Bitaigen Research 
In this article we outline the technical and market drivers behind the surge in Bitcoin mining difficulty, and we provide an in‑depth analysis of the latest breakthrough in stablecoin volume within the Ethereum ecosystem as well as the foundation’s ongoing commitment to academic research. By combining data with expert commentary, readers can grasp the newest developments and potential implications for the two leading public blockchains—worthy of a careful read.
Ethereum
Total stablecoin supply in the Ethereum ecosystem surpasses the $166 billion mark
Unfolded’s latest chart shows that the amount of stablecoins circulating on the Ethereum network has climbed to $166 billion, an all‑time high that further cements Ethereum’s role as the core settlement layer for decentralized finance (DeFi).
Ethereum Foundation funds Columbia University’s Blockchain Research Center
Market reports indicate that the Ethereum Foundation will match donations of up to $500,000 per year for the first three years after the establishment of the “Columbia University‑Ethereum Blockchain Protocol Design Research Center,” supporting the center’s research activities and talent development.
USDC Treasury conducts two large‑scale mints today, adding a total of 200 million USDC
According to Whale Alert monitoring data, at 21:01 UTC and 21:08 UTC the USDC Treasury executed two minting events on the Ethereum chain, each for 100 million USDC, amounting to 200 million USDC in newly created tokens.
Vitalik attends Japan Developers Conference: outlines Ethereum’s short‑ and mid‑term roadmap
On September 17, Vitalik Buterin told the audience at the Japan Developers Conference that the short‑term goal is to raise the Layer‑1 gas limit to improve scalability while preserving decentralization. The mid‑term focus is on interoperability among Layer‑2 solutions to speed up transaction finality. The long‑term vision is to deliver a secure, minimalist, quantum‑resistant version of Ethereum that has undergone formal verification.
Grayscale revises its Dogecoin ETF filing; NYSE Arca simultaneously proposes amendments to an Ethereum trust fund
On September 19, Grayscale submitted an updated S‑1 registration statement to the SEC, seeking to convert its closed‑end Dogecoin Trust into an exchange‑traded fund (ETF). If approved, the product would trade on NYSE Arca under the ticker “GDOG,” with Coinbase designated as the primary broker‑dealer and custodian. On the same day, NYSE Arca filed a proposal to amend the terms of Grayscale’s Ethereum Trust ETF and its “mini” version in line with the SEC’s newly approved “general listing standards,” indicating a potentially more flexible regulatory review. Grayscale’s filing emphasizes that Dogecoin futures and options have been trading on CFTC‑regulated exchanges for more than six months, meeting the relevant criteria, and argues that its trust should not fall under the 1940 Investment Company Act. If GDOG lists successfully, it will become the second U.S. security product that directly tracks the price of Dogecoin.
Bitcoin
Harvard University’s Bitcoin ETF holdings now exceed its Google stock position
BitcoinMagazine reports that Harvard’s assets held in a Bitcoin ETF have grown to a size larger than the university’s equity stake in Alphabet (Google).
Bitcoin mining difficulty reaches an all‑time high
Data published by Cointelegraph shows that at block height 915,264 the Bitcoin mining difficulty rose 4.63 % to 142.34 T, setting a new historical record.
Matrixport: New wave of upward momentum for Bitcoin is gradually building
In its weekly report, Matrixport notes that the U.S. economy remains resilient, with narrowing credit spreads reducing corporate refinancing costs and partially offsetting tariff pressures. Companies are accelerating AI adoption to boost operational efficiency, providing additional support for risk assets. Historical patterns suggest that tighter credit spreads often coincide with stronger equity markets and Bitcoin, collectively increasing the likelihood that the current Bitcoin rally will continue. The report identifies inflation as the primary risk; although inflation remains above target, the model forecasts a decline to below 2 % over the next several quarters, implying that the Federal Reserve may extend its accommodative stance. Contrary to market expectations of persistently high inflation, the analysis argues that falling energy prices and easing housing costs make a sustained inflation rate above 3 % unlikely. Overall, while the precise drivers of the next market wave are not yet fully clear, upward momentum appears to be taking shape.
Poland’s first Bitcoin ETF listed on the Warsaw Stock Exchange
The Warsaw Stock Exchange launched Poland’s inaugural Bitcoin ETF, giving local investors a regulated avenue to obtain Bitcoin exposure through standard brokerage accounts. The exchange’s official press release states that the product simplifies entry into the cryptocurrency market on a supervised trading platform. Poland, with a population of roughly 38 million, has shown steadily growing acceptance of fintech and digital assets in recent years.
Other Projects
- GRVT, a hybrid decentralized exchange built on zkSync, completes a $19 million Series A round
GRVT secured $19 million in Series A financing led by technical partner zkSync and Further Ventures, the latter backed by the Abu Dhabi sovereign wealth fund. EigenCloud (formerly EigenLayer) and 500 Global also participated. The team says the capital will primarily fund product development and engineering, with a focus on cross‑chain interoperability, options markets, and tokenized real‑world assets (RWA). GRVT positions itself as the first on‑chain exchange to obtain a regulatory license; it launched its mainnet Alpha on zkSync at the end of 2024, initially offering perpetual contracts and later expanding to spot and options trading. The project is actively pursuing licences under the EU’s MiCA framework, Dubai’s VARA, and Abu Dhabi Global Market (ADGM).
- Binance Wallet partners with Aspecta to launch the BuildKey TGE model
Under this model, users deposit BNB to receive BuildKeys (token‑allocation vouchers) that can be freely traded on a bonding curve or held until the token‑generation event (TGE), at which point they are exchanged for the project’s native token. The first project to use this mechanism is scheduled for a public launch on September 18 via Binance Wallet. *(U.S. users should access Binance services through Binance.US, not the global platform.)*
- ZOOZ Power receives shareholder approval for a $180 million raise to build a Bitcoin treasury
The dual‑listed Nasdaq and Tel Aviv company will allocate roughly 95 % of net proceeds (after deducting outstanding promissory notes) to purchase and hold Bitcoin, making it the first firm listed on both major exchanges to implement an official Bitcoin reserve strategy.
- Kraken teams up with LEGION to launch the Kraken Launch platform
Kraken Launch will focus on exclusive token sales, offering a fair‑access, transparent‑information issuance environment backed by Kraken’s fourteen years of industry reputation.
- Consensys CEO says MetaMask token is coming soon
Chief Executive Officer Joe Lubin disclosed that the launch timeline for a native MetaMask token may be sooner than the market anticipates.
- Coinbase introduces USDC lending on the Base chain
The new feature, built on the decentralized lending protocol Morpho, allows users to deposit USDC, which is then routed by a smart‑contract wallet across multiple lending pools to optimize yields. Users can withdraw at any time, with returns dependent on on‑chain liquidity conditions.
The above summary captures the record‑high Bitcoin mining difficulty, the breakthrough in Ethereum‑based stablecoin volume, and several recent noteworthy developments across the broader crypto landscape. For more updates, stay tuned to Bitaigen (比特根).
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⚠️ Risk Disclaimer: Crypto prices are highly volatile. This is not investment advice.
