PYUSD loses 35% of its stablecoin cap as USDC makes largest transfer in history

Stablecoins are dominating tokenization, with a market cap of $315.62 billion as of press time. Tether‘s $USDT continues to be the dominant stablecoin with 59%, seconded by Circle’s $USDC at 24%.  However, the stablecoin sector has seen a massive spike as institutions like PayPal have transitioned to accepting crypto, thus launching $PYUSD.  $PYUSD‘s cap drops sharply as $USDC’s largest transfer  Recent analysis shows that PayPals $PYUSD was tumbling despite making an all-time high of $4.20 billion in market cap in March.  $PYUSD has since been contracting, with the market cap collapsing about 35%. Its cap now trades at $2.47 billion, with $1.80 billion on the Ethereum [ETH] network.  On Solana [SOL], Arbitrum One [ARB], and Stellar Lumens [XLM], the caps were $703 million, $261 million, and $3 million, respectively, in resistance.  Source: Token Terminal  While $PYUSD was losing its cap, Circle made its largest transfer in history. The transaction involved sending $4.40 billion $USDC to the Coinbase Hyperliquid deployer.  The move changes liquidity depth, stablecoin flows, and trading activity on both Coinbase and HyperliquidX [HYPE].  Source: Coinbase/X  On top of that, Circle minted $750 million in $USDC on Solana in the past 24 hours. Hence, its market cap sits at $74.78 billion.  $USDT and $USDC to continue dominating stablecoin sector  In this

06-14

Morpho's $175M raise shows where crypto VC money is flowing

Investors are increasingly backing stablecoin and credit infrastructure rather than decentralized finance (DeFi) lending alone, with Morpho Labs latest funding round drawing attention to onchain credit markets, according to Spark CEO Sam MacPherson.  Morpho announced Tuesday that it raised $175 million in a round led by Paradigm, a16z crypto and Ribbit Capital. While Morpho is widely known as a DeFi lending protocol, the company said that it aims to become a credit infrastructure layer for banks, asset managers and fintechs.  Onchain credit markets allow users and institutions to borrow, lend and deploy capital using blockchain-based assets. Investors are betting the sector will grow alongside stablecoins and other tokenized financial products.  As stablecoins scale, “credit becomes one of the most important pieces of infrastructure in the stack,” MacPherson told Cointelegraph.  Morphos growing role as lending infrastructure  Morpho has a total value locked (TVL) of $6.72 billion and about $3.47 billion in active loans, according to DeFiLlama data. Risk management platform Sentora said in a Friday newsletter that the figures indicate “significant liquidity depth.”  Morphos total value locked and active loans have climbed sharply since late 2024.Source: DeFiLlama  Sentora also pointed to Coinbases use of Morpho smart contracts to originate more than $2.17 billion in corporate USDC loans as

06-14

Can Hyperliquid price rally past $75 as SpaceX hype fuels a falling wedge breakout?

Hyperliquid price has climbed above $60 after futures open interest reached $2.56 billion, with growing SpaceX speculation supporting a falling wedge breakout toward the $75 region.  According to data from CoinGlass, Hyperliquid ($HYPE) price was trading near $60 on June 12 after gaining more than 7% over the past 24 hours, while futures open interest rose 6.3% over the previous 24 hours to $2.56 billion. The increase pushed $HYPE ahead of $XRP, whose open interest stood at $2.48 billion after a smaller 2% daily increase.  The move comes as Hyperliquid captures a growing share of trading activity tied to SpaceXs public market debut. Through its synthetic SPCX perpetual market, traders have been using the platform to gain exposure to SpaceX before trading begins on traditional exchanges.  Data from Hyperliquid markets showed implied valuations rising well above the companys IPO pricing, drawing substantial speculative interest and helping drive trading volumes higher.  Earlier this week, crypto.news reported that Hyperliquid overtook $XRP in futures open interest after Kalshi launched CFTC-regulated $HYPE perpetual contracts. The development added another avenue for traders seeking exposure to the token and coincided with a double-digit gain in $HYPE price.  Market participants have also positioned for increased activity surrounding the IPO. Commenting on the

06-14

SpaceX IPO Puts 18,712 Bitcoin Treasury on Wall Streets Radar

SpaceXs historic IPO drew fresh attention to one of the largest bitcoin positions held by a public company. SEC filings show 18,712 $BTC on the balance sheet with a fair value of $1.293 billion.  Key Takeaways:SpaceX brought a major bitcoin treasury to public markets through its historic IPO.The companys 18,712 $BTC position highlights growing institutional confidence in bitcoin.Rising corporate adoption could strengthen bitcoins role in long-term treasury strategies.  Historic SpaceX IPO Spotlights One of Americas Boldest Bitcoin Treasuries  Space Exploration Technologies Corp. (Nasdaq: SPCX) entered public markets in a landmark debut that valued the company at $2.1 trillion, making it the largest IPO on record. The offering drew attention to SpaceXs launch business, satellite network, artificial intelligence ambitions, and unusually large bitcoin treasury.  SpaceX disclosed 18,712 $BTC in its Form S-1 amendment filed with the U.S. Securities and Exchange Commission (SEC) on June 3, 2026. The filing placed the bitcoin position within the companys broader balance-sheet disclosures before its public-market debut.  The filing states:  “As of March 31, 2026 and December 31, 2025, the company also held 18,712 units of bitcoin with a cost basis of $661 million and fair value of $1,293 million and $1,637 million, respectively.”  SpaceX‘s bitcoin holdings. Source: SpaceX’s SEC filing  Updated accounting rules

06-14

Ripple wants AI agents to pay in XRP and RLUSD. The market is still mostly USDC

Ripple launched an XRPL AI Starter Kit to help developers build AI agents that can send payments on the $XRP Ledger using $XRP and its $RLUSD stablecoin.The company aims to compete in the growing x402 machine-to-machine payments market, which is currently dominated by $USDC and has processed more than 120 million transactions across 14 blockchains.While Ripple touts fast, low-cost, protocol-level payments and a native DEX as advantages, x402 itself introduces new web-and-blockchain synchronization risks, and Ripple has not yet disclosed real-world adoption metrics for agent payments.  Ripple is trying to put $XRP and $RLUSD into the market for AI-agent payments in an environment that is still mostly paying in the dollar-pegged $USDC stablecoin.  The company introduced the XRPL AI Starter Kit earlier this week, a set of developer tools for building AI agents that can send payments on the $XRP Ledger, per a release shared with CoinDesk.  This kit includes XRPL documentation access through an MCP server (which connects a services AI tools to external data sources), Claude skills for wallet creation, balance checks and payments, and support for x402 payments using $XRP and Ripple USD, Ripples dollar-backed stablecoin.  The pitch is that if AI agents are going to buy API access, pay for

06-13

Ripple chases AIs machine economy as XRPL stablecoins near $1 billion

Stablecoin liquidity on the $XRP Ledger (XRPL) has nearly doubled over the past month, putting the network within reach of a $1 billion supply milestone as Ripple tries to position its blockchain for automated payments.  The surge gives Ripple a stronger base for one of its most ambitious pitches yet: that artificial intelligence agents will need dollar-denominated payment rails that can settle transactions in seconds, enforce spending rules, and operate without manual approval at every step.  Data from DeFiLlama shows stablecoin supply on the XRPL at about $770 million, up roughly 97% over the past 30 days.  XRPL Stablecoin Supply (Source: DeFiLlama)  RWA.xyz, which tracks a broader set of tokenized real-world assets and stablecoins, places XRPLs stablecoin market capitalization at about $901.7 million, with 30-day transfer volume rising 122% to $4.95 billion.  The gap between the two data providers reflects differences in methodology, but both show the same trend. Dollar-pegged assets on the $XRP Ledger are growing quickly, and $RLUSD, Ripples own stablecoin, is driving most of that increase.  DeFiLlama data show $RLUSD accounting for nearly 99% of stablecoin supply on the $XRP Ledger, with about $761.7 million issued on the network. RWA.xyz lists $RLUSDs total market capitalization across supported blockchains at roughly $1.65 billion.  Ripple $RLUSD

06-13

Exodus launches tokenized stock marketplace with Ondo, adds 200-plus onchain equities

Exodus has launched a marketplace for tokenized assets through a partnership with Ondo Finance, allowing eligible users to trade more than 200 tokenized stocks, ETFs and other real-world assets on Solana directly from the crypto wallet.  The company said Exodus Markets is available in select markets and that users can access the service by updating to the latest version of the app. Tokenized assets do not represent ownership of the underlying securities and do not provide shareholder rights, according to the announcement.  Cointelegraph contacted Exodus to determine which jurisdictions are eligible for Exodus Markets but had not received a response by the time of publication.  Founded in 2015, Exodus is a self-custody crypto wallet provider. RWA.xyz data shows tokenized Exodus shares account for more than $55 million in onchain value, placing them among the largest tokenized equities by market size.  Top tokenized equities. Source: RWA.xyz  Ondo Finance is one of the largest issuers of tokenized real-world assets. According to RWA.xyz data, the companys tokenized products hold about $2.7 billion in assets, led by its USDY and OUSG Treasury funds.  xStocks leads growth in tokenized equities  The launch comes amid rapid growth in tokenized equities. According to RWA.xyz, the value of tokenized stocks has climbed to $3.5 billion,

06-13

Bitcoin History Shows SP500 Could Drop After SpaceX IPO: Possible Impact on BTC

Historical data surrounding how Bitcoin reacted before and after the Coinbase IPO suggests the S&P 500 could pull back after the SpaceX IPO.  As investors look ahead to the SpaceX IPO, market analyst Ali Martinez has called attention to Bitcoins performance around the Coinbase public listing in 2021 as a hint to what could happen next in the stock market.  According to Martinez, the strong gains recorded by the S&P 500 over the past year could be followed by a period of cooling off after SpaceX goes public. If this happens, some of the money leaving stocks could find its way into Bitcoin and the broader crypto market.  Ali Martinez Compares SpaceX IPO to Coinbase Listing  In a recent market commentary, Martinez compared the upcoming SpaceX IPO with the Coinbase IPO, which took place on April 14, 2021.  He noted that Bitcoin enjoyed a massive rally before Coinbase entered the public market. Specifically, between March 2020 and April 2021, BTC climbed more than 1,200% and reached a high of about $64,000.  However, the rally did not continue for long after the listing. Within weeks, Bitcoin lost around 50% of its value and dropped to roughly $30,000 by May 2021.  Martinez believes a similar pattern could play out

06-13

SpaceX tokenized IPO campaign draws $557M on Binance ahead of debut

Binances SpaceX tokenized IPO campaign attracted over $557 million in USDC deposits from about 27,689 wallet addresses ahead of the companys highly anticipated public listing.  Wallets contributing up to $20,000 accounted for more than 81% of participating addresses but only 18.39% of total funds, while 114 addresses contributed over $500,000 each, representing about 10.2% of the funds, according to Dune data.  The deposits point to strong demand for crypto-based pre-IPO exposure ahead of SpaceXs Nasdaq debut on Friday, with the company seeking to raise $75 billion at $135 a share and an around $1.8 trillion valuation.  On decentralized exchange Hyperliquid, SpaceX perpetual futures traded in the $180 to $200 range after the pre-IPO market went live on May 18, implying a valuation closer to $2.5 trillion, Talos said in a Tuesday report. The implied share price moved closer to the IPO level by Monday but has since rebounded to $179.  SpaceX perpetual futures traded at around $179 across Hyperliquid, Binance and other crypto platforms. Source: Talos  Talos added that crypto exchanges are becoming a new price discovery venue for pre-IPO stocks, as Hyperliquids pre-IPO perps priced Cerebras (CBRS) recent Nasdaq debut within 1.3% of its $350 opening price.  Related: Crypto exchanges chase TradFi commodities market as

06-12

Coinbase launches tool letting AI agents make payments and trade crypto

Crypto exchange Coinbase has launched a tool that allows artificial intelligence agents to make payments and trade crypto on behalf of users, as crypto companies look to ride a wave of interest in AI.  Coinbase said Thursday that it is launching Coinbase for Agents, which will allow AI models like ChatGPT and Claude to connect with a users exchange account and be prompted to make trades or execute strategies.  AI agents can also make payments using Coinbases AI payments protocol x402, allowing the bots to pay for data services to gather information for carrying out trading strategies without human intervention.  Crypto companies have been positioning the technology as a means to support the high-frequency microtransactions that agents typically carry out. AI agents have grown in popularity with the release of better models, with more traders trusting them to autonomously execute trading strategies.  Coinbase said the tool is available via both a model context protocol (MCP), allowing AI models to connect with a user account, and a command-line interface for developers.  Source: Coinbase  The company said it also introduced Coinbase Advisor, an AI agent integrated into its app that it says is a US Securities and Exchange Commission and Commodity Futures Trading Commission-registered financial adviser that can

06-12
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