Stablecoins are seizing the spotlight in the cryptocurrency realm, making waves with significant gains and strategic moves that could reshape financial landscapes. As June draws to a close, the sector has seen a whirlwind of activity, with Circle’s USDC leading the charge. Since its stock market debut on June 5, Circle’s shares have skyrocketed by an eye-popping 500%, catapulting the company’s valuation to a colossal $77 billion—surpassing USDC’s own market cap of approximately $62 billion. As explored in our recent coverage of Circle Stock in Up Only Mode Even as Bitcoin, Crypto Market Struggle—Why?, this trend highlights the unique position Circle holds in the market.
Circle’s Meteoric Rise
Circle’s astounding ascent has not gone unnoticed. In South Korea, CRCL has emerged as the most sought-after foreign stock, reflecting its global appeal. Industry insiders attribute this surge to a confluence of factors, including the near-passage of the GENIUS Act, which aims to streamline regulatory frameworks for digital currencies. According to David Lee, a crypto analyst with Quantum Insights, “The GENIUS Act could be a game-changer, providing the kind of regulatory clarity that institutions have been clamoring for.”
Tether, another heavyweight in the stablecoin arena, is also flexing its financial muscles. The company has amassed enough cash reserves to secure a controlling interest in Juventus, the storied Italian soccer club. This move underscores Tether’s ambition to diversify its portfolio and cement its influence beyond the crypto sphere.
Traditional Giants Enter the Fray
The stablecoin surge has prompted traditional financial behemoths like Mastercard and Visa to recalibrate their strategies. This week, Mastercard unveiled a series of collaborations with Moonpay, Chainlink, and Kraken, signaling its intent to harness the potential of stablecoins. Visa, not to be outdone, is reportedly exploring similar ventures, though details remain under wraps.
Coinbase, another key player benefiting from the stablecoin boom, has witnessed its stock climb to heights not seen in four years. Interestingly, Coinbase derives more revenue from USDC than Circle itself, highlighting the symbiotic relationship between these two crypto giants. For more on Circle’s market position relative to Coinbase, see Circle Hits New Record With Market Cap Nearing That of Coinbase.
Meanwhile, euro-backed stablecoins, once overshadowed by their USD counterparts, are enjoying a renaissance. Led by Circle’s EURC, these assets have surged 44% this year, capturing the attention of investors eager to diversify their holdings.
The Broader Crypto Landscape
Amid the stablecoin frenzy, other developments in the crypto world continue to unfold. SEI, for instance, has seen a notable uptick, buoyed by stablecoin-related news. On a regulatory front, the Federal Reserve has officially dismissed reputational concerns regarding crypto for banks, paving the way for financial institutions to expand their crypto offerings without hesitation.
In a move that surprised many, World Liberty Financial, associated with the Trump family, reversed its previous stance by making its token transferable. This decision could have far-reaching implications for the token’s liquidity and market dynamics.
As the crypto market buzzes with activity, stablecoins are proving to be the “quiet winners,” as noted by prediction markets like Polymarket. Their potential to stabilize volatile markets and facilitate seamless transactions is increasingly evident, raising questions about their long-term impact on global finance.
The summer months, typically a lull in market activity, have been anything but quiet for the crypto sector in 2025. As stablecoins continue to dominate headlines, the future seems ripe with possibilities—and uncertainties. Will this trend sustain its momentum? Only time will tell, but one thing is certain: the crypto world is far from static, and stablecoins are at the heart of its dynamic evolution.
Source
This article is based on: CoinDesk Weekly Recap: Stablecoins Dominate the Cycle
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
