CoinDesk Weekly Recap: Stablecoins Dominate the Cycle

With the near-passage of the and a host of companies announcing stablecoin initiatives, stablecoin-related assets have been on a tear.
Circle, issuer of USDC, has seen its stock rise about 500% since its debut on June 5. This week, the company was valued at a , which is well above the total market cap of USDC itself (about $62 billion).

Bullish signals for stablecoins were all around:

CRCL is now the most .
The leading stablecoin issuer, Tether, has so much spare cash it can afford to have a , an Italian soccer team.
Coinbase, which actually makes more money from USDC than Circle, has seen its stock rise to its .
Even Euro-backed stablecoins, long a forgotten cousin of USD coins, . Combined, they’re up 44% on the year, led by Circle’s EURC.

Stablecoins are the “quiet winners” from .
And so on.

Traditional payment giants, like Mastercard and Visa, have been responding to stablecoin mania by making a . Mastercard announced new tie-ups with .

Amid all the stablecoin news, we still had space for plenty of other topics.

SEI (albeit on stablecoin news).
The Federal Reserve officially said crypto no longer carried , leaving them to provide all the financial services they want for crypto companies.
World Liberty Financial, the Trump family vehicle, reversed a promise to make its .

In the summer months, sometimes it can feel like nothing much is happening. Not this year; crypto doesn’t wait for anyone.