Incoming: Key market moments this week. Monday: People’s Bank of China one-year loan prime rate. Wednesday: Flash PMIs across Germany, eurozone, United Kingdom, then United States. Thursday: US jobless claims and new home sales. Australia's August labour force report arrives. Swiss National Bank rate decision. Friday: US durable goods orders. What are you keeping an eye on?

90% of total PropAMM volume happens on @solana. And with good reason. Here's why. The viability of the mechanism heavily depends on costs and speed. A slower, less dynamic and more expensive network leads to less efficiency for market makers. > increased cost of posting quotes > getting picked off on stale prices > extra inventory risk between updates Solana's continuous architecture, combined with it's speed and cost makes it uniquely suited for the demands of PropAMMs. That's not to say that it isn't viable on EVM chains. While Ethereum lags in volume share, there has been considerable growth, from just under $7M in cumulative volume at the start of June, to $4.3B this month.

Weekly RWA swap volume on @Uniswap crossed $3.3B on September 7. That's 10x higher than the start of the year. Tokenized equities made up 94%, primarily driven by activity on @RobinhoodCrypto Chain.

We're excited to welcome our community at DWF Labs Haus during @kbwofficial 🤝 Join us and the @falconfinance team to kick off the week. 📅 29 September 2026 ⏰ 7PM—11PM (GMT+9) Register:

Meet Andrei Grachev(@ag_dwf), Managing Partner of @DWFLabs, onstage at CoinFerenceX The Best Event Singapore. Andrei is the Managing Partner of DWF Labs, a Web3 market maker and strategic investor providing capital and liquidity to institutions and builders. Under his leadership, DWF Labs has become a global leader in offering deep, reliable liquidity across both centralized and decentralized venues, acting as a trusted partner for more than 1,000 blockchain companies, platforms, and institutions. 📍 5–6 Oct 2026 📍 Gardens by the Bay, Singapore Stay tuned more big names dropping soon. 📅 RSVP on Luma: 🤝 Sponsor or partner: #CoinFerenceX# #TheBestEvent# #DWFLabs#

Join us for HotDesk Wednesday at our Dubai office 🤝 Register to work alongside our team and enjoy access to our premium workspace: The office address will be shared upon approval.

.@kbwofficial is where elite leaders, builders, and communities shaping the future of digital assets are meeting. Angus Chung and Sean Stubbings @0xSeanSS (Heads of Business Development) will be on the ground in Seoul. Reach out to our team to discuss partnerships and collaborations. See you there 🤝 #KoreaBlockchainWeek#

Our Chief RWA Officer @ArtemTolkachev spoke at EBC12 in Barcelona about vaults as the next infrastructure layer for onchain asset management. From the collateral side, almost anything can be tokenized. The questions are whether it can actually function as collateral: → Liquidity: how quickly can the asset turn into cash under stress? → Composability: where can the token actually be used onchain? RWAs also come with their own risk stack: legal claims, redemption terms, offchain custody, and underlying markets that close. That means underwriting them as credit and reading the documents, not just the deck. Onchain markets run 24/7/365, but the underlying markets often don’t. For a growing set of tokenized assets, T+0 liquidity already exists through different layers, and we expect more solutions to emerge as the market develops.

Odds of a hike now sit at 92%. Almost a done deal based on CME FedWatch. Futures have started to price a base case of four 25 bp hikes by June 2027. Yet opinion across CT and FinTwit remain mixed. With core CPI slowing down to levels not seen since March 2021 and headline CPI driven by oil, many argue the Fed has no need to raise rates. The other school of thought is that, with long-term yields rising, a hike is needed to protect Fed credibility and rein in yields. Although the actual efficacy of it is debatable. This is one of the most closely watched FOMC meetings this year. If the Fed hikes, 25 bp is not a large move from the current 3.50–3.75% range. What matters is the expected path from here. The Fed’s stance on current conditions, whether more hikes follow, and by how much. Those are factors more important than the immediate decision. Assets re-rate on deviations from what is priced, so a surprise on the future path is what induces volatility.

In this week’s Eyes on the Market, we cover: → Assets de-risking into a decision-filled week, with BTC down 2.96% and ETH flat. → PPI at 5.4% and a mixed CPI print taking September hike odds from 57% to 79%. → CLARITY revived on Sunday night's final text, odds of passing go from 16% to 33%. → ETH ETFs drawing $197.1M while BTC lost $462.7M. → Key events to look out for this week.

I think crypto OGs and crypto people in general should get used to changing narratives, environment, main characters, erc. The financial market more and more relies on promotional, rather than on fair value, crypto even more. But things that are always profitable and sustainable are trading, exchanges and payments. Now we have AI and its satellites like hardware and infra, we have RWA that can be a part of tokenized world. Follow the trend, enjoy and short the rest. The world is changing, but the changes push govs to print more and more money, bcz why not if there is no way anyway that the global debt can be paid. These money should go to economy or financial Markets IMO - if you want to be rich, you can try to raise enormous money in the US, OR build business that will serve the rest of the world (not EU, it’s over regulated for most of global high margin stuff) As @zerohedge put in its bio - in long run everyone goes to 0, and I’ll add - we should be smart enough no fund things are trending now and enjoy roller coasters NFA, DYOR and other notices that should prevent dump dudes to go all in with x1000 leverage after they see any tweet and want to make money in one trade Always yours AG DWF, see you soon in Korea and SG Cheers

What happens when a national stablecoin becomes collateral? Kyrgyzstan’s state-backed som stablecoin, @KGSToken $KGST, can now be used to mint $USDf through Classic Mint. It connects local-currency value to dollar-denominated onchain liquidity, bringing KGST into the wider global onchain economy.

CLARITY Act cloture vote starts 2:15 PM ET today. It needs 60 votes to open debate. Odds of 2026 passage have whipsawed over the last 48 hours as both support and opposition from various parties landed in the same window. We had a round of optimism on Sunday night as Senate Republicans released what they called their final draft, and President Trump agreed to the tougher ethics package. Odds jumped to 35%. That optimism quickly dissipated as 18 attorney generals urged a no vote. Eight bank groups demanded tighter stablecoin-reward limits on Monday morning. Treasury Secretary Bessent and SEC Chair Atkins have publicly endorsed the bill, citing the importance of it in order to maintain supporting US tech leadership. Senate Democrats have sent a counter offer to the Republicans, just hours ahead of the vote. Odds have now dropped to 19%.

Since Falcon Finance launched, we’ve kept building and shipping, giving users more ways to put their assets to work. Here’s how our product suite has expanded just this year: → fUSD: A regulated digital dollar for institutional treasury, settlement, and collateral use. Issued by @Anchorage Digital, the first federally chartered crypto bank, and supported by @CeffuGlobal’s custody infrastructure, fUSD gives qualifying institutions access to a separate Falcon rewards program targeting approximately 3% annually. Details here: → RWA issuance in El Salvador: Our regulated tokenization pipeline starts with financing GPU delivery. The first asset, a tokenized GPU forward, is still being structured, with @near_ai as the anchor buyer of the compute those GPUs will produce. It is designed for secondary trading and could later qualify as collateral to mint USDf once sufficient trading volume and market depth are established. Find out more: → Falcon Card: A way to turn USDf, our overcollateralized synthetic dollar, into everyday spending. Eligible, verified users in 90+ supported jurisdictions can fund their card with USDf, converted to USD at 1:1, and pay online or in-store. No annual subscription fee. How to get your card: From USDf and yield to institutional dollars, everyday payments, and tokenization, we’re steadily expanding what Falcon can do.

Weekly market recap: 1) BTC had its best week since March 2023. BTC rose 24% to $77.7K and ETH 31% to $2.46K, while the S&P 500 fell 1.5% and the Nasdaq 2.3%. ZEC gained 75% and XRP 53%. 2) The Treasury doubled long-end buybacks, implementing yield curve control. Operations go from $2B to at least $4B, effective September 9. 3) Volatility broke out. BTC DVOL went from a 12-month low of 33.91 on August 17 to 43.57, moving from the 6.8th percentile to the 57th. August 19 was the eighth-largest liquidation event on record at $2.99B. 4) Regulation Crypto got proposed anyway. Four days after canceling the meeting, the SEC proposed the rule without one. 5) Open interest grew but little leverage growth. Aggregate OI rose 16.5% to $137.5B on flat coin-denominated OI. The froth is in the narrative coins. 6) ETFs saw $2.6B of inflows, their best combined week since October 2025. BTC took $1.9B and ETH $692.6M, both on five straight inflow days. BTC ETFs are still net negative $2.8B for 2026.