CoinDesk Weekly Recap: Stablecoins Dominate the Cycle

With the near-passage of the GENIUS Act and a number of corporations asserting stablecoin initiatives, stablecoin-related property 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 firm was valued at a staggering $77 billion, which is properly above the complete market cap of USDC itself (about $62 billion).

Bullish alerts for stablecoins had been throughout:

CRCL is now the most fashionable overseas inventory in South Korea.
The main stablecoin issuer, Tether, has a lot spare money it might afford to have a determinative stake in Juventus, an Italian soccer workforce.
Coinbase, which really makes extra money from USDC than Circle, has seen its inventory rise to its highest degree in 4 years.
Even Euro-backed stablecoins, lengthy a forgotten cousin of USD cash, are surging. Combined, they’re up 44% on the yr, led by Circle’s EURC.

Stablecoins are the “quiet winners” from prediction markets like Polymarket.
And so on.

Traditional fee giants, like Mastercard and Visa, have been responding to stablecoin mania by making a flood of bulletins of their very own. Mastercard introduced new tie-ups with Moonpay, Chainlink and Kraken this week.

Amid all the stablecoin information, we nonetheless had area for loads of different subjects.

SEI surged as properly (albeit on stablecoin information).
The Federal Reserve formally stated crypto not carried “reputational risks” for banks, leaving them to supply all the monetary companies they need for crypto corporations.
World Liberty Financial, the Trump household car, reversed a promise to make its token non-transferable.

In the summer season months, generally it might really feel like nothing a lot is occurring. Not this yr; crypto doesn’t look forward to anybody.