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Tether
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Tether Announces US Stablecoin Launch, Appoints Ex-Trump Advisor As CEO

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Tether, the USDT issuer, is making big changes to its operations, adding Bo Hines, a former crypto advisor to President Donald Trump, as CEO of its American division and launching a new dollar-pegged cryptocurrency designed specifically for US institutions. 

Tether’s New USAT Token 

Hines, who previously led the Presidential Council of Advisors for Digital Assets, began advising Tether in August, following a brief tenure at the White House. Under his leadership, Tether US will be headquartered in Charlotte.

In conjunction with Hines’s appointment, the stablecoin issuer is introducing a new token called “USAT,” which will operate under the recently signed GENIUS Act, which aims to provide a new regulatory framework for the fast-growing stablecoin sector in the country. 

While the firm’s USDT, the largest stablecoin by trading volume, continues to serve global markets, USAT is specifically designed to cater to businesses and institutions that require compliance with US regulations. 

The launch of USAT will utilize Tether’s proprietary tokenization platform, Hadron. Anchorage Digital will serve as the issuer of USAT, while Cantor Fitzgerald has been designated as the reserve custodian and preferred primary dealer. 

Paolo Ardoino Highlights USAT Token’s

Tether’s CEO, Paolo Ardoino, emphasized the importance of the firm’s new USAT token, highlighting its role in building trust and improving accessibility in the digital economy. Ardoino added: 

For over a decade, Tether – as the creator of the stablecoin industry – has issued USDT, the backbone of the digital economy, and today the US dollar stablecoin for hundreds of millions of underserved people living in emerging markets, proving that digital assets can deliver trust, resilience, and freedom on a global scale

Ardoino reiterated Tether’s dedication to ensuring the dollar remains central in the digital age, stating, “USAT is our commitment to ensuring that the dollar not only remains dominant, but thrives.” 

The daily chart shows the total market cap surge near the $4 trillion mark. Source: TOTAL on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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Borderlands 4 is the series' biggest launch ever on Steam, but it has earned the unfortunate nickname of Stutterlands 4
Game Reviews

Borderlands 4 is the series’ biggest launch ever on Steam, but it has earned the unfortunate nickname of Stutterlands 4

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Borderlands 4 is officially out – almost a day early for some people, and players on Steam have shown up in droves to jump into the latest loot shooter from Gearbox. The game has not only done very well for itself in terms of player activity, it also easily beat all other Borderlands games.

Steam user reviews, however, aren’t as glowing as you might expect.

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It seems Gearbox’s decision to make a more grounded game with Borderlands 4, and step away from referential humour and internet slang has worked in its favour. Over on Steam, the game peaked at 207,479 concurrent players (via SteamDB) just hours after it went live.

Considering some of the launch times, and the fact it wasn’t out on consoles at that time, there’s every chance the weekend will give these numbers a boost. Indeed, even if that’s the highest the peak concurrent is going to get, it’s still better than every other Borderlands game that came before, with its closest contender being Borderlands 2, having peaked at 124,678 concurrent players.

Borderlands 4’s numbers were certainly good enough to get into Steam’s top five most played games, and it’s currently Steam’s number one best-seller worldwide, having jumped up seven spots this week.

Image credit: Gearbox Software, 2K Games.

It doesn’t seem like everyone is happy with the game, however. Judging by its current Steam user review rating of Mixed (based on 5,435 reviews), only 62% had positive things to say about the co-op loot shooter.

While some of the negative reviews touch on narrative and gameplay content, the vast majority lament the game’s technical state. Borderlands 4’s long (and frequent) shader compilation pauses come up several times, as do your typical Unreal Engine navigational stutter. In fact, stutter issues are so common that some have taken to calling it Stutterlands 4.

This is another case of an Unreal Engine 5 game getting lambasted for its technical issues, and it’s actually become something of a nonestarter for players, many of whom get into the game expecting to run into problems just because of its use of Epic’s game engine.

It’s worth keeping in mind that Borderlands 3 had its fair share of technical issues, too, which took Gearbox a while to completely iron out. It’s quite possible this will eventually be the case for Borderlands 4, especially once Denuvo gets removed. Only time will tell.



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fight, fencing, duel (CoinDesk Archives)
GameFi Guides

DOGE ETF Spurs 6% Rally Ahead of Launch, What Next for Dogecoin?

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Dogecoin surged nearly 6% to $0.261 in the past 24 hours as traders positioned for the scheduled debut of the first U.S. Dogecoin ETF on September 12. Anticipation of the “DOJE” product, coupled with whale accumulation exceeding 280 million DOGE, fueled heavy late-session flows with volume topping 1.1 billion. Analysts now focus on whether the token can sustain closes above $0.26 and build toward the $0.29–$0.30 resistance zone.

News Background

• The first U.S. Dogecoin ETF (ticker: DOJE) is scheduled to begin trading on September 12, representing the first exchange-traded product linked to a memecoin.
• Large holders accumulated more than 280 million DOGE in the days leading up to the listing, signaling growing institutional participation.
• Market technicians highlight a bullish pennant breakout on hourly charts, with upside targets extending to $0.28–$0.50 if momentum continues.

Price Action Summary

• DOGE gained 5.8% during the 24-hour period from September 11 at 03:00 to September 12 at 02:00, advancing from $0.246 to $0.261.
• The session traded within a $0.019 band (7.6%), hitting a low of $0.245 and a high of $0.264.
• Breakout momentum developed between 22:00–00:00, when DOGE cleared $0.253 resistance on volume exceeding 1.1 billion.
• The final 60 minutes showed volatility, with a pullback from $0.264 to $0.261 (-0.76%), but support held near $0.260 after repeated tests.

Technical Analysis

• Support Levels: Firm base at $0.245–$0.246; renewed support observed at $0.260 during late-session retracements.
• Resistance Zones: First rejection at $0.264 intraday, with broader targets identified at $0.29 and $0.50.
• Volume Profile: Breakout volume surpassed 1.1 billion, nearly triple average levels, indicating institutional flows ahead of ETF debut.
• Momentum Signals: Pennant breakout confirmed by higher lows and expanding volume; late dip reads as corrective rather than trend reversal.

What Traders Are Watching

• Can DOGE sustain closes above $0.26 and build toward the $0.29 resistance zone?
• ETF launch on September 12 and whether secondary flows from brokers/institutional desks accelerate volatility.
• Whale positioning after 280 million DOGE accumulated in the past week.
• Options activity around $0.30 strikes that could drive gamma volatility into expiries.



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Solana news
NFT Gaming

Will Solana Launch A Stablecoin? Helius CEO Calls It A No-Brainer

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Helius Labs CEO Mert Mumtaz ignited a fresh round of debate inside the Solana ecosystem on September 10 after floating the idea of a Solana-aligned stablecoin whose reserve yield would be redirected to SOL via buybacks or burns—either as an “enshrined” protocol feature or, more likely, through competing digital-asset treasury companies (DATs). “Warming up to the idea that Solana should enshrine a stablecoin,” he wrote, adding that “50% burn of the yield goes back to burning SOL.” Hours later, he reframed the thrust: “it shouldn’t be enshrined, a DAT should do it… fix it and trillions.”

Why A Solana Stablecoin Is A No-Brainer

Mumtaz’s core critique targets what he describes as “yield leakage” from Solana: “Stablecoins are commodities, and currently on Solana, there is one that captures all yield and literally funds Solana’s biggest competitor with it!” He argued that, under the US GENIUS Act, stables are readily swappable and issuers will fight aggressively for market share—citing the recent “Bachelor-style” scramble among large stablecoin companies to court business. “If you don’t want to enshrine a Solana-centric stable, then consider digital asset treasury companies (DATs)… The DAT is literally a machine for buying the underlying token.”

That framing collides with the letter of the new US law. The GENIUS Act, signed in July, carves out “payment stablecoins” as neither securities nor commodities for US federal purposes, consolidating oversight largely under banking regulators and expressly separating them from SEC/CFTC jurisdiction. Multiple legal analyses and a Congressional Research Service note affirm the statute’s classification.

In short: Mumtaz’s “commodity” phrasing is rhetorical, not legal. Still, the law’s most consequential economic detail—stablecoins cannot pass interest to holders—means issuers (or affiliated structures) capture the reserve income and can decide how to use it. That’s precisely the lever Mumtaz wants pointed back at Solana.

Within hours, one builder publicly accepted the challenge. “We (@KASTcard) will put 101–103% of all interest income from USDK on Solana, to buyback SOL,” wrote CEO and co-founder of KAST, adding that the buybacks would sit with a foundation that issues a token after a planned TGE and that USDK would be issued with the m^0 foundation as a U.S. “Genius compliant” stable. The 1–3% kicker above 100% would be treated as marketing spend. KAST and m^0 have previously disclosed plans to launch programmable, application-specific dollars on the networl; KAST’s consumer app and card already target global stablecoin payments.

The proposal’s mechanics are straightforward in concept. A native USD stablecoin accrues reserve yield (e.g., from T-bills) at the issuer level; a DAT structure then commits that income stream to buy SOL on the open market and either retire it or recycle it into ecosystem programs.

Mumtaz even sketched a toy model—“Assume a Solana DAT runs a Solana stable, call it USDmanlet… [it] earns yield. The DAT takes all the yield and buys SOL with it… embed it in the ecosystem and take the yield and pump it back… or into burning SOL.”

Stablecoin Wars Reach Solana

Mumtaz’s “funding the competitor” barb is aimed squarely at USDC’s economics and Coinbase’s Base L2. Coinbase and Circle split USDC reserve income, a line item that has grown into a major revenue stream for Coinbase as stablecoin supply has rebounded; Coinbase incubated Base, an Ethereum Layer-2 that has quickly become a high-throughput venue for on-chain activity.

None of that is nefarious—USDC’s terms are clear—but for Solana purists it is strategically suboptimal to let billions in Solana-settled stablecoin activity originate issuer profits that are then reinvested in a rival’s stack. That is the “simple problem” Mumtaz says he wants to fix, whether by enshrining or (more plausibly) by market-driven competition among issuers and DATs.

Multicoin Capital co-founder and managing partner Tushar Jain agreed via X: “One of the best things about Solana’s culture is adopting good ideas from other ecosystems. Hyperliquid’s idea to encourage stablecoin issuers to buy HYPE with USDH interest is a powerful way to drive REV. Why should Circle keep all of the interest revenue from USDC on Solana?”

For now, this is only a proposal—there is no SIP or governance vote to “enshrine” anything at the protocol layer, and Mumtaz himself emphasized the market-driven DAT route. Whether the proposal takes the form of competing issuers pledging buybacks, a canonical “ecosystem stable,” or a more modular treasury program, the endgame Mumtaz sketched is unambiguous: stop leaking yield, and point it at SOL.

At press time, SOL traded at $228.

SOL surges above the 0.786 Fib, 1-week chart | Source: SOLUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

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NFT Gaming

Dogecoin Rises 20% as Treasury Firm Amasses DOGE, ETF Nears Launch

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In brief

  • The price of Dogecoin has risen by nearly 20% over the last week.
  • A publicly traded Dogecoin treasury has announced $125 million worth of DOGE purchases this week.
  • Rex-Osprey will launch a Dogecoin ETF in the U.S. on Friday.

Dogecoin is one of crypto’s biggest gainers over the last week, beating majors like Bitcoin and Ethereum as fresh catalysts helped propel the O.G. meme coin to its highest price in nearly a month.

DOGE was recently priced at $0.2543, rising nearly 20% over the past week and hitting its highest price since August 13, according to data from CoinGecko.

No coin in the top 10 cryptocurrencies by market cap has gained more over the last week than DOGE, though the coin remains well short of its 2021 all-time high mark above $0.73.



Every other coin in the top 10—besides dollar-pegged stablecoins—has set a new all-time high in the last 12 months. Analysts recently told Decrypt that DOGE has been the lone outlier due to a lack of demand drivers like treasury firms amassing billions of dollars’ worth of the coin, or ETFs piling up coins due to investor interest.

But that’s starting to change.

On Monday, CleanCore Solutions—the first publicly traded Dogecoin treasury, which trades as ZONE on the NYSE American—announced its first purchase of the cryptocurrency, and then revealed yet another purchase on Thursday afternoon.

CleanCore said that it now holds over 500 million DOGE, valued above $125 million. The firm established its treasury together with House of Doge, the commercial arm of the Dogecoin Foundation that supports the cryptocurrency, and as such has called itself an “official” treasury company.

“Crossing the 500 million DOGE threshold demonstrates the speed and scale at which ZONE is executing its treasury strategy,” said CleanCore CIO and House of Doge CEO Marco Margiotta in a release. “Our vision is to establish Dogecoin as a premier reserve asset while supporting its broader utility across payments, tokenization, staking-like products, and global remittances.”

ZONE is up about 6% on the week, and has surged by more than 200% since the start of the year.

Dogecoin’s recent rise also comes amid anticipation for the first DOGE ETF to launch in the United States. Rex-Osprey’s Doge ETF, which will use the DOJE ticker, is set to begin trading Friday after being delayed a day.

While it’ll list under a different process than the majority of spot Bitcoin and Ethereum ETFs trading in the United States, as analysts told Decrypt this week, the end result will be much the same: It’ll allow traditional investors to gain access to the original and still most valuable meme coin.

“Pretty sure this is first-ever U.S. ETF to hold something that has no utility on purpose,” Bloomberg Senior ETF Analyst Eric Balchunas wrote on X this week.

Users on Myriad, a prediction market developed by Decrypt’s parent company Dastan, are increasingly bullish on Dogecoin’s prospects, currently projecting a 66.6% chance that DOGE is more likely to rise to $0.30 than fall to $0.15. That mark has risen by nearly 15% over the last week amid Dogecoin’s price climb.

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XRP price coiled for breakout as first U.S. spot ETF nears launch
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XRP price coiled for breakout as first U.S. spot ETF nears launch

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The XRP price recovery stalled at the key resistance level of $3 as traders awaited the first launch of a spot XRP exchange-traded fund on Friday, Sept. 12.

Summary

  • The Rex-Osprey XRP ETF will launch on Friday.
  • It will be the first spot XRP ETF in the United States.
  • The SEC is expected to approve other spot ETFs in October. 

Rex-Osprey XRP ETF set to launch on Sep. 12

The XRP price will be in the spotlight tomorrow as Rex-Osprey launches the first spot ETF. This fund will have a first-mover advantage compared to those filed by companies like Franklin Templeton, Bitwise, and Invesco.

While the fund’s goal is to track the Ripple (XRP) price, it will be different from the others. The main difference is that it is based on the Investment Company Act of 1940, while the others are based on Act 33. Using the 1940 Act allowed Rex-Osprey to complete the 75-day review.

The other difference is that it will provide investors with exposure to XRP through a wholly owned Cayman Islands company. 

This fund will be similar to the Rex-Osprey SOL + Staking ETF that has accumulated over $240 million in assets. As such, it is likely to be more expensive than the other upcoming XRP ETFs, given its 0.75% expense ratio. 

While the new XRP ETF will be notable, the main catalyst for XRP will be the other funds, which will likely be approved in October. Polymarket data shows that the odds of these spot ETFs happening this year have jumped to 92%.

Analysts expect these funds will have substantial inflows within the first few months, which may boost the XRP price. SoSoValue data shows that spot Bitcoin (BTC) and Ethereum (ETH) funds hold between 5% and 7% of their market capitalization. If XRP achieves this, then the main ETFs could attract more than $9 billion in assets in the first year.

XRP price technical analysis

XRP price chart | Source: crypto.news

The daily time frame chart shows that the XRP price has formed a few chart patterns that may trigger more gains in the near term. It has formed a double bottom at $2.70 and a neckline at $3.38.

Most importantly, it has formed a falling wedge pattern and has already moved above its upper side, confirming a bullish breakout. It has remained above the 100-day exponential moving average.

The Relative Strength Index has moved above the neutral point at 50, while the two lines of the Percentage Price Oscillator have crossed. Therefore, XRP will likely rebound and potentially hit an extreme overshoot level near $4.30.



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Borderlands 4 close-up of the Psycho bandit mask. The character is gesturing toward the view with two fingers, like they're picking a fight, and stands out on a red background.
Product Reviews

Is it better to be a ‘patient gamer’ or is playing new games at launch just too enticing?

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Borderlands 4 just launched and, predictably, players on Steam are already criticizing its PC performance. Meanwhile, the just-released Hollow Knight: Silksong didn’t raise any performance concerns, but gamers in China were dismayed to discover that the Chinese translation was botched.

Those are just a couple of the reasons some gamers have chosen to reject launch day hype in favor of “patient gaming”: Waiting a year or more to play new games, which means getting them cheaper during a sale and playing them after a bunch of big performance and quality-of-life patches have likely made them much better than they were at launch.

There’s even a pretty active subreddit dedicated to the idea: the main rule is that you’re not allowed to post about games that are under a year old.


Related articles

But there’s also a reason HBO’s servers sometimes struggled with Sunday night demand at the height of Game of Thrones’ popularity. There’s something special about being there on day one (before they edit out the Starbucks cups) and reacting and emoting with the crowd. As I write, nearly 200,000 people are playing Borderlands 4 on Steam just hours after it released—on what is for me a Thursday morning.

Clearly, being a part of the launch day hubbub outweighs the benefits of waiting for a lot of people, and I don’t think it’s just because of publisher-manufactured FOMO.

I’m curious to know how PC Gamer readers feel about this trade-off. Do you usually take a wait-and-see approach to game launches, or are you preloading every time? Have you ever regretted playing a game at launch because it was later improved? Let us know in the comments below!



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New Novel In The Da Vinci Code Series Gets 40% Launch Discount
Game Updates

New Novel In The Da Vinci Code Series Gets 40% Launch Discount

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The sixth novel in the best-selling Robert Langdon series by Dan Brown has arrived. The Secret of Secrets was published by Penguin Random House imprint Doubleday on September 9. Fans of the thriller series can grab the hardcover edition of The Secret of Secrets for only $22.80, which is a 40% discount from the novel’s $38 MSRP. Netflix is already working on a TV series based on The Secret of Secrets.

Though officially known as the Robert Langdon series, many refer to it by the name of the protagonist’s second adventure: The Da Vinci Code. Released in 2003, The Da Vinci Code achieved a level of popularity we might never see again in the world of thriller novels. By 2009, more than 80 million copies of The Da Vinci Code had been sold. It’s one of the best-selling books of all time, and you can add to that total by picking up The Da Vinci Code: Special Illustrated Edition for only $15 (was $40) at Amazon.

Fans waited eight years for The Secret of Secrets, which is the longest gap between Robert Langdon novels in series history. The new novel also happens to be the longest Langdon thriller yet at 688 pages.

In addition to hardcover, The Secret of Secrets is available in large print paperback for $40, Kindle ebook for $16, and as an audiobook via Audible. Earlier this year, Netflix announced a TV series based on The Secret of Secrets.

$22.80 (was $38)

Prior to The Secret of Secrets, the longest novel in the series was Angels & Demons, Langdon’s first adventure, at 572 pages. Three of the Langdon novels are under 500 pages, including The Da Vinci Code, so The Secret of Secrets is quite the doorstopper in comparison.

On a visit to Prague to attend the lecture of his girlfriend and noetic scientist Katherine Solomon, Robert Langdon gets entangled in a dangerous conspiracy of world-altering proportions. When someone is murdered and Katherine disappears–along with a manuscript that “contains startling discoveries about the nature of human consciousness”–Langdon must use his expertise in symbology to find Katherine and unravel the mystery and unmask a shadowy organization.

The Secret of Secrets is said to fuse ancient mythology with technology out of a sci-fi novel.

Like all of Brown’s Da Vinci Code novels, The Secret of Secrets draws from history, but don’t expect it to adhere to the truth. Brown has received criticism for using historical inaccuracies, particularly when it comes to religion, as plot devices. To be fair, these books star a professor of symbology, which is a job that doesn’t exist. Symbology is indeed the study of symbols, but it’s not a formalized field like it’s depicted in Brown’s books. The series is popular because Brown writes fast-paced, high-concept stories that often use true historical events as a foundation before asking the question: What if everything we believe to be true is wrong?

These books are supposed to be fun, not realistic. After all, one of the main plot drivers in The Da Vinci Code is a hidden message on the Mona Lisa. Langdon’s field of study naturally introduces grand conspiracies that readers (and viewers) are captivated by.

The Da Vinci Code / Angels & Demons

If you need to catch up on the Robert Langdon series before diving into his latest high-stakes adventure, the first five books are available for fairly cheap in paperback and hardcover. The series started in 2000 with Angels & Demons, though many readers wound up reading this one after The Da Vinci Code. The third novel, The Lost Symbol, hit bookstores in 2009. Brown followed it up with Inferno in 2013 and Origin in 2017. The first four novels are also available as Special Illustrated Edition hardcovers. The Da Vinci Code Special Illustrated Edition is up for grabs for only $15, just a couple bucks more than traditional hardcover and paperback versions. The Special Illustrated Edition has over 160 full-color illustrations.

Paperback

  1. Angels & Demons — $10.49 ($19)
  2. The Da Vinci Code — $12 ($20)
  3. The Lost Symbol — $15.30 ($19)
  4. Inferno — $14 ($19)
  5. Origin — $10.87 ($19)

Hardcover

  1. Angels & Demons — $18.62 ($38)
  2. The Da Vinci Code — $12 ($38)
  3. The Lost Symbol — $13 ($38)
  4. Inferno — $13 ($38)
  5. Origin — $18 ($38)
  6. The Secret of Secrets — $22.80 ($38)

Special Illustrated Hardcover Edition

  1. Angels & Demons — $30 ($40)
  2. The Da Vinci Code — $15 ($40)
  3. The Lost Symbol — $40.79
  4. Inferno — $37.49 ($40)

Outside of The Da Vinci Code series, Brown has published two standalone novels for adults: Digital Fortress and Deception Point. Released in 1998 as Brown’s debut novel, Digital Fortress is a techno-thriller revolving around government surveillance. Deception Point, published in 2001, is a mystery-thriller about discovering proof of alien life against the backdrop of an important presidential election.

Robert Langdon movie adaptations starring Tom Hanks

Netflix’s upcoming adaptation of The Secret of Secrets means that five of the six novels in the series will have screen adaptations. Tom Hanks starred in popular film adaptations of The Da Vinci Code (2006), Angels & Demons (2009), and Inferno (2016). In 2021, an adaptation of The Lost Symbol premiered on Peacock; the series ran for 10 episodes but was canceled after Season 1. The only Robert Langdon novel without an adaptation is Origin.

If you want to check out the movies and Peacock series, all four are available on Blu-ray. The Robert Langdon 3-Movie Set is only $18.47 (was $31). Alternatively, you can get each movie on 4K for $16-$17 each. The Da Vinci Code and Angels & Demons received 4K restorations in 2016 to celebrate the 10th anniversary of the movie adaptation as well as the theatrical release of Inferno, the final appearance for Hanks as Langdon. The Lost Symbol: Complete Series is $35 on Blu-ray and $25.84 on DVD.

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Archax enables onchain portfolios on Hedera with launch of Pool Token
GameFi Guides

Archax enables onchain portfolios on Hedera with launch of Pool Token

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Archax, a digital asset exchange, brokerage, and custodian regulated in the United Kingdom by the Financial Conduct Authority, has launched “pool tokens,” enabling multi-asset portfolio creation on the Hedera Network.

Summary

  • UK-regulated platform Archax has partnered with Hedera to launch Pool Token functionality.
  • Pool tokens allow market participants to create multi-asset portfolios onchain.
  • Users can transfer pool tokens or use them as collateral.

Archax and Hedera announced the partnership and launch of Pool Token functionality on Sept. 10, noting that the new product allows users to tap into tokenization via a single token on Hedera (HBAR). The launch of pool tokens means users can now create a multi-asset portfolio onchain from tokenized assets across the market.

What is a pool token?

A “pool token” is a new transferable token that represents a basket of tokenized assets onchain. In the context of Archax and Hedera’s integration, this is a token that will allow an issuer to create a multi-asset portfolio that can include a range of assets such as equity, debt, funds and cryptocurrencies. 

According to Archax, pool tokens allow investors to diversify their investment strategies, with the flexibility of creation adding to the overall benefits of an onchain product.

Graham Rodford, the co-founder and chief executive officer of Archax, noted:

“By enabling the creation of Pool Tokens, an issuer could come to us to create a natively on-chain portfolio, basket, index or fund. Tokenised portfolios can be assembled, transferred, and managed with speed and flexibility, so we’re eliminating the operational inefficiencies that have long plagued traditional investment structures – all while maintaining regulatory compliance and institutional-grade security.”

BlackRock funds in first basket

The rollout has the first Pool Token lined up for a mix of some of the top money market funds in the world, with the basket covering asset managers like Aberdeen, BlackRock, and State Street.

As well as instant fund creation, pool tokens offer the benefit of transferability and composability. In this case, users can migrate an entire portfolio across chains without the burden of complex paperwork or the friction of dealing with transfer agents.

Pool tokens can also be utilized as collateral on Archax’s Nest network.



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GameFi Guides

DOGE ETF To Launch as First US Fund to Hold Asset With ‘No Utility’

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In brief

  • Bloomberg analyst Eric Balchunas calls Rex-Osprey DOJE the first US ETF to hold an asset with “no utility on purpose.”
  • ETF filed under the Investment Company Act of 1940 instead of the Securities Act of 193, like other crypto ETF filings.
  • Initial institutional adoption is initially, but market cap growth could attract attention, Decrypt was told.

A first-of-its-kind Dogecoin exchange-traded fund is set to hit U.S. markets on Thursday, with Bloomberg’s Eric Balchunas flagging the Rex-Osprey Doge ETF (ticker: DOJE) as the launch vehicle.

“Pretty sure this is first-ever U.S. ETF to hold something that has no utility on purpose,” Balchunas tweeted Tuesday, announcing the fund’s debut. 

The fund is expected to list using the Investment Company Act of 1940 framework that REX-Osprey previously used for its SOL + Staking ETF (SSK), rather than the Securities Act of 1933 path used by commodity-style grantor trusts.



Ganesh Mahidhar, investment professional at Further Ventures, told Decrypt that “ETFs under the Investment Company Act of 1940 have mandates around diversification and more governance requirements broadly, as compared to those launched under the 1933 securities act.” 

“In a way, regulating it under the 1940 act provides more investor protection and imposes a registered investment structure on the SPV offering it,” he added. 

He explained this framework “demarcates the ETF as being more similar to stock and bond ETFs as compared to the BTC ETF, which resembles a commodity ETF.”

However, the meme coin classification raises questions about whether similar approvals await other similar cryptos. 

Dogecoin “follows the proof of work consensus, same as BTC,” and “has a floor in terms of the power being consumed to produce it,” Mahidhar noted.

“This separates Dogecoin from Shiba Inu and Pepe, which run on proof of stake and ‘don’t have the same baseline,’ making them more vulnerable due to ‘lack of utility,’ though Mahidhar noted app-chain and layer-2 projects could still push gaming or gambling use cases.”

Institutional portfolios are “unlikely to touch the ETFs at this stage,” but if their market cap becomes significant, “there is a possibility that some attention goes to them,” he said.

“What matters more is their price action and volatility in this case, and an eventual utility if such does happen,” the investment professional added.

The listing comes as over 90 crypto ETF proposals await SEC decisions, including pending applications for Solana and XRP funds with deadlines extending into October. 

REX Shares has also filed for multiple crypto ETFs in January, including Trump, BONK, and additional Dogecoin products, just days after Gary Gensler departed from the SEC.

On the crowded SEC docket, Mahidhar added he’s a “firm believer” that ETFs are the universal wrapper and sees no reason “any such ETF should not be accepted” as markets migrate from cash-flow to liquidity-based value concepts.

DOGE is changing hands for around $0.24, up 1.4% on the day and 11.7% on the week, according to CoinGecko.

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