What Is Circle Worth?
Circle (CRCL) fell more than 20% yesterday on news that the latest draft of the proposed CLARITY Act restricts platforms’ ability to pay interest income to stablecoin users. Bitwise's CIO Matt Hougan thinks the reaction is overblown. He argues the market overreacted because stablecoin adoption is driven by convenience and trust, not yield. Using conservative assumptions (a $1.9 trillion market by 2030, Circle holding 25% share, and margins cut in half), he values Circle at $75 billion, roughly double today's price. The real question: will Circle's dominance in regulated stablecoins hold as big banks enter the space? Read more →
Pump Not So Much Fun
Over 50% of crypto wallets trading Pump Fun-launched tokens posted losses in the past month, according to Dune analytics compiled by analyst @oladee. Furthermore, roughly 96% of traders made less than $500. Meanwhile, the top 250 token deployers extracted $79 million from traders over 6 months, launching 194,000 tokens but producing only about 10 with market caps exceeding $5 million. Read more →
Invesco joins tokenization race
Invesco is taking over day-to-day management of Superstate’s USTB, a roughly $967 million tokenized short-duration U.S. government securities fund, while Superstate continues running the fund’s tech layer. When the transition closes in Q2 2026, the fund is expected to be renamed the Invesco Short Duration US Government Securities Fund, though it will keep the USTB ticker.
Notably, this is not a broad retail product. USTB is limited to Qualified Purchasers, with a $100,000 minimum initial investment. And BlackRock already offers a similar vehicle in BUIDL, a tokenized institutional liquidity fund backed by cash, T-bills, and repos, with a $5 million initial minimum. Read more →
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