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This news: Goldman Sachs, BofA and others plan to issue dollar stablecoin together in 2027, made me review this map (I could have taken another one from the portfolio of maps I have on this company). The key question I asked myself was: in this situation, should they buy or build? Buy or build 1. … Read more
Yes, they have a direct strategic, financial, and technological relationship. Circle (the company that issues the USDC stablecoin) is one of the most important allies within the Hyperliquid ecosystem. The 3 key ways they are related are: In summary, USDC acts as the “financial lifeblood” of the exchange, while Circle acts as an infrastructure partner … Read more
Circle has announced the Inter-company Treasury Management. This is a new use case oriented to the banks. Stable-coins traditional use case is to enable crypto investors to quickly sell crypto under USD-stablecoin (mainly USDT and USDC). Circle serves this use case through the Fintech companies and marketplaces. What are the main capabilities they provide in … Read more
US and Europe has regulated their digital assets in different way. US, has regulated this space of the market and is enabling private competition to thrive (and die), while Europe is issuing directly the digital euro. The US is betting on regulated private competition (through Genius Act ), while Europe issuing directly digital euros, building … Read more
When looking at who is consuming stablecoins and which ones, you can consult diagrams like this one below, where Tether is the main one followed by USDC. But this does not give you a lot of context. Now if you look at this map, where 73% of the world’s income is possessed by 14% of … Read more
The yield / no-yield discussion around Digital Asset Market Clarity Act exposes this tension (map below): In one side, banks keep high volumes of deposits and provide less benefits to the end user. In the other side of the table Fin-tech companies are willing to offer more profit to users for the adoption of Stable-coins, … Read more
I was not familiar with this ecosystem of payments and I wanted to learn a little bit on the basis. The TRON Network is a decentralized, open-source blockchain designed to be a “global settlement layer” for digital assets. They started in 2017 with the goal of decentralizing the internet and the entertainment industry (giving content … Read more
I have been reading more about stablecoins and what are the mechanisms behind the scene. In this previous map I asked my question: what do these companies do with all these US dollars they have in custody? The answer before July 2025 was: where they obtain more benefits keeping the risk of lack of liquidity … Read more
This interview, that is in Spanish, is great to understand how Europe is legislating around stablecoins and how late they are with CBDC. NUEVO DINERO o cómo Europa se carga a las Stablecoins. I did a map to remember the situation described in the interview at the end of 2024.
The story of the ETFs linked to cryptos started in 2013 with the first formal request. It was done by Winklevoss Bitcoin Trust, proposed by Cameron and Tyler Winklevoss. They requested it 7 times starting in 2013: all rejected. The ones that have obtained the approval now have been: My initial thoughts My initial thoughts … Read more