Overview

• MetaMask’s new stablecoin mUSD surges to $65 million supply in one week, with most deployment on Linea.

• Japan’s Metaplanet buys 5,419 BTC, boosting holdings to 25,555 BTC worth $2.7 billion, making it Asia’s largest corporate holder.

• XRP whales move $812 million in a day, Pi Network dumps 18% to $0.25, and Arthur Hayes sells $5.1 million HYPE despite earlier bold predictions.

The digital asset market continues to witness developments spanning stablecoins, corporate treasuries, whale activity, token collapses, and high-profile trades. From MetaMask’s rapid rise in stablecoins to Metaplanet’s aggressive Bitcoin expansion and XRP’s $800 million whale transfers, here are the top stories shaping the industry today.

MetaMask’s mUSD Stablecoin Supply Tops $65M in a Week

MetaMask’s entry into the stablecoin sector is off to a flying start. The wallet’s mUSD token, which launched last Monday, has already reached $65 million in circulation, up sharply from $15 million a week earlier.

Analytics from Seoul Data Labs show that most of the supply has been deployed on Linea (88.2%), with Ethereum hosting the remaining 11.8%. 

MetaMask noted that mUSD is issued via Stripe’s Bridge platform and minted using decentralized infrastructure provided by M0. The stablecoin is fully backed by “high-quality, highly liquid dollar-equivalent assets.” The surge comes as stablecoins collectively hit $279.8 billion in supply, led by Tether (USDT) with $172.3 billion. 

With the US GENIUS Act passing earlier this year, regulatory clarity is spurring more projects. MetaMask’s push adds to competitive pressure in an already crowded market, with projects like LINE NEXT preparing “superapps” centered on stablecoin usage.

Metaplanet Buys 5,419 BTC, Now Asia’s Largest Holder

Japan-listed Metaplanet has confirmed another Bitcoin purchase of 5,419 BTC worth over $627 million. The acquisition, announced September 22, brings its reserves to 25,555 BTC valued at $2.7 billion, making it Asia’s largest public corporate holder.

The company paid an average of $115,900 per BTC, spending nearly 94 billion yen. Its cumulative Bitcoin investments now total 398 billion yen ($2.67 billion) at an average cost of $104,000 per coin. CEO Simon Gerovich said the firm’s Bitcoin yield has soared 395.1% YTD in 2025, underscoring its conviction.

Metaplanet’s pace is remarkable, from just 4,500 BTC in April to more than 25,000 BTC in September. It now targets 100,000 BTC by 2026 and 210,000 BTC by 2027, equal to about 1% of the total Bitcoin supply. 

Also Read: Bitcoin Price Faces Tight Range Between $112,000 and $114,600 Resistance

XRP Whales Shift $812M as Price Dips

XRP faced heavy whale activity with two transfers totaling $812.6 million in under 24 hours. On-chain data revealed 135.5 million XRP ($397 million) followed by 141.8 million XRP ($416 million) moved between unknown wallets.

At the same time, XRP slid 6.27% in 24 hours to $2.82, extending its weekly decline to 7.2%. Market cap dropped by $11.2 billion to $168.3 billion. Despite weakness, the token trades above its 200-day SMA ($2.56) but below its 50-day SMA ($3). The RSI at 49.7 shows neutral momentum.

Analysts highlight support near $2.77 and resistance at $3. A breakdown risks further downside, but a rebound could ignite renewed buying. Even the launch of the first US-based XRPR ETF failed to offset selling pressure, keeping traders cautious.

Also Read: XRP Price Eyes Breakout at $3.40, Signaling a Possible Rally Toward $10

Pi Network (PI) Collapses to $0.25 Before Rebound

Pi Network’s PI token has collapsed to new lows. On September 22, it declined 18% to $0.25 before stabilizing around $0.29. Its market cap has fallen to $2.5 billion, compared to $13 billion at its $3 high earlier this year.

Heavy selling pressure is being driven by a surge in exchange balances, which hit 446 million tokens, nearly half on Gate.io. Upcoming unlocks of 137 million PI in October add to bearish sentiment.

The RSI at 29 signals oversold conditions, hinting at potential for a rebound. Some community members view the crash as a buying opportunity, though sustained pressure from unlocks and exchange flows keeps risks elevated.

Arthur Hayes Exits $5.1M HYPE Despite 126x Prediction

BitMEX co-founder Arthur Hayes sold $5.1 million worth of HYPE tokens, weeks after predicting a 126x rally. On-chain data shows he netted an $823,000 profit, even joking that the sale helped pay for a Ferrari Testarossa deposit.

HYPE is still up 660% since launch, but fell 8.3% after the sale. Concerns linger over Hyperliquid’s tokenomics, with $500 million in monthly unlocks set to flood the market over the next two years. Analysts warn current buybacks cover just 17% of new supply, risking a $410 million monthly overhang.

Despite the exit, Hayes reiterated optimism on crypto broadly, forecasting Bitcoin at $250,000 by end-2025. However, his abrupt pivot raised eyebrows, echoing earlier sales of ETH, ENA, and PEPE despite bullish public comments.

FAQs:

1. What is MetaMask’s mUSD stablecoin, and how much has it grown?
MetaMask’s mUSD is a dollar-backed stablecoin that hit $65 million supply in just a week, mostly on Linea.

2. Why is Metaplanet buying so much Bitcoin?
Metaplanet targets 210,000 BTC by 2027 as part of its Bitcoin-first treasury strategy, mirroring MicroStrategy.

3. Why did XRP see $812M whale transfers recently?
Two large whale transactions moved over 277 million XRP, raising speculation about accumulation or sell-offs.

4. Why is Pi Network’s PI token crashing?
Rising exchange balances and upcoming 137 million token unlocks fueled an 18% crash to $0.25, despite RSI showing oversold levels.

5. Why did Arthur Hayes sell HYPE tokens after predicting a rally?
Hayes booked $823,000 profit on $5.1 million in HYPE, citing personal reasons, though heavy unlocks raise concerns about the token’s sustainability.