Market Watch
Things to Watch This Week (June 9 - June 14)
June 11 - U.S. CPI (May)
Wednesday’s May CPI report will provide the first official read on inflation for the month and could influence the Fed’s stance ahead of its June 17-18 meeting.
Random Musing This Week (June 9 - June 14)
USDC Goes Wall Street
While markets absorbed the political theatrics of Donald Trump’s escalating feud with Elon Musk - briefly pushing Bitcoin below $100,500 - one story dominated investor focus last week: Circle’s explosive NYSE debut.
Circle, the issuer of USDC and the world’s second-largest stablecoin operator, saw its share price triple from its IPO price, with a resulting market cap estimated between $18–30 billion, depending on valuation. The upsized IPO attracted heavy institutional participation, including from ARK Invest and BlackRock.
The IPO marks a strategic inflection point for stablecoins as an emerging financial infrastructure. Major tech firms such as Apple, X, Airbnb, and Google have reportedly been exploring stablecoin integrations for low-cost global payments, while traditional finance players aren’t sitting idle. JPMorgan, Citi, Bank of America, and Wells Fargo are said to be discussing a joint stablecoin consortium.
Yet, Circle’s trajectory is not without friction. Circle remains structurally reliant on Coinbase, which receives 50% of net interest revenue on USDC reserves and 100% of the interest generated on USDC held on its platform. This revenue share is proportional to USDC balances held at Coinbase, making Circle’s economics closely tied to a single partner. Moreover, Coinbase holds veto rights over new USDC-related partnerships, and the agreement is set to expire in August 2026.
On the regulatory front, the proposed GENIUS Act, aiming to establish clear legal frameworks for stablecoin issuance, is emerging as a short-term catalyst. If passed, it could unlock broader adoption of compliant stablecoins like USDC across both fintech and traditional institutions.
Ultimately, Circle’s IPO underscores how stablecoins are no longer just crypto trading tools. But whether Circle can solidify that position will depend on its ability to scale beyond the Coinbase ecosystem.
Recap of Top Stories (June 2 – June 6)
Interesting
Fed’s Bowman confirmed as vice chair for supervision; Lummis calls it a win for crypto
Commentary: The US Senate confirmed Federal Reserve Governor Michelle Bowman to serve as vice chair for supervision at the central bank — a move that Sen. Cynthia Lummis said "signals a brighter future for digital assets."
"I'm thrilled that the Senate has confirmed Miki Bowman as Vice Chair of Supervision at the Federal Reserve," said Lummis in an X post. "Her confirmation represents a turning point for digital assets and brings much-needed balance and accountability to Fed banking supervision.”
Chinese firm Webus files with US SEC for possible $300 million XRP treasury plan
Commentary: Webus International, a China-based automotive and hospitality company, filed a Form 6-K with the U.S. Securities and Exchange Commission outlining plans to establish a $300 million-focused corporate treasury.
The filing, published on Tuesday, follows an initial May 29 announcement where Webus said it aims to raise up to $300 million through non-equity financing or credit facilities to support its treasury initiative.
USDC issuer Circle debuts public trading on New York Stock Exchange
Commentary: Circle, the issuer of the second-largest stablecoin by market capitalization, USDC, has begun trading on the New York Stock Exchange (NYSE). Circle CEO Jeremy Allaire took to X on June 5 to announce the company’s public debut of CRCL shares on the NYSE.
Circle’s public launch came shortly after the company reported another upsizing of its initial public offering (IPO) to $1.05 billion, selling 34 million shares at $31 each. The IPO originally sought to offer 24 million shares priced between $24 and $26.
California moves forward bill to accept crypto for state payments
Commentary: California has taken a step closer toward embracing crypto after a bill allowing state departments to accept digital currencies sailed through the state’s lower house with a unanimous vote and is now headed for the Senate.
Assembly Bill 1180 (AB 1180), which passed the California State Assembly on June 2 with a 68-0 vote on its third reading, would require the Department of Financial Protection and Innovation (DFPI) to develop rules permitting state fees and transactions under the Digital Financial Assets Law (DFAL) to be payable in crypto.
JPMorgan to offer crypto ETF financing, considers letting clients use crypto as loan collateral
Commentary: JPMorgan & Chase plans to expand some of its crypto offerings for trading and wealth-management clients as the United States regulatory environment warms to digital assets, Bloomberg reported, citing anonymous sources.
The bank intends to let its clients use cryptocurrency assets as loan collateral for certain cryptocurrency exchange-traded funds (ETFs), including BlackRock's iShares Bitcoin Trust (IBIT). Previously, clients could only do so on a case-by-case basis. JPMorgan will also include a wealth-management client's crypto holdings when assessing their total net worth and liquid assets when determining the amount a client can borrow against their assets, according to the report.
Classover signs $500M convertible note deal for Solana reserve
Commentary: Classover, a K-12 education company, has announced a move into crypto through the creation of a Solana reserve. The company plans to issue up to $500 million in senior convertible notes, with 80% of the proceeds allocated to purchasing Solana. The move follows a growing pattern of companies expanding into crypto-related strategies along with their core businesses.
According to a June 2 announcement, Classover has already purchased 6,472 SOL worth approximately $1.1 million to start its reserve. The issuance of $500 million in convertible notes comes through a partnership with Solana Growth Ventures.
Robinhood completes $200 million acquisition of crypto exchange Bitstamp
Commentary: Robinhood has completed the acquisition of Bitstamp for $200 million, introducing the Vlad Tenev-led firm’s first institutional crypto business. The acquisition helps Robinhood expand outside the U.S., accessing Bitstamp’s customers across the EU, UK, and Asia.
Consensys to help SharpLink build its ETH treasury by leading $425 million private placement
Commentary: Consensys Software, a crypto infrastructure firm developing the popular digital wallet MetaMask, led a $425 million private placement for SharpLink Gaming, a Minnesota-based affiliate marketing firm for online casino gaming operators and sportsbooks.
SharpLink aims to build the largest Ethereum treasury in the public market with this financing, joining other publicly traded firms doubling down on a cryptocurrency treasury under a crypto-friendly presidential administration. The company has a market cap of $34.8 million.
South Korea crypto industry to win no matter snap election outcome
Commentary: South Korea’s crypto scene will gain either way in the country’s presidential elections, as both candidates have run on pro-crypto platforms, pledged to ease regulations, and expand crypto access.
Currently leading the polls is Lee Jae-myung of the center-left Democratic Party, who is up against staunch conservative and People Power Party nominee Kim Moon-soo. Lee has proposed legalizing spot crypto exchange-traded funds and wants to allow South Korea’s $884 billion national pension fund to invest in cryptocurrency.
Upcoming Market Events
June 11 - U.S. CPI (May)
June 17 - U.S. Retail Sales (May)
June 18 - U.S. FOMC Interest Rate Decision
June 27 - BTC CME June (BTCM25) Options Expiry