Circle's Quiet Takeover Of Tether
While Tether’s USDT still dominates stablecoin supply, Circle's USDC has begun outpacing it in transaction volume – hitting new highs last month at more than twice Tether's level. The kicker? Tether trades at roughly 20x Circle's market cap, yet Circle is publicly traded while Tether remains private. If USDC supply growth starts outpacing Tether's too, it could reshape which stablecoin wins the adoption race. Read more →
Oil Trades Are Booming on Hyperliquid
Oil just became one of the hottest trades on Hyperliquid, a 24/7 crypto derivatives venue. Bloomberg reports an oil-linked contract on the platform did $1.2 billion in volume in the past day, briefly overtaking ETH to become Hyperliquid’s #2 market behind BTC – right as crude ripped higher on traditional exchanges amid fresh Middle East supply fears. The big takeaway isn’t the microstructure — it’s the use case: A crypto-native exchange is giving people a way to react to a major macro story in real time, around the clock, using stablecoins to settle the trade. Read more →
Crypto Deals Shrink, But Size Grows
Crypto venture funding rose 50% YoY through March 2026, but the real story is concentration. Average deal size hit $34 million, up ~270% from a year earlier, as the number of deals plummeted 46% and active investors fell 34.5%. Overall, VCs are betting bigger on fewer, later-stage bets – a sharp departure from the fragmented early-stage activity that once defined the sector. Read more →
Ring Sold for $1B. Nest for $3.2B. Who's Next? (From IOTTY)
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