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GM. This is Milk Road, the crypto newsletter that's as smooth as Michael Jordan's fadeaway jumper.
Here’s what we got for you today:
- ✍️ The race to acquire stablecoins
- 💰 Funding Friday
- 🎙️ The Milk Road Show: US Economy Cools, Crypto Heats Up! w/ Kyle Reidhead
- 🍪 The German government has only 9K BTC left to offload
Prices as of 9:30AM ET. Click here for our Fear & Greed Index
THE RACE TO ACQUIRE STABLECOINS 🏇
Yesterday, we milked some macro about the US economy cooling down.
But today? It's a flipped script and all about the onchain economy heating up, with a look at stablecoin inflows skyrocketing. 🔥
Welcome to the stablecoin stampede, where blockchains are in a mad dash to grab as many digital dollars as they can.
Let’s see who’s in the race! 🏇💸
Base
Base has been a stablecoin champ for a while, thanks to some heavyweight partners:
- Stripe: By teaming up with Stripe for USDC payments, Base makes everyday transactions smoother than a fresh jar of Jif, fueling stablecoin demand.
- Coinbase: The mastermind behind Base owns 25% of Circle (the issuer of USDC). This power play with USDC is driving a flood of users to the platform.
This dynamic duo has kept Base rock solid... but guess what? There’s another contender in town.
Solana
Solana just flipped Base in terms of total stablecoin supply, now boasting over $3.3B compared to Base’s $3B.
How did Solana pull off this leapfrog?
- PayPal’s PYUSD: This stablecoin’s market cap shot up nearly 100% this month to $535M, with most of this growth happening on Solana.
- USDC inflows: Solana saw a tsunami of USDC this week, with its circulating supply jumping by $294M – that’s a 14% increase from last week.
But wait, there's an even bigger player in the game...
Arbitrum
Arbitrum is rocking a hefty $4B in stablecoin supply, making it the undisputed L2 champ in this game. 🏆
But how does Arbitrum measure up to the big boys?
Now we’re talking! Compared to the titans Ethereum and Tron, the rest are like kids playing dress-up.
Tron
This stablecoin-focused chain is crushing it in the game, look at these impressive stats:
- All-time high supply: Tron's stablecoin supply has hit an all-time high of $60 billion (see previous chart).
- Active addresses: Tron has the highest number of active addresses, primarily for stablecoin usage. It’s the top dog for peer-to-peer transfers (wallet-to-wallet stablecoin transfers in USD).
- USDT dominance: The #1 application on Tron is USDT. No memecoins, no speculation…
Ethereum
Ethereum reigns supreme with the most stablecoins thanks to its recognition as the censorship-resistant, decentralized settlement layer.
With their proven track record it’s no wonder it controls over 60% of all TVL across chains.
Ethereum = the heavyweight champ of crypto liquidity! 👑
🥛The Milk Road take: Stablecoins have emerged as one of the few real use cases of crypto.
This is why it makes sense for blockchains to scoop up as many stablecoins as possible, showingtractionandadoption. 🧾
Ultimately, we believe that the blockchain that gets the most stablecoins and creates the best user experience will win. 👀
Want to know why this could send the crypto world to the moon? Tune in to today's episode of The Milk Road Show with Kyle Reidhead!
He spills the beans on why dropping interest rates might turbocharge crypto and how stablecoins are snagging the top spot in this new game.
Don't miss out! 🎧 👂
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IT’S FUNDING FRIDAY 🤑
Welcome back to Funding Friday! This week, $126.8M was raised by crypto companies.
Here's the scoop on who secured the bag:
1/ Partior raises $60M
What they do:Partior’s decentralized platform supports commercial deposit issuance and wholesale settlement processing, promising a 24/7 global liquidity marketplace.
Who led the round:Valor
With Partior's unified ledger, liquidity fragmentation is about as welcome as a lactose-intolerant milkman. 🥛
2/ Rome Protocol raises $9M
What they do: Rome Protocol is an infrastructure project within the Solana Ecosystem, focused on enhancing the network's efficiency and scalability.
Who led the round:Hack VC
All roads lead to Rome, especially when there's $9M paving the way. 🛤️
3/ Aidatify raises $8.3M
What they do:Aidatify uses AI to optimize yield aggregation, making DeFi investments more profitable and accessible.
Who led the round:STIX
Aidatify's AI sounds so smart, it probably knows what you'll eat for breakfast before you do. 🤖
Honorable mentions:
- Doraraises $5.5M to develop their multi-chain search engine, led by Dragonfly and Lemniscap.
- Term Financeraises $5.5M for its decentralized lending protocol that utilizes a unique auction model to support scalable fixed-rate/fixed-term lending, led by Electric Capital.
Also, word on Sandhill Road is there's more crypto cash coming in next week. 😆
Stay tuned, Roaders!
POLL QUESTION: ASK THE AUDIENCE
The Milk Man has been debatinghow milky “Funding Friday'' is and wants YOUR feedback on how valuable it is to YOU.
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- 1. Love seeing it every week! Keep it coming as is.
- 2. It’s nice value but not as frequent. Monthly would be better.
- 3. It’s nice value but not so long. Make it a quicker read.
- 4. Meh… could do without it, not much value.
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BITE-SIZED COOKIES FOR THE ROAD 🍪
The German government now has only 9K Bitcoin left to offload. Germany is almost out of its Bitcoin reserves, will the selling pressure be finally over? The value of the current holdings stands at around $519M.
After Paxos, SEC ends investigation into Hiro Systems. The SEC decided to switch gears and let Hiro Systems off the hook. It looks like Hiro can finally enjoy a worry-free weekend.
Coinbase launches wallet web app for “Everything onchain”. This launch complements the recent launch of the Coinbase smart wallet, which aims to onboard mainstream users by “allowing new users to start without the need to install any extension or mobile app.”
Blur plunges 7% after Machi Big Brother transfers all his tokens to Binance. Machi Big Brother is a major player in the NFT space. In the past 24 hours, he deposited all 18.4M $BLUR ($3.13M) to Binance exchange.
MILKY MEMES 🤣
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ROADIE REVIEW OF THE DAY 🥛
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
