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- Where Money Moves - Edition #8
Where Money Moves - Edition #8
US Senate passes GENIUS Act, Circle shares soar, Fiserv launches new stablecoin, and more.
Nathan Lenga
June 30, 2025
Stablecoins took centre stage over the past two weeks, with institutions, fintechs, funds, and retail investors gearing up for the next wave of growth.
Why? Because stablecoins are more than just digital dollars; they are the backbone of today’s crypto markets and the foundation for a new global financial system.
Stablecoin Spotlight: What’s Top of Mind
Circle’s shares (CRCL) soared to a market cap as high as $72 billion last week before retracing over 43% to $41 billion. Even so, the current valuation still represents a substantial return for IPO buyers who entered at $31 per share, a price that implied a $6.9 billion valuation at listing.
The clear growth of CRCL’s price demonstrates the pent up investor demand for exposure to the stablecoin industry, which received a further catalyst last month when the US Senate passed the GENIUS Act, a landmark stablecoin bill to provide clarity for the crypto industry.
It is interesting to note that over the last month both Visa and Mastercard shares are down over 3.5% and 4.5% respectively.
What’s New with Stablecoins
The US Senate has passed the GENIUS Act, which seeks to create a regulatory framework for stablecoins. The bill was supported by both Republicans and Democrats. It passed 68-30. The bill has now moved to the House of Representatives, after which President Trump can give final approval.
Last week Fiserv, a leading global provider of payments and financial services technology, announced that its new stablecoin FIUSD will be offered to its network including 10,000 financial institutions and 6 million merchant locations which process 90 billion transactions annually. FIUSD will initially be deployed on the Solana blockchain.
The payments giant Mastercard announced it will join Paxos’ Global Dollar Network, a consortium designed to accelerate stablecoin usage worldwide. Established in November 2024, the consortium created USDG, a new stablecoin, and was founded by significant financial institutions like Anchorage Digital, Kraken, Paxos and Robinhood. Mastercard also plans to integrate PayPal’s PYUSD and Fiserv’s FIUSD, signalling an urgency to participate in all stablecoin expansion.
In Other News
Stablecoin Adoption Snapshot
1️⃣ Stablecoin Supply & Growth
Stablecoin supply continues to grow unabated, with USD₮ remaining the undisputed leader in total stablecoin supply. This continues the surge in stablecoin supply that has remained unbroken since October 2024.
Total stablecoin supply: $253.6 billion (+2.51% from 30 days ago)
USD₮ remains dominant: 63.5% market share ($158.52 billion)
Stablecoins now account for over 1.16% of the US M2 money supply
Stablecoin supply
2️⃣ Adoption Continues to Surge
Stablecoin transaction volume has continued to grow over the past two weeks, alongside a steady increase in new wallets holding stablecoins.
$4.6 trillion in stablecoin transaction volume over past 30 days (via 1.3 billion transactions)
169.5 million wallets hold stablecoins (up 2.6% from 30 days ago)
102.5 million wallets hold Tether's stablecoin, making it the clear market leader
Stablecoin transfer volume
3️⃣ Stablecoin Liquidity by Chain
Over the past two weeks, the distribution of stablecoin supply across chains has remained largely unchanged.
Ethereum remains dominant in terms of stablecoin supply, with 51.5%, followed by Tron at 31.8%
The only notable change is Solana’s loss of 0.30% market share during this period
Stablecoin supply by chain
All data and charts in the Stablecoin Adoption Snapshot are courtesy of our partner, Token Terminal. Please note that while the underlying data points are accurate, certain chart segments may appear incomplete as Token Terminal continues integrating Solana. For fully verified data sets, refer to the figures provided throughout this newsletter.
Plasma: Where Money Moves Next
Stablecoins represent a step change in financial technology, offering a system that is inherently borderless, permissionless, and cost-effective. Major countries, companies, and institutions, both traditional and emerging, will increasingly demand accelerated adoption to maintain their competitive edge.
That’s why we’re building Plasma. As stablecoins transition from crypto-native assets to a global money standard, they need faster, cheaper, more reliable and more programmable settlement infrastructure. Plasma is designed from the ground up for this future.
Whether you're a developer, investor, or simply watching where money moves next, Plasma is where the future is being built.