Filtering the noise: Sept. 12, 2025

Important news for today:

Macro

• The ECB held its rate on the so-called deposit facility at 2%, which is the interest rate banks receive when they deposit money with the central bank overnight.
• US collected $344B in revenue against $689B in outlays, leaving a $345B monthly deficit. Net interest payments reached $93B, ranking behind only Medicare and Social Security.

• According to the CME FedWatch tool, markets see a ~93% chance of one rate cut in September 2025 (to 4.00–4.25%) and a ~92% chance of two cuts by December (to 3.50–3.75%).

• US CPI — July:
  - m/m: 0.4% (prog: 0.3%; pre: 0.2%)
  - y/y: 2.9% (prog: 2.9%; pre: 2.7%);
  - Core (CPI) (y/y): 3.1% (prog: 3.1%; pre: 3.1%);
  - Initial Jobless Claim: 237k (Prev: 237k)

Crypto

• Ethena withdrew its bid to issue Hyperliquid’s USDH stablecoin, conceding to concerns raised in direct discussions with community members and validators.
• Chainlink and UBS have partnered with DigiFT for a pilot study to automate real-world tokenization funds. This feature could eliminate manual errors, according to the companies.
• US Commerce Department GDP and macro data will be brought to Sei via Chainlink, enabling institutional-grade markets.
• The World Liberty Financial community supports the proposal to direct all commissions from liquidity owned by the project protocol to open market purchases and burn.

Corporate

• CleanCore Solutions bought more DOGE after its initial purchase of 285,420,000 DOGE, bringing its total holdings to over 500 million DOGE as it reaches the halfway point toward its 1 billion DOGE target within 30 days.
• Chinese publicly traded company Pop Culture Group (#CPOP) has acquired 300 BTC.
• Lion Group Holding announced the completion of the conversion of all its SUI assets into HYPE. The company now holds 194,726 HYPE and 6,707 SOL in its treasury reserves.
• Safety Shot established BONK Holdings to pursue a digital asset strategy and now owns 2.5% of BONK’s total circulation.

ETFs

• 21Shares announced the launch of dYdX ETP on the Euronext Amsterdam and Euronext Paris stock exchanges.
• Fidelity’s Solana ETF, Canary’s XRP and Hedera ETFs are now listed on the DTCC platform.

Regulations

• Chinese state-owned enterprises and financial institutions operating in Hong Kong may face restrictions on activities related to stablecoins and cryptocurrencies.

On-chain data

• Top L2 blockchains by revenue last month:

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