Spartan Group Research Report: Pendle TVL Expected to Reach $20 Billion, Valuation May Exceed $6 Billion

Crypto journalist Eleanor Terrett reported that U.S. Senate Republicans have released the revised text of the CLARITY Act, incorporating an ethics proposal revised with Trump’s approval, while also adjusting provisions related to the Blockchain Regulatory Certainty Act (BRCA), stablecoin yields, and the so-called "Ag Clause." Republicans described this as their "last, best and final" offer to Democrats ahead of a procedural vote on Tuesday. Regarding BRCA, the new text narrows the scope of relevant provisions to the Bank Secrecy Act and civil enforcement, and removes language that would have extended protections to criminal cases, including lawsuits filed under Section 1960. On ethics provisions, Trump agreed to approximately 80% of the Tillis-Gallego proposal as described by Republican aides, including requiring relevant individuals to divest "significant" crypto-related financial interests or place them in blind trusts, while allowing state attorneys general to participate in enforcing ethics rules—a provision the White House had previously opposed. On stablecoin yields, the new text incorporates the "circuit breaker" mechanism proposed by Senator Tillis in July, which would allow federal regulators to intervene if there are signs of large-scale community bank deposits flowing into stablecoins, with Treasury Secretary Bessent responsible for making such determinations. Regarding the "Ag Clause," the revised text further strengthens restrictions on vertical integration, including related-party transactions and conflicts of interest involving digital commodity trading platforms, brokers, and dealers. It also clarifies that state consumer protection laws remain applicable, and specifies that developer protections will not constitute an exemption under derivatives laws nor affect prediction markets.

HIP-3 market deployer Entropy has launched the Anthropic Pre-IPO market on Hyperliquid. ANTH is up 0.76% over the past 24 hours, currently trading at $2,139. Its 24-hour trading volume stands at $9.18 million, with contract open interest reaching $28.95 million.

SoftBank Group has secured a $11.87 billion loan to support its investment in U.S. artificial intelligence firm OpenAI, exceeding the prior $10 billion target. According to people familiar with the matter, the Japanese conglomerate finalized the two-year financing last week, with around 20 banks committing to participate. The latest borrowing further adds to SoftBank’s recent debt financing activities tied to its OpenAI bet, including a $10 billion margin loan secured by its OpenAI stake and a potential bond issuance of up to $20 billion, amid market concerns over rising credit risks in the AI sector. SoftBank said last week it will repay the remaining $40 billion loan it obtained earlier this year to fund its OpenAI investment. Per a statement, the company plans to repay the $25.9 billion it owes on September 15; the unsecured loan was originally set to mature in March next year. Meanwhile, SoftBank will meet with investors in New York this week to gauge their interest in a potential U.S. dollar junk bond issuance. People familiar with the matter said last month the company is considering raising between $10 billion and $20 billion via a bond offering.

Coinbase CEO Brian Armstrong stated in a post that community banks would gain stronger competitiveness and market opportunities by adopting stablecoins. Coinbase is collaborating with Moov to help more than 1,000 community banks integrate stablecoin-related capabilities into their existing systems, which will bring faster settlement speeds, lower costs, and real-time access to funds. Discussions in Washington regarding stablecoins and community banks have overlooked the most critical point: stablecoins represent an opportunity.

Driven by the artificial intelligence (AI) boom, the memory chip market is in a super cycle, but SK Hynix’s DRAM market share is actually declining. This is not due to weak sales of its DRAM products, but rather the overly high proportion of high-bandwidth memory (HBM) in its product mix, plus a production volume gap with Samsung Electronics. According to data released by market research firm TrendForce on the 14th, SK Hynix’s second-quarter DRAM revenue rose 37.9% quarter-on-quarter to $38.59 billion. However, its market share fell 3.9 percentage points from 28.8% to 24.9%. Samsung Electronics led the market with a 39.4% share, while Micron Technology narrowed the gap with SK Hynix to 1.6 percentage points, holding a 23.3% market share. (Semiconductor Industry Observer)

According to Nikkei News, the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which oversees cross-border interbank payment services, is currently pushing forward the full-scale adoption of blockchain (distributed ledger) technology. SWIFT has launched a pilot initiative with 17 global banks including U.S. Citigroup and Mitsubishi UFJ Bank, aiming to leverage digital "tokenized deposits" to enable 24/7 instant cross-border remittances. If the scheme is validated to be effective in reducing remittance processing time and cutting fees, among other metrics, it is expected to further drive the mainstream adoption of "tokenized deposits".