👀 Top 7 New Stablecoins by Growth Since Q2 End (Jul 1 – Oct 16, 2025)1️⃣ @USDai_Official USDai +$596.35M2️⃣ @capmoney_ cUSD +$222.48M3️⃣ @solsticefi USX +$211.76M4️⃣ @StandX_Official DUSD +$161.39M5️⃣ @infiniFi_ iUSD +$151.37M6️⃣ @Gate GUSD +$148.09M7️⃣ @MetaMask mUSD +$87.19M ...

Stablecoin Landscape - The document lists a variety of stablecoins, including USDT, USDC, BUSD, FDUSD, PYUSD, GUSD, TUSD, USDP, DAI, sUSD, LUSD, FRAX, USDD, USDe, and USD1 [1] - Mentions the question of how many stablecoins are sufficient [1] - Includes potentially misspelled or variant stablecoin names like mUSD, NET, and PYUSD0 [1]

Core Insights - Tether is in discussions to raise $20 billion from investors, which would value the company at $500 billion, significantly impacting the stablecoin industry [1] - The valuation positions Tether alongside major companies like OpenAI and SpaceX, while its USDT token leads the market with over $172 billion in circulation [2] - Tether plans to launch a new stablecoin, USAT, for the US market by the end of the year, and has reported substantial profits from its investments in US Treasuries [3] Industry Overview - The stablecoin market is rapidly evolving, with predictions suggesting it could grow into a $2 trillion market, driven by recent US legislation and a favorable crypto policy environment [5] - Investment in stablecoin startups surged, with $537 million raised in 2025, indicating the increasing importance of stablecoins in the crypto economy [6] - Tether's recent profits have raised questions about the timing of its capital raise, particularly in light of anticipated interest rate cuts [4]

Core Insights - Circle, the issuer of USDC, experienced a $482 million loss in Q2, leading to a 15% drop in stock price, yet maintains a valuation of $36 billion, a 115% increase from its public offering price [1] - The demand for stablecoins is driven by Wall Street investors, with predictions of the US dollar stablecoin market reaching $2 trillion in the coming years [2][3] - The recent passage of stablecoin legislation in the US has spurred significant investment in the sector, with startups raising $537 million in 2025, a five-fold increase from 2024 [3] Company Insights - Circle is perceived as a regulated gateway for digital dollars rather than just a blockchain firm, reflecting its high valuation despite financial losses [4][5] - Institutional demand for stablecoin exposure positions Circle as a key player in the financial ecosystem, attracting interest from other issuers looking to enter public markets [4][5] Market Trends - The stablecoin market is witnessing a rush, with smaller firms capitalizing on investor demand, as evidenced by Gemini's oversubscribed IPO, which initially traded 32% above its $28 offering price [6] - Paxos is identified as a potential next candidate for public offering in the stablecoin sector, indicating ongoing interest and growth opportunities [7]

Gate’s $GUSD surpassed $120M in mints just two weeks after launch.In today's article, we explore how GUSD’s auto-compounding model works and why @Gate’s stablecoin strategy is reshaping RWA adoption.Read the full guide 👇https://t.co/AZrva39zFW ...

Gate’s $GUSD surpassed $120M in mints just two weeks after launch.In today's article, we explore how GUSD’s auto-compounding model works and why @Gate’s stablecoin strategy is reshaping RWA adoption.Read the full guide 👇https://t.co/AZrva391Qo ...

Core Insights - The IPOs of Gemini and Figure represent significant advancements in the new financial revolution, with Gemini focusing on compliance in the crypto space and Figure aiming to transform the traditional credit market using blockchain technology [1][2] Group 1: Gemini - Gemini aims to be the trusted entry point for institutional investors in the crypto market, especially after the trust crisis following the FTX collapse [3][6] - The company has established a strong competitive moat through its compliance credentials, including the BitLicense, which allows it to operate legally in New York and enhances the trust in its stablecoin GUSD [5][6] - Gemini's comprehensive ecosystem includes services like custody, lending, NFTs, and DeFi, positioning it as a reliable partner for institutional investors seeking security [6][14] - The company plans to raise $317 million through its IPO to support global expansion and technology upgrades, reinforcing its status as a compliant crypto financial gateway [6][14] Group 2: Figure - Figure targets the $10 trillion U.S. consumer credit market, utilizing blockchain technology to disrupt traditional banking and financial services [8][12] - The Provenance platform is a key technological asset for Figure, enabling the digitization of traditional financial products and improving transaction efficiency and cost [11][12] - As the first public company focused on Real-World Assets (RWA), Figure's IPO is valued at $3.3 billion, with plans to raise $526 million to enhance technology development and market expansion [12][14] - The company faces challenges in market education and regulatory compliance, which are critical for the acceptance of its blockchain-based financial solutions [12][14] Group 3: Investment Logic - Both Gemini and Figure are not merely following short-term trends but are building long-term competitive advantages based on compliance and technology [13][14] - Gemini's investment thesis is centered on the "legitimization of crypto finance," while Figure focuses on the "digitalization of trillion-dollar markets" [14] - The success of both companies could mirror that of Circle, which benefited from strong compliance and brand reputation, suggesting that Gemini and Figure also possess similar foundational strengths [14]

Core Viewpoint - The IPOs of Gemini and Figure represent a significant breakthrough in the new financial revolution, with Gemini focusing on compliance in the crypto space and Figure aiming to reshape the traditional credit market using blockchain technology [3][5][6]. Group 1: Gemini - Gemini aims to become the preferred choice for institutional investors by providing a secure and compliant entry into crypto trading and custody [7][10]. - The company's competitive advantage lies in its unmatched compliance credentials and brand trust, particularly in the wake of a trust crisis in the crypto industry [9][10]. - Gemini's IPO aims to raise $317 million, which will be used for global expansion and technology upgrades, reinforcing its position as a compliant entry point into crypto finance [10][19]. Group 2: Figure - Figure targets the $10 trillion U.S. consumer credit market, using blockchain technology to disrupt traditional banking and financial services [13][17]. - The Provenance platform is a key technological foundation for Figure, enabling the digitization of traditional financial products and significantly reducing transaction times and operational costs [16][17]. - Figure's IPO is valued at $3.3 billion, with a fundraising goal of $526 million to support technology development and market expansion [17][19]. Group 3: Investment Logic - Both companies are not merely following short-term trends but are based on profound insights into the future financial landscape, establishing long-term competitive barriers centered on compliance and technology [18][19]. - Gemini's investment logic is based on the "legitimization of crypto finance," while Figure's is focused on the "digitalization of a trillion-dollar market" [18][19].

Core Insights - The upcoming IPO of Gemini Space Station Inc. is valued at approximately $3.1 billion, significantly lower than its estimated worth of $7.1 billion in 2021 [4][30] - Despite the Winklevoss twins' political connections and personal wealth, Gemini has struggled to compete with larger rivals like Coinbase, which has recently achieved record trading volumes [3][4][5] - The company's net losses in the first half of the year reached $282.5 million, nearly seven times greater than the same period last year, highlighting ongoing financial challenges [22][23] Company Performance - Gemini has only captured about 3% of the US trading market, a decline from its peak during the 2021 crypto boom [23] - The exchange has relied heavily on loans from the Winklevoss twins, who own around 80% of the company [3] - Gemini's trading volume is significantly lower than competitors, with Coinbase attracting about 25 times more volume recently [3] Political Engagement - The Winklevoss twins have shifted from Democratic donors to prominent supporters of Donald Trump's political agenda, including a $21 million Bitcoin donation to a pro-Trump political action committee [6][8] - Their political connections have allowed them to influence regulatory discussions, including efforts to delay the confirmation of a Commodity Futures Trading Commission nominee [20] IPO Details - The IPO is oversubscribed, and Gemini has raised its expected share price range, indicating strong interest despite the company's financial struggles [9] - The twins are expected to receive approximately 35 million Class B shares in exchange for $700 million in convertible loans, potentially worth over $900 million at the IPO's top range [10][30] - Gemini plans to use the IPO proceeds for general corporate purposes and to repay third-party debts [28] Market Position - Gemini's market cap for its stablecoin, GUSD, has decreased by nearly half, contrasting with the growth of the overall stablecoin market [25] - The exchange has been slow to introduce new products and currently trades only 84 crypto tokens, compared to 317 at Coinbase [26] - The company's commitment to regulatory compliance may have hindered its growth compared to more aggressive competitors [27]

Core Insights - The Winklevoss twins are leveraging their political connections with the "MAGA" movement to boost the valuation of their cryptocurrency exchange, Gemini, ahead of its IPO, despite the company facing significant financial losses [1][2][17] - Gemini's valuation is set at approximately $3.1 billion, which is less than half of its valuation during a funding round in 2021, highlighting a decline in market position compared to competitors like Coinbase [2][17] - The twins have shifted from Democratic donors to staunch supporters of Trump, significantly increasing their political contributions, including a $21 million Bitcoin donation to a pro-Trump political action committee [5][8] Company Performance - Gemini reported a net loss of $282.5 million in the first half of the year, nearly seven times the loss from the same period last year, indicating ongoing financial struggles [17] - The company has a market share of only 3% in the U.S. cryptocurrency trading market, which has remained low for most of the past three years [17][19] - Gemini's revenue primarily comes from trading fees, but it has expanded into NFTs, crypto-backed credit cards, and stablecoins, although its own stablecoin's market cap has nearly halved [17][19] IPO Details - The IPO is expected to raise up to $433 million, with a significant portion allocated to retail investors through platforms like Robinhood [2][21] - The twins hold approximately 97% of the voting rights in Gemini, which may raise questions about the IPO's purpose and whether it is primarily a liquidity event for existing owners [19][21] - Despite the company's poor performance metrics, the IPO has seen oversubscription, suggesting strong interest from investors [8][20] Market Context - The cryptocurrency market has been influenced by regulatory changes and the political climate, with the twins benefiting from favorable policies during the Trump administration [8][17] - Gemini's trading volume is significantly lower than that of competitors, with recent data showing it only trades 84 cryptocurrencies compared to Coinbase's 317 and Kraken's 495 [18][19] - The company's adherence to regulatory compliance may have hindered its growth compared to more aggressive competitors [18][19]