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September closed green, bros 😃

Now all eyes turn to Uptober. Meanwhile, the U.S. Treasury plans to buy back up to $6B in longer-dated bonds tomorrow.

A green September plus fresh Treasury support sets a solid foundation as we head into Q4! 📈

Here’s what we got for you today:

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Most beginners look at a token’s price first. But…it’s usually the wrong place to start.

A token can look “cheap” and still be massively overvalued. It can also have a nice chart while hiding terrible liquidity, huge future unlocks, or even the wrong contract address.

In this guide, we break down the numbers that matter before you ape in:

→ Goal: stop making avoidable mistakes before your money is already in. 👇

A new stablecoin just entered one of crypto’s most concentrated markets.

Open USD ($OUSD ( ▲ 0.08% )) is now live on Ethereum, Solana, Base and Tempo, backed by a heavyweight founding group: Coinbase, Mastercard, Shopify, Stripe and Visa.

The group is committing $1B+ in early liquidity, while businesses can mint and redeem OUSD 1:1 with USD through Stripe, Mastercard and Visa’s stablecoin infrastructure.

1/ OUSD is going after distribution, not just supply

OUSD is issued by Bridge, the stablecoin infrastructure company Stripe bought for $1.1B in 2024.

Reserves will be held with BlackRock, BNY and Lead Bank, with monthly reserve reports planned.

OUSD is also launching across Coinbase, Kraken and Uniswap, while the Open Standard network already includes 200+ banks, fintechs and businesses.

→ That matters because stablecoins don’t win just by existing. They win by being everywhere people already move money.

2/ The business model is the interesting part

Tether keeps most of the yield generated by USDT reserves. Circle shares some USDC reserve revenue with major distribution partners like Coinbase.

Open Standard wants to push that model further.

After management fees, most reserve income will be distributed to businesses that actually help grow OUSD usage.

Even founding members don’t automatically get special revenue treatment.

Rewards depend on how much $OUSD ( ▲ 0.08% ) they create and how much real activity happens through their platforms.

→ That gives partners a pretty obvious incentive:

Don’t just list OUSD. Push people to actually use it.

3/ It’s entering a brutal market

Stablecoins are already highly concentrated.

OUSD is walking straight into Tether and Circle territory.

🧠 My take

The biggest advantage here is the distribution network.

Coinbase, Visa, Mastercard, Stripe and Shopify already sit inside massive payment flows. If they can make OUSD the invisible settlement layer behind those products, users may end up using OUSD without even thinking about stablecoins.

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MetaMask has confirmed a security incident affecting part of its infrastructure and is now taking the cautious route: pulling its staking validators out of Ethereum.

The good news for users? MetaMask says it has found no direct threat to user wallets so far. Still, the validator exit tells you the team isn’t treating this like a minor bug.

1/ MetaMask is pulling validators as a precaution

MetaMask says its staking service is non-custodial, meaning users still control their own withdrawal keys.

So even though MetaMask is exiting validators, the company says it doesn’t hold the keys needed to take users’ staked ETH.

Lido also confirmed that MetaMask Staking, formerly Consensys Staking, has begun withdrawing validators from Ethereum as a precaution. The process should finish by Oct. 7.

There is a cost, though. MetaMask may lose staking rewards and take some downtime penalties while validators are offline.

And because Ethereum currently has a long validator queue, getting all of that ETH back into staking could take around 45 days.

2/ Lido says stETH holders don’t need to do anything

Lido says users holding stETH don’t need to take action.

Its validator set is spread across multiple node operators, so MetaMask exiting doesn’t mean the whole system stops.

Lido also says it has a reserve of more than 6,750 stETH to help absorb disruption if validators stay offline longer than expected.

3/ But the crypto sleuths are watching closely

The Rollup founder Andy said he heard the incident could be more serious than MetaMask has publicly disclosed, though that remains unverified.

Onchain watchers also spotted unusual activity around the same period, including rewards temporarily flowing to a fresh wallet funded through Tornado Cash before later being redirected back.

Another wallet labeled by Arkham as linked to Consensys CEO Joseph Lubin moved around 133,297 ETH, worth roughly $356M, shortly before the incident became public.

There is no confirmed evidence tying that transfer to the security issue, but the timing naturally got CT talking.

=> MetaMask says user wallets are safe, but it still decided to pull validators.

If this turns out to involve validator infrastructure rather than just a contained backend issue, the story gets much bigger very fast.

Would you trust AI with your money? A new report revealed Chinese AI agents lied in up to 88% of bidding tests and secretly diverted compute to mine crypto. Read more

Senate Republicans introduced the ADAPT Act featuring 6 core tax changes, including $10 gas fee exemptions. Read more

U.S. PCE inflation eased to 3.4% and Core PCE to 3.0%, though traders are watching changes in the calculation method. Read more

Russia extended its diesel export ban to October 31, past the original Sept 30 deadline as $WTI ( ▲ 2.29% ) reacts. Read more

The $TRUMP ( ▲ 0.39% ) dinner is back. The top 212 holders can qualify for a Nov. 22 gala, while the top 29 unlock a VIP reception with President Trump. Read more

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⚠ This newsletter is for informational purposes only and should not be considered investment advice. Traders should conduct thorough research, understand the risks, and carefully evaluate their decisions before investing in cryptocurrency.