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Cryptocurrencies
Explainer: The stablecoin surge
Stablecoins, a type of cryptocurrency pegged to a reserve asset, have seen a rapid surge in adoption and market capitalisation over the past five years. Total stablecoin market capitalisation is now roughly US$250 billion, according to an LSEG report, up from $180 billion at the start of 2024. Citi has projected that the stablecoin market will be at least $1.9 trillion by 2030, and possibly as much as $4 trillion. While stablecoin use is set to keep rising as cryptocurrency grows more popular, several countries are introducing new regulations that could steer the course of the market in 2026.What are stablecoins?Stablecoins’ value is backed by a reserve asset, such as a fiat currency, a commodity, or another cryptocurrency. The vast majority of popular stablecoins are backed by the U.S. dollar, representing around 99% of stablecoins’ market capitalisation. More than 80% of stablecoin transactions occur outside the U.S., however, according to a Brookings Institution report. A stablecoin can be fully reserved, with the price of each coin supported by its underlying asset, or algorithmic, where coins are automatically created or destroyed to control prices. Because their value is pegged to a reserve asset, stablecoins
Cryptocurrencies
US Govt shutdown spurs bitcoin to all time highs
Bitcoin hit US$125,689 on Sunday, surpassing its previous all-time high of $124,480 set on 14 August this year. The rally comes as the U.S. Government shutdown enters its fourth day, with investors moving capital into Bitcoin and gold in what market participants are calling the "debasement trade." U.S. spot Bitcoin ETFs recorded $3.24 billion in net inflows during the first week of the shutdown - the largest weekly inflow of 2025 and the second-largest since the products launched in January 2024. BlackRock's IBIT led the surge with over $1 billion in inflows across three trading days, pushing total assets to $90.7 billion. The fund entered the top 20 ETFs globally by assets for the first time. Total cumulative inflows across all Bitcoin ETFs have now reached approximately $60 billion since launch, with year-to-date inflows hitting $23 billion. Corporate holdings surge Strategy (formerly MicroStrategy) holds 640,031 BTC, purchased at an average price of $73,983 per bitcoin. At current prices near $125,000, the company's holdings are worth ~$80 billion. The company executed a $21 billion common stock offering in Q1 2025 to acquire 301,335 additional BTC. MSTR shares increased 50% during the same period.
Cryptocurrencies
Nasdaq invests in crypto exchange Gemini before IPO
Nasdaq will invest US$50 million (A$75.6 million) into cryptocurrency exchange Gemini ahead of its initial public offering on Friday. Gemini plans to raise up to $433.3 million in its Nasdaq debut. The exchange was founded in 2014 by Cameron and Tyler Winklevoss, who settled a 2008 lawsuit alleging Meta CEO Mark Zuckerberg had unlawfully used their ideas and code to create Facebook. The IPO will include 16.67 million shares. “As a trusted bridge between the traditional financial system and the emerging cryptoeconomy, we are providing access for individuals and institutions to a decentralized future that is more open, fair, and secure,” Gemini wrote in a Securities and Exchange Commission filing. Gemini raised its IPO price to $24 to $26 per share, after first announcing it would be $17 to $19 per share last week. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor will be Gemini’s lead bookrunners. Nasdaq will buy $50 million of Gemini’s common stock in a private placement, Gemini said. As part of the investment agreement, Nasdaq will partner with Gemini to offer custodial services to Nasdaq clients and as a distribution partner for its Calypso trade management system. “To prepare for future developments while main
Cryptocurrencies
Trump family crypto token dives in first day of trading
The token issued by Trump family cryptocurrency company World Liberty Financial dropped in value on its first day of trading. World Liberty Financial’s tokens, known as $WLFI, were down around 16.1% in the past day as of 9:15 am AEST (11:15 pm GMT). United States President Donald Trump launched the cryptocurrency venture, World Liberty Financial, alongside his sons last year, while he was a candidate for the presidency. The token began trading on Binance yesterday. “This isn’t some meme coin, it’s the governance backbone of a real ecosystem changing how money moves,” wrote Donald Trump Jr., Trump’s son and a co-founder of World Liberty Financial. More than US$1 billion worth of $WLFI was traded on the token’s first day. Its current market capitalisation is around $6.3 billion. The token briefly traded above US$0.30 before falling on its first day, later dropping to a low of around $0.21. These $WLFI tokens were sold to investors last year, with holders voting in July to make them tradable. Early investors can sell up to 20% of their holdings, the company said, while founders’ tokens are not yet tradable. World Liberty Financial has also issued a stablecoin tied to the U.S. dollar. The Trump family has made aro
Cryptocurrencies
Is the novelty wearing off crypto treasuries?
Corporate America's crypto experiment is facing a reality check. After years of investors paying ~US$2.80 for every $1 of cryptocurrency sitting in corporate treasuries, people are beginning to ask themselves - why not just buy it directly? Crypto treasury stocks recently fell toward the intrinsic value of their underlying holdings - and so too did a metric called mNAV (market multiple of Net Asset Value) across both Bitcoin and Ethereum-linked companies during July and August: Bitcoin Treasury Companies:Strategy (MSTR): down 16%Metaplanet (MTPLF): down 62%Semler Scientific (SMLR): down 12%Ethereum Treasury Companies:SharpLink Gaming (SBET): down 14%BitMine Immersion Technologies (BMNR): down 7%The fall was quite dramatic - and a potential wake up call to investors. That's because the danger, analysts say, is that when that multiple hits 1.0, the investment thesis collapses. Upexi, a Solana treasury company, already trades below parity - meaning investors can buy the stock for less than the crypto it holds. SharpLink dropped 14% and BitMine fell 7% - on the back of both companies issuing equity to fund crypto purchases. The business model involves buying cryptocurrency with shareholder capital and charging managemen

Cryptocurrencies
Crypto exchange Bullish's value surges in NYSE debut
Cryptocurrency exchange Bullish has raised US$1.1 billion (A$1.69 billion) in its initial public offering, with its shares more than doubling on its first day on the New York Stock Exchange. Bullish, which also owns crypto news and analytics platform CoinDesk, was valued at US$5.4 billion during its IPO. Its valuation surged to $13.16 billion after shares rose to a peak of $118. “Bullish, an institutionally focused global digital asset platform that provides market infrastructure and information services, today announced the closing of its initial public offering of 30,000,000 ordinary shares at a public offering price of $37.00 per share for aggregate gross proceeds of approximately $1,034.5 million,” the company wrote. Shares opened at US$90, more than twice its IPO price of $37, and briefly reached $118 before closing at $68. The company’s market value was almost $10 billion when trading closed. It had aimed to offer shares for US$28-31 each earlier this month. Bullish revised this upward twice, first to $32-33 and then to $37. Bullish’s underwriters, which include JPMorgan, Jefferies, and Citigroup, will also have a 30-day option to buy up to 4,500,000 more ordinary shares at the IPO’s original price. The com
Cryptocurrencies
Crypto Week: Bitcoin hits peak on pro-industry moves
The prospect of industry-friendly bills that are expected to provide cryptocurrencies with the regulatory framework United States crypto insiders have dreamed of has pushed Bitcoin past US$120,000 for the first time ever. Underscoring what has been described as “Crypto Week” in the U.S., were overtures by President Donald Trump for policymakers to overhaul their rules, with crypto companies repeatedly accusing U.S. financial regulators (like the SEC) of enacting confusing or conflicting rules. During former President Joe Biden’s administration (2021-2025) there were a litany of legal actions brought against crypto firms by the Securities and Exchange Commission (SEC). Bitcoin is up 29% so far this year to a record high of US$122,055 on the back of the Trump administration and US regulator support. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which has already passed the Senate, sets a legal framework for using stablecoins legally for payments in the US. However, the prospect of further tailwinds for crypto has also ignited a broader rally across other cryptocurrencies, with Ether, the world’s second-most popular token, reaching a five-month high of US$3,048.2 on Monday. As a f
Cryptocurrencies
America's bid for funding from stablecoins is GENIUS
Washington last month may have handed Wall Street a loaded gun with the Senate's 68-30 passage of the GENIUS Act on 17 June, weaponising stablecoins rather than simply regulating them. There's also the related House STABLE Act that passed the committee 32-17 on 2 April that awaits full House consideration. Stablecoins are digital tokens designed to hold steady value and are used by crypto traders as a tool to hedge against volatility. And if the sentiment rings true, it represents America's calculated bid to lock down dollar dominance for decades, using blockchain rails to export US debt globally as competitors scramble for strategic positioning. The real game centres on control rather than compliance, despite official narratives suggesting consumer protection motivations. "It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry," Mayer Brown's Andrew Olmem said. The STABLE and GENIUS Acts don't merely regulate stablecoins - they create a government-sanctioned oligopoly with three privileged issuer classes capturing trillion-dollar payment flows.Bank subsidiariesOCC-approved entitiesState-chartered operators …are set to become the sole ‘permitte
Cryptocurrencies
US Senate passes GENIUS Act in crypto milestone
The United States Senate has passed landmark legislation to regulate stablecoins, marking a significant step forward for the cryptocurrency industry and its growing political influence in Washington. In a bipartisan 68-30 vote on Tuesday, senators approved the GENIUS Act, short for Guiding and Establishing National Innovation for U.S. Stablecoins, which establishes the first federal framework for regulating dollar-pegged digital tokens. Senator Tim Scott cheered the “bold step forward”, noting that, “We’re bringing clarity to a sector that’s been clouded by uncertainty and proving that bipartisan, principled leadership can still deliver real results for the American people.” The bill requires stablecoins to be backed by liquid assets such as U.S. dollars and short-term Treasury securities and mandates monthly public disclosures of reserve compositions. Issuers would also be subject to Anti-Money Laundering (AML) standards and monthly audits under the proposed law. The legislation’s passage is being hailed as a historic milestone by crypto proponents, who have long pushed for regulatory clarity. With the House of Representatives, controlled by Republicans, still passing its version, the bill is not yet law. Howeve