Japanese chipmaker Preferred Networks eyes IPO for mass production
Preferred Networks is pursuing a public listing to fund scaled manufacturing of its AI chips, responding to mounting costs in competing globally.
The startup faces pressure to increase production capacity as major tech firms invest heavily in custom silicon. An IPO would provide capital for fabrication facilities and research needed to match competitors building chips at volume.
Japan is positioning itself as a secondary hub for semiconductor development outside the US and China duopoly.
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Preferred Networks is pursuing a public listing to fund scaled manufacturing of its AI chips, responding to mounting costs in competing globally.
The startup faces pressure to increase production capacity as major tech firms invest heavily in custom silicon. An IPO would provide capital for fabrication facilities and research needed to match competitors building chips at volume.
Japan is positioning itself as a secondary hub for semiconductor development outside the US and China duopoly.
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Where stablecoins moved over the past seven days.
1. Solana: +$776 million (up 4.9%)
2. Tron: +$361 million (up 0.4%)
3. Robinhood Chain: +$215 million (up 27.7%)
4. Hyperliquid L1: +$203 million (up 3.0%)
5. Ethereum: +$102 million (up 0.1%)
BSC lost the most at $253 million.
Source: DefiLlama.
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1. Solana: +$776 million (up 4.9%)
2. Tron: +$361 million (up 0.4%)
3. Robinhood Chain: +$215 million (up 27.7%)
4. Hyperliquid L1: +$203 million (up 3.0%)
5. Ethereum: +$102 million (up 0.1%)
BSC lost the most at $253 million.
Source: DefiLlama.
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Privacy coins surge 213% past Bitcoin's October peak
Privacy sector is the only crypto category outperforming Bitcoin since October 2025. Zcash leads the move with $34.4M in inflows to Grayscale's new ZEC ETF since launch.
The numbers: privacy coins up 213% from Bitcoin's October high. Zcash capturing institutional flows through Grayscale's spot ETF vehicle. Other privacy assets rallying in tandem as regulatory scrutiny elsewhere drives capital toward anonymity-focused protocols. 🔐
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Privacy sector is the only crypto category outperforming Bitcoin since October 2025. Zcash leads the move with $34.4M in inflows to Grayscale's new ZEC ETF since launch.
The numbers: privacy coins up 213% from Bitcoin's October high. Zcash capturing institutional flows through Grayscale's spot ETF vehicle. Other privacy assets rallying in tandem as regulatory scrutiny elsewhere drives capital toward anonymity-focused protocols. 🔐
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Hong Kong's Russian gold imports just hit $14.5 billion in seven months
From essentially zero in 2019 to $14.5 billion through mid-2026. Hong Kong is now the primary conduit for Russian gold entering global markets, bypassing Western sanctions frameworks.
Gold spot price: up 2.6% over 30 days, 3.5% year to date.
The mechanism: Russian production flows through Hong Kong refineries and trading houses, then redistributes into London, Dubai, and Asian physical markets. This channels sanctioned commodity supply while maintaining price discovery on major exchanges.
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From essentially zero in 2019 to $14.5 billion through mid-2026. Hong Kong is now the primary conduit for Russian gold entering global markets, bypassing Western sanctions frameworks.
Gold spot price: up 2.6% over 30 days, 3.5% year to date.
The mechanism: Russian production flows through Hong Kong refineries and trading houses, then redistributes into London, Dubai, and Asian physical markets. This channels sanctioned commodity supply while maintaining price discovery on major exchanges.
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Copper hits record $14,533/ton on LME fears
Prices jumped to an all-time high on the London Metal Exchange as tariff concerns grip markets. The metal gained 17% over the past year, driven by tight mine supply and heavy demand from data centers, renewable energy infrastructure, and power grid upgrades.
US-bound copper shipments have depleted global availability elsewhere, compounding upward pressure. Refined copper import tariffs remain a key price catalyst.
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Prices jumped to an all-time high on the London Metal Exchange as tariff concerns grip markets. The metal gained 17% over the past year, driven by tight mine supply and heavy demand from data centers, renewable energy infrastructure, and power grid upgrades.
US-bound copper shipments have depleted global availability elsewhere, compounding upward pressure. Refined copper import tariffs remain a key price catalyst.
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Philippines central bank freezes new payment operators for 12 months
Bangko Sentral ng Pilipinas announced a proposed 12-month suspension on new Operator of Payment System registrations while reviewing licensing frameworks. The draft regulation requires regulated institutions serving virtual asset businesses to implement enhanced due diligence, customer monitoring, and transaction settlement limits. Rules take effect 15 days after publication if approved.
The move tightens controls on crypto payment channels amid growing regulatory scrutiny across Southeast Asia's financial infrastructure.
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Bangko Sentral ng Pilipinas announced a proposed 12-month suspension on new Operator of Payment System registrations while reviewing licensing frameworks. The draft regulation requires regulated institutions serving virtual asset businesses to implement enhanced due diligence, customer monitoring, and transaction settlement limits. Rules take effect 15 days after publication if approved.
The move tightens controls on crypto payment channels amid growing regulatory scrutiny across Southeast Asia's financial infrastructure.
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India's largest banks buy first tokenized bond
HDFC Bank and ICICI Bank purchased India's inaugural tokenized bond issued by REC Ltd., a state-run power finance company. The transaction raised $52.9 million.
The move marks the first tokenized bond issuance in India's debt markets. REC is the Rural Electrification Corporation, a government entity that finances power infrastructure projects. Both HDFC and ICICI are among India's top three private lenders by assets.
Tokenized bonds use blockchain technology to digitize debt instruments, potentially improving settlement speed and expanding access to institutional investors. The issuance demonstrates institutional appetite for blockchain-based debt securities in India's financial system.
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HDFC Bank and ICICI Bank purchased India's inaugural tokenized bond issued by REC Ltd., a state-run power finance company. The transaction raised $52.9 million.
The move marks the first tokenized bond issuance in India's debt markets. REC is the Rural Electrification Corporation, a government entity that finances power infrastructure projects. Both HDFC and ICICI are among India's top three private lenders by assets.
Tokenized bonds use blockchain technology to digitize debt instruments, potentially improving settlement speed and expanding access to institutional investors. The issuance demonstrates institutional appetite for blockchain-based debt securities in India's financial system.
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Copper hits record $14,533 per ton on tariff expectations
Copper reached an all-time high of $14,533 per ton on the London Metal Exchange, marking the peak of a weeks-long rally driven by anticipated US tariff expansions on refined metal imports under President Donald Trump's administration.
The surge reflects market positioning ahead of potential policy shifts that could reshape global copper supply chains and increase domestic demand for US-sourced material.
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Copper reached an all-time high of $14,533 per ton on the London Metal Exchange, marking the peak of a weeks-long rally driven by anticipated US tariff expansions on refined metal imports under President Donald Trump's administration.
The surge reflects market positioning ahead of potential policy shifts that could reshape global copper supply chains and increase domestic demand for US-sourced material.
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Lummis advances crypto custody safeguards before CLARITY Act vote
Senator Cynthia Lummis is pushing for custody protections in digital assets ahead of a Senate vote on the CLARITY Act scheduled for September 15. The legislation aims to establish clearer regulatory definitions for cryptocurrency and digital asset custody arrangements. Lummis's focus on custody protections addresses investor security concerns within the current regulatory framework. The CLARITY Act vote represents a key moment for crypto policy in the Senate, with custody standards central to the debate.
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Senator Cynthia Lummis is pushing for custody protections in digital assets ahead of a Senate vote on the CLARITY Act scheduled for September 15. The legislation aims to establish clearer regulatory definitions for cryptocurrency and digital asset custody arrangements. Lummis's focus on custody protections addresses investor security concerns within the current regulatory framework. The CLARITY Act vote represents a key moment for crypto policy in the Senate, with custody standards central to the debate.
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Solana triples transaction size limit this week
Transaction v1 activates Wednesday, September 9, raising the maximum transaction size to accommodate complex proofs and large multisig operations in a single block. The upgrade requires infrastructure services that read Solana to update their systems.
Apps gain headroom for intricate trading logic and multi-signature wallets without splitting operations across multiple transactions. The change affects indexers and RPC providers monitoring the chain.
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Transaction v1 activates Wednesday, September 9, raising the maximum transaction size to accommodate complex proofs and large multisig operations in a single block. The upgrade requires infrastructure services that read Solana to update their systems.
Apps gain headroom for intricate trading logic and multi-signature wallets without splitting operations across multiple transactions. The change affects indexers and RPC providers monitoring the chain.
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The 10 biggest stories of the day:
1. The Coldcard Wave 3 attacker has moved 45% of the stolen bitcoin cluster since September.
2. Citibank and DBS executed their inaugural weekend tokenized deposit transfer via Swift network.
3. Copper hits a record $14,533 a ton on the London Metal Exchange amid fears of US tariffs on refined imports.
4. HDFC Bank and ICICI Bank buy India's first tokenized bond, issued by state power lender REC, raising $52.9….
5. Solana triples its transaction size limit on Monday, Sept 9, giving apps room for complex proofs and large….
6. Australia's AI data center boom risks pushing demand beyond the economy's supply capacity, per Bloomberg….
7. The Philippine peso is lagging its Asian peers as an oil shock erodes the region's dollar reserves.
8. The Bangko Sentral ng Pilipinas proposes a 12-month suspension on new Operator of Payment System registrations.
9. Senator Cynthia Lummis pushes crypto custody protections ahead of the Senate's Sept.
10. Falcon Finance flips Kinetiq kHYPE in total value locked, $1.19 billion versus $1.15 billion.
All covered live on the desk today.
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1. The Coldcard Wave 3 attacker has moved 45% of the stolen bitcoin cluster since September.
2. Citibank and DBS executed their inaugural weekend tokenized deposit transfer via Swift network.
3. Copper hits a record $14,533 a ton on the London Metal Exchange amid fears of US tariffs on refined imports.
4. HDFC Bank and ICICI Bank buy India's first tokenized bond, issued by state power lender REC, raising $52.9….
5. Solana triples its transaction size limit on Monday, Sept 9, giving apps room for complex proofs and large….
6. Australia's AI data center boom risks pushing demand beyond the economy's supply capacity, per Bloomberg….
7. The Philippine peso is lagging its Asian peers as an oil shock erodes the region's dollar reserves.
8. The Bangko Sentral ng Pilipinas proposes a 12-month suspension on new Operator of Payment System registrations.
9. Senator Cynthia Lummis pushes crypto custody protections ahead of the Senate's Sept.
10. Falcon Finance flips Kinetiq kHYPE in total value locked, $1.19 billion versus $1.15 billion.
All covered live on the desk today.
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Zcash collateral now supports USDC borrowing on Solana
Kamino launched a ZEC-backed credit market on Solana, curated by Allez Labs. ZEC holders can deposit ZEC as collateral and borrow USDC in a fully isolated market environment.
The mechanism isolates ZEC lending from Kamino's broader protocol, containing risk while enabling direct collateralization of Zcash holdings. USDC serves as the borrowed asset against ZEC positions.
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Kamino launched a ZEC-backed credit market on Solana, curated by Allez Labs. ZEC holders can deposit ZEC as collateral and borrow USDC in a fully isolated market environment.
The mechanism isolates ZEC lending from Kamino's broader protocol, containing risk while enabling direct collateralization of Zcash holdings. USDC serves as the borrowed asset against ZEC positions.
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Polish prosecutors charge suspect in Zondacrypto fraud case
Romana Ż. faces organized crime and misappropriation charges tied to Zondacrypto platform operations.
$2.1 million in user funds allegedly misappropriated through the exchange.
Prosecutors seeking pretrial detention as investigation continues into the cryptocurrency platform's collapse.
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Romana Ż. faces organized crime and misappropriation charges tied to Zondacrypto platform operations.
$2.1 million in user funds allegedly misappropriated through the exchange.
Prosecutors seeking pretrial detention as investigation continues into the cryptocurrency platform's collapse.
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