Welcome to our 239th issue of State of the Market, where we provide an overview of crypto market activity from September 19 – September 25, 2025.
This week in crypto markets:
- Digital asset markets saw heightened volatility as long liquidations pushed BTC below $110K, ETH under $4K, and total market cap back beneath $4T.
- Tether is in talks to raise $15–20B at a ~$500B valuation, a deal that would rank it among the world’s most valuable private companies.
- Plasma, a Bitfinex-backed stablecoin Layer-1, launched mainnet with $2B in supply, debuting zero-fee USDT transfers and the Plasma One “neobank” app.
- The CFTC advanced its tokenized collateral initiative, opening consultation to allow stablecoins and other tokenized assets as margin in derivatives markets.
- Cloudflare announced NET Dollar, a U.S. dollar-backed stablecoin designed for instant, secure payments across the agentic web.
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