Weekly Update: 19th of September
What happened between the 12th and 19th of September?
- The SEC has introduced a new approval process shortening the spot ETF timeline to ~75 days, promising faster altcoin ETF launches. Read more
- Tether challenges Circle with its U.S.-regulated dollar stablecoin USA₮, appointing Bo Hines as CEO. Read more
- Santander’s Openbank enables BTC, ETH, LTC, MATIC, and ADA trading within existing platforms in Germany; Spain rollout to follow. Read more
- Solana gains institutional traction as more firms add it to reserves—Galaxy Digital alone acquired over $1.5B worth last week. Read more
- UBS, Sygnum, and PostFinance complete first legally binding interbank transaction on a public blockchain using deposit tokens. Read more
SEC Eases Rules for Spot Crypto ETFs in US
The U.S. Securities and Exchange Commission (SEC) has approved new regulations that significantly streamline the approval process for spot crypto ETFs. Exchanges like NYSE, Nasdaq, and Cboe may now use generic listing standards rather than seek individual approvals for each ETF.
This regulatory shift allows ETFs tracking assets such as Solana and XRP to launch much faster, potentially in ~75 days instead of 240. Market participants consider this a significant step toward broader institutional adoption and simplified access to regulated crypto products. While the process is now more efficient, success still depends on operational, legal, and compliance preparedness.
Tether Launches USA₮, Appoints Bo Hines as CEO
Tether has announced USA₮, a new U.S.-regulated dollar-backed stablecoin to be issued under recent federal crypto legislation. Bo Hines, a former member of the White House Crypto Council, has been named CEO. The move is designed to position Tether closer to rivals like USDC by offering regulatory clarity and building institutional trust.
With U.S. oversight tightening, the launch comes as a strategic response to the Genius Act, which effectively necessitated a compliant U.S.-based stablecoin. As institutional demand for transparent and compliant stablecoins grows, USA₮ is set to reshape Tether’s role in the evolving stablecoin landscape.
Santander’s Openbank Launches Crypto Trading in Germany
Openbank, the digital banking arm of Grupo Santander, has launched its crypto trading service in Germany under the EU's MiCA framework. Customers can now buy, sell, and custody Bitcoin, Ethereum, Litecoin, Polygon, and Cardano directly within their existing banking platform, no need for transfers to third-party exchanges. The trading fee is set at 1.49% per transaction, with a minimum of €1, and there are no custody fees. The service will be rolled out in Spain in the coming weeks. This marks a strategic move by Santander to expand its retail crypto offering in the growing European market.
Galaxy Digital Among Firms Building Solana Reserves
Institutional demand for Solana is rapidly increasing. Recent data indicates corporate SOL holdings have exceeded $4 billion, representing roughly 3% of the token's circulating supply. Galaxy Digital stands out, having purchased over $1.5 billion worth of SOL in just a few days. The firm participated alongside Multicoin Capital and Jump Crypto in a $1.65 billion private round for Forward Industries. Other active institutions include Sharps Technology, Upexi, and Helius Medical Technologies, all establishing strategic Solana positions.
Solana's low fees, high speed, and scalability make it an attractive Ethereum alternative. This trend reflects a broader shift toward multi-chain exposure in institutional portfolios, with emphasis on risk controls and staking governance.
UBS, Sygnum, and PostFinance Complete First Binding Blockchain Payment
The Swiss banking sector continues to advance blockchain implementation. In a pilot coordinated by the Swiss Bankers Association (SBA), UBS, Sygnum Bank, and PostFinance executed the first legally binding interbank transaction using deposit tokens on a public blockchain.
The pilot included cross-institution payments and a smart contract–based escrow transaction that automatically exchanged deposit tokens for tokenized real-world assets (RWAs). This milestone confirms that blockchain infrastructures can meet legal and operational standards for regulated institutions—provided that scalability, compliance, and regulator alignment remain at the forefront.
In other digital assets news
- DEGIRO, the Netherlands' largest broker, has gone live with crypto trading services.
- Pump.fun, a memecoin platform, is generating $2–3 million in daily revenue with only 70 employees, driven by surging hype.
- The U.S. Federal Reserve has cut interest rates by 0.25% and expects another 0.50% drop in rates for the remainder of 2025.
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