Daily Brief: September 11, 2025
Crypto Battles, IPO Surges, Tokenization Partnerships
The USDH stablecoin competition on Hyperliquid highlights DeFi's power to democratize financial control, with Native Markets leading the charge. Gemini's IPO, boosted by Nasdaq, shows growing investor confidence in crypto as it aims for a $3 billion valuation. Binance and Franklin Templeton's partnership to explore tokenization further merges traditional finance with blockchain, promising increased market efficiency and transparency. These stories reflect significant shifts towards decentralization and integration of crypto in mainstream finance.
⚖️ Hyperliquid's USDH Stablecoin Battle Heats Up
The competition for the USDH stablecoin ticker on Hyperliquid is a noteworthy governance event. Community validators are deciding which entity will control a stablecoin brand linked to over $5.5 billion in circulation. Four major proposals from Paxos Labs, Frax Finance, Agora, and Native Markets are in the running. This contest challenges traditional centralized models by democratizing control through decentralized finance governance.
Native Markets, a newcomer formed specifically for this purpose, currently leads in Polymarket betting odds with an 84% chance of winning. Their proposal includes a hybrid reserve model with off-chain assets managed by BlackRock and on-chain reserves via Stripe’s Bridge platform. Meanwhile, Paxos has updated its proposal to include a partnership with PayPal and Venmo, promising broad user access and $20 million in ecosystem incentives.
The race has sparked allegations of a rigged process, with some claiming Native Markets is unfairly favored. The stablecoin aims to challenge Circle's USDC dominance by providing yield benefits directly to Hyperliquid. The final decision will be made by validator votes on September 14, 2025. This bidding war has positively impacted HYPE token prices, highlighting the market's anticipation of the stablecoin's potential impact.
Why it matters: This competition shows how DeFi can democratize control over financial assets, challenging centralized models and potentially reshaping the stablecoin landscape with implications for transparency and decentralization.
🚀 Gemini's IPO Soars with Nasdaq's $50M Boost
Gemini, the crypto exchange founded by the Winklevoss twins, is preparing for its IPO with a significant boost from Nasdaq. The exchange has raised its IPO price range to $24-$26 per share, aiming to gather $433 million and reach a valuation of over $3 billion. This move shows strong investor interest in crypto firms as they navigate a more favorable regulatory landscape.
Nasdaq is also involved with a $50 million private placement, highlighting institutional confidence in Gemini's potential. This partnership enables Nasdaq clients to access Gemini's crypto services, while Gemini's institutional clients can use Nasdaq's Calypso platform for collateral management. This collaboration is part of Nasdaq's broader strategy to blend blockchain technology with traditional markets.
The IPO is backed by major financial institutions like Goldman Sachs and Morgan Stanley, indicating strong market support. Trading under the ticker GEMI on the Nasdaq Global Select Market, Gemini's public debut underscores the growing acceptance of crypto exchanges in mainstream finance. This trend is part of a larger movement of crypto companies going public as regulatory clarity increases.
Why it matters: Gemini's IPO and Nasdaq's backing illustrate the merging of traditional finance with crypto, signaling increased institutional trust and potential for broader market integration.
🤝 Binance and Franklin Templeton Team Up for Tokenization
Binance, the largest crypto exchange, is teaming up with Franklin Templeton, a global asset manager overseeing $1.6 trillion in assets, to explore tokenization. This partnership seeks to combine Binance’s trading infrastructure with Franklin Templeton’s expertise in regulated fund management. Together, they plan to create digital asset products that promise efficient settlement, transparent pricing, and competitive yields.
Franklin Templeton has been at the forefront of developing blockchain-based tools, such as its Benji platform and tokenized funds. This move is part of a larger trend where traditional financial institutions are turning to blockchain to modernize legacy systems. The partnership aims to boost capital market efficiencies by cutting settlement costs and improving collateral management.
Although specific product details remain undisclosed, the collaboration is expected to appeal to a broad range of investors. It marks a strategic effort to integrate digital assets into mainstream capital markets. By combining Franklin Templeton's regulatory and tokenization expertise with Binance's global reach, the partnership seeks to improve market efficiency, transparency, and accessibility.
Why it matters: This partnership advances the integration of traditional finance with blockchain, potentially increasing efficiency and access in financial markets, and signals growing institutional acceptance of tokenized assets.