Latest news with #stablecoin
Bloomberg
2 hours ago
- Business
- Bloomberg
Circle Gets First Buy Rating After Senate Passes Stablecoin Bill
Circle Internet Group Inc. 's shares rose as much as 17% on Friday after Seaport Global gave the stablecoin issuer its first buy rating in the wake of the US Senate's move this week to pass legislation setting up regulatory rules for cryptocurrencies pegged to the dollar. The company behind USDC, the second-largest stablecoin by market share, has seen its shares rise more than 600% since they started trading early this month.
Bloomberg
4 hours ago
- Business
- Bloomberg
Canadian Crypto Firms Struggle to Create First Local Stablecoin
While the US Senate advanced far-reaching stablecoin legislation, Canadian companies are pushing to get even the most basic stablecoin products available for users in the country. A Toronto-based startup backed by Coinbase Global Inc. made a filing with regulators this month asking for approval to create the first publicly-available stablecoin backed by the Canadian dollar. The company, Stablecorp Digital Currencies Inc., asked the Ontario Securities Commission to approve its QCAD product a month after announcing backing from Coinbase Ventures.
Globe and Mail
4 hours ago
- Business
- Globe and Mail
Zacks Investment Ideas feature highlights: Meta Platforms, Blackrock, IBIT, Circle and Coinbase
For Immediate Release Chicago, IL – June 20, 2025– Today, Zacks Investment Ideas feature highlights Meta Platforms META, Blackrock BLK, iShares Bitcoin Trust ETF IBIT, Circle CRCL and Coinbase COIN. Bitcoin's launch in 2009 changed the world forever and triggered the crypto revolution. The world's first cryptocurrency rose from obscurity, once primarily used for nefarious purposes like buying drugs off the dark web off websites like 'The Silk Road,' to the mainstream. Today, Bitcoin is a $2.08 trillion asset and is larger than some of America's largest companies like Meta undeniable success has bred further innovations and new products. Depending on how you count, there are approximately 10,000 cryptocurrencies in existence. Few could have possibly predicted that, Blackrock, the world's largest asset manager and once a Bitcoin skeptic, would launch the iShares Bitcoin Trust ETF. Still, there have been many booms, busts, and too many failures to count. For example, non-fungible tokens, or NFTs, caught fire a few years ago, only to plunge in value and become irrelevant. That said, stablecoins are a rare and often overlooked crypto innovation that is likely to stay. Better yet, the stablecoin revolution is in its infancy and will only grow from here. What is a Stablecoin? When most investors think of cryptocurrencies, they think of rampant speculation and volatility. To most, these attributes are a feature, not a bug. However, a stablecoin is a cryptocurrency that is built to have low volatility and "peg" its value to a stable asset such as the fiat currency (like the US dollar) or a commodity like silver. Stablecoin operators back their stablecoins by holding fiat currency or T-bills in bank accounts. What is the Benefit of Stablecoins? Beyond bringing low volatility to crypto, stablecoins bridge the gap between crypto and legacy finance. The primary benefit of using stablecoins is that they allow for far cheaper and more rapid transactions than traditional banks. In addition, these stablecoins allow for much easier international transactions and wait times. Why Stablecoin Adoption is Increasing Rapidly On 'The All-In Podcast,' venture capitalist Chamath Palihapitiya laid out two reasons stablecoin usage will surge in 2025: 1. Stablecoin usage decoupled from crypto volatility for the first time in 2024. In other words, stablecoins are being used for wholesale useful functions in running a business. 2. In the first half of 2024, stablecoins ($8.5T) had more than double the transaction volume of Visa (~$3.5T). Chamath continued, "I think we're going to finally attack the duopoly of Visa and Mastercard. I think you're going to see an innumerable number of use cases that sit and use stablecoin rails. Judging by the performance of recent IPO Circle, operator of the second largest stablecoin USDC (a stablecoin pegged to the dollar), the Wall Street investors believe the hype. CRCL shares are already up 79% since going public earlier this month! Meanwhile, while stablecoin demand is already impressive, a new bill advancing through congress can accelerate that demand. Senate Passes GENIUS Stablecoin Act After years of running into regulatory hurdles, mostly from the Democrats, the US Senate has approved stablecoin legislation in a bipartisan vote. The bill would finally put a regulatory framework around issuing and operating stablecoins, lending credibility to the industry. Next, the bill will move to the US House of Representatives, where the Republicans hold a majority. Finally, it will go to President Trump's desk, where it will likely be signed (based on Treasury Secretary Scott Bessent's comments). Stablecoin Winners & Losers As mentioned, CRCL is a big winner based on its performance. Coinbase,which has a revenue share program with CRCL, is another big card companies like Mastercard and Visa as well as legacy banks, are potential is looking to move into the industry after filing a patent for a stablecoin-like token called JPMD. Bottom Line The stablecoin revolution is more than a fleeting trend; it's a fundamental shift in how we approach digital transactions in the broader financial landscape. With its efficiency, low cost, and legislative support, demand for stablecoins is set to soar. Why Haven't You Looked at Zacks' Top Stocks? Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year. Today you can access their live picks without cost or obligation. See Stocks Free >> Media Contact Zacks Investment Research 800-767-3771 ext. 9339 support@ Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit for information about the performance numbers displayed in this press release. Zacks Names #1 Semiconductor Stock It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom. With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028. See This Stock Now for Free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. BlackRock (BLK): Free Stock Analysis Report Coinbase Global, Inc. (COIN): Free Stock Analysis Report Meta Platforms, Inc. (META): Free Stock Analysis Report
Forbes
6 hours ago
- Business
- Forbes
The GENIUS Act Cements Stablecoins' Place In Cross-Border Payments
A digital representation of a US dollar stablecoin. Stablecoins are set to see a regulatory boost ... More with the passing of the GENIUS Act. Earlier this week, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act passed its final vote in the Senate, and now proceeds to the House where, if it is passed, it will move to the final steps to become law. The passing of the bill, which establishes a long-awaited regulatory framework for fiat-currency-pegged digital currencies in the US, looks increasingly likely, and comes amid a growing focus on stablecoins from the cross-border payments industry. While the industry has explored stablecoins before, this exploration has previously been very peripheral: few mainstream players have touched stablecoins directly, engaging through arms-length partners, if at all. That, however, is beginning to change. Over the past few years, stablecoins have become more prominent in mainstream fintechs. PayPal launched its own stablecoin PayPal USD (PYUSD) with issuer Paxos in August 2023, and in October 2024 used PYUSD to execute a business transaction for the first time. In February of this year, Stripe completed its acquisition of stablecoin infrastructure player Bridge, which in May launched USDB, its own infrastructure-focused stablecoin. Meanwhile, growing numbers of payments players have begun to add stablecoin support, with Worldpay partnering with BVNK to deliver stablecoin payouts and Shopify adding acceptance of leading stablecoin USDC for merchants via a partnership with Stripe and Coinbase. The passing of the GENIUS Act, however, would bring another level to this. Multiple traditional financial organizations have expressed interest in launching their own stablecoins if the bill passes, including Bank of America, Fifth Third Bank and US Bank, while there have also been reports of interest from retail majors including Amazon, Expedia and Walmart. While there are those that are quick to characterize stablecoins as a no-brainer replacement for every aspect of cross-border payments, the truth is more nuanced. Cross-border payments using stablecoins can represent an improvement over traditional correspondent banking in terms of speed and cost. Whilst it is not clear that it solves all use cases, there are a number where stablecoins can be seen to add real value. In parts of the world where local currencies are highly volatile, stablecoins are finding popularity as a means of being paid and holding value in US dollars. Meanwhile, cross-border payments involving emerging markets are also a rapidly growing use case, with many providers of stablecoin-based business-to-business payments reporting taking business from local banks whose cross-border infrastructure remains slow and expensive. Out-of-hours liquidity is also key, with increasing interest in stablecoins to plug time windows outside of standard US or international banking hours, which often act as significant constraints for fintechs catering to an international customer base. While early business adopters of stablecoins were largely those looking to interoperate between volatile cryptocurrencies and the US dollar without having to pay large on and offramping fees every time they wanted to move money out of a volatile digital currency, such applications are driving growing use among those without any crypto interest. If the GENIUS Act becomes law, it is likely that confidence in the use of stablecoins will grow within the financial sector, something we have already seen reflected in the share price of key companies. In the day following the bill's passing in the Senate, recent public market entrant Circle saw its share price rise by 34%, while crypto exchange Coinbase, which retains an interest in Circle's USDC stablecoin, rose by 16%. If the act proceeds into law, traditional players will increasingly feel able to make use of the technology, while applications and solutions are likely to proliferate further. Although adoption of stablecoins for cross-border payments has grown significantly, there is still very significant headroom to grow. My own company, FXC Intelligence, estimates that the global size of the non-wholesale cross-border payments market was $40tn in 2024, however stablecoins represent only a very small fraction of this: the market capitalization of all stablecoins has never topped its current peak of around $252bn. The GENIUS Act's passing through the Senate has already prompted a surge in the market cap of stablecoins, but its shift into law and the subsequent expansion of the industry will only increase this further, potentially taking a greater share of cross-border payments in the process.
Zawya
13 hours ago
- Business
- Zawya
SaturnX closes $3mln funding round to expand in Southeast Asia
UAE – SaturnX has raised $3 million in seed funding, led by White Star Capital with participation from institutional investors, according to a press release. The funding will support the UAE-based infrastructure provider's expansion into Southeast Asian corridors, such as the Philippines, Bangladesh, and Pakistan. This is in addition to improving regulatory compliance and building out its enterprise-grade API platform to meet rising demand for digital dollar transfers in emerging markets. Established in 2024, SaturnX is a stablecoin payments infrastructure company that acts as an API layer for business-to-business (B2B) money transmitters and financial platforms. The platform serves as a behind-the-scenes API layer for B2B money transmitters, corporates and financial platforms. In just five months of operation, the company has already processed over $250 million in transaction volume while maintaining profitability. Mirnas Brescic, CEO and Founder of SaturnX, commented: "Our vision is to connect the worlds of decentralized and traditional finance with infrastructure that brings the benefits of stablecoins to everyday financial use cases." "Despite considerable progress, cross-border payments are still expensive and slow. By offering a faster, cheaper, and programmable alternative, we are helping financial partners unlock better ways to move money, starting with the world's largest remittance corridors,' Brescic added. With more than $600 billion in global annual remittance flows and rising demand for digital dollars in emerging markets, SaturnX is set to become a critical backend provider for the future of borderless payments.
