Welcome to our 238th issue of State of the Market, where we provide an overview of crypto market activity from September 11 – September 17, 2025.
This week in crypto markets:
- Markets rallied as the Fed cut rates by 25 bps, with Bitcoin breaking $117K and altcoins including SOL, BNB, DOGE, and AVAX leading gains.
- The SEC approved generic listing standards for spot crypto ETFs, paving the way for faster digital asset ETF launches.
- Grayscale received SEC approval to convert its Digital Large Cap Fund (GDLC) into a multi-crypto ETF, offering exposure to BTC, ETH, XRP, SOL, and ADA
- Tether announced USAT, a new U.S.-focused stablecoin to be issued by Anchorage Digital with reserves managed by Cantor Fitzgerald.
- Circle launched native USDC on Hyperliquid’s HyperEVM, allowing cross-chain transfers and direct deposits.
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