With the potential approval of the GENIUS Act and several firms announcing new stablecoin projects, assets tied to stablecoins have been enjoying a significant boom. Circle, the creator of USDC, has witnessed an astonishing stock increase of about 500% since its launch on June 5. As of this week, the company reached a staggering valuation of $77 billion, far surpassing the total market capitalization of USDC itself (approximately $62 billion).
Numerous bullish indicators are emerging for stablecoins:
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Circle’s stock is currently experiencing heightened popularity, especially noted in South Korea as a prominent foreign stock.
Vital stablecoin issuer, Tether, has ample cash reserves allowing it to gain a significant share in Juventus, an Italian football club. Meanwhile, Coinbase, which generates greater revenue from USDC compared to Circle, has seen its shares ascend to their highest point in four years.
Even Euro-backed stablecoins, which were initially neglected, are experiencing revitalization as their combined market cap has surged by 44% this year, spurred largely by Circle’s EURC.
Stablecoins are considered the ‘quiet winners’ of prediction markets, particularly Polymarket.
Traditional financial giants, such as Mastercard and Visa, are acknowledging the increasing interest in stablecoins by making numerous announcements of new initiatives. Mastercard, for instance, recently forged partnerships with Moonpay, Chainlink, and Kraken this week.
Amidst all these developments regarding stablecoins, various other topics also made headlines.
SEI also posted impressive gains (sparked by the stablecoin frenzy). Furthermore, the Federal Reserve has officially stated that cryptocurrencies no longer pose ‘reputational risks’ for banks, allowing these institutions to offer all financial services to crypto firms. In addition, World Liberty Financial, the company associated with the Trump family, has retracted its commitment to making its token non-transferable.
While many expect the summer months to be quiet, this year is anything but; the crypto sector continues to evolve rapidly.
