# Crypto Market Roundup: From Senate Races to Stablecoin Breakthroughs
The cryptocurrency landscape continues to evolve at a rapid pace, with price action, regulatory developments, and institutional partnerships shaping the conversation this week. From Bitcoin holding firm above $83,000 to a major stablecoin innovation backed by household payment names, there is plenty to unpack.
—
## Bitcoin and Market Overview
Bitcoin is trading around $83,900 to $84,980, showing relative stability in the short term. Ethereum is up roughly 1% at $2,705, while Solana dipped 2% to $118. Among the standout performers this week are Hype, which surged 4% to $90, and Starknet (STX), which jumped an impressive 18%. Zcash (ZEC) dipped 2% to $1,410.
Market sentiment remains cautiously optimistic, with Citi Bank raising its year-end Bitcoin target to $113,000 and its Ethereum forecast to $3,028. The upgrade was attributed to growing ETF inflows, increased buybacks by data availability companies, and anticipated shifts in SEC enforcement policy.
—
## MetaMask Pulls Validators from Lido After Security Breach
In a significant development for Ethereum’s staking ecosystem, MetaMask Staking has announced it is withdrawing all of its Ethereum validators from the Lido protocol. The move comes after a security incident in which an unauthorized party gained access to MetaMask’s infrastructure.
The exit process is expected to be completed by October 7, with the withdrawn ETH taking up to 45 days to fully cycle back through the network. This event has raised questions about the security practices of widely used staking interfaces and could prompt other custodial platforms to reconsider their reliance on liquid staking providers.
—
## Open Standard Launches OUSD Stablecoin with Major Payment Partners
Open Standard has officially launched OUSD, a new stablecoin designed to redistribute much of its equity to the partners and ecosystems that help it grow. The project has secured backing from over 100 companies, including Visa, Stripe, Mastercard, and Coinbase.
OUSD went live on the Tempo network with over $400 million in initial liquidity, marking a significant milestone for a project that prioritizes community and partner incentives over traditional treasury accumulation. The stablecoin’s model could set a precedent for how future payment-focused digital assets are structured.
—
## Solana Hits Nine-Month Revenue High
Solana’s monthly application revenue has reached its highest point in nine months, leading all blockchain networks in this metric. The surge reflects growing adoption of the network’s ecosystem, from decentralized finance protocols to consumer-facing applications. Combined with strong meme coin activity on the chain, Solana continues to demonstrate resilience and developer momentum.
—
## Crypto Industry Shifts Focus to Senate Races
In a dramatic pivot from legislative lobbying to electoral politics, the crypto advocacy group Stand With Crypto — founded by Coinbase in 2023 — has announced its first wave of Senate endorsements. The group is backing Republican Jon Husted in Ohio against Senator Sherrod Brown, a longtime critic of the crypto industry who once chaired the Senate Banking Committee.
The stakes are high: if Brown retains his seat, he would continue to hold influence over the committee that writes rules for digital asset companies. Stand With Crypto has also endorsed Republican Ashley Hinson in Iowa and Democrat Chris Pappas in New Hampshire, signaling a strategy that prioritizes candidates’ crypto positions over party loyalty.
On the House side, the group is supporting Iowa Republican Mariannette Miller-Meeks and Alabama Democrat Shomari Figures. With total crypto political spending this election cycle approaching $200 million and the Fairshake PAC alone launching a $30 million campaign against Brown, the financial commitment is substantial.
The move comes just two weeks after the Clarity Act failed in the Senate with a 49-to-50 vote, with every Democrat opposing the measure over concerns tied to former President Trump’s crypto business interests.
—
## Other Notable Developments
– **CFTC Regulatory Moves:** The Commodity Futures Trading Commission sent two proposed rules to the White House that would redefine “swap” in the context of event contracts, aiming to solidify its authority over prediction markets amid ongoing legal battles with state regulators.
– **CFTC Investigation of Adam Kinzinger:** The commission is reportedly looking into trades made on the prediction market Kalshi by former Congressman Adam Kinzinger, specifically whether he placed bets on receiving a presidential pardon in late 2024.
– **Zcash Grants Approved:** Zcash holders approved $8.39 million in funding for 17 of 37 proposals, including a $1.5 million grant to the researcher who discovered a bug that could have enabled coin counterfeiting.
– **Lloyds Bank and Visa USDC Trial:** British bank Lloyds completed a $750,000 settlement with Visa using USDC in a seven-day pilot, marking Visa’s first stablecoin settlement trial with a major UK bank.
– **NFT Market Activity:** A zombie CryptoPunk sold for $875,000 overnight — the largest Punk sale since August 2025 — while other blue-chip collections like BAYC and Pudgy saw modest price movements.
—
## FAQ
**Q: Why did MetaMask pull its validators from Lido?**
A: MetaMask Staking withdrew its validators after a security breach compromised its infrastructure. The exits are expected to finish by October 7, with the ETH taking up to 45 days to return to the network.
**Q: What is OUSD and who backs it?**
A: OUSD is a stablecoin launched by Open Standard that gives most of its equity to growth partners. It is backed by over 100 companies including Visa, Stripe, Mastercard, and Coinbase, and launched on the Tempo network with more than $400 million in liquidity.
**Q: Why is Ohio’s Senate race important for crypto?**
A: Ohio’s race pits pro-crypto Republican Jon Husted against Sherrod Brown, who chaired the Senate Banking Committee and has been a vocal critic of the crypto industry. The outcome could influence future legislation affecting digital assets.
**Q: What did Citi Bank raise its Bitcoin and Ethereum targets to?**
A: Citi Bank raised its end-of-year Bitcoin target to $113,000 and its Ethereum target to $3,028, citing ETF flows, data availability company buybacks, and evolving SEC rules.
**Q: How much has the crypto industry spent on political campaigns this cycle?**
A: Total crypto political spending in the current election cycle is approaching $200 million, including PAC contributions, advocacy group activities, and independent expenditures.
—
## Conclusion
This week underscored the growing intersection between cryptocurrency and mainstream finance, politics, and technology. From MetaMask’s security response and the launch of a partner-driven stablecoin to the crypto industry’s aggressive push into electoral politics, the sector is demonstrating both resilience and ambition. As regulatory frameworks continue to evolve and institutional adoption accelerates, the actions taken by major platforms and advocacy groups this week could have lasting implications for the broader digital asset ecosystem.
Thank you for reading
