SS #1 - Welcome to StableScope!

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Good Morning.

Welcome to our 1st edition of the StableScope. A new 2x a week, stablecoin-focused newsletter from Launchy. Given the growth of the vertical, there's an increasing demand for more recurring reporting and curation on stablecoins.

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For those who were around in 2017, just 8 years ago, a USD-stablecoin-denominated pair wasn't even the primary trading pair for centralized exchanges. Some fascinating stablecoin stats:

• $220 billion in stablecoin supply

• $245 trillion in tx volume

• 500 million+ in unique addresses

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In Today's Edition:

• Headline: Ethena Launches Within Major TON Wallets

• Quick Bites: Stripe Explores Bank Partnerships on Stablecoins as Payments Importance Grows, Says Company President

• Yield of The Week: Earn up to 56.62% APY in USDC on Euler

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HEADLINE

Ethena Launches Within Major TON Wallets

State of play: Ethena has launched on the TON blockchain, the platform chosen by Telegram, offering new stablecoin options USDe and TON Staked USDe (tsUSDe), integrated into all major non-custodial wallets for easy acquisition and staking.

• This integration introduces Ethena to Telegram's extensive user base of over a billion people, enhancing accessibility to Ethena-powered dollar savings and decentralized finance (DeFi).

• Ethena's 16-week campaign incentivizes tsUSDe holding with an up to 18% Annual Percentage Yield (APY), rewarding users both in tsUSDe and boosted rewards denominated in TON.

• Users can engage with the new stablecoins through various wallets (TON Space, MyTonWallet, TonHub, TonKeeper) and multiple methods for acquiring USDe, including bridging, direct purchase, and centralized exchange withdrawal.

What’s Next: With Ethena's integration on the TON blockchain, there's potential for increased DeFi activity, supported by Telegram's extensive user base. This initiative might encourage other blockchain platforms to consider similar integrations.

Why it Matters: This development highlights how platforms like Telegram can facilitate broader access to blockchain-based financial services. It represents a step towards mainstream adoption of these technologies.

Our Take: Ethena's launch on the TON blockchain is a great move that could spark significant growth in the market and may propel USDe into the top 3 stablecoins by market cap.

QUICK BITES

• Santander considers issuing stablecoin, retail crypto services

• Stablecoin payment volume reaches $94B, driven by B2B Transfers

• Stripe Explores Bank Partnerships on Stablecoins as Payments Importance Grows, Says Company President

• Bitcoin-backed stablecoins just got real — but tax rules still point some to custodians

• Stablecoin startup Atticus nears $2 billion valuation following raise led by defense-tech firm CEO: report

Tether - USDT:

• Tether holds over 100,000 bitcoin and 50 tons of gold, CEO says

• Tether taps a Democrat as crypto bill teeters

Circle - USDC:

• Circle Introduces Graph-based Approach to Blockchain Fraud Prevention, Launches Circle Payments Network (CPN)

Sky/ MakerDAO - USDS/ DAI:

• Sky community mulls final proposal to replace MKR with SKY as sole governance token, enabling staking and USDS rewards

• Aave and MakerDAO shine as DeFi revenues revisit 2021 highs amid new entrants

World Liberty Financial - USD1:

• Alchemy Pay Integrates USD1 On-Ramp, Expanding Stablecoin Access with World Liberty Financial

YIELD OF THE WEEK

Hyperbeat USDT Vault: 16.67% in USDT0

• The Hyperbeat USDT vault, managed by MEV Capital, offers automated access to the HyperEVM ecosystem and rewards users with yield and points in USDT0 or USDE, generating real yield and exclusive incentives.

• Withdrawal options include Instant Redemption, allowing immediate access for a 0.5% fee, and Classic Redemption, which processes withdrawals within 48 hours without any fees. Security audits have been conducted by Hacken and Sherlock.

• The vault initially charges no platform fees for the first 30 days. Thereafter, a 1% annual fee and a 20% performance fee above a 6% hurdle rate are applied, prorated over the deposit period.

Harmonix USDC - $HYPE Delta Neutral Vault: 22.22% APY in USDC

• Harmonix's Vault generates yield by converting half of your deposit into HyperLiquid to purchase $HYPE, while opening a 1x short HYPE-USD position to hedge exposure, and earn funding fees and Harmonix points.

• There are no fees for entry or withdrawal, though a penalty applies for withdrawals made within the first month.

• A 1% management fee and a performance fee are charged only when withdrawing funds with profits exceeding 10%.

Euler Prime USDC / USDT 4.61% - 56.62% in USDC (1x - 14.27x multiplier)

Euler Prime is a product of Euler Finance, offering a multi-collateral lending market that supports popular lending trades in DeFi. It features unique loan-to-value (LTV) ratios for each trading pair.

Users can leverage USDC as collateral from 1x to 14.27x, taking a long position on USDC and short on USDT. The interface shows amounts based on the chosen multiplier. With the upcoming Circle IPO, this offers a chance to evaluate the USDC peg's strength.

Euler provides a display of the APY based on the selected multiplier, along with other typical leverage metrics such as liquidation price, loan-to-value (LTV) ratio, health rate, and the price impact associated with leveraging.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.