💸 USDC Reaches $60 Billion Market Cap as Stablecoins Boom

gm Defiers!

Stablecoin USDC hit a $60B market cap as the sector grows, while President Donald Trump’s tariff plans cause crypto markets to dip.

In other news, GameStop surged 11% after announcing plans to acquire Bitcoin. Meanwhile, Hyperliquid’s token dropped following a vault attack, splitting its community.

✍️ In today’s newsletter:

Stablecoin sector surges as USDC hits $60B market cap
Crypto market drops amid tariff concerns
Hyperliquid token sinks as community scrutinizes DEX
Shiba Inu surges after memecoin market resurrects
PumpSwap shoots past Raydium to become largest Solana DEX
Senator Elizabeth Warren criticizes Stablecoin Bill on X
GameStop announces plan to purchase BTC
Polymarket’s $7M Ukraine mineral deal debacle linked to major trader

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💸Stablecoin Industry Surges as USDC Hits $60 Billion Market Cap and Institutional Interest Grows

USDC hit a record $60 billion market cap, outpacing USDT’s growth over the past three months. The stablecoin market now circulates over $208 billion, with transactions surpassing $4 trillion—up 45% from last year.

📉 Crypto Market Extends Losses as Tariff Uncertainty Weighs on Investor Sentiment

Crypto markets fell for the second day as Trump’s tariff plans fueled uncertainty. Bitcoin edged up 0.5% to $87,087, while Ethereum, XRP, and Solana declined, bringing total market cap down 2% to $2.95 trillion.

📉Hyperliquid Token Tanks as Another Vault Attack Sparks Controversy

Hyperliquid faced backlash as its token dropped after another vault attack. A trader’s risky short position triggered a short squeeze, causing JELLYJELLY to triple in value and leaving the platform’s vault with a brief $10 million loss.

🐕Shiba Inu Soars Amid Memecoin Market Rebound

Shiba Inu jumped 10% in 24 hours amid a mysterious user burning 1 billion tokens. The memecoin sector also rose 20% this week, with SPX, FARTCOIN, and GIGA leading the gains.

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Stablecoins are exploding, projected to hit $230 billion in 2025, bridging traditional finance and blockchain. Leaders like Tether and Circle, alongside innovations like Ethena’s yield-generating USDe, are driving adoption. They’re slashing cross-border payment times and costs, and powering DeFi’s growth. But are they a valuable inroad for institutions or a Trojan horse? As on-chain finance continues to grow and innovate, banks and other established financial institutions face a choice: adapt or risk obsolescence. Will stablecoins empower traditional finance to capitalize on the new value being generated by Web3, or serve as the seed for decentralization? Platforms like Stellar that enable compliant issuance may offer a middle path.

🔝PumpSwap Surpasses Raydium to Become Largest Solana DEX

PumpSwap surpassed Raydium to become the largest Solana DEX just a week after launch, capturing 42.3% of the AMM market and generating over $2.6 million in daily trading fees.

🙅🏻‍♀️Senator Elizabeth Warren Slams Stablecoin Bill, Calls It Donald Trump and Elon Musk's "Grift"

Senator Elizabeth Warren (D-MA) criticized a recent stablecoin bill that’s moving through the senate, accusing it of benefiting figures like President Donald Trump and Elon Musk. Warren called for Congress to “step up” and revise it.

💳GameStop Seeks to Buy Bitcoin with $1.3 Billion of Convertible Notes

GameStop announced plans to acquire Bitcoin through a $1.3 billion convertible notes offering, causing its stock to surge 11%.

🐋Polymarket’s $7M Ukraine Mineral Deal Debacle Traced to Oracle Whale

Polymarket refused to refund bettors after a prediction market was resolved early with an inaccurate result, allegedly due to a governance attack on the UMA oracle used by Polymarket. Despite backlash, the platform promises to prevent future issues and improve its systems.

🌍 ELSEWHERE

GameStop Tumbles on Plan to Issue Convertible Bonds to Buy Bitcoin (Investopedia)
Trump’s SEC chair nominee says his 'top priority' will be to fix crypto regulation (TheStreet)
Possible Blow to Crypto as CoreWeave Reportedly Slashes Valuation to $23B (CoinDesk)