NDV Founder: Closely monitoring Circle's pullback opportunities; stablecoin competition is beneficial for expanding the crypto market.
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What Is Arc? The Stablecoin Blockchain From USDC Issuer Circle
Arc is a new layer-1 blockchain developed by USDC issuer Circle, designed specifically for stablecoin-native finance.
Circle and Tether Freeze Stablecoins Tied to Bitget Hack—But Most Funds Slip Away
The two stablecoin issuers blacklisted a wallet labeled "Bitget Exploiter 8," locking about $318,000 in USDC and USDT—but the attacker swapped most funds into unfreezable ETH before they could act.
Stablecoin market under pressure: Stablecoin market capitalization decreased by approximately $10 billion, with US stocks becoming the main target of support.
According to Odaily Odaily, based on monitoring by on-chain analyst Yu Jin, amidst the continued correction in the crypto market, the overall market capitalization of USD stablecoins has decreased by approximately $10 billion from its previous high, currently hovering around $300 billion. Meanwhile, some funds are believed to have flowed into the US stock market, which has seen a stronger wealth effect this year. The latest quarterly data shows that leading stablecoins have experienced varying degrees of capital outflows: Tether (USDT): Total supply decreased from approximately $189.8 billion to $184.1 billion, a net outflow of approximately $5.7 billion. USD Coin (USDC): Total supply decreased from approximately $79.6 billion to $73 billion, with a net outflow of approximately $6.6 billion, making it the stablecoin with the largest outflow in this round. The performance of tokens related to Circle, the issuer of USDC, has been under pressure, and its stock price has also fallen from about $136 to around $64, as market expectations for its growth have cooled. In contrast, the stablecoin USD1 recorded a net inflow of approximately $500 million during the same period, increasing its total inflow from approximately $4.1 billion to $4.6 billion, making it one of the few assets to buck the trend and grow. However, this growth is believed to have relied on interest rate subsidy incentive mechanisms from trading platforms, such as some exchanges using promotional activities to encourage user holdings and trading behavior.
OpenUSD Consortium accused of listing stablecoin partners such as Samsung without their consent.
According to Odaily Odaily, Open Standard, the consortium behind Open USD, is accused of listing companies such as Samsung Electronics as backers of the OUSD stablecoin project without their consent. Tony Chung, head of BD at Blockmedia, said that Samsung Electronics stated there had been no formal discussions and it was unclear what role they would play in the project. Shinhan, Dunamu, and K Bank stated that Open Standard had inquired about their interest in participating, to which they only indicated they would "consider," before discovering that their names had already been listed as members of the consortium. Tether consultant Gabor Gurbacs stated that some of the listed partners claimed they never signed or agreed to anything. Circle co-founder and CEO Jeremy Allaire posted that "integrity is important." OUSD is expected to launch later this year. (Bitcoin.com News).
Opinion: Neocloud and memory sectors are experiencing position clearing; pullbacks often present the best buying opportunities.
According to BlockBeats, on July 3rd, renowned analyst degentrading stated that the current market is experiencing a sustained sell-off, with IREN and CIFR leading the decline in the Neocloud sector. Even memory stocks, considered the "ultimate momentum factor," have not been spared, with Micron (MU) falling below the $1000 mark reminiscent of its price action after its last earnings release. Meta (META) has also given back some of its previous gains, as the market has soberly assessed the substance of its plans, dampening previous expectations. Degentrading believes that such position clearing is usually drastic and rapid, and he does not believe he has the ability to accurately time the "absolute bottom." However, he emphasizes that this is precisely why investors should conduct in-depth research themselves. Only in this way can they maintain confidence in holding positions during periods of increased market volatility. Degentrading also cautions that leveraged instruments are not suitable for long-term holding, but only for short-term trading over a few days; otherwise, they will face volatility attrition. He advises investors to ensure they can withstand drawdowns, as position clearing, while brutal, often presents the best opportunities to establish new positions.