The Report
In 2024, stablecoins didn’t just hold their ground they steamrolled the legacy financial system’s poster child. For the first time ever, more money moved through stablecoins than through Visa’s network. That’s not just a flex; it’s a seismic shift. Trillions was transferred across crypto rails without bankers, borders, or business hours and it all happened with barely a headline in the media.

While TradFi CEOs were busy issuing cautious statements about “blockchain potential,” the blockchain quietly processed more real-world volume than the company that’s been moving money since bell bottoms were in fashion.

Key Points

Relevance
Let’s be clear: this isn’t just a crypto win, it’s a banking system bypass. The internet got its own dollar, and now it’s using it without asking permission. When a protocol moves more money than Visa, it's not just "disruptive tech" anymore — it’s infrastructure.

Stablecoins have quietly become the oil that lubricates everything from onchain games to offshore hedge funds. For all the breathless chatter about CBDCs, stablecoins are already solving the very problem central banks claim they’re researching. And they’re doing it with a better user experience, global reach, and zero downtime.

The implications are massive:

There’s also a darker edge: regulators are still playing catch-up. Stablecoins remain a regulatory gray zone — too useful to ban, too big to ignore, and too fast to box in. Yet as capital flows shift from banking rails to blockchain rails, the power dynamics of global finance are quietly rebalancing.

Visa’s not going anywhere. But if stablecoins keep this up, Visa might start looking like the backup plan. The crypto rails are live, liquid, and very much in charge.

JPMorgan Plans to Lend Against Crypto Holdings — Major banking shift: JPMorgan exploring offering loans collateralized by clients’ Bitcoin and Ethereum holdings. A fresh embrace of digital assets from a once‑skeptical institution. Moves highlight growing traditional finance interest in crypto.

Visa's Crypto Head Sees Stablecoin Potential in Emerging Markets — Visa views GENIUS Act as opportunity rather than threat and focuses on stablecoin use in developing regions. Stablecoins seen more for high-value transfers than everyday U.S. retail. Opportunity strongest in Latin America, Africa, and Asia-Pacific.

Public Companies Launching Crypto Treasury Strategies — Since June, nearly 100 firms have raised ~$43 billion to invest in Bitcoin, surpassing 2025 U.S. IPO activity. Sectors include hospitality, toys, and e-bikes. Analysts warn of insider sell-offs and overexposure to crypto volatility.

Galaxy Completes $9B BTC Sale by Satoshi‑Era Whale — A massive exit by a long-dormant Bitcoin holder sparked debate on market confidence. Bitcoin rebounded strongly, reflecting resilience after the sale. Experts see it as a defining moment for whale behavior tracking.

Solana Boosts Block Capacity by 20% — Solana network upgrade expands throughput by roughly a fifth, improving scalability and performance. Move designed to support ecosystem growth. Critical infrastructure step amid rising demand.

Bitcoin is consolidating in a stubborn $115K–$121K range, reflecting a cooldown after its meteoric rise. Ethereum, however, is sprinting: up ~54% in July, powered by massive ETF inflows and institutional demand that’s leaving BTC in the dust. The broader market is taking a breather, positioning along key supports as the next macro trigger looms: FOMC, GDP data, or inflation surprises could tilt sentiment fast.

Notable Movers

Macro View
The GENIUS Act—US stablecoin regulation now law—has launched a new regulatory era. With the government effectively endorsing dollar-backed crypto issuance, confidence in digital assets has spiked. But financial pundits warn this could backfire: JPMorgan is now weighing loans against crypto, and top analysts liken the scene to underregulated credit bubbles—sound familiar?

Bottom Line
ETH is riding a real institutional wave—while BTC stalls, waiting for the next catalyst. Stablecoin rules + bank involvement = legitimacy, but also geopolitical risk and moral hazard. Expect choppy consolidation until a macro event delivers direction. If Bitcoin breaks its ceiling, it’s off to the races. I

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