CoinEx Monthly - The Trifecta: From Perp Dex to Stablecoin to RWA

The crypto market showed resilience in September, with Bitcoin closing at $114,000 and Ethereum above $4,100 despite a mid-month selloff driven by macroeconomic concerns. The U.S. Federal Reserve delivered a quarter-point rate cut and signaled further easing, though Bitcoin’s correlation with global M2 money supply growth remained delayed. Altcoins rebounded, hinting at a potential altcoin season, while Perp DEXs saw surging volumes led by Hyperliquid and Aster. Stablecoin growth was robust, with Ethena’s USDe surpassing $12 billion in market cap and new players like USDH entering the fray. Ondo Finance joined and led the league of tokenized stocks with over $300 million in TVL, and tokenized trading cards, particularly Pokémon cards, saw explosive growth, with $124.5 million in August trading volume. Strong stablecoin inflows of $8 billion underscored continued market optimism.

Fed Cut Rate but Bitcoin Correlation with Global M2 Lags

Despite a mid-month selloff triggered by macroeconomic concerns and liquidations, the crypto market ended the month on a recovery note, with Bitcoin closing at $114,000 and Ethereum above $4,100. On September 17, the U.S. Federal Reserve delivered a quarter-point rate cut, the first of 2025, signaling two additional cuts for the year to address a cooling labor market and policy uncertainty though surveys highlighted growing concerns about recession risks and shifting trade dynamics. In fact, markets also noticed that Bitcoin's correlation with global liquidity remains delayed despite the continued expansion of global M2 money supply,

Source: Newhedge; Data as of 02 Oct 2025

Key Charts to Watch

This month, BTC rose by approximately 3% but has not broken out of its consolidation range. It is expected to continue moving within the $108,000 - $120,000 range next month, awaiting the US interest rate decision at the end of the month.

After breaking below multiple trendlines, the altcoin season may have begun, with a rebound after touching the 57.1% support level. We anticipate that when risk events materialize and BTC breaks out of its range to the upside, BTC.D will break below its support level, leading to an explosive altcoin season. Patience is required.

Perp DEXs Rumble

September witnessed unprecedented momentum in the Perp DEX space, with volumes surging amid a broader crypto market recovery and innovative protocol launches. September's landscape was dominated by a blend of incumbents and challengers, with Aster's rapid ascent reshaping rankings through high volumes. Hyperliquid retained leadership in open interest and ecosystem depth, while newer entrants like Lighter gained traction via incentives and tech upgrades. Driven by regulatory scrutiny on centralized exchanges, technological enhancements like zero-fee trading and sub-second execution, and the allure of airdrops and points farming, Perp DEXs captured heightened trader interest.

The New Stablecoin Wars: A Race for Ecosystem Value Capture

Ethena has achieved phenomenal growth with its synthetic dollar, USDe, catapulting its circulating supply past the $12 billion mark, doubling in just one month, and quickly securing its spot as the third-largest stablecoin globally. The protocol's revenue generation is equally striking, with total cumulative revenue exceeding $500 million, and a single-month haul in August surpassing $61 million.

The competitive race to issue Hyperliquid's native stablecoin concluded with the launch of USDH on September 24th. Native Markets ultimately secured the mandate, defeating strong contenders like Paxos, Ethena, and Frax.

Concurrently, the market is witnessing a surge of specialized, purpose-built stablecoin issuance protocols. These new entrants include Tether's Plasma and the notable introduction of tech giant Cloudflare's NET Dollar. This shift signals that the stablecoin market is rapidly moving away from generic models toward deep vertical integration and institutional specialization.

Ondo Finance Joins and Leads Tokenized Stocks

Following our July monthly review, Ondo Finance has emerged as a new player in the tokenized stock market with the launch of Ondo Global Markets, offering over 100 tokenized U.S. stocks and ETFs tailored to the interests of crypto investors. Within a month, Ondo’s tokenized stock Total Value Locked (TVL) surpassed $300 million, exceeding the combined TVL of xStocks and Dinari, which stands at $110 million. 

Liquidity has long been a challenge for tokenized stocks, and Ondo addresses this through its what they called an “instant, atomic minting and burning mechanism”. This feature enables arbitrageurs to align prices efficiently by integrating with traditional finance (TradFi) markets, covering trading hours from 8:05 PM ET Sunday to 7:59 PM ET Friday, including pre-market, core sessions, post-market, and overnight trading. In order to get a sense of the liquidity difference, investors could compare slippage costs when swapping, for example, $100 USDT into tokenized AAPL shares across RWA platforms.

Source: Artemis; Data as of 03 Oct 2025

Tokenized Trading Cards: The RWA Surge in Digital Collectibles

The Tokenized Trading Card sector within Real-World Assets (RWA) is experiencing explosive growth. In August, tokenized Pokémon cards alone generated a trading volume of $124.5 million, representing a 5.5x year-over-year increase. Monthly spending across the entire Card RWA segment surged from $10.4 million in January to $61.1 million in August.

According to Dune analytics, this sharp escalation is primarily driven by three key platforms operating at the intersection of physical assets and Web3: Collector Crypt, Courtyard, and Phygitals.

Stablecoin Inflows Remain High, Signaling Strength for Market Moves

Despite recent market pullbacks causing temporary panic, there has been no significant weakening in capital inflows. On the contrary, stablecoin inflows reached a high of $8 billion this month, indicating that funds continue to enter at a rapid pace. We remain optimistic about the market's performance after breaking out of the consolidation range.

Economic Data & Events to Watch in October 2025

Disclaimer

The content provided in this report is for illustrative purposes only and is intended to offer insights into the cryptocurrency market. It is not, and should not be interpreted as, investment advice or recommendations. The information contained herein is based on sources believed to be reliable; however, we do not guarantee its accuracy, completeness, or suitability for any purpose, and it should not be relied upon as such. Any opinions expressed reflect a judgment at the date of publication and are subject to change without notice. Readers are advised to conduct their own research and due diligence and, where appropriate, seek professional advice before making any investment decisions. The authors and publishers of this report accept no liability for any loss or damage arising from the use of the information provided.

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