Welcome to the protocol, the weekly conclusion of Coindesk of the most important stories in the development of cryptocurrency technology. We are Margaux Nijkerk and Jamie Crawley, Coendesk reporters.
In this number:
- Sofi Sofi Taps Bitcoin Lightning for remittances for remittances
- The Bitcoin Defi project enters Solana with Token Ybtc de Token backed by BTC
- Valantis acquires sthype, expanding the scope of the commitment to liquid in hyperlichid
- Hyperbeat ensures a support of $ 5.2 million Ether.FI, Electric Capital
Network news
Sofi Taps Bitcoin Lightning for remittances: Sofi Technologies will soon allow remittance payments at the top of the Lightning Network of Bitcoin layer 2 through an association with LighttsPark, with the aim of bringing international money transfers in real time to its members. Sofi’s remittance product, which is expected to be deployed at the end of this year, will allow users to send US dollars through the Sofi application, with the recipients who receive local foreign exchange deposits abroad, using the Universal Money Directorate of Lightspark (UMA). LighttsPark UMA provides access to a global payment rail designed for speed and scale. Transfers will show exchange rates and rates in advance, addressing the weak long data points in traditional remittance services. The launch follows the re -entry of Sofi in Crypto, after stopping the services in 2023 during its transition to a national bank. Earlier this year, he revealed plans to offer international remittances through Blockchain and Stablecoins and allow users to invest in cryptography. – Jamie Crawley Read more.
Bitlayer enters Solana with YBTC: Bitcoin Defi Project Bitlayer has associated with Kamino Finance and Orca to carry his token backed by Bitcoin, Ybtc, to the Solana ecosystem. This integration is intended to combine Bitlayer’s security with the speed and scalability of Solana, aligning with Bitlayer’s objective to expand the Bitcoin Defi sector. It will provide Bitcoin holders with native BTC exposure and performance opportunities, said Charlie Hu, co -founder of Bitlayer. YBTC, linked 1: 1 with BTC, is essential for the BitvM Bitlayer Bridge, which is designed for minimized bitcoin transfers of trust by eliminating centralized intermediaries. The Token serves as a direct representation of the user blocked BTC within the Bitlayer ecosystem, allowing a perfect interoperability between Bitcoin and decentralized financial applications. By maintaining the YBTC, Solana users can maximize yields through the institutional degree gains vaults of Kamino, which provide yields down by the BTC and optimized, helping assets to grow effortlessly. – Omkar Godbole Read more.
Valantis acquires sthype: Valantis, a decentralized exchange (DEX) Protocol, has acquired a staked hype (Sthype)The second largest liquid token token (LST) In hyperlichid. The financial terms of the agreement were not revealed. Sthype, which was launched as the first LST in Hypevm, currently has about $ 180 million in total value blocked (TVL)According to the Sthype website. After the agreement, the operations, the development and scale of Sthype will be administered by Valantis Labs. Addison Spiegel, founder of Thunderhead, the team behind Sthype, will serve as a Valantis advisor. The commitment to liquid has become a central pillar within the hyperlycide ecosystem. According to Defillama, the liquid reference represents more than half of the $ 2.26 billion of Hyperliquid L1 in Defi TVL. The acquisition is based on the previous launch of Valantis of specific Dex groups of LST for Sthype and Hhype, which together have attracted almost $ 70 million on TVL and processed more than $ 500 million in negotiation volume. – Oliver Knight Read more.
Hyperbeat gets $ 5.2 million in seeds: Hyperbeat, a protocol yield infrastructure in hyperlichid decentralized exchange, has closed a round of seeds in excess of $ 5.2 million directed by Ether.Fi Ventures and Electric Capital. The increase will be used to build its performance infrastructure for merchants, protocols and institutions that take advantage of the hyperlichid ecosystem. The round also caused investments of Coinbase Ventures, Chapter one, Selini, Maelstrom, Anchorage Digital and Community Apleters through the hypercolective. Hyperbeat serves as a native yield layer for hyperlichids, building financial infrastructure without permission that allows anyone to win, bet and spend directly from their chain portfolio. Unlock the performance generated by Hyperliquid financing rates, particularly accessible only for sophisticated market participants, and packages it in simple and tokenized vaults. The news of the seed increase occurs when the total value of Hyperliquid exceeds $ 2.1 billion, already measure that institutions begin to develop a greater interest in their ecosystem. – Margaux Nijkerk Read more.
In other news
- Skybridge Capital, the Anthony Scaramucci’s investment management firm, plans tokenize $ 300 million in its coverage funds on the Avalanche network. The firm is bringing its Digital Master Master and Legion Strategies in the Association with the Tokenization Supplier Tokeny and his father, Apex Group, which manages more than $ 3.5 billion in assets, according to the press release shared with Coindeesk. Apex acquired Tokeny earlier this year. The initiative uses the Token ERC-3643 standard with Operating Support of the APEX Digital Platform, which manages the issuance, administration and distribution. – Kristzian Sandor Read more.
- Thumzup Media, who has Donald Trump Jr. as a great shareholder, said he will acquire Degehash Technologies, Inc. in an agreement of the entire stock, turning digital marketing in cryptographic mining at an industrial scale. According to the Agreement, the Shareholders of Degehash will receive 30.7 million actions from Thumzup, according to a statement on Tuesday, valuing the transaction at $ 153.8 million, depending on the closing price of the shares. The combined company will change the brand as Degehash Technologies Holdings, Inc. and will list Nasdaq under the XDOG ticket, waiting for the approval of the shareholders at the end of this year. The company says it will also use Degecoin’s Degecoin layer 2 to participate in Defi products, with the aim of increasing the returns of miners beyond standard rewards. – Sam Reynolds Read more.
Regulatory and political
- The cryptographic industry is increasing a counteroffensive against the supply of Wall Street bankers to rewrite the new Stablecoin Law of the United States, arguing that attempts to withdraw the central provisions of the Genius law would tip the field towards traditional banks. In a letter to the leaders of the Senate Banking Committee dated August 19, the Crypto Council for Innovation and the Blockchain Association urged legislators to reject the proposals of the American Banqueros Association, the Institute of Banking Policies and the state banking groups that asked to eliminate section 16(D) of the law and the prohibition performance programs offered by the affiliates of the stablecoin issuers. Section 16(D) It allows the subsidiaries of the state institutions to transmits money through state lines in support of the activities of the Stablecoin issuer, ensuring that the holders can redeem their tokens throughout the country without the need for separate state licenses. The banking groups warned earlier this month that allowing the un insident state institutions to emit Stablcoins and operate throughout the country would equal regulatory arbitration, without going through state licensing regimes. – Sam Reynolds Read more
- The most recent vice president of the United States Federal Reserve that supervises the Wall Street bank, Michelle Bowman, delivered a cryptographic discourse on Tuesday that it could have been pronounced by one of the industry’s own policy care, advocating that the banks stop in the increase in digital assets and that the Fed grants the rules of the sector that do not interpose Crypto In Wyoming’s blockchain symposium, Bowman warned banks that they do not adopt the change towards cryptography “will play a diminished role in the financial system more widely,” and she further stressed what has already been an obvious change in the cryptographic feeling of US banking regulators. “Its industry has already experienced significant frictions with bank regulators that apply unclear standards, conflicting orientation and inconsistent regulatory interpretations,” he said. “We need a clear and strategic regulatory framework that facilitates the adoption of new technologies, recognizing that in some cases, it can be inappropriate and inappropriate to apply the existing regulatory orientation to address emerging technology.” – Jesse Hamilton Read more.
Calendar
- September 22-28: Korea Bloquchain Week, Seoul
- October 1: Token2049, Singapore
- October 13-15: Digital Asset Summit, London
- October 16-17: Blockchain European Convention, Barcelona
- November 17-22: Devconnect, Buenos Aires
- December 11-13: Solana Breakpoint, Abu Dhabi
- February 10-12, 2026: Consensus, Hong Kong
- May 5, 2026: Consensus, Miami
