SS #16 - Polymarket Considers Launching a Stablecoin

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Welcome to our 16th 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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In Today's Edition:

• Headline: Polymarket Considers Launching Its Own Stablecoin

• Quick Bites: Circle Downgraded to ‘Sell’ by Compass Point After Trump Signs Sstablecoin Bill

• Yield of the Week: 21.24% APY in USDC on mMEV

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HEADLINE

Polymarket Considers Launching Its Own Stablecoin

State of play: Polymarket is weighing whether to launch its own stablecoin or enter a revenue-sharing deal with Circle.

• Polymarket may issue a custom stablecoin to gain control over the yield from reserve assets.

• Circle is offering revenue-sharing deals to stay competitive amid rising stablecoin issuance interest.

• US stablecoin legislation makes launching such tokens more appealing and viable.

What’s Next: Polymarket hasn’t made a final decision, but regulatory clarity and the simplicity of deploying a closed-loop stablecoin give it strong incentives to go solo.

• A move could follow soon, especially as the platform prepares a formal US reentry via QCEX.

Why it Matters: This highlights the growing strategic importance of stablecoins, not just as payment tools, but as yield engines.

• Platforms that capture user liquidity are increasingly looking to capture the backend economics too.

Our Take: If Polymarket launches its own stablecoin, it could unlock a powerful, self-reinforcing business model. But the move also brings operational and reputational risks especially as US regulators begin enforcing new rules.

QUICK BITES

• USDC on Hyperliquid doubles to $4.9B.

• BNY & Goldman ink tokenized money market fund deal.

• Binance integrates Circle's yield-bearing USYC stablecoin.

• WisdomTree’s USDW to pay dividends on tokenized assets.

• Tether says 250K Tether Gold are backed by 7.66 tons of gold.

• Stablecoin momentum ignites Hong Kong race for crypto dominance.

• Anchorage & Ethena issues the first GENIUS‑compliant stablecoin in the US.

• Circle downgraded to ‘Sell’ by Compass Point after Trump signs stablecoin bill.

• Tether CEO says US market entry 'well underway' amid plans for institutional stablecoin.

• Bank of America says stablecoin supply to grow as much as $75B following passage of GENIUS act.

YIELD OF THE WEEK

Blackhole USDt / USDC: 102.52% APR

• Blackhole is a DEX on Avalanche that enhances the ve(3,3) model by introducing two types of veNFTs, including Supermassive veNFTs, which are created by permanently removing $BLACK tokens from circulation.

• The platform features an open incentive marketplace where partners can influence liquidity allocation by incentivizing veNFT voters, aligning liquidity with strategic goals.

• Blackhole's router optimizes trade execution across pool types using 30-minute TWAPs for price protection, while its Stable pools enable low-slippage trading of correlated assets.

Midas mMEV: 21.24% APY in USDC

• mMEV is a delta-neutral strategy designed to capture DeFi yields while minimizing market exposure, with MEV Capital acting as its risk advisor.

• It offers strong liquidity through instant redemption in major stablecoins across chains, maintaining at least 10% of circulating supply for immediate access.

• Users may earn additional rewards through integrations with platforms like Resolv, Yield.fi, Elixir, Hyperbeat, and Hyperswap.

Midas mEDGE: 11.02% APY in USDC

• mEDGE is a delta-neutral DeFi strategy that aims to deliver yield while maintaining balanced market exposure, guided by risk oversight from Edge Capital.

• The product offers strong cross-chain liquidity with instant stablecoin redemptions, maintaining at least 10% of circulating supply available at all times.

• Users may receive additional rewards through integrations with platforms like TAC, Turtle Club, Level, Coinshift, Syrup, Veda, and Ether.fi.

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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.