Plus: Hyperliquid's stablecoin fight gets spicy

GM. Hi-C? Nah, high BTC. Respect the juice box.

On the menu today:

📊 CPI data.

💸 Hyperliquid's USDH stablecoin.

🍋 PrimeXBT review, MYX airdrop manipulation revealed + more

🍍 Market flavor today

Crypto Market Cap: $3.97T 0.44% (24H)
Name		Price	24H	7D
	Bitcoin BTC	$114,367.86	0.57%	4.08%
	Ethereum ETH	$4,425.99	0.63%	1.86%
	XRP XRP	$3.00	-0.08%	5.65%
	BNB BNB	$898.07	-0.25%	6.08%
	Solana SOL	$226.86	1.95%	10.45%

Ladies and gentlemen, today we got the last major piece of inflation data ahead of the Fed's FOMC meeting - CPI (Consumer Price Index).

And the results are…

If this sounds like gibberish, here's the plain English version: everyday consumers are still dealing with prices that keep climbing.

Core inflation, which cuts out food and energy, is still running hotter than the Fed wants, which means that stuff like housing and services remain expensive.

What makes this tricky is that just yesterday the PPI (Producer Price Index) came in lower than expected, showing that businesses are paying less for goods and services.

Normally that's a good sign, since it means consumer inflation could cool down later - but today's CPI shows it hasn't yet.

That said, even with inflation complicating things, traders still expect the Fed to cut interest rates next week (which, reminder: would be bullish for crypto).

Why? Because the labor market has weakened enough that the Fed can't ignore it - and keeping rates too high for too long could lead to a deeper downturn.

Now, while the CPI report didn't knock out the odds of a cut next week, it did make people rethink how many cuts we'll actually see for the rest of the year.

Some traders now expect the Fed to cut rates fewer times this year.

Since inflation is still close to 3%, the Fed can't commit to a long series of cuts and will likely say that any future moves depend on whether prices actually start coming down.

So yeah, now… we wait.

🥝 Memecoin harvest

No whitepaper, no worries. These tokens are doing laps around your portfolio 🏃

Data as of 06:00 AM EST.

Check out these memecoins and plenty more here.

💸 Hyperliquid's stablecoin

Eeeeverybody and their mom wants a stablecoin these days.

Ripple has launched one, World Liberty Financial did too, rumor has it that Walmart and Amazon are considering their own stablecoins - you name it.

A more recent one to join the party is Hyperliquid, the #2 DEX by overall trading volume and the #1 when it comes to perpetual futures.

They're planning to launch USDH - a dollar-pegged stablecoin that's supposed to be "Hyperliquid-first, Hyperliquid-aligned, and compliant."

Now, what makes this launch interesting is that USDH doesn't have a fixed design yet.

Instead of building it themselves, Hyperliquid opened up a bidding process where outside teams can pitch their own versions of USDH.

Whatever proposal the validators pick becomes the actual stablecoin.

And lemme tell ya, the competition's stacked: Paxos, Frax, Agora, Native Markets, Sky, Ethena Labs, BitGo, OpenEden, Bastion - all fighting for the contract.

(You can check their proposals here if interested.)

This whole thing's pretty wild when you think about it, btw - because you've got these billion-dollar finance companies having to navigate the weirdos that are the crypto community.

But... why do they even bother?

Simple: whoever wins gets to manage a stablecoin with guaranteed adoption on one of crypto's busiest exchanges. That means:

👉 Access to more than $5.5B in liquidity,

👉 Steady revenue from reserves,

👉 And the chance to lock themselves into the core of Hyperliquid's ecosystem.

In short: most stablecoins start from scratch; USDH will start with a user base built in.

Which is honestly one of the biggest factors that decides whether a stablecoin actually matters. Most stablecoins don't fail because they're poorly designed - they fail because nobody uses them.

Look at USDT and USDC - they became the kings not just because people trust Tether or Circle, but because they got embedded into every major trading platform early on.

So yeah, there's a lot at stake here.

Voting started today and runs until September 14. To stay neutral, the Hyperliquid Foundation won't be voting.

Let the games begin 😈

🍋 News drops you can't miss

👀 PrimeXBT's got a bit of everything - margin, futures, copy trading - but is it actually good? Check our review to see.

🤔 SEC Chair Paul Atkins says most crypto tokens don't actually count as securities. He also shared that the agency wants to let platforms act like "super-apps," where you can trade, lend, and stake crypto all under one set of rules.

😳 Bubblemaps uncovered a major case of airdrop manipulation in the MYX token. They found ~100 wallets that acted the same way and together claimed ~10M MYX tokens.

🏦 In the latest episode of TradFi x crypto: Franklin Templeton is teaming up with Binance to explore tokenized securities.

👎 A court denied Nathan Fuller's attempt to erase $12.5M in debt through bankruptcy. The DOJ said he hid money, faked records, and admitted his company was a Ponzi scheme.

🍌 Juicy memes