Weekly DeFi Index

This week, the market capitalisation and volatility indices increased by +0.55% and +33.36%, respectively, while the volume index dropped by -25.07%.

• 1inch upgraded its Swap API to support tokenised real-world assets (RWAs), partnering with Ondo Finance to expand access to stocks and exchange-traded funds (ETFs) via its decentralised application (dapp), wallet, and partner platforms.

Hyperliquid is reportedly preparing to launch its proprietary stablecoin, USDH, through an on-chain governance process. The stablecoin aims to reduce dependence on existing options like USDC and USDT while capturing revenue from assets backing the token. Data indicated that the total stablecoin supply on Hyperliquid was about US$5.8 billion, with USDC dominating 95% at $5.5 billion.

Key crypto players such as Paxos, Frax, Agora, Native Markets, Sky, and Ethena Labs submitted their proposals for issuing USDH. The proposals will be decided after Hyperliquid’s next network upgrade when validators will hold a formal vote, although the date of the upgrade has not yet been announced.

News Highlights

• Trump Media updated its rewards system, enabling Truth Social and Truth+ users to convert ‘gems’ earned through platform activities into CRO and other benefits, utilising Crypto.com's digital wallet infrastructure.
• Ondo Finance launched its tokenised equity platform, Ondo Global Markets, allowing non-US investors to access over 100 US stocks and ETFs on-chain. The digital assets are backed by securities held by US-registered broker-dealers and can be traded on Ethereum 24/7.
• Fidelity launched the Fidelity Digital Interest Token (FDIT), an on-chain tokenised money market fund anchored by Ondo Finance's Ondo Short-Term US Treasuries Fund (OUSG), which holds over 99% of FDIT's assets.
• MegaETH Labs introduced MegaUSD (USDm), a native stablecoin designed for real-time applications on the MegaETH blockchain. The stablecoin is built in partnership with Ethena Labs and is backed by BlackRock's tokenised US Treasury fund.
• Digital asset infrastructure Fireblocks launched an enterprise-grade stablecoin payments network to help financial and crypto firms move USD-pegged tokens and build products.
• Stripe and Paradigm launched a new blockchain called Tempo, designed to make financial transactions like payments, global payouts, and remittances easier to process on-chain. The blockchain is currently on a private testnet, and the team behind the network has partnered with several firms including Anthropic and Shopify.
• BNP Paribas and HSBC joined the Canton Foundation, a development organisation focused on real-world asset (RWA) tokenisation. The Canton Network is a blockchain designed for institutional finance with a focus on RWA tokenisation, regulatory compliance, and interoperability.
• Nasdaq is increasing its oversight of US-listed companies raising capital to purchase cryptocurrencies, requiring shareholder votes and more disclosures for such deals. The tighter regulations may delay deals and add uncertainty for companies aiming to secure capital during favourable market conditions.

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