This Week in Crypto: $100K Gas Fees, Tether’s Big Moves, TON Surges in NFT Trading

The crypto world never sleeps, and this week has proven once again how dynamic and unpredictable the space can be. From jaw-dropping gas fees to new blockchain launches and unexpected institutional moves, here are the 10 most important developments shaping the future of crypto right now.

A User Paid $100,000 in Gas to Invest $10M in Plasma

A crypto investor made headlines by spending 39 ETH, worth roughly $100,000, in gas fees to deposit $10 million USDC into Plasma, a relatively new DeFi protocol. The high cost drew attention to Ethereum’s scalability issues, even as Layer-2 solutions continue to grow. The transaction has sparked debate on whether such fees are justifiable for large trades or symptomatic of deeper inefficiencies.

Tether Mints Another $1 Billion of USDT

Tether has minted 1,000,000,000 USDT, adding to its already dominant stablecoin supply. While the company stated this is an inventory replenishment on the Tron network, critics argue that such massive minting could lead to concerns about transparency and systemic risk, especially in times of market uncertainty.

TON Leads Daily NFT Volume

Telegram founder Pavel Durov announced that TON (The Open Network) is now the leading blockchain by daily NFT trading volume, or ranks second after Ethereum when off-chain trades are excluded. TON’s NFT market is booming, largely thanks to its integration with Telegram, which has made digital collectibles more accessible to a broader user base.

Tether to Launch Bitcoin Mining OS in 2025

Tether revealed plans to release an open-source operating system for Bitcoin mining, known as Moria Operating System (MOS), by the end of 2025. The OS is aimed at optimizing mining hardware performance and increasing decentralization. This move signals Tether’s deeper involvement in Bitcoin’s infrastructure beyond stablecoins.

Ethereum Staking Hits Record High at 34.8 Million ETH

Ethereum staking has reached a new all-time high, with 34,809,062 ETH now locked in validators. This milestone reflects growing trust in Ethereum’s long-term viability post-Merge and an increasing appetite for yield among investors. At current prices, the total value staked exceeds $120 billion.

Societe Generale Launches Dollar-Backed Stablecoin USDCV

French banking giant Societe Generale has issued a dollar-backed stablecoin named USDCV. The token will operate on both Ethereum and Solana, with BNY Mellon serving as the custodian of the underlying assets. This marks a significant step in traditional finance’s deeper integration with decentralized technologies.

Bitcoin Core to Update OP_RETURN in October

The Bitcoin Core development team is preparing to modify the behavior of OP_RETURN in an upcoming release this October. OP_RETURN allows users to embed data in Bitcoin transactions, a feature that’s been used for NFTs, timestamping, and more. The upcoming change aims to improve blockchain efficiency and prevent data abuse.

Ripple to Launch Ethereum-Compatible XRP Sidechain

Ripple has announced plans for a sidechain based on the XRP Ledger that will be fully compatible with the Ethereum Virtual Machine (EVM). This move could bridge Ripple’s fast settlement layer with Ethereum’s vast DeFi ecosystem, opening the door to cross-chain liquidity and smart contract integration.

BlackRock Buys $570M Worth of Ethereum

Blockchain intelligence firm Arkham has identified wallet addresses allegedly belonging to BlackRock that have accumulated over $570 million worth of ETH in the past two weeks. If verified, this would represent one of the largest Ethereum acquisitions by a TradFi institution, further validating ETH’s role as a blue-chip digital asset.

Coinbase Sponsors U.S. Military Parade

Coinbase has drawn attention for sponsoring a U.S. military parade, a rare move for a crypto company. While the sponsorship’s exact scope is unclear, it marks a potential shift in how crypto firms are engaging with national institutions and public image strategies, particularly in the U.S.

About Paybis

Paybis is a global cryptocurrency exchange platform that provides fast, secure, and user-friendly digital asset transactions. Founded in 2014, the company specializes in fiat-to-crypto and crypto-to-fiat conversions, enabling users to buy, sell, and swap Bitcoin, Ethereum, and other cryptocurrencies using various payment methods, including credit/debit cards, bank transfers, and e-wallets.

With a strong focus on security and compliance, Paybis is registered with regulatory authorities and implements industry-leading AML/KYC procedures. The platform is known for its intuitive interface, 24/7 customer support, and competitive exchange rates, making it a preferred choice for both beginners and experienced traders.

Wrapping Up

From explosive staking growth and institutional adoption to major protocol upgrades and surprising alliances, this week’s headlines show just how far and fast crypto is evolving. Whether you’re a builder, investor, or casual observer, the momentum is undeniable, and the future, decentralized.

Written by

Sergey Zhuk

Sergey Zhuk is a developer at Paybis and a passionate advocate for Web3 and blockchain technology. With hands-on experience in crypto development, he writes about the latest trends, innovations, and insights in the blockchain space. When he's not coding, he enjoys exploring new use cases for decentralized technologies.