SS #4 - Bessent: $2T US Stablecoin Market by 2028

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Good Morning.

Welcome to our 4th 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: Stripe Acquires Privy

• Quick Bites: Societe Generale Stablecoin

• Yield of the Week: 125.25% APY in RLP on Euler

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HEADLINE

Stripe to Buy Crypto Wallet Privy

State of play: Stripe acquires crypto wallet infrastructure provider Privy as part of its strategy to make blockchain tools more accessible for mainstream digital products.

• This acquisition follows Stripe's earlier purchase of the stablecoin platform Bridge for $1.1 B.

• Privy, boasting over 75M accounts, offers an integrated wallet solution for platforms like Hyperliquid, OpenSea, and Blackbird.

• As a major fintech valued at $10B, Stripe processed over $1T in payments last year.

What’s Next: Stripe's integration of Privy will enhance its crypto offerings, further bridging traditional finance with blockchain technologies, and potentially accelerating wider crypto adoption.

Why it Matters: This acquisition signifies a crucial step in uniting the fintech and crypto sectors.

Our Take: Stripe’s move highlights its leadership in fintech innovation, potentially setting industry standards as crypto and fiat systems converge.

QUICK BITES

• XRP adopts native USDC.

• PayPal brings PYUSD to Stellar (XLM).

• Felix launches USDhl on Hyperliquid.

• DTCC considers stablecoin integration.

• Shopify plans to accept USD as payment.

• Braza Group debuts stablecoin FX swaps in Brazil.

• South Korea proposes a stablecoin licensing regime.

• Meta questioned by Democrats on its stablecoin plan.

• US Senate votes to move forward with the GENIUS Act.

• Plasma raises deposit cap to $1B, gets filled in 30 minutes.

• Walmart and Amazon explore issuing their own stablecoins.

• Noah raises $22M to build a global stablecoin payment network.

• Tether takes minority stake in gold-focused investment company.

• Societe Generale to launch USD stablecoin on Ethereum and Solana.

• Ant International seeks stablecoin licenses in Hong Kong, Singapore.

• World Chain adds native USDC stablecoin and Circle’s cross-chain service.

• Ondo expands to XRP, enabling OUSG minting and redemptions via RLUSD.

• Secretary Bessent predicts the US stablecoin market could exceed $2T by the end of 2028.

YIELD OF THE WEEK

Neutral Trade: 20.37% APY in USDC (Currently Full!)

• Neutral Trade’s Hyperliquid Funding Arbitrage Strategy aims for stable, low-risk yield by exploiting funding rate inefficiencies in perpetual futures markets, operating delta-neutrally to minimize asset price movement exposure.

• Accepting deposits in USDC, the strategy allocates capital to perpetual futures for HYPE, BTC, and ETH, neutralizing directional risk while capturing positive funding rates based on market conditions.

• Fees include a 25% performance fee on profits, with no management fee. Deposits are processed daily, while withdrawals may take 1-3 days, varying with the amount and market conditions.

Euler RLP / USR: 26.38% - 125.25% in RLP

• The Resolv strategy on Euler lets users deposit RLP as collateral to borrow USR, leveraging up to 6.65x for optimized yield.

• Resolv airdropped the RESOLV token, which has a market cap of $45 million and a fully diluted valuation of $320 million.

• Besides earning APY, users can earn 20x Resolv points, potentially benefiting from future airdrops.

Euler USDT/ USDC: 9.05% - 60.52% in USDT

• Euler Prime is a lending market within the Euler protocol, aimed at enhancing capital efficiency in DeFi while allowing users to earn rEUL tokens directly.

• Turtle Club members receive boosted rEUL rewards, available until July 2, 2025.

• Given Tether and Circle's leading positions in stablecoin market share, this pool is considered safe for farming, particularly for Euler enthusiasts.

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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.