indices at $103.9 billion (13.8%) and FX at $8.3 billion (1.1%).
Venue Ranking
August showcased a reshuffle behind Binance which is head and shoulders above the rest and still growing ($385.6 billion to $437.4 billion). OKX took the 2nd spot as it held its volume above $100 billion and moved from third to second, while Hyperliquid dropped sharply from July’s second-place position to $84.6 billion in August. The RWA perp volume remained top-five concentrated with over 95% of it being traded on Binance, OKX, Hyperliquid, Bitget, and Bybit.
Market-Data Provider Ranking
On the data provider and infrastructure front, Pyth remained the undisputed leader with over $715 billion in RWA perp volume secured, representing 96.27% of the total tracked RWA perp volume. One extra percentage point compared to July further solidifying Pyth Pro and Indices as the products powering 24/7 tradfi markets.
Methodology and Sources
All volume, listing and provider figures are drawn from Refraction Research and the RWA Markets dashboard, built by @zinnresearch.
Volume is notional traded volume across tracked perpetual venues.
Volume priced per market data provider attributes each venue-symbol pair to its stated pricing source, weighted by volume. Pairs without a confirmed source are recorded as unverified.
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Between this and the “Cabinet Planning Forum” he’s scheduled this week, Carney is bracing for a long fight.
Canadian retaliatory tariffs kicked in today. I’m told they see a low chance of any deal before the midterms. Trump is silent so far on any response.
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Premarket movers:
Mag 7 stocks are mostly lower: Nvidia +0.3%, Tesla +0.2%, Alphabet -0.7%, Apple -0.4%, Amazon -0.9%, Microsoft -0.8%, Meta Platforms -0.5%
Best Buy (BBY) slips 2% after DA Davidson cut the recommendation on the consumer electronics retailer to neutral, citing the stock’s valuation following a 35% year-to-date gain.
Bloom Energy (BE) rises 6% and Everpure (P) gains 2% after S&P Dow Jones Indices said the companies will join the S&P 500 Index. Boston Scientific (BSX) slips 2% after the company said that the cyber attack that recently affected operations is likely to have a material impact on third quarter and fiscal 2026 results. Herbalife (HLF) rises 7% after the maker of dietary supplements announced a $250 million share buyback.
Ionis Pharmaceuticals (IONS) falls 10% and Amgen (AMGN) slumps 5% after Novartis AG said its heart medication, pelacarsen, failed in a final-stage study.
Pharvaris (PHVS) soars 25% after a Phase 3 trial of its deucrictibant extended-release tablet for the prevention of hereditary angioedema attacks met its primary and secondary endpoints.
Rigetti Computing (RGTI) rises 5% after the quantum computing firm signed a $100 million pact with the US Department of Commerce to accelerate superconducting quantum computing R&D.
Roivant (ROIV) gains 20% after the drugmaker said a mid-stage study of its inhaled drug, mosliciguat, met its primary endpoint in the treatment for a lung disease.
Sigma Lithium (SGML) drops 16% after a Brazilian court ordered the suspension of all environmental permits for an operating subsidiary of the company and the complete halt of mining activities for the firm’s Grota do Cirilo lithium project.
Sweetgreen (SG) is up 5% after KeyBanc raised its recommendation on the salad restaurant chain to overweight, calling it a compelling turnaround opportunity.
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Google Cloud: Threat Actors Executed Mass Credential Harvesting in Under 6 Hours Using AI Agents During Q2 2026 - Website
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Rpt-Google Cloud and Accenture Formed the Accenture Gemini Enterprise Business Group to Help Customers Deploy Google Cloud’s Agentic AI Platform - WSJ
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Google Cloud and Accenture Formed the Accenture Gemini Enterprise Business Group to Help Customers Deploy Google Cloud’s Agentic AI Platform - WSJ
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Samsung Electronics and ASML Expand Strategic Collaboration for Next-Generation Semiconductor Manufacturing
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French AI startup Mistral has raised 3 billion euros ($3.5 billion) in fresh funding led by memory chip giant Samsung.
➡️Mistral CEO Arthur Mensch told CNBC that the funds will go toward building more infrastructure, including its own data centers.
➡️The capital raising round values the company at more than 21 billion euros ($24 billion), double the level of a year ago.
Quiet month? Not on Base
Here’s 25 things the Base ecosystem launched and announced in August
1) @bitso made MXNB available through Base. Users can deposit Mexican pesos on Bitso, withdraw MXNB on Base, and use the Juno vault on @morpho
2) @bitwise launched Automated Token Portfolios on Base with @glider__, using Coinbase Tokenized Stocks. Eligible users can hold 1:1 share-backed equity portfolios in self-custody and use them as collateral in DeFi
3) @awscloud made AgentCore Payments generally available with @coinbase and @stripe using x402. Agents can pay for APIs, content, data feeds, and more
4) @travalacom integrated Amazon Bedrock AgentCore payments from @awscloud into the Travala Travel MCP. Agents can book 2.2M+ hotels with USDC using Base
5) @o1_exchange launched a Stock launchpad, built natively on the B20 Stock token standard on Base. Issuers can launch stock tokens on Base through that pad
6) @avantisfi launched V2 in private beta on Base. Existing Avantis traders can trade 100+ assets, RWAs, and Upside Perps
7) @youdotcom is adding x402 support to its Web Search API on Base. AI agents can pay per query for live web data without API keys, subscriptions, or a human checkout
8) @bankrbot partnered with @aerodromefi on an Aerodrome Stock LP skill. Users can become LPs for tokenized stocks on Base with a Bankr agent opening and managing the position 24/7
9) @baibai_cx went public on Base as a PropAMM + aggregator built by @spire_labs. Traders can swap against onchain market-maker quotes and aggregated DEX liquidity
10) @overseepay went live on Base. Users can move dollars onchain for remittances to Pakistan
11) @credifi opened unsecured loans of up to $3,000 for @ethos_network users with a Credibility Score of 1800+. Eligible borrowers can take credit with no collateral and no liquidation
12) @send launched Send Cards. Users can fund a card with USDC on Base in the Send app and spend that balance on everyday purchases
13) @joincero introduced their product. Cero card will convert everyday spend into a 0-1000 score toward rewards and credit when early access starts
14) @longshotxyz launched on Base. Eligible non-US regions get free and paid prediction contests plus customizable combo markets
15) @syntetika opened deposits with BTC Basis+, a delta-neutral Bitcoin basis strategy managed by @hilbertcapital using cbBTC on Base
16) @peerxyz launched on iOS and Android. Venmo, Cash App, Revolut, Wise, PayPal and similar apps can fund USDC on Base from the phone
17) @zothdotio announced zVaults on Base opening soon. One deposit will hold a basket of tokenized US stocks in a self-custodial wallet
18) @forevermoney_ai brought the Bittensor ecosystem to Base via Chainlink CCIP. Bittensor’s AI network can now plug into Base apps for compute, coding, vision, and prediction
19) @zaruniversal launched ZARU on Base. A 1:1 rand-backed stablecoin settles payments onchain in seconds instead of one to three business days
20) @anoma launched AnomaPay on Base. Base assets can be deposited and sent confidentially with payment links
21) @rena_labs launched Insider Scan on Base. Users can exchange liquidity, spreads, depth, and volume sit in one view, with plain-language questions
22) @veildotcash activated NVDAc in its Multi-Asset Pool on Base. Tokenized Nvidia can be deposited and sent privately through Veil
23) @dinariglobal launched regulated dShares of the full S&P 500 for US investors and businesses, live on Base. US holders get 24/7 onchain access with voting, dividends, and a claim to the backing security
24) @b3labs introduced B3IQ. Teams can own a hosted Nvidia GPU over time, run private inference on that hardware, and rent idle capacity, with payouts in USDC on Base
25) @pixiechess is live on a mobile browser. Chess for real money can be played from a phone browser on Base
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Samsung Electronics and Asml Expand Strategic Collaboration for Next-Generation Semiconductor Manufacturing
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SEMIFIVE Commences Mass Production of HyperAccel's LLM AI Inference Accelerator 'Bertha' on Samsung 4nm, Spurring Growth Momentum