The seventh edition of our newsletter, Where Money Moves, is live.
Twice a month, we unpack the key trends, developments, and data shaping the stablecoin industry.
Dive in ↓
This week, Plasma went live with its deposit campaign in the lead up to our XPL public sale.
On Monday, we opened the initial cap to $500 million. This filled in under 5 minutes. Later in the week the cap was raised to $1 billion, which filled in 30 minutes. We are thrilled that just under 3,000 wallets participated in the deposit campaign, with a median deposit amount of ~$12,000.
Since then, we have announced that the deposit cap will not be further increased.
Following its acquisition of @Stablecoin, @Stripe has acquired @Privy_io, an embedded self-custody wallet provider with familiar onboarding options like passkey and Google login.
This extends Stripe’s 2024 Annual Letter pledge that its platform will be the best way to build with stablecoins. Combined with Bridge’s compliant fiat on/off ramps, Stripe now offers a true “bank in a box” on non-custodial rails.
Deal terms are undisclosed and Privy will operate independently. We expect to see more traditional payment companies and fintechs to pursue acquisitions in the stablecoin payments space.
Circle’s IPO hit the NYSE with 34 million shares sold for $1.1 billion at a $6.9 billion valuation, and CRCL shares jumped by over 200% to $135. This demonstrates strong institutional demand for stablecoins and their issuers.
Shopify is partnering with Coinbase and Stripe to enable merchants to accept USDC. Stripe will settle payments in local fiat, initially rolling out in 34 countries.
Societe Generale will become the first major bank to issue a dollar-backed stablecoin. “USD CoinVertible” will launch on Ethereum and Solana via its SG-FORGE arm.
Other headlines:
- Uber is exploring stablecoins’ potential for payments
- US Senate schedules final GENIUS stablecoin bill vote for June 17th
- Apple, X/Twitter, Airbnb, Google, Amazon and Walmart all in talks to integrate stablecoins
Stablecoin supply sits at $250.2 billion, with USD₮ growing in dominance with a 63.8% market share ($157.6 billion). At this supply, stablecoins account for over 1.14% of the total US M2 money supply.
Global stablecoin volume continues to climb: monthly transfer volume is $4.5 trillion across 1.2 billion transactions.
Adoption is growing: over 167.5 million wallets hold stablecoins, and USD₮ leads with more than 101.7 million holders.
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