# Stablecoins Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Stablecoins", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Strategy Resumes Spending Billions on Bitcoin. How Its Reserve Has Grown

MicroStrategy, the largest corporate holder of Bitcoin, has significantly increased its reserves, purchasing nearly $2 billion worth of Bitcoin in the first half of December. On December 15, the company reported buying 10,645 BTC for $980.3 million, following a $962.7 million purchase the previous week. This brings its total holdings to 671,268 BTC, representing over 3% of Bitcoin's total supply. Since 2020, MicroStrategy has spent approximately $50.33 billion on Bitcoin, with an average purchase price of $74,972 per BTC. The company funded these acquisitions primarily through the issuance of additional MSTR shares and other preferred shares. Despite its stock trading 53% below its July peak, MicroStrategy continues its strategy of accumulating Bitcoin using debt and equity financing. Additionally, MicroStrategy has established a $1.4 billion dollar reserve to cover investor obligations, a move analysts interpret as preparation for a potential "crypto winter." This strategy has inspired other companies, termed Digital Asset Treasuries (DAT), such as BitMine—the largest corporate holder of Ethereum—which also reported increasing its ETH reserves to 3.97 million coins.

RBK-crypto12/15 15:39

Strategy Resumes Spending Billions on Bitcoin. How Its Reserve Has Grown

RBK-crypto12/15 15:39

Quick Overview of the 33 Winning Projects from Solana Breakpoint 2025 Hackathon

The Solana Breakpoint 2025 hackathon, held in Abu Dhabi, concluded as the largest crypto-focused event of its kind, with over 9,000 participants from 150+ countries submitting 1,576 projects. The competition awarded winners across multiple categories, highlighting innovation in infrastructure, consumer applications, DeFi, RWA, stablecoins, and undefined tracks. The grand prize winner was Unruggable, a hardware wallet and app suite optimized specifically for Solana, offering deep integration with native ecosystem features like Jito and Jupiter. Category winners included: - **Consumer Apps**: Capitola (prediction market aggregator). - **DeFi**: Yumi Finance (on-chain BNPL solution). - **Infrastructure**: Seer (Solana transaction debugging tool). - **RWA**: Autonom (oracle for real-world asset pricing). - **Stablecoins**: MCPay (open payment infrastructure). - **Undefined Track**: attn.markets (tokenizing Solana ecosystem revenue). Additional awards included the University Prize for Pythia (a prediction market for academic competitions) and the Public Good Prize for Samui Wallet (an open-source developer toolkit). The hackathon showcased a wide range of projects aimed at improving security, usability, and financial innovation on Solana, signaling strong growth and diversification within the ecosystem.

marsbit12/15 11:18

Quick Overview of the 33 Winning Projects from Solana Breakpoint 2025 Hackathon

marsbit12/15 11:18

Digital Banks No Longer Rely on Banking for Profit; The Real Goldmines Are Stablecoins and Identity Verification

Digital banks are no longer competing on user scale but on revenue per customer, as seen in Revolut's diversified income streams versus Nubank's reliance on credit. The real value lies in stablecoins and identity authentication. Stablecoins, especially those backed by reserves, generate profit from interest on assets like treasury bonds—a revenue stream captured by issuers, not front-end platforms. This has pushed firms like Stripe and Circle to build proprietary settlement networks (e.g., Tempo, Arc) to control profitability, privacy, and transaction efficiency. Stablecoins disrupt traditional payment systems by enabling direct, low-cost transfers, forcing digital banks to integrate stablecoin channels or become obsolete. Simultaneously, identity authentication is evolving into a portable, cross-platform system. Initiatives like the EU Digital Identity Wallet and crypto projects (Worldcoin, Gitcoin Passport, Polygon ID) aim to create reusable digital identities, reducing redundant KYC processes. This shifts digital banks from controlling identity to becoming service providers within a trusted identity framework. Future digital banks will succeed by focusing on one of three models: 1. **Interest-driven**: Profit from user deposits via stablecoin interest and staking. 2. **Payment flow-driven**: Generate revenue from high transaction volumes as the default transfer channel. 3. **Infrastructure-driven**: Control stablecoin issuance, reserves, and settlement for the highest profitability. The market will split between consumer-facing apps (low switching costs) and infrastructure players (high stickiness, core to value flow).

marsbit12/15 10:05

Digital Banks No Longer Rely on Banking for Profit; The Real Goldmines Are Stablecoins and Identity Verification

marsbit12/15 10:05

Digital Banks Are No Longer in the Banking Business; The Real Gold Mine Lies in Stablecoins and Identity Verification

The article argues that the core value of digital banking has shifted away from traditional models. Valuation is no longer driven by user numbers but by revenue per customer, as seen with Revolut's diversified income streams versus Nubank's reliance on credit. The true "gold mines" are now stablecoins and identity verification. For stablecoins, the primary profit is the interest earned on reserve assets (like Treasury bills), a revenue stream captured by the issuer (e.g., Circle) rather than the consumer-facing digital bank. This is leading to vertical integration, with companies like Stripe and Circle building proprietary settlement networks (Tempo, Arc) to control this profitable infrastructure and ensure privacy. Stablecoins are disrupting the old, multi-layered payment system by enabling direct, peer-to-peer transfers, forcing digital banks to become efficient routing layers for these transactions or risk obsolescence. Simultaneously, identity is becoming the new account core. The trend is moving away from siloed KYC processes towards portable, verifiable credentials (e.g., EU's Digital Identity Wallet, Worldcoin, Polygon ID). This will allow a user's identity to travel across platforms, simplifying compliance and making the crypto wallet the central hub for assets and identity. The article concludes that user count, cards, and UI are no longer competitive advantages. Future successful digital banks will be "wallet-first" systems, falling into one of three models: 1. **Interest-driven:** Profit from holding user stablecoin balances and earning yield on reserves. 2. **Payment-flow-driven:** Profit from facilitating a high volume of stablecoin transactions. 3. **Stablecoin infrastructure-driven:** The most profitable model, controlling the issuance, reserves, and settlement of stablecoins itself. The market will split between simple consumer apps and powerful infrastructure providers that control the core of the financial stack.

深潮12/15 09:52

Digital Banks Are No Longer in the Banking Business; The Real Gold Mine Lies in Stablecoins and Identity Verification

深潮12/15 09:52

Breakpoint 2025 Reflections: Crypto Has Grown Up, We've Put Our Shirts Back On

Breakpoint 2025, held in Abu Dhabi, showcased a crypto industry in transition. Attendees noted a more mature but subdued atmosphere compared to previous years. Investor Jason Choi described widespread fatigue among VCs and founders, with stagnant sentiment despite well-organized events. DePIN and DeSci emerged as rare bright spots, though still niche. In contrast, Kamino’s Marius observed strong institutional engagement and real-world utility, highlighting the tokenization of stocks and bonds on Solana as a major leap. The conference felt less narrative-driven and more focused on practical applications. daddy fiskantes of Sigil Fund noted crypto’s evolution into “fintech 2.0,” integrating with traditional finance rather than disrupting it. Early idealists are departing, while institutional adoption grows. The focus has shifted from revolutionary gains to efficiency, scalability, and neutral strategies like arbitrage. High-return opportunities remain in areas like DePIN and DeSci, but the era of rapid 100x returns may be fading.

marsbit12/15 09:39

Breakpoint 2025 Reflections: Crypto Has Grown Up, We've Put Our Shirts Back On

marsbit12/15 09:39

Market Liquidity Survey: Under Diminishing Liquidity, Retail Investors 'Buy Lottery Tickets', Main Players 'Purchase Insurance'

Following the sharp market decline on October 11, the crypto market has entered a period of low activity and structural divergence. Analysis of order book depth, derivatives data, and stablecoin flows reveals a clear trend: liquidity is deteriorating, institutional players are adopting defensive strategies, while retail investors remain in a wait-and-see mode. Order book depth on major exchanges like Binance has weakened significantly, with both bid and ask liquidity thinning out. Altcoin open interest and trading volumes have also declined, indicating a lack of retail participation and speculative interest. A notable shift is observed in the options market. Bitcoin options now dominate trading activity, with put options—particularly those concentrated around the $85,000 strike—carrying significantly higher premiums than calls. This suggests that while retail traders are buying cheap, out-of-the-money call options (like “lottery tickets”), institutions are paying high premiums for downside protection, reflecting a bearish or defensive stance. The max pain point for December is around $100,000, indicating a key level where option sellers would profit most. Stablecoin data further highlights this divide. USDT reserves on exchanges have reached an all-time high, suggesting available capital from retail and non-compliant players waiting to enter. In contrast, USDC—predominantly used by U.S. institutions—has seen a sharp 40% withdrawal from exchanges, signaling institutional exodus or de-risking. Overall, the market shows fragile liquidity, major capital fleeing or hedging, and a cautious retail crowd. A break below the $85,000 support—where institutional puts are concentrated—may be more critical than any push toward $100,000.

marsbit12/15 09:29

Market Liquidity Survey: Under Diminishing Liquidity, Retail Investors 'Buy Lottery Tickets', Main Players 'Purchase Insurance'

marsbit12/15 09:29

Conversation with Polygon Founder: Escaping Poverty and Building a $30 Billion Crypto Company

Sandeep Nailwal, co-founder of Polygon, discusses his journey from a challenging childhood in India to building a $30 billion blockchain company. Growing up in poverty, he developed a strong drive for success. Nailwal works long hours, often sleeping only 4-5 hours a night, to advance Polygon’s mission of enabling sovereign individuals through decentralized systems. He believes blockchain and AI are critical for creating a borderless world with decentralized governance and financial freedom. While blockchain supports decentralization, AI represents a centralizing force, making their intersection vital for future societal structures. Nailwal also emphasizes the importance of philanthropy, aiming to reduce suffering for others based on his own experiences. Polygon faced significant challenges, including financial struggles and market volatility, but has grown into a leading platform. Projects like Polymarket choose Polygon for its scalability and network effects. Looking ahead, Nailwal plans to focus on AI and decentralized governance long-term, aiming to contribute to a freer, more equitable global system.

marsbit12/14 11:41

Conversation with Polygon Founder: Escaping Poverty and Building a $30 Billion Crypto Company

marsbit12/14 11:41

Interpreting CoinShares' 2026 Report: Farewell to Speculative Narratives, Embracing the Year of Utility

CoinShares' 2026 Outlook report, "The Year Utility Wins," marks a pivotal shift from speculative narratives to practical value in digital assets. The industry is no longer seeking to replace traditional finance but to enhance it through integration with public blockchains, institutional liquidity, and regulatory frameworks. Key themes include a fragile macroeconomic environment with cautious Fed policy, Bitcoin's continued mainstream adoption via ETFs and corporate holdings (though concentration risk exists), and the rise of hybrid finance through stablecoins, tokenized real-world assets (RWA), and revenue-generating protocols. Regulatory clarity is advancing in the EU (MiCA), US (GENIUS Act), and Asia, while infrastructure competition intensifies among Ethereum, Solana, and new L1s. Other trends cover mining’s pivot to high-performance computing, venture capital recovery, and the growth of prediction markets like Polymarket. The report concludes that 2026 will accelerate the maturation of crypto into a utility-driven, institutional asset class.

marsbit12/13 10:43

Interpreting CoinShares' 2026 Report: Farewell to Speculative Narratives, Embracing the Year of Utility

marsbit12/13 10:43

Weekly Selection丨Fed Cuts Rates by 25 Basis Points Again, Crypto Market Rebounds; Multiple Industry Experts Conclude Four-Year Cycle Invalidated

PANews Weekly Digest: The Federal Reserve cut interest rates by 25 basis points, highlighting internal dissent with three opposing votes. Experts debate whether Bitcoin's four-year cycle is ending as the market seeks a bottom. Multiple outlooks for 2026 suggest growth in app-chains, AI-driven crypto networks, and real-world asset tokenization. Despite the bear market, some analysts believe ETH has entered a value "buying zone." AI remains a hot topic with projects like Surf AI and x402 protocol upgrades gaining traction. Tether’s new chain, Stable, faced a rocky start amid tokenomics and trust issues. Regulatory and adoption developments are noted in Brazil, UAE, and Russia, where crypto is reshaping finance outside SWIFT. Other key updates include Circle’s privacy-focused USDCx, Binance’s move to Abu Dhabi, and a potential $2B funding round for Bitget Wallet.

marsbit12/13 01:37

Weekly Selection丨Fed Cuts Rates by 25 Basis Points Again, Crypto Market Rebounds; Multiple Industry Experts Conclude Four-Year Cycle Invalidated

marsbit12/13 01:37

Financial Times: Why the world should be worried about stablecoins

The article from the Financial Times argues that the global push for dollar-denominated stablecoins, particularly from the US, is a cause for serious concern. While stablecoins are promoted as a solution to high US payment costs and inefficient cross-border transfers, their adoption primarily benefits issuers, criminals, and the US Treasury by helping finance its deficits. However, stablecoins lack the stability, transparency, and regulatory oversight of traditional money. They fail key tests of singleness (uniform value), resilience, and integrity (resisting illicit activity), as highlighted by institutions like the BIS. The author suggests that instead of embracing these risky private currencies, other countries—especially in Europe—should develop their own well-regulated digital payment systems. The piece concludes that the current US approach to stablecoins is predatory and could have disastrous consequences, warranting global resistance.

marsbit12/12 15:58

Financial Times: Why the world should be worried about stablecoins