Weekly DeFi Index

This week, market capitalisation rose by +1.82%, while the volume and volatility indices decreased by -8.47% and -29.29%, respectively.

• Synthetix (SNX) announced a $1 million trading competition to test its technology and infrastructure before the official launch of Synthetix Mainnet, with the competition slated to begin in October.

Chart of the Week

Plasma, an L1 blockchain optimised for stablecoins, launched its mainnet on 25 September. It utilises Stargate, a bridge application that leverages LayerZero as its underlying cross-chain messaging protocol, for its bridge infrastructure. Since September 23, Plasma has seen total net inflows of over $7.86 billion, with $10.84 billion inflows and $2.98 billion outflows. This already accounts for about 13.6% of all LayerZero USD inflows, driven by over 490,000 unique wallets.

Regarding integrations, Plasma debuted with over 100 DeFi partners, notably Aave, where it has already become the largest market after Ethereum mainnet.

News Highlights

• Cronos partnered with Amazon Web Services (AWS) to accelerate institutional adoption of tokenisation and RWA by making Cronos data, infrastructure, and AI tools more accessible to developers. AWS will provide selected Cronos builders with up to $100,000 in credits to support the development of tokenisation pilots, DeFi protocols, and AI-powered applications.
• Nine European banks, including Dutch bank ING and Italian bank UniCredit, are working on a MiCA-compliant euro stablecoin, set to launch in the second half of 2026. The stablecoin aims to provide fast, low-cost cross-border payments and support digital asset settlements, offering a European alternative to US-dominated stablecoins.
• Circle expanded its $635 million tokenised US Treasury fund, USYC, to the Solana blockchain. USYC, a tokenised version of a short-duration US government money market fund, is redeemable in real time into USDC and is available only to non-US institutional investors who pass KYC checks.
• PayPal partnered with DeFi protocol Spark to enhance liquidity for its stablecoin, PayPal USD (PYUSD), with over $135 million in deposits recorded on SparkLend.
• Société Générale’s crypto division, SG-FORGE, is expanding its stablecoin offerings into DeFi by introducing EUR CoinVertible (EURCV) and USD CoinVertible (USDCV) for lending, borrowing, and trading on Ethereum via protocols like Morpho and Uniswap.
• The Sui blockchain is set to launch its first native stablecoins, USDi and suiUSDe, through a partnership with SUI Group, Ethena, and Sui Foundation. USDi will be fully backed by BlackRock’s tokenised money market fund, while suiUSDe will mirror Ethena’s synthetic dollar offering.
• International Holding Company (IHC), a major Abu Dhabi-based investment firm, is supporting the launch of ADI Chain, an L2 blockchain on Ethereum. ADI Chain will serve as the infrastructure for a dirham-pegged stablecoin and various state-linked digital projects, integrating ZKsync’s technology. 
• Cloudflare, a cloud connectivity and security provider, announced the launch of NET Dollar, a US dollar-backed stablecoin designed to enable instant, secure, and global transactions for AI agents, creators, and developers. The stablecoin aims to support real-time transactions and global interoperability, with Cloudflare envisioning business models that reward creators and enable developers to monetise applications.
• The Aleo Network Foundation and Paxos Labs partnered to launch USAD, a privacy-focused US dollar stablecoin built on an L1 blockchain using Aleo’s Zero-Knowledge cryptography to enable encrypted transactions.
• 21Shares launched the Jupiter Exchange ETP (AJUP) in Europe, offering institutional investors regulated access to Jupiter Exchange's native governance token, JUP.

Recent Research Reports

Interested to know more? Access exclusive reports by signing up as a Private member, joining our Crypto.com Exchange VIP Programme, or collecting a Loaded Lions NFT. The latest crypto market insights are also available via the dashboard.

We’re all ears.

Your feedback has always helped us provide insightful crypto market trends. Tell us how we can improve this newsletter further by taking a quick survey below (it will only take less than a minute). Thank you!

Take our survey now

Author

Research and Insights Team

Get the latest market, DeFi & NFT updates delivered to your inbox:

Be the first to hear about new insights:

Disclaimer

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report, nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their respective owners.