Product Launch - Messari's Stablecoin API is now live, offering access via email [1] - The API supports over 25 stablecoins [1] Data & Metrics - The API provides core on-chain metrics [1] - It offers network-level breakdowns [1] - Historical time series data is available [1]

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Market Trends & Industry Dynamics - Goldman Sachs and Bank of New York Mellon are collaborating on a tokenized money product aimed at transforming the $7 trillion money market industry [1] - Stable coins are gaining traction, with Citigroup, Bank of America, and JP Morgan considering issuing their own [2] - The innovation aims to bring the $7.1 trillion money market industry to the blockchain, enhancing transferability [3] Investment Opportunities & Potential Risks - The tokenized money product seeks to offer a yield, attracting institutional players like hedge funds, pensions, and corporate treasurers [3] - Corporate treasurers may prefer tokenized money for its potential to earn a yield close to 3% to 4%, compared to holding cash at 0% [6] Product Features & Benefits - The tokenized money product aims to streamline cash management by enabling the exchange of tokens, potentially cutting steps in the process [7] - The underlying asset is well-trusted and has gained approximately $2 trillion in the last two to three years [6]

The more stablecoins there are.The higher Bitcoin goes.Ethereum follows.And altcoins do too! https://t.co/5BWPmsoTmo ...

Stablecoin-linked card transactions have grown to $1.1B in monthly volume, up 3.7x since 2023. https://t.co/eFHQxTEQ5fMessari (@MessariCrypto):State of Stablecoins 2025 🧵 https://t.co/ndk1nijD2V ...

Financial Data and Key Metrics Changes - The company reported net income of $210 million and EPS of $3.09 per share, an increase of $32 million and $0.53 per share respectively compared to the first quarter [6][14] - The return on tangible common equity improved to 13.3%, an increase of 190 basis points from the previous quarter [15][26] - Net interest income increased by $26 million to $632 million, driven by balance sheet growth and lower deposit costs [17][19] Business Line Data and Key Metrics Changes - Loan growth exceeded $900 million during the quarter, with significant contributions from commercial and construction lending [7][18] - Mortgage balances increased by $158 million, while auto loan and lease balances rose by $76 million [9] - Non-interest income was $168 million, an increase of $16 million compared to Q1, driven by higher transaction activity [22] Market Data and Key Metrics Changes - The unemployment rate in Puerto Rico remained low at 5.5%, with consumer spending showing resilience [8] - Combined credit and debit card sales for Banco Popular customers increased by approximately 4% compared to the same quarter last year [8] - The tourism sector is expected to benefit from significant events, contributing an estimated $200 million in local economic activity [10] Company Strategy and Development Direction - The company announced a new common stock repurchase program of up to $500 million and a 7% increase in its quarterly dividend [6] - Ongoing transformation efforts aim to enhance customer experiences, modernize technology, and drive sustainable growth [11][12] - The company is focused on maintaining its market position and promoting economic progress in Puerto Rico [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth opportunities in Puerto Rico, supported by federal disaster recovery funds [10][11] - The company expects to exceed a 12% return on tangible common equity for the full year, driven by strong credit quality and loan growth [16][28] - Credit quality metrics improved, with lower non-performing loans and charge-offs, indicating a strong risk profile [28][32] Other Important Information - Total operating expenses increased by $22 million to $493 million, with personnel costs being the largest contributor [23] - The company repurchased approximately $112 million in shares during the quarter [27] - Regulatory capital levels remain strong, with a CET ratio of 15.91% [26] Q&A Session Summary Question: Impact of stablecoins on Popular's business - Management is exploring potential use cases for stablecoins following the approval of the Genius Act, acknowledging its future impact on the industry [40][41] Question: Profit sharing accruals and revenue guidance - The profit sharing accrual is tied to exceeding budgeted net income by at least 3%, with expectations to reach the maximum cap based on performance [44][46] Question: Deposit competition and seasonality - Competition for commercial deposits is increasing, but the company is focused on deposit retention strategies [48][50] Question: Loan growth and federal stimulus - Management is seeing deployment of federal funds in Puerto Rico and expects more projects to be announced soon [70][71] Question: Fee income guidance - The company anticipates steady trends in fee income, with cyclical increases expected in the second and fourth quarters [72][74] Question: Capital and buybacks - Management is comfortable with the current pace of share buybacks, viewing the share price as attractive [75]

Stablecoin Market Growth & Regulatory Landscape - Stablecoin market cap increased by $442 billion (442,000 million) in the last 7 days, reaching approximately $2625 billion (2,625,000 million) [1] - The SEC is now indicating support for onchain stablecoins, potentially enabling instantaneous settlement payments for securities [4][5] - The Genius Act has been signed into law, marking the first federal legislation to regulate stablecoins [12] - The Clarity Act, aimed at creating a broader regulatory structure for crypto, has passed the House and is moving to the Senate [14] - Industry anticipates stablecoins reaching $300+ billion by the end of the year, with potential for trillions upon passage of the Clarity Act [11] Banking Sector's Embrace of Stablecoins - Major banks are showing increased interest in stablecoins, driven by fear of missing out (FOMO) and regulatory developments [2][3][25][29] - Western Union is exploring offering stablecoin products in its digital wallets [16][19] - Deutsche Bank is considering issuing its own crypto stablecoin [21] - Citigroup is considering issuing its own stablecoin to facilitate digital payments [21] - JP Morgan has filed a trademark for JPMD, a deposit token being piloted on base, which embodies stablecoin characteristics [21][22][23] - Bank of America CEO indicated stablecoins are inevitable and hinted at launching its own token pegged to USD deposit accounts if regulations allow [26] Ripple's Role & XRP - The SEC's shift in stance towards stablecoins is seen as beneficial for Ripple, which has been focused on real-time payments and stablecoin on/off ramps [7][8][9] - Ripple's mission is "building the internet of value," enabling the world to move value like information [9] - Bank of America and Ripple have a long-term partnership, with Bank of America potentially using XRP after the SEC lawsuit concludes [30][31] - XRP is positioned as a bridge between walled garden deposit tokens and stablecoins issued by banks [24]

Financial Data and Key Metrics Changes - CME Group generated revenue of $1,700,000,000, up 10% from the second quarter in 2024 [12] - Adjusted operating income reached a record $1,200,000,000, up 14% year over year [12] - Adjusted net income was $1,100,000,000, with adjusted diluted earnings per share at $2.96, both up 16% from the previous year [13] - Average daily volume exceeded 30,200,000 contracts, representing a 16% increase compared to the same period last year [7][8] - Adjusted operating margin improved to 71%, up from 69.1% in the same period last year [13] Business Line Data and Key Metrics Changes - Financial products volume grew by 17%, while commodity sector volume increased by 15% [8] - Record quarterly volume from international business averaged 9,200,000 contracts per day, up 18% from the prior year [9] - Retail trading saw over 90,000 new participants, a 56% increase year over year, contributing to a record average daily volume of 4,100,000 contracts in Micro products [10][39] Market Data and Key Metrics Changes - EMEA region recorded a 15% increase in average daily volume, while APAC saw a 30% increase [9] - The strong growth in open interest was up by 7% from the end of Q2 2024 and 10% from year-end 2024 [8] Company Strategy and Development Direction - CME Group is focusing on retail traders and expanding partnerships with new online brokers to meet increasing demand [9][39] - The company announced a ten-year extension of its exclusive license to offer futures and options on NASDAQ indexes, ensuring continued access to these products [10][11] - CME Group is exploring tokenization technology in partnership with Google, aiming to enhance market efficiencies [76][78] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of markets amid global uncertainties, including geopolitical tensions and rising debt levels [20][22] - The company anticipates continued demand for risk management products, although predicting specific volume levels remains challenging [19][22] - Management expressed optimism about the retail segment's growth and the potential for further participation across various asset classes [31][32] Other Important Information - CME Group's adjusted effective tax rate was 23.3% for the quarter [13] - Capital expenditures for the second quarter were approximately $19,000,000, with cash at the end of the quarter totaling $2,200,000,000 [13] Q&A Session Summary Question: What are the key drivers that can sustain strong hedging activities going into the second half? - Management noted the difficulty in predicting volumes but emphasized the ongoing global risks that necessitate risk management [19][20] Question: Can you discuss the recent take-up of retail traders and their trading behavior? - Management reported unprecedented growth in retail participation and expressed confidence in continued engagement across various asset classes [30][39] Question: How is the company thinking about capital deployment given the cash balances? - Management indicated a balanced approach to capital deployment, focusing on opportunistic buybacks and maintaining a variable dividend structure [52][54] Question: How have tariffs impacted the physical commodities business? - Management noted that tariffs have led to market dislocations, increasing trading activity and volumes across various client segments [60][61] Question: Can you provide an update on FX Spot Plus and its impact? - Management reported strong initial uptake with significant daily volumes and new participants, enhancing market quality [110] Question: What are the company's views on stablecoins and tokenization? - Management is optimistic about the potential efficiencies from tokenization and is actively working on partnerships to implement these technologies [76][78]

Financial Data and Key Metrics Changes - CME Group generated revenue of $1,700,000,000, up 10% from Q2 2024 [10] - Average rate per contract for the quarter was $0.69, resulting in the highest quarterly clearing and transaction fees of $1,400,000,000, up 11% year over year [10] - Adjusted operating income reached a record $1,200,000,000, up 14% year over year, with an adjusted operating margin of 71%, up from 69.1% in the same period last year [11] - Adjusted net income was $1,100,000,000, and adjusted diluted earnings per share were $2.96, both up 16% from the previous year [11] - Capital expenditures for the quarter were approximately $19,000,000, and cash at the end of the quarter was $2,200,000,000 [11] Business Line Data and Key Metrics Changes - Average daily volume (ADV) for the quarter was 30,200,000 contracts, a 16% increase year over year, with records in interest rates, agricultural commodities, and metals [4][5] - Financial products volume grew by 17%, while commodity sector volume grew by 15% [5] - International business had an ADV of 9,200,000 contracts per day, up 18% from the prior year, with EMEA up 15% and APAC up 30% [6] - Over 90,000 new retail traders participated in CME markets for the first time, a 56% increase compared to the same period last year [6] Market Data and Key Metrics Changes - Open interest increased by 7% from the end of Q2 2024 and 10% from year-end 2024 [5] - Nasdaq 100 futures and options trading volume climbed to more than 2,500,000 contracts per day, up 22% versus last year [7] - Record activity in gold and crypto markets, with gold up over 37% among retail and micro Bitcoin up 94% [40] Company Strategy and Development Direction - CME Group focuses on expanding its retail trader base and enhancing market access through partnerships with new futures brokers [6][39] - The company is optimistic about the growth of its crypto franchise and plans to continue participating in that market [33] - CME Group announced a ten-year extension of its exclusive license to offer futures and options on NASDAQ indexes, ensuring continued access to these products [8][9] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of markets amid global uncertainties, including record levels of debt and geopolitical tensions [18][20] - The company anticipates continued demand for risk management products due to macroeconomic factors [20] - Management expressed optimism about the retail segment's growth and the increasing sophistication of new traders [29][30] Other Important Information - CME Group's adjusted effective tax rate was 23.3% [11] - The company paid dividends of $455,000,000 in Q2 and approximately $3,000,000,000 over the first half of the year [11] - CME Group's total adjusted operating expenses for the year are expected to be approximately $1,635,000,000, which is $15,000,000 below prior guidance [12] Q&A Session Summary Question: What are the key drivers that can sustain strong hedging activities going into the second half? - Management noted the difficulty in predicting volumes but emphasized the need for risk management due to global uncertainties, including high debt levels and geopolitical unrest [17][20] Question: Can you discuss the recent take-up of retail traders and their trading behavior? - Management reported a significant increase in new retail traders and expressed confidence in their continued participation across various asset classes [27][29] Question: How is the company thinking about capital deployment given the cash balances? - Management stated that capital deployment strategies remain opportunistic, balancing buybacks and dividends based on market conditions [51][53] Question: Can you discuss the impact of tariffs on the physical commodities business? - Management indicated that tariffs are leading to market dislocations, creating opportunities for increased trading activity across various client segments [58][60] Question: What is the status of the trial with former floor traders? - Management refrained from commenting on pending litigation but confirmed no accruals have been made for potential damages [90] Question: What are the hurdles for bringing 24/7 trading to the marketplace? - Management acknowledged the costs associated with staffing for 24/7 trading and indicated that demand will dictate the feasibility of such an initiative [96][100] Question: How has the FX Spot Plus product performed since its launch? - Management reported strong initial performance with significant trading volume and participation from new entities, enhancing market quality [107][109]

Remittances are shifting to crypto faster than expected.Jake (@immutablejacob):Remittances are shifting to crypto faster than expected.Bitso Business moves more than 10% of the US-to-Mexico corridor (≈ $64B/yr) using stablecoins. https://t.co/aCpfwFftCT ...