If you don't have time to read our entire 50 page state of stablecoin report, @withAUSD just did a nice job summarizing the key points.

Our latest State of Stablecoins report brings together onchain data and perspectives from 17 leaders across payments companies, banks, and crypto firms. Data and opinions on issuer distribution, tokenization, payments, agents, and crypto cards. Enjoy!

I was lucky to have an early look at the @ArrakisFinance tokenized equities report and provide a quote from @AlliumLabs A must read if you're looking for insights beyond surface level metrics!

We’ve heard from a lot of teams at banks, hedge funds, payment companies and beyond looking for stablecoin metrics. How much is outstanding? What does volume look like? Which stablecoins are the largest? Which are growing fastest? Glad to see these questions are now easy to answer on the Bloomberg Terminal. Give it a go!

The Fed just raised rates for the first time since 2023. Crypto perps rallied anyway. The median crypto perp on Hyperliquid jumped 2.2% in the seven minutes after the 2:00 PM decision, with $325 million in new open interest behind the move. Then, $46 million of shorts were liquidated between 2:05 and 2:08 PM. One account had $23 million of Bitcoin shorts force-closed in just three seconds. By 3:00 PM, the gold perp was down 1.7% and the S&P 500 perp was down 0.8%. The market had an 87% chance of a hike priced in. It still triggered $46 million in short liquidations in three minutes.

Our State of Stablecoins report is out ahead of the CLARITY Act vote. While stablecoin supply growth has slowed, the real growth story is in payments and cross-border activity. Take a look.

Hyperliquid marked SK Hynix down 5.5% while Korea's stock market was closed this weekend. Korea opened down 6.5%. The perp had priced more than 80% of the move before the cash market could trade. Funding flipped from −43% to +97% annualised, so dip buyers are now paying to be long.

Our State of Stablecoins & Payments report drops tomorrow. Get it ahead of the Senate’s CLARITY Act vote this week. Sign up to get it in your inbox, or let me know if you want a copy: allium.so/research-hub

Our team really enjoyed putting together this report on @solana. One stat stood out: 63% of tokenized equities trading happens while US markets are closed. That becomes even more striking when you consider that Solana accounts for more tokenized equity transactions than any other chain. If you want to understand how real-world assets are moving onchain, I highly recommend reading the full report.

Ahead of the NFL season opener, we're dropping our prediction markets NFL report. Here's a quick glimpse on who's projected to make the playoffs before the season starts.

Crypto projects have spent $638 million this year buying back their own tokens. In a recent interview, I told the @FinancialTimes that much of the buyback narrative is optics. Here is what a crypto buyback actually is: a predefined rule that routes protocol revenue into reducing token supply. Ethereum has used a similar mechanism since 2021 by burning transaction fees. Buybacks add one step: the protocol uses revenue to buy the token on the open market before removing it from circulation. Those purchases provide some incremental demand, but not much. HYPE and PUMP buybacks currently account for less than 2.5% of their tokens’ trading volume. An equity buyback is a capital-allocation decision. A crypto buyback is a burn with better branding.

Excited to be speaking at @StellarOrg Meridian 2026. I’ll be sharing what the data is telling us about some of the biggest trends across crypto, using data from @AlliumLabs. If there’s anything you’d like me to dig into, let me know.

Hyperliquid has bought and burned $933M of HYPE since June 2025, against $965M of revenue. But the revenue mix is changing. Hyperliquid now earns 42% less per dollar traded than a year ago as crypto perpetual volume has fallen and HIP-3 has grown. HIP-3 went from 0% of volume in September 2025 to 51% in July 2026. But that volume is far less valuable for Hyperliquid. In July: → Crypto: $34.3M revenue on $109B volume → HIP-3: $4.1M revenue on $115B volume HIP-3 generated more volume than crypto, but nearly 90% less revenue for Hyperliquid. To return to previous revenue peaks, Hyperliquid needs either a recovery in crypto trading or dramatically more HIP-3 volume. Its next phase of growth increasingly depends on how large HIP-3 can become.

What percent of hyperliquid volume, open interest and trader count is equities related? It’s more than you think and it’s growing fast.

Crypto names still hold the top three spots on Hyperliquid. Memory stocks entered the top five by August volume.

We're watching Hyperliquid turn into an equities trading venue. House of all of finance lives onchain.

If you work with blockchain data, this is a must listen. Also includes some nice views of san francisco

At first glance the Hyperliquid Unitree pre-IPO looks as if it missed the open by 30%+. But it was partly a design mechanic which I imagine will be revisited. The real story was the venue's price cap, which limited the pre-IPO price to a max of $112.50 (5x the issue price). The proof it was a ceiling, not consensus: 13 straight minutes at exactly $112.50, 154 sellers against 13 buyers, not one trade higher. And three minutes after the cap lifted, the perp matched the live stock to 0.2%. We made a step-by-step breakdown of how pre-IPO price caps on @HyperliquidX and @tradexyz, and the switch from the pre-IPO oracle to the live price oracle, affect the open price. To be fair, the cap was built to expand as the market climbed. What no one designed for was the entire repricing arriving in a single 10-minute auction, faster than the cap could move.