The Daily: Tether's new USAT stablecoin, CleanCore's DOGE buy, Bitcoin's 'almost ideal' backdrop, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Friday! Sticky inflation and weakening jobs data are setting up an "almost ideal" backdrop for bitcoin, as investors hedge against currency debasement and macro uncertainty, Xapo Bank Investment Manager Gadi Chait told The Block.

In today's newsletter, Tether unveils its new USAT stablecoin, CleanCore Solutions buys more DOGE, the FTX estate redeems $45 million worth of Solana from staking, and more.

Let's get started.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Bo Hines named CEO of Tether's new US arm as company unveils USAT stablecoin

Tether appointed former Executive Director of President Trump's White House Crypto Council, Bo Hines, as CEO of its newly created U.S. arm to lead the rollout of its USAT stablecoin.

• USAT is designed as a U.S.-regulated, dollar-backed complement to stablecoin behemoth USDT, which already has about $169 billion in circulation.
• The stablecoin will be issued by crypto infrastructure firm Anchorage Digital, and Cantor Fitzgerald will also play a role, with Tether aiming to launch USAT by year-end.
• The USAT team will be headquartered in Charlotte, North Carolina — Hines' home state.
• Hines was previously named as a "strategic advisor" for Tether.
• At a press conference in New York, Tether CEO Paolo Ardoino confirmed the company is not pursuing a public listing, despite reporting $13 billion in profits in 2024 and a strong 2025.

CleanCore stock leaps on DOGE buy as Dogecoin ETF launch nears

Nasdaq-listed CleanCore Solutions nearly doubled its Dogecoin treasury to over 500 million DOGE on Thursday, less than three days after its first purchase.

• The company kicked off its treasury on Monday with a 285.4 million DOGE acquisition and a pledge to buy up to 1 billion DOGE in just 30 days.
• CleanCore aims to accumulate 5% of Dogecoin's circulating supply in partnership with the House of Doge, the commercial arm of the Dogecoin Foundation.
• CleanCore shares spiked nearly 14% in after-hours trading before trimming most of those gains, and are currently up 5% on Friday.
• The moves come as the first spot Dogecoin ETF, the REX-Osprey DOGE ETF, is expected to launch next week after a slight delay.

FTX estate redeems $45 million worth of Solana from staking

The FTX and Alameda estate redeemed 192,000 SOL worth about $45 million from staking on Thursday, following its regular monthly liquidation schedule.

• Since November 2023, the estate has redeemed and transferred 8.98 million SOL, valued at $1.2 billion, at an average price of $134, EmberCN reported.
• The estate still holds about 4.18 million staked SOL, currently worth around $977 million, according to Solscan data.
• Solana's price has climbed 5.6% over the last 24 hours and 18% in the past week as FTX prepares its next creditor payout on Sept. 30 after returning $6.2 billion so far.

Native Markets favored on Polymarket to win bid to issue Hyperliquid's USDH stablecoin

Polymarket bettors give Native Markets a 96% chance of winning the bid to issue Hyperliquid's USDH stablecoin, far ahead of rivals like Paxos and Agora.

• Critics, including Dragonfly's Haseeb Qureshi, argue the process looks biased toward Native Markets, co-founded by an early Hyperliquid backer, though supporters frame it as proof of its open community ethos.
• The Hyperliquid team subsequently removed its own staked HYPE from validator weighting on the vote and pledged to mirror the community's majority, shifting decision power to token holders.
• Voting concludes on Sept. 14, and the winner will manage Hyperliquid's $5.9 billion stablecoin reserve, currently dominated by Circle's USDC, the DEX platform's largest trading pair.

Coinbase seeks court order over SEC's alleged deletion of Gensler texts

Coinbase has asked a federal court to order an expedited search of Gary Gensler's deleted texts after the Office of Inspector General revealed that the SEC had erased a year of his communications.

• The lost messages, spanning October 2022 to September 2023, coincided with the collapse of FTX and the SEC's intensified enforcement actions against crypto exchanges.
• Coinbase Chief Legal Officer Paul Grewal accused the agency of destroying records subject to FOIA and called the deletion a "gross violation of public trust."

Looking ahead to next week

• UK and Eurozone CPI inflation figures are released on Wednesday alongside the U.S. Federal Reserve's latest interest rate decision. The Bank of England's interest rate decision is due on Thursday, as are U.S. jobless claims.
• ECB President Christine Lagarde will speak on Wednesday, followed by a U.S. FOMC press conference.
• Starknet, Sei, Arbitrum, ZKsync, ApeCoin, and Moca Network are set for token unlocks.
• ETHTokyo, EDCON 2025, and the Wyoming Blockchain Stampede all get underway.

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