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Crypto Banter founder Ran Neuner said regulation poses the biggest risk to Hyperliquid, warning that decentralized exchanges could eventually face greater government scrutiny.Speaking on Cointelegraph’s Chain Reaction podcast, Neuner said regulators have begun establishing rules for centralized crypto exchanges and predicted decentralized platforms would be next.“The biggest issue is that we don’t know how regulators are going to treat the decentralized exchanges,” Neuner said. He added:The governments have just started to regulate centralized exchanges. There’s MiCA licensing, et cetera, et cetera. And I think that when that’s done, they come in for the decentralized exchanges.Hyperliquid is a layer-1 blockchain best known for its decentralized perpetual futures exchange, which leads the sector with about $223 billion in trading volume over the past 30 days, according to DeFiLlama data.Hyperliquid leads perpetual DEXs by 30-day volume. Source: DeFiLlamaWhile Neuner identified regulation as Hyperliquid’s biggest vulnerability, he was more bullish on its ability to withstand competition.Neuner argued that Hyperliquid’s network effects make it difficult for competitors to challenge the platform simply by replicating its technology. “You can’t copy a network,” he said. “There can be a thousand competitors to Uber. How many of them are going to succeed? Hardly any.”Neuner said the same dynamic applies to trading platforms, where users tend to gravitate toward exchanges with deeper liquidity because it allows them to enter and exit positions more easily. “When something is a network, naturally users will flock to the busiest or the best node,” he said.Related: HYPE treasury firm Hyperliquid Strategies boosts equity facility to $2.5BHyperliquid eyes compliant US path amid HYPE rallyDespite Neuner’s concerns over regulation, US officials have signaled that Hyperliquid could gain a compliant pathway into the country.President Donald Trump said in August that CFTC Chair Michael Selig was working to bring Hyperliquid into the US in a “fully compliant and legal fashion.” HYPE jumped about 20% over the 24-hour period surrounding the remarks, trading around $70.As of the August announcement, neither the CFTC nor Hyperliquid had released a formal proposal explaining how US access would work, whether an application had been submitted or when a compliant service could launch.On Friday, HYPE was trading around $82, up more than 220% year-to-date, according to CoinGecko. The token had a market capitalization of about $18.2 billion and a fully diluted valuation of roughly $78.4 billion.HYPE token price year-to-date. Source: CoinGeckoMagazine: Metaplanet equity backlash, SE Asia crypto funding doubles: Asia Express

Anchorage Digital has partnered with stablecoin protocol Frgmnt to give institutional clients access to its fUSD and sfUSD tokens through Anchorage’s custody platform.The integration will allow institutions to hold, mint, redeem, stake and unstake fUSD without setting up a separate custody arrangement, according to a Friday announcement.Frgmnt is a stablecoin protocol built on Base that issues fUSD against USDC, with the backing deployed across onchain lending markets. Users can stake fUSD for sfUSD to earn rewards generated by the protocol’s underlying strategies.The protocol has about $100,000 in total value locked, according to DeFiLlama data, while operating under a capped, invite-only beta. Frgmnt plans to open public access and raise its deposit cap on Sept. 15.Frgmnt said sfUSD was generating 13.32% APR as of Sept. 4, though yields vary with conditions in the underlying lending markets.Source: frgmntAnchorage Digital Bank is a US federally chartered crypto bank regulated by the Office of the Comptroller of the Currency and operates as part of the broader Anchorage Digital platform, which was valued at $4.2 billion in February following a $100 million investment from Tether.Related: Anchorage Digital brings off-exchange settlement to BinanceAnchorage expands institutional onchain accessThe Frgmnt partnership adds to Anchorage Digital’s growing role as a regulated gateway for institutions seeking access to stablecoins, staking and other onchain financial products.Tether tapped Anchorage Digital Bank in January to issue USAt, its US-focused stablecoin designed to operate under the GENIUS Act. The deal put Anchorage on the issuance side of the stablecoin market, rather than solely providing custody for tokens issued elsewhere.The company has also sought to extend stablecoin infrastructure into payments and treasury operations. In May, Mexico’s Grupo Salinas partnered with Anchorage to support blockchain-based dollar transfers, cross-border settlement and treasury activity through its Coinpro digital asset subsidiary.Beyond stablecoins, Anchorage has expanded its institutional staking services, allowing clients to earn protocol rewards while keeping assets within its custody environment. An April integration with Marinade Finance added Solana staking strategies, followed in July by native staking for TRX, the Tron network’s native token.Magazine: Trading stocks against BONER is the latest trend for DeFi degens