CoinDesk Weekly Summary: Stablecoins Lead the Trend Roundup
With the near-passage of the GENIUS Act and several companies introducing stablecoin initiatives, stablecoin-related assets have experienced significant growth. Circle, the issuer of USDC, has seen its stock rise about 500% since its debut on June 5. This week, the company was valued at an impressive $77 billion, well above the total market cap of USDC itself (approximately $62 billion).
Bullish signals for stablecoins are evident:
CRCL is now the most popular foreign stock in South Korea. The leading stablecoin issuer, Tether, has so much capital that it can afford a significant stake in Juventus, an Italian soccer team.
Coinbase, which generates more revenue from USDC than Circle, has seen its stock rise to its highest level in four years. Even Euro-backed stablecoins, often overshadowed by USD coins, are gaining traction. They’re up 44% on the year, driven by Circle’s EURC.
Stablecoins are emerging as “quiet winners” from prediction markets like Polymarket. Additionally, traditional payment giants, such as Mastercard and Visa, have been responding to the stablecoin trend with a flurry of announcements. Mastercard revealed new partnerships with Moonpay, Chainlink, and Kraken this week.
Amidst all the stablecoin news, other developments are noteworthy. SEI also surged (largely driven by stablecoin news). The Federal Reserve officially stated that crypto no longer poses “reputational risks” for banks, enabling them to offer comprehensive financial services to crypto companies. World Liberty Financial, associated with the Trump family, reversed its promise to make its token non-transferable.
During the summer months, it might seem like nothing significant is happening. However, this year proves that crypto continues to be dynamic, regardless of the season.
