Prediction market Polymarket is pursuing new funding that could boost its valuation to $10 billion, as Business Insider reported on Sept. 12.

Two people with knowledge of the matter said the valuation discussions represent at least a threefold increase from the $1 billion Polymarket achieved in a funding round that closed this summer.

According to one source, at least one investor offered a term sheet valuing the company at $10 billion. A Polymarket spokesperson declined to comment on the funding talks.

Strategic developments

The reported valuation surge follows a series of strategic developments positioning Polymarket for a US comeback.

The Commodity Futures Trading Commission granted regulatory approval for the platform to resume US operations through a no-action letter issued Sept. 3 to QCX LLC, Polymarket’s regulatory partner, acquired for $112 million in July.

The regulatory greenlight enables Polymarket to operate event contracts while maintaining compliance with federal derivatives regulations. It also marks a return after the platform ceased US operations in 2022 following a $1.4 million CFTC settlement over unregistered derivatives trading.

Additionally, Donald Trump Jr. joined Polymarket’s advisory board in August as his venture capital firm 1789 Capital made a strategic investment in the platform.

The partnership adds political expertise as Polymarket prepares for US market entry. Trump Jr. recently praised the platform for cutting through “media spin and so-called expert opinion.”

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Polymarket CEO Shayne Coplan characterized the 1789 Capital partnership as reinforcing the company’s role as a trusted information source, while the firm’s founder, Omeed Malik, praised Polymarket’s intersection of financial innovation and free expression.

Slump in user growth

Polymarket operates as a prediction market where users place bets on outcomes ranging from political elections to cultural events, generating market-driven predictions.

Data from a Dune dashboard by Varrock founder Richard Chen shows that Polymarket crossed $8.5 billion in year-to-date trading volume as of Sept. 12, surpassing last year’s total volume.

The trading volume increase occurs despite a slump in active and new users. Polymarket’s monthly active traders peaked in January at 454,664, gradually falling to reach August’s 226,442 after a 20% fall from July.

Meanwhile, new users plunged 33% between July and August, reaching 66,160, the lowest level in a year.

The platform’s regulatory preparations and high-profile advisory additions position it for a potential pivot in these numbers with a US expansion.

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Prediction market Polymarket is pursuing new funding that could boost its valuation to $10 billion, as Business Insider reported on Sept. 12.

Two people with knowledge of the matter said the valuation discussions represent at least a threefold increase from the $1 billion Polymarket achieved in a funding round that closed this summer.

According to one source, at least one investor offered a term sheet valuing the company at $10 billion. A Polymarket spokesperson declined to comment on the funding talks.

Strategic developments

The reported valuation surge follows a series of strategic developments positioning Polymarket for a US comeback.

The Commodity Futures Trading Commission granted regulatory approval for the platform to resume US operations through a no-action letter issued Sept. 3 to QCX LLC, Polymarket’s regulatory partner, acquired for $112 million in July.

The regulatory greenlight enables Polymarket to operate event contracts while maintaining compliance with federal derivatives regulations. It also marks a return after the platform ceased US operations in 2022 following a $1.4 million CFTC settlement over unregistered derivatives trading.

Additionally, Donald Trump Jr. joined Polymarket’s advisory board in August as his venture capital firm 1789 Capital made a strategic investment in the platform.

The partnership adds political expertise as Polymarket prepares for US market entry. Trump Jr. recently praised the platform for cutting through “media spin and so-called expert opinion.”

3 Seconds Now. Gains That Compound for Years.

Act fast to join the 5-day Crypto Investor Blueprint and avoid the mistakes most investors make.

Brought to you by CryptoSlate

Nice Your first lesson is on the way.

Please add [email protected] to your email whitelist.

Polymarket CEO Shayne Coplan characterized the 1789 Capital partnership as reinforcing the company’s role as a trusted information source, while the firm’s founder, Omeed Malik, praised Polymarket’s intersection of financial innovation and free expression.

Slump in user growth

Polymarket operates as a prediction market where users place bets on outcomes ranging from political elections to cultural events, generating market-driven predictions.

Data from a Dune dashboard by Varrock founder Richard Chen shows that Polymarket crossed $8.5 billion in year-to-date trading volume as of Sept. 12, surpassing last year’s total volume.

The trading volume increase occurs despite a slump in active and new users. Polymarket’s monthly active traders peaked in January at 454,664, gradually falling to reach August’s 226,442 after a 20% fall from July.

Meanwhile, new users plunged 33% between July and August, reaching 66,160, the lowest level in a year.

The platform’s regulatory preparations and high-profile advisory additions position it for a potential pivot in these numbers with a US expansion.

Mentioned in this article

USDe has set a new industry record by hitting $10 billion in total value locked (TVL) in just 500 days, making it the fastest stablecoin in history to reach that milestone.

The protocol behind USDe, Ethena Labs, posted:

“everyone wants to know what we’d say if we didn’t reach $10b supply

i guess we’ll never know”

The GENIUS behind the rise of USDe

USDe’s rapid climb has coincided with the passing of the GENIUS Act, the Guiding and Establishing National Innovation for U.S. Stablecoins Act, which represents the first comprehensive federal framework for stablecoins in the United States.

Enacted on July 18, 2025, it imposes strict new rules on issuers, including 1:1 reserve requirements in low-risk assets, robust federal oversight for large issuers, and strong consumer protections such as priority repayment rights in the event of failure.

The most impactful provision of the ACT, however, and the catalyst behind the rise of USDe, is the prohibition on regulated issuers paying yields on stablecoins, as CoinFund president Chris Perkins told CryptoSlate:

“Under GENIUS, stablecoins do not pay interest to end users, and without interest, stablecoins are depreciating assets. So, holders will seek yield. And that’s where DeFi comes in. If the Treasury Department’s projections are correct and trillions of stablecoins come into the system, expect DeFi summer on steroids as users seek to maximize yield by engaging across a variety of yield strategies. Users will be drawn to yield-bearing vaults, and they will commission AI agents to optimize their returns.”

This ban on yield payments is causing a profound realignment in the stablecoin market. Capital that once flowed to traditional, yield-paying stablecoins such as USDC has been seeking alternatives, and much of it has landed with USDe. As prominent crypto trader, Cas Abbé, pointed out:

“The reason behind this growth is GENIUS Act approval, which prohibit issuers to provide yields on stablecoins.

Due to this, big money has now shifted to $USDe which provides lucrative yield.”

DeFi yield opportunities fuel demand

Ethena Labs has been able to attract this demand thanks to continued yield offerings via decentralized finance (DeFi) mechanisms, which fall outside the restrictions placed on federally supervised issuers. The result is a massive inflow of institutional and retail capital, propelling USDe past many of its competitors. The ENA governance token has also experienced a price appreciation of over 100% in the past month.

USDe’s $10 billion milestone is a testament to how dramatically the GENIUS Act has reshaped the stablecoin landscape. While the law tightens controls and imposes new safeguards, it has also created opportunities for nimble, DeFi-native protocols to capture yield-hungry capital, proving that regulatory shifts don’t have to stifle innovation.

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Spot Ethereum (ETH) exchange-traded funds (ETFs) are close to breaking the $10 billion mark in inflows this month, as BlackRock’s ETHA makes its way to the spot of fourth-largest ETF by inflows in the last 30 days.

According to Farside Investors’ data, spot Ethereum ETFs accumulated $9.3 billion in inflows as of July 25. This represents a 120% increase from the $4.2 billion registered on July 1, marking 16 consecutive days of inflows.

The average daily inflow is $233 million, which would total over $930 million in the four trading days left in July. 

Even if the average doesn’t repeat itself, the ETFs require $162.5 million daily to reach $10 billion, and 13 out of 16 trading days with inflows have surpassed this amount.

ETHA leads the inflows by a large margin, accounting for $9.34 billion in total flows, nearly four times the $2.35 billion in inflows of Fidelity’s FETH. In July, the BlackRock fund represented 91% of the total.

ETHA joins the “big boy club”

Bloomberg senior ETF analyst Eric Balchunas highlighted that ETFs took $97.6 billion in inflows in the past 30 days. ETHA took the spot as the fourth-largest ETF, showing nearly $3.9 billion in inflows, roughly 4% of the total.

Moreover, Balchunas noted that ETHA registered the 17th-largest trading volume among ETFs as of July 28, 11:25 am ET. He added:

“$ETHA 17th most traded ETF today Top 0.4% of all ETFs, first time I recall seeing it in there. Given it is up 5% today and still pretty new a lot of this volume is gonna convert to inflows.”

As of press time, ETHA’s daily trading volume stands at $1.35 billion, according to data from CoinMarketCap.

Rising conviction in Ethereum

Shawn Young, chief analyst at MEXC Research, assessed that the rising inflows are driven by both institutional whales and corporate treasury firms’ appetite for ETH. 

In a note, he said this growth reflects the increased conviction in Ethereum’s utility, sustainability, and long-term staying power, particularly due to its use in tokenization, stablecoins, and on-chain settlement.

He concluded:

“The rise of Ether ETF AUM to over $20 billion, which represents almost 5% of Ether’s total market cap, speaks to this growing strategic asset role it’s now occupying in institutional portfolios.”

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