With the near-passage of the GENIUS Act and a bunch of corporations saying stablecoin initiatives, stablecoin-related belongings have been on a tear.
Circle, issuer of USDC, has seen its inventory rise about 500% since its debut on June 5. This week, the corporate was valued at a staggering $77 billion, which is effectively above the full market cap of USDC itself (about $62 billion).
Bullish indicators for stablecoins have been throughout:
CRCL is now essentially the most popular foreign stock in South Korea.
The main stablecoin issuer, Tether, has a lot spare money it might probably afford to have a determinative stake in Juventus, an Italian soccer staff.
Coinbase, which truly makes more cash from USDC than Circle, has seen its inventory rise to its highest level in four years.
Even Euro-backed stablecoins, lengthy a forgotten cousin of USD cash, are surging. Mixed, they’re up 44% on the yr, led by Circle’s EURC.
Stablecoins are the “quiet winners” from prediction markets like Polymarket.
And so forth.
Conventional fee giants, like Mastercard and Visa, have been responding to stablecoin mania by making a flood of announcements of their own. Mastercard introduced new tie-ups with Moonpay, Chainlink and Kraken this week.
Amid all of the stablecoin information, we nonetheless had area for loads of different subjects.
SEI surged as well (albeit on stablecoin information).
The Federal Reserve formally mentioned crypto now not carried “reputational risks” for banks, leaving them to offer all of the monetary companies they need for crypto corporations.
World Liberty Monetary, the Trump household automobile, reversed a promise to make its token non-transferable.
In the summertime months, generally it might probably really feel like nothing a lot is occurring. Not this yr; crypto doesn’t look ahead to anybody.