Bitcoin 8% Gains Already Make September 2025 Its Second Best

PANews reported on October 16th that the NEAR Foundation has officially announced the addition of senior executives from Bloomberg, Digital Currency Group, Flipside, and dYdX to its leadership team. The newly appointed leaders include Matt Kummell as Chief Business Officer, Alycia Tooill as Head of Human Resources, Chris Briseno as Chief Marketing Officer, George Zeng as Chief Product Officer and General Manager of NEAR AI, and Bowen Wang as Chief Technology Officer and Founder of NEAR One. These new appointments mark a pivotal shift for NEAR, moving from infrastructure development to product adoption and commercialization.

In a move signaling a subtle but significant policy shift in Washington, the Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval to Erebor Bank, a new financial institution backed by technology prominents Peter Thiel, Palmer Luckey, and Joe Lonsdale. The approval, announced Wednesday, marks the first de novo bank to receive national authorization under Comptroller Jonathan Gould, according to the Financial Times. Erebor Bank, headquartered in Columbus, Ohio, filed its application on June 11, and its approval follows a four-month regulatory review. “I am committed to a dynamic and diverse federal banking system, and our decision today is a first but important step in living up to that commitment,” Gould said. Gould’s accompanying remarks indicated a notable shift from the regulator’s previous restrictive look: the OCC “does not impose blanket barriers to banks that want to engage in digital asset activities.” That statement shows one of the clearest indications yet that U.S. banking regulators may be reconsidering their restrictive stance toward crypto-linked financial services, which was further exacerbated by the 2023 collapses of several crypto banks. Analysts view the OCC’s decision as a watershed moment for the industry, a sign that Washington is ready to experiment with responsible crypto banking, provided institutions can demonstrate robust compliance and risk controls. If Erebor secures full authorization, it could become a test case for how regulators manage digital asset exposure within federally chartered banks and a potential model for others seeking to bridge the gap between traditional banking and digital finance. The question now shifts to what Erebor will offer. After SVB’s Fall, Erebor Bank Steps In to Serve Tech and Crypto Businesses In the wake of Silicon Valley Bank’s dramatic collapse in 2023, which sent shockwaves through the startup and venture capital ecosystem, Erebor Bank is emerging as a deliberate attempt to fill the vacuum left in the financing of America’s economy. Erebor seeks to serve clients in high-growth, high-tech sectors, including artificial intelligence, defense, manufacturing, and digital assets, as well as payment processors, venture funds, and trading firms. The bank’s charter aims to operate as a full-service national bank, offering both traditional deposit and lending services, while integrating digital asset operations under a tightly regulated framework. According to its filings, Erebor expects to hold approximately $1 million in cryptocurrency for transactional purposes, indicating limited but deliberate exposure to digital assets. Unlike the risk-heavy approach that defined some of its predecessors, Erebor’s model aims for conservatism and compliance. A source close to the company told the Financial Times that Erebor aims to be “a stable, low-risk, reliable bank doing normal banking things without screwing everyone over with undue risk.” The fall of SVB, along with Silvergate, Signature Bank, and First Republic, had left tech startups and crypto firms struggling to find stable banking partners. This disruption forced many to seek offshore or non-traditional solutions, a gap Erebor now seeks to fill with institutional discipline and Silicon Valley know-how. Still, Erebor is not fully operational yet. The OCC’s conditional approval means the institution must complete a series of compliance, cybersecurity, and capital adequacy reviews, a process that could take several months, before receiving a final charter. How Erebor’s Approval Reflects Washington’s Crypto Policy Pivot Erebor’s approval comes amid broader regulatory momentum in Washington. President Donald Trump recently signed the GENIUS Act, a landmark bill establishing oversight rules for stablecoin issuers, while Congress continues to debate broader crypto market structure legislation and limits on a central bank digital currency (CBDC). The new policy climate has encouraged several crypto-linked firms, including Coinbase, Circle, and Ripple, to pursue national trust or banking charters with the OCC. In May, the OCC issued updated guidance confirming that banks may buy and sell cryptocurrencies held in custody at the direction of customers, an important reversal of prior restrictions. The policy also allows institutions to outsource crypto custody and execution to third parties, provided they meet strict safety and soundness standards. The clarification marked a clear shift toward integrating crypto activities within federally regulated banks. Gould’s appointment in June reinforced that direction. The former Bitfury executive and OCC veteran was confirmed by the Senate in a narrow 50–45 vote, becoming the agency’s first permanent chief since 2020. His background in blockchain and digital assets has shaped a more open stance toward innovation in banking. Under his leadership, the OCC has already removed references to “reputation risk” in its internal guidance, a change viewed as reducing barriers for banks engaging in crypto-related services. Despite the shift, some lawmakers have voiced concerns about the growing ties between politics and cryptocurrency. In August, Senators Elizabeth Warren, Chris Van Hollen, and Ron Wyden urged Gould to investigate potential conflicts of interest related to President Trump’s personal involvement in crypto ventures, particularly a stablecoin called USD1 issued by World Liberty Financial. The senators questioned whether the OCC could maintain impartial oversight as it becomes the primary regulator for stablecoins under the GENIUS Act

A heated contest for control over a new dollar-pegged token has set the stage for what analysts say could define the next phase of the stablecoin industry. According to Bloomberg, a bidding war unfolded on Hyperliquid, one of crypto’s fastest-growing trading platforms, with the prize being the right to issue USDH, its native stablecoin. The competition drew some of the sector’s most prominent names, including Paxos, Sky, and Ethena, who later withdrew their bid, alongside the lesser-known Native Markets, a startup backed by Stripe stablecoin subsidiary Bridge. Hyperliquid Stablecoin Race Shows Branding and Partnerships Matter as Much as Tech Over the weekend, Hyperliquid’s validators, the contributors who secure the network and vote on key decisions, awarded the USDH contract to Native Markets over the weekend. Despite its relatively new status, the firm’s connection with Stripe helped it outpace more established rivals. Stablecoins underpin decentralized finance by providing a dollar-backed medium for collateral, settlement, and payments across applications. What began as a grassroots, community-led sector has evolved into a battleground for institutions and payment companies seeking revenue from interest on reserves. Circle, for example, shares proceeds from its USDC with Coinbase under a partnership designed to stabilize earnings during market swings. The Hyperliquid contest offered a rare glimpse into just how intense competition has become. Paxos pledged to take no revenue until USDH surpassed $1 billion in circulation. Agora offered to share 100% of net revenue with Hyperliquid, while Ethena put forward 95%. All were outbid by Native Markets, whose ties to Stripe’s $1.1 billion acquisition of Bridge and subsequent rollout of the Tempo blockchain positioned it as a strong contender. “Every stablecoin issuer is extremely desperate for supply,” said Zaheer Ebtikar, co-founder of Split Capital. “They are willing to publicly announce how much they are willing to offer. It just shows it’s a very tough business for stablecoin issuers.” While USDC remains dominant on Hyperliquid with more than $5.6 billion in deposits, the arrival of USDH could shift flows and revenue dynamics. Paxos co-founder Bhau Kotecha said the firm sees the exchange’s growth as an important opportunity, while Agora’s co-founder Nick van Eck warned that awarding the contract to a vertically integrated issuer risked undermining decentralization. Regulatory positioning also factored into the debate. Paxos operates under a New York trust charter and is seeking a federal license, while Bridge holds money transmitter approvals in 30 states. Native Markets, in a blog post, cited regulatory flexibility and deployment speed as reasons for its selection. Hyperliquid said the strong engagement from its community validated the process. Circle CEO Jeremy Allaire dismissed concerns over USDC’s status, noting on X that competition benefits the ecosystem. Analysts suggested that fears of centralization may be exaggerated, noting that Hyperliquid is likely to remain neutral and support multiple stablecoins. Still, the contest over USDH highlighted a new reality for stablecoins: branding, partnerships, and business strategy are becoming as decisive as technology. Native Markets Secures USDH Stablecoin Mandate on Hyperliquid Hyperliquid has concluded its governance vote for the USDH stablecoin, awarding the mandate to Native Markets after a closely watched process that drew weeks of community debate and rival proposals. USDH, described by Hyperliquid as a “Hyperliquid-first, compliant, and natively minted” dollar-backed token, is intended to reduce the platform’s dependence on USDC and strengthen its spot markets. Validators on the decentralized exchange voted in favor of Native Markets, a relatively new player backed by Stripe’s Bridge subsidiary, over established contenders including Paxos and Ethena. The outcome followed a string of proposals offering aggressive revenue-sharing terms to win validator support, underscoring the scale of incentives attached to controlling USDH. Hyperliquid’s exchange has become a critical hub for stablecoin liquidity, with $5.7 billion in USDC, around 8% of its total supply, currently held on the network. At prevailing treasury yields, that translates to an estimated $200 million to $220 million in annual revenue for Circle, underlining why a native alternative could be transformative. Hyperliquid’s validators, who secure the network and vote on key decisions, selected Native Markets following an on-chain governance process that concluded September 15. Native Markets has laid out a phased rollout for USDH, beginning with capped minting and redemption trials before expanding into spot markets. Its reserves will be managed in cash and treasuries by BlackRock, with on-chain tokenization through Superstate and Bridge. Yield from those reserves will be split between Hyperliquid’s Assistance Fund and ecosystem development. The launch of USDH comes as Hyperliquid records record profits from perpetual futures trading, with $106 million in revenue in August alone, and prepares to slash spot trading fees by 80% to bolster liquidity. Analysts say the move positions Hyperliquid to capture more of the stablecoin economics internally, marking a significant step in its bid to rival the largest players in decentralized finance