Crypto things you might have missed:-Crypto bills revote today-Stablecoin news for INJ + @arbitrum-BTC, ETH, XRP, PEPE, PEP, and MSTR are trending-XRP futures volume CME hits record📈-BNB Chain to support @OndoFinance tokenized assets-Trump to fire Powell?LINK IN BIO ...

RT cap (@capmoney_)Cap is proud to announce the Cap Stablecoin Network (CSN) with @PayPal USD being our initial launch partner.The deal marks a watershed moment for the ecosystem as we gear up to launch cUSD, the first stablecoin with credible financial guarantees.Here's why it matters: https://t.co/KW0wpyjN6G ...

Summary of Circle Company and Stablecoin Industry Conference Call Industry Overview - The stablecoin market is projected to reach $3.5 trillion by 2030, with cross-border payments expected to account for $2.9 trillion of this market share, and crypto asset trading around $360 billion. Daily consumer payments and traditional capital market tokenization also show significant growth potential [1][3][4]. Core Insights and Arguments - Circle has built a comprehensive ecosystem around its stablecoin USDC, which includes stablecoin issuance, tokenized funds, institutional liquidity services, and developer tools, covering the entire crypto finance chain. However, its revenue primarily relies on reserve income [1][14]. - Circle's revenue is expected to grow from $700 million in 2022 to $1.4 billion in 2023 and $1.6 billion in 2024, but profits are volatile, with a loss of over $700 million in 2022, a profit of $267 million in 2023, and a decline to $150 million in 2024 [1][9]. - 99% of Circle's revenue comes from reserve income, which is influenced by the scale of reserve assets and yield rates. The initial increase in income was due to the Federal Reserve's interest rate hikes, but subsequent events, such as the Silicon Valley Bank incident and a decline in USDC market share, negatively impacted revenue [1][10]. - The decline in profit for 2024 is attributed to a drop in gross margin from 59.9% in 2022 to 39% in 2024, primarily due to increased distribution costs, especially related to the revenue-sharing agreement with Coinbase [1][11]. Key Applications of Stablecoins - The main applications of stablecoins include: 1. Cryptocurrency trading, encompassing traditional crypto, NFTs, and DeFi. 2. Cross-border payments, offering higher efficiency, speed, and lower fees. 3. Daily payment scenarios, particularly in overseas markets, where stablecoins have lower transaction fees compared to traditional methods like Visa and Mastercard. 4. On-chain trading of traditional financial assets, such as bonds, stocks, and funds, which allows for 24/7 trading and lower purchase thresholds [2]. Future Development Focus for Circle - Circle's future development focuses on three main areas: 1. Sustaining growth in scale, particularly in expanding cross-border payment scenarios and other applications beyond cryptocurrency. 2. Monitoring the Federal Reserve's interest rate changes, which significantly impact investment yield rates. 3. Managing distribution costs, especially concerning the ongoing agreement with Coinbase, which may influence short-term costs and necessitate exploring additional distribution channels [3][12]. Additional Important Insights - Circle has begun collaborating with Binance and other exchanges to further promote its stablecoin [13]. - The evolution of stablecoins from mere trading tools to essential infrastructure has been significant, with a broadening scope of applications across various financial sectors [14].

Financial Data and Key Metrics Changes - The company reported net income of $1.6 billion or $3.85 per diluted share, with a 4% increase in revenue and a 10% growth in PPNR [6][16][22] - Loans grew by 2%, reflecting strong commercial loan growth, while non-interest expenses remained stable, resulting in positive operating leverage [6][10][12] - The tangible book value increased to approximately $104 per common share, a 4% increase linked quarter and a 17% increase year-over-year [11][12] Business Line Data and Key Metrics Changes - In Capital Markets and Investment Banking (C&IB), strong growth in loans and commitments was noted, with credit trends remaining positive [7][8] - Retail banking saw a 2% year-over-year growth in consumer checking accounts, with a notable 6% growth in the Southwest region [8][12] - Asset management experienced positive net flows and a 16% increase in new client acquisition linked quarter [8] Market Data and Key Metrics Changes - The company maintained a regulatory minimum stress capital buffer of 2.5%, with a start to trough capital depletion of 80 basis points, the lowest in its peer group [7][12] - Average deposits increased by $2 billion, driven by growth in CDs, while non-interest bearing balances remained stable at 22% of total deposits [15][92] Company Strategy and Development Direction - The company continues to execute its national growth strategy, focusing on new customer acquisition and deepening relationships with existing customers [5][9] - A $1.5 billion branch investment plan is underway, with plans to open more than 200 branches in expansion markets [8][9] - The management emphasized the importance of scale and market presence to compete effectively against larger banks [76][78] Management's Comments on Operating Environment and Future Outlook - The management expects continued economic growth in the second half of the year, with real GDP growth projected at approximately 1.5% in 2025 [22][23] - The company anticipates a Fed rate cut in December 2025, which may impact net interest income positively [23] - Despite economic uncertainties, the management remains optimistic about the company's growth potential and market positioning [9][22] Other Important Information - The company returned approximately $1 billion of capital to shareholders, including $640 million in common dividends and $335 million in share repurchases [11][12] - The effective tax rate for the quarter was 18.8%, with a provision of $254 million reflecting macroeconomic changes [16][22] Q&A Session Summary Question: Loan growth sustainability - The management indicated that loan growth was driven by increased utilization and new production, particularly in growth markets, but does not expect the same level of growth to repeat in the second half of the year [26][28] Question: Net interest income trajectory - The management raised guidance for net interest income growth to approximately 7% for the full year, expecting sustained momentum into 2026 [30][31] Question: Fee income outlook - The management noted a slight downward revision in fee income guidance due to heightened economic uncertainty, despite solid performance in capital markets [41][43] Question: Competitive pressure on loan pricing - The management stated that while competition remains rational, there has been no significant contraction in spreads, and yields have remained stable [46][47] Question: Capital levels and regulatory changes - The management expressed confidence in their current capital levels, indicating they are well-positioned relative to regulatory requirements and have flexibility for growth [63][65] Question: Loan growth from new markets - The management confirmed that loan growth is primarily driven by share gains in new markets, with a focus on organic growth [73][120] Question: Impact of stablecoins on deposits - The management does not foresee stablecoins draining deposits from the system and is exploring opportunities to integrate crypto into their payment technology [140][141]

Ether, Bitcoin And More Crypto Rallies After Trump Says Republicans Back His Stablecoin Billshttps://t.co/BAoE1zgp8p https://t.co/nf9C1W576O ...

the House uh today set to take uh the next steps on three crypto bills. Uh it's going to happen today. Joining us now, Financial Services Committee Chairman uh French Hill.It it uh good morning. It's good to see you uh Congressman. Good morning, Chairman.We we heard that uh I guess rumblings that maybe the votes weren't there and then, you know, the president met with with uh some individuals yesterday. Are you confident now it's the votes are there. I believe that we do have uh the votes to advance the Sen ...

Summary of Conference Call on Stablecoins Industry Overview - The discussion revolves around the stablecoin market, particularly in the context of regulatory developments and market dynamics affecting the Hong Kong and global markets [1][9][10]. Core Insights and Arguments - **Stablecoin Definition and Purpose**: Stablecoins are designed to facilitate the conversion between traditional fiat currencies and cryptocurrencies, addressing the volatility issues of cryptocurrencies like Bitcoin and Ethereum [1][25]. - **Types of Stablecoins**: Stablecoins can be categorized into four main types: fiat-collateralized, crypto-collateralized, algorithmic, and commodity-backed. As of May 2025, fiat-collateralized stablecoins dominate the market, accounting for 97% of the total market capitalization [3][27]. - **Regulatory Landscape**: - The European MICA regulation and Hong Kong's stablecoin regulations impose strict compliance requirements on stablecoin issuers, including the need for regular audits and transparent asset reserves [9][10][11]. - The U.S. is advancing the Genius Act, which mandates that stablecoin issuers maintain a 1:1 ratio of high-quality liquid assets to support their stablecoins [11][12]. - **Market Dynamics**: The total market capitalization of stablecoins was approximately $215.2 billion as of March, with a 2.1% month-over-month growth in April. Tether and Circle's USDC together hold over 90% of the market share [18][19]. Important but Overlooked Content - **Risks of Algorithmic Stablecoins**: Historical failures, such as the collapse of UST and LUNA, highlight the vulnerabilities of algorithmic stablecoins during extreme market conditions [5][27]. - **Impact on U.S. Treasury Demand**: As stablecoin demand increases, issuers may become significant buyers of short-term U.S. Treasuries, although their current holdings are not substantial [18][19][29]. - **Cross-Border Payment Advantages**: Stablecoins offer significant advantages over traditional SWIFT systems in terms of speed and cost for cross-border transactions, with transactions potentially settling within minutes compared to days for SWIFT [15][16][17]. - **Need for Practical Applications**: The growth in stablecoin demand is contingent upon the development of practical applications and use cases, such as in DeFi and cross-border payments, rather than just regulatory compliance [21][22][29]. Conclusion - The stablecoin market is poised for growth, driven by regulatory clarity and the need for efficient payment solutions. However, the actual demand will depend on the successful implementation of stablecoins in real-world applications and the assurance of full asset backing by issuers [22][29].

Summary of Stablecoin Industry Analysis Industry Overview - The stablecoin industry has evolved significantly since its inception in 2014, with major developments occurring from 2017 to 2022, leading to a market size of approximately 2.5 trillion yuan, with an annual transaction volume exceeding 20 trillion yuan [2][14]. Key Developments - The first stablecoin linked to the US dollar was launched in 2014, followed by the introduction of decentralized assets in 2017-2018, marking a shift in the market [1]. - The launch of USDC and Meta's Libra (later denied by regulators) were pivotal moments in the evolution of stablecoins [1][2]. - The period from 2020 to 2022 saw a boom in stablecoins, driven by financial tools and platforms based on Web 3.0 blockchain technology [2]. Regulatory Landscape - The regulatory frameworks in the U.S. and Hong Kong are evolving, with both regions requiring licenses for stablecoin issuance. However, the U.S. has a more complex regulatory structure involving both federal and state levels [3][4]. - Hong Kong has recently passed the Monetary Fund Law, allowing institutions to apply for stablecoin issuance licenses, with a three-month window for temporary licenses [6][7]. Market Dynamics - The U.S. stablecoin market is characterized by a one-to-one reserve requirement with legal assets, while Hong Kong's regulations allow for more flexibility in asset settlement [4][5]. - The liquidity of the U.S. dollar is expected to be more freely distributed compared to the Hong Kong dollar, which is still under observation for its implementation mechanism [6]. Future Trends - The approval of stablecoins is anticipated to lead to significant changes in the industry, including increased integration with AI and smart contracts, enhancing transaction efficiency and reducing costs [11][12]. - The potential for real-world asset (RWA) transactions on-chain is significant, particularly for U.S. stocks and bonds, which could reshape asset configurations and trading dynamics [13][14]. Investment Opportunities - The stablecoin market presents a substantial opportunity for traditional financial institutions to engage with blockchain technology, potentially leading to increased capital inflow and market prosperity [15]. - The upcoming listing of major stablecoin issuers and the sandbox testing phase in Hong Kong may drive further interest and investment in the sector [7][8]. Conclusion - The stablecoin industry is at a critical juncture, with regulatory clarity and technological advancements paving the way for broader adoption and integration into the global financial system. The potential for growth remains vast, particularly as traditional financial institutions begin to embrace these digital assets [15].

Regulatory & Political Landscape - Trump met with representatives regarding the GENIUS Act, securing agreement for stablecoin legislation [1] - US House procedural vote for three crypto bills failed [4] - DOJ and CFTC dropped investigations into Polymarket [5] - Ripple plans to seek a MiCA license for EU crypto and stablecoin expansion [6] Market & Investment Activity - Cantor Fitzgerald is nearing a $4 billion SPAC deal with Adam Back to buy between $3 billion and $4 billion worth of Bitcoin [2] - SharpLink acquired 74,656 ETH for $213 million, becoming the largest corporate Ethereum holder [8] - NYSE Arca approves ProShares Ultra XRP ETF $UXRP [10] Economic Commentary - Trump urges Fed to cut rates by 3 percentage points, claiming it would save $1 trillion a year [7] - Gamestop CEO Ryan Cohen calls $BTC a "hedge against inflation and global money printing" [9] Leadership Transition - US Treasury Secretary confirms the process to pick Fed Chair Powell's successor is already underway [3]

The @marcus Savings Account could/should be a stablecoin... https://t.co/4Bnizc7GPG ...