Plasma Unveils Stablecoin Neobank Before Mainnet

Bitfinex-backed Plasma announced the launch of Plasma One, a neobank designed specifically for stablecoin users facing poor financial access. The rollout comes just days before Plasma’s mainnet beta debut on September 25 and the XPL token generation event.

Plasma One will allow users to load USDT and other stablecoins onto a physical or virtual card for global spending. The card promises 4% cashback, over 10% yield on balances, zero-fee transfers, and coverage in more than 150 countries.

Plasma CEO Paul Faecks said the goal is solving stablecoin distribution by providing everyday tools for saving, spending, and transferring digital dollars. Head of Product Murat Firat added that a vertically integrated neobank is necessary since infrastructure alone has failed to drive mainstream adoption.

Plasma previously raised $50 million, attracted $373 million in oversubscribed commitments, and partnered with Binance on a $1 billion USDT product. At launch, Plasma expects $2 billion in stablecoin liquidity, 100+ DeFi integrations, and an XPL token valued between $4.5 billion and $7.6 billion.

Buterin Urges Focus on Low-Risk Ethereum DeFi

Ethereum co-founder Vitalik Buterin called for prioritizing low-risk DeFi applications to sustain the network’s long-term economic base. He compared payments, savings, and collateralized lending protocols to Google’s advertising model, subsidizing less profitable yet culturally vital projects. Buterin said tail risks remain, but DeFi failures now primarily occur on speculative edges of the ecosystem.

In a new blog post, Buterin argued meme coins cannot serve as Ethereum’s primary revenue engine. He emphasized that ethical, reliable applications like stable lending and payments strengthen Ethereum’s global credibility. Future development may expand toward prediction markets, reputation-based lending, and flatcoins, ensuring Ethereum remains useful while supporting experimental innovation responsibly.

Crypto.com Breach Exposed Employee Account and User Data

Bloomberg reported a previously undisclosed Crypto.com breach involving teenage hacker Noah Urban and an accomplice known as Jack. The attackers accessed a staff account through phishing, exposing limited customer data though the exchange confirmed no funds were stolen. Hackers often target employees to bypass defenses, with Coinbase previously suffering major losses from similar compromises.

Urban was arrested after an FBI raid seized millions in cryptocurrency, cash, and luxury goods. Prosecutors later charged him with attacks on thirteen companies, leading to a ten-year prison sentence. Critics faulted Crypto.com for failing to disclose the breach, while the exchange emphasized the limited scope of affected individuals.

The USA and UK Form Joint Crypto Task Force

Treasury Secretary Scott Bessent and UK Chancellor Rachel Reeves announced a joint task force to coordinate digital asset regulation. Officials said the Transatlantic Taskforce for the Markets of the Future will produce recommendations within 180 days. The initiative aims to align policies on capital markets, stablecoins, and digital assets across both countries.

The group will consult industry executives, with representatives from Coinbase, Circle, Citi, Ripple, and Barclays participating in early discussions. Circle’s Dante Disparte said harmonization would strengthen resilience, while Coinbase emphasized benefits for liquidity and financial inclusion. Analysts said the initiative marks a pivotal step toward bridging US and UK regulatory frameworks.

Data of the Day

Coinglass reported $1.7 billion in crypto liquidations over 24 hours as Bitcoin and Ethereum fell sharply. Nearly $1.62 billion came from long positions, including a $12.7 million Bitcoin swap on OKX. Analysts warned data may understate losses due to API limits and incomplete reporting by some trading venues.

More than 404,000 traders were liquidated during the downturn, highlighting systemic risks of leveraged strategies. Bitcoin dropped 2.5% to $112,890, while Ethereum declined 6.2% to $4,196. Market observers cautioned fading Bitcoin and Ethereum ETFs inflows and profit-taking suggest bullish momentum may be waning despite the Federal Reserve’s recent interest rate cut.

More Breaking News

• BitMine Immersion bought $1.1 billion in Ethereum, raising its holdings to 2% of supply, but shares fell 10% after announcing a $365 million stock sale.
• China’s securities regulator reportedly told leading brokerages to pause RWA tokenization efforts in Hong Kong, reflecting Beijing’s cautious stance despite global momentum in tokenized finance.
• BitMEX co-founder Arthur Hayes sold $5.1 million in HYPE tokens for a Ferrari deposit, while still projecting 126x upside despite looming $11.9 billion unlocks.
• Pantera-backed Helius Medical purchased 760,190 SOL worth $167 million, beginning a $500 million treasury plan while shares dropped 14% after last week’s surge.
• The UAE signed the OECD’s crypto reporting framework, joining 50 nations to automatically exchange tax data from 2027, strengthening global compliance standards.
• Forward Industries will tokenize its stock on Solana via Superstate’s Opening Bell, expanding its $1.65 billion treasury strategy into regulated onchain equities.
• OKX developed a decentralized perps exchange in 2023 but delayed its launch due to CFTC enforcement risks, despite rivals Hyperliquid and ASTER surging.
• MetaMask’s new mUSD stablecoin reached $65 million supply in one week, mostly deployed on Linea, as stablecoin competition accelerates after the GENIUS Act.
• Metaplanet bought 5,419 BTC worth $632 million, boosting total holdings to 25,555 BTC and becoming the fifth-largest public corporate Bitcoin holder.

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