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]

Core Insights - The stablecoin market has outpaced the broader cryptocurrency ecosystem in 2023, growing 42% year-to-date compared to 21% for the overall crypto market, largely due to the U.S. GENIUS Act [1][2] - Stablecoins now represent approximately 7.5% of the total $3.8 trillion crypto market cap and about 1.3% of the U.S. M2 money supply, an increase of 35 basis points since the beginning of the year [1] Market Dynamics - The stablecoin market cap has increased by 19% since the signing of the GENIUS Act on July 18, indicating that regulatory measures have spurred adoption [2] - Circle's USDC has emerged as a significant beneficiary, with its market cap rising from $61.5 billion at the end of June to $73.7 billion by late September, capturing a 25.5% share of the stablecoin market, an increase of about 400 basis points [3] Competitive Landscape - Tether's market dominance has decreased from 67.5% at the start of the year to 60.4%, while Ethena's USDe has gained traction, reaching $14.4 billion in circulation and securing a 5% market share [4] - The competitive balance in the dollar stablecoin market is shifting, with USDC increasing its share of the combined market from 24% at the start of the year to nearly 30% [4] Future Implications - The GENIUS Act may further favor Circle, although a more fragmented market could benefit liquidity service providers like Bullish, which supports a growing number of stablecoin issuers [5]

Core Insights - The global stablecoin market is experiencing significant growth in 2025, with major institutional players like SoftBank and ARK Investment investing in infrastructure companies such as Tether [1][3] - Tether is reportedly seeking a $20 billion funding round, potentially valuing the company at around $500 billion, which would position it among the world's most valuable private firms [2][3] - The stablecoin sector's market capitalization has surged to over $275 billion, with projections suggesting it could reach $1 trillion by 2028 [5] Company Developments - Tether's USDT supply exceeds $170 billion, and the company aims to diversify its business beyond stablecoins [2][3] - In Q2 2025, Tether reported a net income of $4.9 billion, reflecting a 277% increase from the previous year, supported by large US Treasury holdings and a growing Bitcoin reserve [4] Market Trends - The stablecoin sector is undergoing explosive growth driven by institutional adoption and emerging regulatory clarity, with 90% of surveyed institutions actively integrating stablecoins for treasury management and international settlement [5][6] - Stablecoins are increasingly utilized in cross-border payments, accounting for over 43% of B2B transactions in Southeast Asia [6]

Core Insights - SoftBank and Ark Invest are in early discussions to invest in Tether, which is looking to raise up to $20 billion, potentially valuing the company at around $500 billion, making it one of the most valuable private companies globally [1][2] Industry Overview - The stablecoin sector is experiencing rapid growth, with a 40% increase year-to-date, reaching a market value of $287 billion, and projections from Citi suggest it could hit $4 trillion in a bullish scenario [2][6] - Stablecoins, which are cryptocurrencies pegged to fiat currencies like the U.S. dollar, are seen as a cheaper and faster alternative for cross-border transactions [2] Company Performance - Tether's USDT leads the market with a market capitalization of $173 billion, primarily backed by U.S. Treasuries, resulting in $4.9 billion in profits reported in Q2 of this year [3] - Circle, the issuer of the second-largest stablecoin USDC, went public in June, with its stock price soaring from $30 to $300, indicating strong investor interest in the stablecoin market [4] Strategic Developments - Tether plans to enter the U.S. market with a new dollar token, USAT, compliant with the GENIUS Act, the first federal law governing stablecoins, and has appointed Bo Hines to lead its U.S. division [5]