Was this newsletter forwarded to you? Sign up here

🏛️⚙️ Wall Street & Crypto Connect: What’s Next?

Hello there you embodiment of curiosity;

Welcome to today's edition of Osiris News. The tape looks tired, **BTC ~$110K**, ETH ~$4.3K, majors shading lower, yet the machinery hums like a well-oiled rig. Public companies now hold 1,000,000+ BTC (about 4.76% of supply), ETF pipes are gurgling back to life, and the hash rate just set a record at 1.279 zettahash/s. Prediction markets still mutter about $105K before $125K, which says less about Bitcoin’s bones than about trader nerves in a week when everyone’s waiting on policy scissors and payroll prints.

The more important sound is slower and deeper: boards approving allocations, brokers wiring new rails, and engineers filing pull requests that widen what fits on-chain. Corporate Bitcoin adoption in 2025 has already topped all of 2024 by $12.5B; MicroStrategy still towers over the public-company stack with >60% of those treasury coins. A miner with political gravity, American Bitcoin (ABTC), hit Nasdaq and jumped +91% out of the gate after a $2.1B raise. Meanwhile, Bitcoin Core v0.30 bumped OP_RETURN to 100 KB, re-lighting the old campfire debate, signal vs. graffiti, just as independent studies recast mining as a flexible load that can soak surplus power. Price is a headline; pipes are a thesis.

🔍 Quick Overview

• Corporate Bitcoin Hoard: Public companies now stash over a million Bitcoin, doubling holdings as if they've found the digital gold standard.

• TradFi Embraces Crypto: Regulators are clearing the path for spot crypto on major exchanges, inviting Bitcoin and Ethereum to dance with Wall Street.

• DeFi's Yield Engine: The Ethena-Pendle-Aave loop is now a $4 billion DeFi marvel, proving protocols can stack like Lego to generate serious yield.

• AI Powers Payments: Stripe and Paradigm unveiled Tempo, a new Layer-1 blockchain, aiming to revolutionize global payments with stablecoins and AI agents.

• Macro Tailwinds & Hedges: Weak jobs data has the Fed eyeing rate cuts, while Ray Dalio reminds us Bitcoin and gold are the smart money's hedge against a shaky dollar.

This tiny pause brought to you by “please let this help pay the bills” 👀

Beyond the Noise

Wall Street isn’t just warming to crypto; it’s rearranging the furniture. The SEC and CFTC put out joint guidance that opens the door for spot BTC/ETH to trade on registered U.S. exchanges. If NYSE, Nasdaq, CBOE, or CME flip the switch, your plain-vanilla brokerage app becomes a crypto on-ramp, and that changes who shows up on the bid. At the same time the tokenization flywheel is gathering mass, RWAs ≈ $28B, DeFi lending TVL ~ $127B (+72% YTD), and tokenized gold like XAUT over $1.3B, with odd-couple partnerships (think SmartGold × Chintai Nexus) dragging sleepy assets like IRA-held metal into composable markets. Picture a bond coupon moving like a stablecoin: fussy today, normal tomorrow.

Payments are being rebuilt where humans and AI agents both belong. Stripe and Paradigm unveiled Tempo, a stablecoin-first Layer-1 designed for remittances, microtransactions, and agentic payments, the “robots paying robots” economy that’s exploding beneath the credit-card ceiling. Google Cloud’s Universal Ledger is being whispered about in bank-grade corridors, Figure is angling for a $526M IPO at a $4B mark, and an ex-regulator’s “SuperApp Exchange” vision, one screen for stocks, bonds, stablecoins, and tokens, doesn’t feel sci-fi anymore. Even Coinbase wants to blend Mag7 equity exposure with BTC/ETH ETFs in a unified futures product. The interfaces are converging; the settlement layers are specializing.

DeFi, for its part, has stopped apologizing for being clever. The Ethena–Pendle–Aave loop is a full-blown yield machine: Ethena mints USDe and spins a delta-neutral return; Pendle slices cash flows into PTs and YTs; Aave lends against the predictable leg so the loop can scale. That reflexive circuit already channels ~$4B, with staked USDe ~9% late August. The edges keep broadening, Hyperliquid pulled $113.7M in August fees and is wiring the loop into HyperEVM. When yields are legible and collateral is composable, capital behaves less like a tourist and more like a commuter: predictable, early, and back again tomorrow.

Out on the highways, tolls are falling. Tron slashed base fees by 60% as Plasma dangles zero-fee USDT transfers. That’s existential: roughly 90% of Tron’s revenue rides on stablecoin throughput, and Plasma already lured $2B in pre-launch USDT deposits. At the same time, NEAR Intents stitched NEAR ↔ TRON transfers into a one-click lane, while Arbitrum dropped $40M into a DeFi stimulus plan. Users don’t read whitepapers; they feel friction. Less friction wins.

Macro is the quiet sponsor of risk. Softening labor data puts the odds of a September rate cut near certain. Cuts reduce funding stress; cheap money seeks productive pipes. Gold +35% YTD above $3,600/oz and silver flirting with $48 fit Ray Dalio’s drumbeat on eroding fiat trust and the hunger for scarcity trades (gold, Bitcoin, high-quality yield). Yes, September is seasonally cruel to risk, but rate cuts after long pauses often front-run a better tape. The difference this time is composability: liquidity can route through ETFs, brokers, perps, restaking, and tokenized treasuries in a single afternoon.

Security, however, never sleeps. Researchers traced malware delivery through Ethereum smart contracts coupled with poisoned NPM packages; Binance linked some activity to DPRK actors. A Hazeflow analysis sharpened an uncomfortable fact: roughly two-thirds of rollup value now sits outside pure L1 guarantees; sequencers and corporate governance loom as single points of failure. On the bright side, Core Lightning v25.09 “Hot Wallet Guardian” adds mandatory payment secrets and an integrated Bookkeeper, while developments around MUSIG2 and FROST keep multi-sig evolving. Also, a mis-issued cert for 1.1.1.1 reminded everyone that the internet still rides a thin thread of trust. Update dependencies. Rotate keys. Assume healthy paranoia.

Policy is practicing its split-stance. The CFTC waved Polymarket back into the U.S. even as outgoing Commissioner Kristin Johnson warns of “too few guardrails.” That cognitive dissonance extends to identity: Treasury’s Digital ID for DeFi inquiry could standardize compliance, or harden into wallet-level AML scores that shadow you chain-to-chain. Meanwhile, the campaign trail bleeds into cap tables, from American Bitcoin to advisory roles and ETF chatter. Markets can digest ideology; what they can’t digest is ambiguity. Clarity rallies; caprice discounts.

Zoom out and the composite picture holds: corporates are steady net-buyers, ETFs continue to normalize flows, tokenization is compounding, AI is pushing payments into machine-scale lanes, and the base layer keeps hardening even as the edges get complicated. Whale cohorts have thinned since 2018 lows, surveys peg Bitcoin trust ~4.67/10, and yet the system’s carrying capacity is larger than ever. That’s the paradox of late-stage adoption: belief is noisy, but behavior is clear.

This Caught My Eye:

Here’s a breakdown:

• Bitcoin Treasury Expansion: Public companies holding Bitcoin have surged globally, with Bitcoin treasury firms now representing 25% of all public BTC holders, per River. This momentum was ignited by Strategy’s massive $70B Bitcoin allocation.

• Sector Diversification: Bitcoin adoption isn’t limited to finance, technology, energy, autos (Tesla), and healthcare sectors are all adding Bitcoin to balance sheets, signaling growing institutional confidence.

Looking Ahead

Three near-term tells will separate chatter from change. First, watch how fast registered venues move from memo to market: if spot BTC/ETH turn up inside mainstream brokerage UIs, ETF inflows should follow, and spreads will tighten. Second, measure usage, not tweets, in the Tron ↔ Plasma tussle, USDT settlement share and fee revenue will show who owns the checkout line. Third, map the rate-cut window against ETF flow, DeFi yields, and security headlines; when liquidity, carry, and safety line up, the path of least resistance is higher.

Until tomorrow,
- Dr.P