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Flare Network And Enosys Introduces First-Ever Xrp Backed Stablecoin
GameFi Guides

Flare Network and Enosys Introduces First-ever XRP Backed Stablecoin

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In a recent development, Enosys has launched the first XRP-backed stablecoin on Flare Network, backed by Enosys Loans, a Collateralized Debt Position (CDP) protocol. Users will be able to lock FXRP, representation of XRP on Flare Network, into the protocol to mint stablecoin.

This will enable XRP holders to gain access to a decentralized stablecoin backed by their assets, enabling borrowing without selling, liquidity provision, and yield opportunities across DeFi. 

In a recent X post, Flare announced that users can now mint a trustless, over-collateralized stablecoin using fXRP and wFLR collateral, and it will soon include stXRP. It is powered by a fork of Liquity v2, its stability pools and the Flare Time Series Oracle (FTSO), a custom oracle that aggregates price feeds from independent signal providers rather than centralized data sources. 

According to their official statement, the main component of this development is Collateralized Debt Position (CDP), a protocol that allows users to mint a stablecoin against their collateral. This helps maintain stablecoin’s value at $1. 

Furthermore, the stability pool covers risk in case of collateral shortfalls or liquidations. Users staking stablecoin in the stability pool earn yield via minting fees, interest, and liquidation rewards. 

Stablecoin adoption on the rise 

As the popularity of cryptocurrencies surges worldwide, stablecoins are seeing a drastic increase among both the retail and institutional users. A large share of stablecoin supply is currently used for various purposes like yield farming, staking, and trading. 

Also Read: Flora Growth Corp. Raises $401M to Launch 0G Token Treasury



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PUMP price eyes 29% rally backed by token buybacks and fresh demand
NFT Gaming

PUMP price eyes 29% rally backed by token buybacks and fresh demand

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PUMP price rallied for the fourth straight day as Pump.fun bought back over $12 million worth of PUMP tokens from the market.

Summary

  • PUMP price shot up 40% over the past week.
  • Pump.fun bought back over $12 million worth of PUMP tokens.
  • $0.0058 marks the next projected target based on technicals.

According to data from crypto.news, Pump.fun (PUMP) was trading at $0.0045, up 40% over the past 7 days and 73% above its lowest point in August. The token’s daily trading volume was at $466 million while its market cap stood at over $1.62 billion as of press time.

PUMP’s rally this week was primarily driven by Pump.fun’s buyback of nearly $12.2 million worth of PUMP tokens from the open market.

When a project buys back its own tokens, it reduces its circulating supply, thereby increasing scarcity and potentially supporting the token’s price gains.

PUMP crypto also rallied amid renewed investor hype after the token briefly surpassed Hyperliquid, a decentralized exchange and Layer 1 blockchain, in 24-hour revenue on Sept. 4.

More broadly, the token’s recent gains have also been supported by Pump.fun’s strategic overhaul called Project Ascend, introduced on Sep. 2. The initiative focuses on empowering creators on the Pump.fun platform and intends to scale its ecosystem by 100x while also strengthening the long-term viability of memecoins launched through the platform.

Further, data from Nansen shows renewed demand from whales and public figures over the past week.

Notably, the balance of tokens held by whale wallets rose from 21.95 billion on Aug. 29 to 22.53 billion as of press time. Holdings by public figures also increased by 8%, climbing from 442.8 million to 478.88 million over the same period.

Source: Nansen

When whales and influential figures accumulate a token, it often sparks increased interest from retail investors, many of whom buy in due to FOMO (fear of missing out), driving price appreciation for the asset.

PUMP price has been trading within an ascending parallel channel pattern since the beginning of September, as shown on the 4-hour chart.

PUMP price forms an ascending parallel channel pattern on the 4-hour chart — Sep. 5 | Source: crypto.news

The token is approaching a breakout above $0.0046, a key resistance level that PUMP must surpass to confirm further upside momentum.

Additionally, the 50-day simple moving average has recently crossed above the 200-day SMA, forming a golden cross, a classic bullish signal that strengthens the case for continued gains in the short term.

Based on this setup, PUMP is likely to remain within the ascending channel, with the next target at the $0.0050 psychological resistance. A decisive move above this threshold could pave the way for a rally toward $0.0058, the level projected by the 161.8% Fibonacci extension. The target remains 29% above the current price level.

Conversely, a drop below $0.0042 would invalidate the bullish structure and could open the door to a potential reversal.



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VanEck Files to Launch Staked Solana (SOL) ETF Backed by Liquid Staking Token JitoSOL
GameFi Guides

VanEck Files to Launch Staked Solana (SOL) ETF Backed by Liquid Staking Token JitoSOL

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Asset manager VanEck has filed to launch a staked solana SOL$199.71 exchange-traded fund (ETF), signaling continued interest in bringing blockchain-native yield-bearing assets to traditional investment rails.

The application, submitted Friday as an S-1 registration with the U.S. Securities and Exchange Commission (SEC), is the first of two filings required to list the fund. If approved, the ETF would hold JitoSOL, a liquid staking token native to the Solana blockchain. JitoSOL reflects ownership of SOL tokens that have been staked and also accrues the staking rewards earned by those tokens.

Unlike traditional ETFs, this product would not just track the price of SOL but also the income generated by staking — effectively baking Solana’s yield into a publicly traded product.

The SEC has been in ongoing discussions with ETF providers, including VanEck, about whether staking components can be integrated into existing and proposed crypto investment funds.

Regulatory bottlenecks

Speaking at an industry panel in Jackson Hole earlier this week, SEC Chair Paul Atkins said the Commission is looking to clear regulatory bottlenecks that slow innovation.

“There’s a lot of spring cleaning that needs to be done at the SEC,” he said. “We cannot have things so abstruse that lawyers can’t give opinions to clients.”

Atkins said the agency’s future rules should be flexible and designed to evolve. He added that the SEC wants to continue its legacy of adapting to new technologies, hinting at a more open stance toward crypto asset products like liquid staking ETFs.

VanEck joins a number of asset managers looking to launch a staked solana fund, including Fidelity, Grayscale and Franklin Templeton.



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MetaMask Confirms mUSD Launch, Backed by M0 and Stripe's Bridge
Crypto Trends

MetaMask Confirms mUSD Launch, Backed by M0 and Stripe’s Bridge

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MetaMask, the popular crypto wallet developed by Consensys, confirmed on Thursday it will debut its proprietary U.S. dollar token (mUSD) later this year, joining the booming stablecoin market.

“MetaMask USD is a critical step in bringing the world on-chain,” said Gal Eldar, product lead at MetaMask, in a blog post.

Stablecoins, a type of cryptocurrencies pegged to external assets like the U.S. dollar, have grown into a $250 billion market, often touted as a faster, cheaper option for international payments. Interest in the sector has accelerated since U.S. President Donald Trump signed the GENIUS Act into law, setting new federal standards for stablecoin issuers.

MetaMask’s stablecoin project was already known to be in the works due to a prematurely posted governance proposal earlier this month. In the official announcement, the firm said that the mUSD token will be launched first on Ethereum

and Consensys-developed layer-2 network Linea, and closely integrated within the app and services.

Users will be able to on-ramp fiat, swap between tokens, and move value across blockchains, with the stablecoin later becoming spendable through the MetaMask Card at Mastercard merchants worldwide. Further plans include extend utility across decentralized finance (DeFi) and payments.

The token is issued by U.S.-licensed issuer Bridge, now part of payments giant Stripe, and underpinned by stablecoin platform M0’s blockchain infrastructure.

“With MetaMask USD, users can bring their money onchain, put it to work, spend it almost anywhere, and use it like money should be used,” Eldar said. “It will allow us to cut through some of the most stubborn barriers in web3 and reduce both friction and costs for people onboarding directly into a self-custodial wallet.”

Custom stablecoin issuance

MetaMask’s stablecoin is the first example of the partnership between M0 and Bridge to help businesses roll out custom digital dollars.

The two firms said on Thursday the partnership combines Bridge’s regulatory and reserve management expertise with M0’s blockchain infrastructure designed for application-specific stablecoins.

The idea of application-specific stablecoins has been gaining traction as the market for digital dollars is booming with improving regulatory clarity. Payment applications, crypto wallets or DeFi protocols can create their own branded dollar token while outsourcing compliance, reserves and infrastructure to providers.

For instance, Paxos issues PayPal’s PYUSD token, while BitGo is behind the Trump-affiliated DeFi protocol World Liberty Financial’s USD1. Earlier this month, U.S. fintech Slash launched its own stablecoin with Bridge.

Partnering with M0 and Bridge, MetaMask can offer a built-in digital dollar for its users without managing the complex work of issuance, compliance and tech plumbing.

Zach Abrams, co-founder and CEO of Bridge, said that they reduced the development time for custom stablecoin issuance from “more than a year of complex integrations” to “a matter of weeks. This means apps like Metamask “can realize benefits more rapidly and efficiently than ever before.”

With the partnership, M0 and Bridge are now seeking to replicate the work on MetaMask’s token for more issuers.

“Applications want to control their dollar infrastructure,” M0 founder and CEO Luca Prosperi said in an interview with CoinDesk. “What is important is that they will not have to build it themselves.”

Read more:

UPDATE (Aug. 21, 12:30 UTC): Adds MetaMask’s official stablecoin announcement, updates headline and lede.



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