And right now we are 2 minutes away from the end of the trading day. Romaine Bostick here with Katie Greipel taking you through to that closing bell with a global simulcast. We're joined now by Carol Massar, Tim Stenovec in the radio booth.Welcome to our audiences across all of our bloomberg platforms. Carol Massar This is the second day in a row we've seen massive outperformance by the Dow Jones Industrial Averages. This will be the most we ever talk about the Dow Jones Industrial Average in days.Well, yes ...

Market Overview - US stocks opened positively, with the Dow up approximately 450 points (about 1%) and the S&P 500 up about 0.2%, while the NASDAQ showed a slight decline of around 0.2% [2][3] - The market is experiencing a mixed picture, with sectors such as energy and real estate declining, while financials and healthcare are leading gains [3][4] Government Shutdown - The House of Representatives is expected to vote on a funding bill to reopen the government after a record-long shutdown, with optimism about securing the necessary votes [5][8] - The Senate previously passed a deal to keep the government open until January 30, with some provisions affecting federal workers [9][10] Federal Reserve and Economic Data - The government shutdown has delayed the release of critical economic data, including October inflation and unemployment figures, which are essential for the Federal Reserve's decision-making [11][18] - The Fed is facing a challenging environment with divided opinions on how to proceed, particularly regarding inflation and labor market concerns [16][19] Circle's Financial Performance - Circle, a stablecoin issuer, reported strong quarterly results, with USDC in circulation growing by 108% and revenue increasing by 66% to $740 million [48][49] - Despite strong performance, investor concerns about falling interest rates are impacting Circle's stock price [47][52] AI Data Center Investments - There is significant concern regarding the rapid increase in spending on AI data centers, projected to reach $1 trillion by 2030, which is affecting the bond market [27][28] - Large tech companies are leading the issuance of bonds to fund these data centers, with many having strong balance sheets [30][31] Housing Market Trends - The average time to break even on home ownership has increased to 7 to 10 years nationally, with coastal cities like New York and San Francisco seeing break-even points of 15 to 20 years [80][81] - A significant portion of renters (59%) plan to continue renting, indicating a shift towards a lifestyle choice rather than a temporary step towards home ownership [76][92] Analyst Calls and Stock Movements - AMD's stock rose after outlining a path to significant earnings growth, prompting Wells Fargo to raise its price target to $345 [67] - Oaklo's stock received a boost following optimistic analyst ratings despite missing quarterly expectations [68] - Clearwater Analytics is considering a potential sale after receiving takeover interest, reflecting ongoing consolidation in the financial services sector [74]

The stablecoin issuer aims to be the “Economic OS” for digital money, making global payments as seamless as data transfer.Circle is evolving from a single-product company (USDC) into a full digital money platform, integrating the Circle Payments Network (CPN) for instant settlements, developer APIs, and Arc, which is a programmable blockchain for global commerce.Stablecoins are trying to shed their reputation as a paradox in the payments space.By completing this form, you agree to receive marketing communic ...

Circle Internet Financial reported USDC circulation reached $73.7 billion at the end of Q3 2025, marking 108% growth year-over-year, while exploring a native token for its Arc Network blockchain. The company posted net income of $214 million for the three months ending September 30, according to Circle’s Q3 earnings release. Total revenue and reserve income reached $740 million, up 66% from the prior year period, with adjusted EBITDA of $166 million representing a 78% year-over-year increase. Average USD ...

LATEST: ⚡️Fortune reports Coinbase has terminated its planned $2B acquisition of UK stablecoin firm BVNK, with both parties mutually agreeing not to move forward following the due diligence process. https://t.co/4ac8whATkJ ...

Core Insights - Tether reported a profit of $1.1 billion for Q3 2025, bringing its year-to-date total to approximately $10 billion, surpassing major financial institutions like Goldman Sachs and Coinbase [2][4] - The majority of Tether's profits stem from interest income on U.S. Treasuries, with reserves totaling $91 billion, exceeding the reserves of countries such as Brazil and Canada [2][6] - Tether is diversifying its investments into Bitcoin mining and AI infrastructure, indicating a strategic shift beyond traditional dollar-backed reserves [3][4] Financial Performance - Tether's profit for Q3 2025 was $1.1 billion, contributing to a total profit of around $10 billion for the year [2] - The company earns approximately $25–30 million per day from current Treasury rates, highlighting its significant cash flow [6] Market Position - Tether's USDT supply has surpassed 122 billion, with nearly 70% issued on the Tron network and about 18% on Ethereum [3] - Tether's profitability positions it as one of the most profitable companies globally, potentially leading the industry on a per-employee basis [4] Strategic Initiatives - The company is expanding its investment portfolio to include Bitcoin mining and AI infrastructure, reflecting a strategy to diversify revenue streams [3][4] - Tether's growth may influence demand for related protocols and tokens, such as XPL [4] Regulatory Considerations - Tether's substantial outstanding USDT, exceeding $120 billion, raises concerns about its critical role in global financial infrastructure and potential regulatory scrutiny [6] - The company's ability to generate significant profits from U.S. debt without oversight may attract increased attention from regulators [6]

Core Insights - Standard Money has successfully raised $8 million in a strategic investment round led by Yzi Labs, with participation from notable crypto investment firms such as Gate.io, Crypto.com, and Animoca Brands [1][2] - The funds will be utilized for the mainnet rollout of USDsd, an algorithmic stablecoin, and to enhance liquidity partnerships and global operations [2] - The rise of algorithmic stablecoins has been met with caution due to past failures, notably the collapse of the Terra-Luna ecosystem in 2022, which raises questions about the sustainability of such tokens [3] Company Overview - Standard Money is the developer of USDsd, a yield-seeking algorithmic stablecoin based on Tether's USDT, the largest stablecoin by market capitalization [1] - The company aims to leverage the recent interest in stablecoins to establish itself in the market, supported by significant investment from established players in the crypto space [3] Industry Context - Algorithmic stablecoins are designed to maintain their peg to an asset through smart contracts and economic incentives, managing the circulating supply [2] - The recent influx of investment into the stablecoin sector indicates a renewed interest in algorithmic models, despite the historical risks associated with them [3]

Core Insights - Tether's US Treasury holdings have reached $135 billion, making it the 17th largest holder of American debt globally, surpassing South Korea [1][2][3] - Tether Gold's market cap has exceeded $2 billion, reflecting the company's strong position in tokenized real-world assets [1][8] Tether's Treasury Holdings - Tether's Treasury holdings have grown significantly, with a notable increase from $65 billion in Q1 2025 to $135 billion, positioning it just behind Brazil in global rankings [2][3] - By Q2 2025, Tether's total Treasury exposure surpassed $127 billion, consisting of $105.5 billion in direct holdings and $21.3 billion in indirect exposure [4] - The GENIUS Act, enacted in July 2025, mandates that most stablecoin reserves be held in low-risk assets like Treasuries, contributing to Tether's accumulation of US debt [4][5] Market Dynamics - The stablecoin market is projected to grow from $270 billion in 2025 to an estimated $2 trillion by 2028, driven by increased adoption among banks and Fortune 500 companies [5] - Tether's holdings now rival those of major economies, indicating the growing influence of stablecoin issuers in global liquidity [6][7] Tether Gold Performance - Tether Gold's market cap reached approximately $2.1 billion, backed by 375,572.297 fine troy ounces of gold, marking a significant increase from $1.44 billion at the end of Q3 2025 [8] - The price of gold surged to $3,858.96 per ounce on September 30, 2025, driven by inflation concerns and geopolitical risks, which has bolstered demand for tokenized gold [9]

Core Insights - STBL has experienced a significant decline, losing 80% of its value from its peak, raising concerns about transparency and trust within the project [1][2] - The founding team faces accusations of selling millions of dollars' worth of tokens, leading to speculation about potential insider trading [3][4] - Despite the controversy, STBL plans to mint 100 million USST and launch a repurchase program by the end of October, aiming to restore investor confidence [1][7] Market Performance - STBL's value dropped from an all-time high of approximately $0.60 to a low of about $0.0797, before slightly recovering to $0.11478, with a current market cap near $58 million [2] - On-chain data indicates that five large addresses sold all their STBL holdings, realizing around $17 million in profits, which has raised suspicions of coordinated sell-offs [3][4] Community Reactions - The crypto community has expressed concerns over the actions of large traders, with some labeling them as "snipers," suggesting possible insider involvement [4][5] - STBL's CEO has defended the integrity of the trading activity, asserting that the accounts involved were "orchestrated and professional" [5][6] Company Statements - The STBL team has publicly denied any internal involvement in the sell-off, emphasizing the transparency of their treasury operations and that no changes have been made to allocations or vesting schedules [6] - The team is focused on building the protocol and community adoption, stating that tokens vesting this quarter will not be minted or enter circulation [6]

Core Insights - The Asia-Pacific region is experiencing rapid growth in the stablecoin market, with $2.4 trillion in on-chain stablecoin activity reported from June 2024 to June 2025, reflecting a 69% year-over-year growth rate [1] - Institutions in Asia have the highest global adoption rate of stablecoins, with 56% actively using them for various financial transactions [1] - Singapore and Hong Kong are now the second and third-largest stablecoin hubs globally, with monthly transaction volumes increasing from under $100 million in early 2023 to over $3 billion by early 2025 [2] Market Dynamics - The global stablecoin market capitalization has surpassed $300 billion for the first time, with Tether's USDT holding a 58% market share at $176.3 billion, followed by Circle's USDC at $74 billion [3] - The sector experienced a 20% quarterly growth in Q3 2025, driven by institutional interest and regulatory clarity from the US GENIUS Act [3] Regulatory Developments - Hong Kong has implemented a comprehensive licensing regime for stablecoins, with its Stablecoin Bill taking effect on August 1, leading to over 40 inquiries from companies interested in applying for licenses [4] - Bank of China Hong Kong's shares rose by 6.7% following reports of its plans to apply for a stablecoin issuer license, indicating competitive positioning against the digital yuan [5] - Animoca Brands, in collaboration with Standard Chartered Bank Hong Kong and HKT, has also expressed interest in stablecoin issuance, contributing to a surge in public company funding for stablecoin ventures [6] Upcoming Initiatives - Japan's Financial Services Agency is expected to approve the first yen-denominated stablecoin this month, with JPYC leading the initiative [7]