While you were sleeping, the financial world fundamentally shifted.

BlackRock's Bitcoin ETF just became the fastest fund in history to reach $70 billion in assets, Stripe dropped $1.1 billion to acquire crypto infrastructure companies, and the U.S. Senate passed stablecoin legislation with a stunning 68-30 vote. Meanwhile, MicroStrategy and a growing army of public companies now control 30% of Bitcoin's entire supply, Shopify's 2 million merchants can suddenly accept USDC payments, and Solana is processing $75 billion in monthly meme coin volume—more than most traditional exchanges handle across all assets.

This isn't just another crypto rally; it's the moment when digital assets crossed the Rubicon from speculative experiment to core financial infrastructure.

In today's issue, we're dissecting how stablecoins are quietly becoming the backbone of global payments, and why the biggest crypto story might not be happening on exchanges at all—but in corporate boardrooms and Senate hearing rooms where the future of money is being rewritten in real time.

As always, feel free to send us feedback at [email protected].

Stablecoins are no longer just a crypto niche—they’re at the heart of a financial revolution. With the US Senate’s Genius Act providing long-awaited regulatory clarity, a surge of institutional interest is reshaping the landscape.

Circle’s $CRCL ( ▼ 5.15% ) blockbuster IPO, Stripe’s strategic acquisitions, and Shopify’s integration of USDC for its 2 million merchants all signal that stablecoins are becoming a core payments and settlement technology.

Major players like SocGen and DTCC are entering the fray, while Fireblocks reports record-breaking stablecoin volumes. As stablecoins move beyond trading to power global, programmable, 24/7 payments, debates intensify over centralization, regulatory arbitrage, and the future of dollar dominance. The market could hit $2T by 2028, but the big question remains: who will capture the value in this new era—issuers, banks, or payment networks?

A new wave of publicly traded companies—led by MicroStrategy, GameStop, and MetaPlanet—are aggressively accumulating Bitcoin $BTC.X ( ▼ 0.61% ) , fundamentally altering both corporate finance and the crypto market. By issuing billions in convertible notes to buy up BTC, these firms now control a significant share of the total supply, with MicroStrategy alone holding 3%.

This bold strategy, pioneered by Michael Saylor, has sparked a rush of imitators and ignited debate: Is this a bullish structural shift or a risky bubble fueled by leverage? With 126 public companies now holding Bitcoin, and 30% of all BTC concentrated among just 216 entities, concerns are mounting about centralization, sustainability, and the potential for a 'GBTC 2.0' crisis. The trend is even spilling into altcoin treasuries, raising further questions about the future of corporate crypto adoption and the implications for Bitcoin’s status as a reserve asset.

Crypto is taking center stage on Wall Street as a wave of high-profile IPOs and public listings—led by Circle’s blockbuster debut—captures investor attention.

Circle’s IPO, oversubscribed 25 times and now valued at $25B, has set off a rush of filings from industry heavyweights like Gemini and Bullish. Meanwhile, Stripe’s aggressive M&A and Shopify’s USDC integration signal a race to dominate the stablecoin and payments landscape.

Public market appetite for crypto firms is surging, driving sky-high valuations and intense debate over sustainability. As traditional IPOs heat up, the industry is also eyeing a future of on-chain, tokenized equity offerings that could democratize access and reshape capital markets. With $500M+ in recent crypto M&A, billions flowing into ETH ETFs, and a growing pipeline of public-ready crypto companies, the narrative has shifted: crypto is no longer a sideshow—it’s the main event for public market investors.

Stripe’s acquisition of Privy and Bridge, alongside Shopify’s rollout of USDC payments, signals a transformative leap for crypto payment infrastructure. With Stripe now enabling millions of businesses and tens of millions of Privy wallet users to access seamless stablecoin transactions and non-custodial wallets, the barriers to mainstream crypto adoption are rapidly falling.

Privy’s focus on intuitive wallet UX is making crypto accessible to the masses, while Shopify’s 2M+ merchants can now accept USDC, reflecting the growing utility of stablecoins beyond trading. As Fireblocks reports record stablecoin volumes, the narrative has shifted: stablecoins are now seen as programmable, global, and always-on payment rails. Despite concerns around centralization and regulation, the infrastructure stack—led by Stripe, Privy, Bridge, and Shopify—is evolving fast, positioning stablecoins and wallets at the heart of a programmable, open financial future.

Solana $SOL.X ( ▼ 1.59% ) has rapidly become the epicenter of meme coin trading, boasting record-breaking volumes and attracting significant institutional attention.

One remarkable indicator of this frenzy: at its peak, Solana saw 60,000 new coins launched per day, underscoring the sheer scale and velocity of activity on the network.

With Standard Chartered’s Jeff Kendrick projecting SOL to reach $275 by 2025 and $500 by 2029, the spotlight is on whether Solana can evolve beyond its meme coin frenzy to support more robust use cases like tokenized equities, social platforms, and payments. In May 2025 alone, meme coin trading on Solana soared to $75B, highlighting the chain’s explosive growth but also raising questions about the sustainability and perception of this activity among institutional players. As a potential Solana ETF looms on the horizon and the altcoin ecosystem becomes increasingly narrative-driven—with meme coins, AI tokens, and new L1s/L2s vying for dominance—the debate intensifies: Can Solana’s speed and scale outpace Ethereum’s institutional trust and stablecoin leadership? The future remains uncertain, but Solana’s surging flows and meme coin mania are reshaping the altcoin landscape.

Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered investment advice. Cryptocurrency investments are speculative and involve significant risk. Please conduct your own research and consult with a financial professional before making any investment decisions.