The Stablecoin Era Begins

The most boring part of crypto just became its most important

June 20, 2025

Vester Pulse

Vester Updates

As Promised, we’ve been quietly shipping.

The biggest release yet: the On-Chain Analyst. This is Vester’s first compound agent, a specialized multi-agent system built to interpret real-time on-chain activity. Sub-agents work together to track token flows, surface network shifts, and translate raw data into clear, actionable insight. The result is fast, structured insight into what’s actually happening on-chain, as it happens. No dashboards. No tab juggling. Just answers.

More agents are on the way, each focused on making digital asset investing more intelligent, more informed, and more automatic.

Our website continues to be updated, and we’ve also expanded our presence on social as we gear up for launch

Crypto News of the Week: Stablecoins Take Center Stage

Two major developments this week mark a turning point for stablecoins, signaling serious momentum toward regulatory clarity, public market validation, and global financial integration:

Circle Goes Public

•On June 5, 2025, Circle, issuer of USDC, went public on the New York Stock Exchange under the ticker CRCL.

•IPO priced at $31/share, raising over $1 billion. The stock surged nearly 500%, now trading around $199, giving Circle a market cap above $25B.

•Founded in 2013, Circle began as a bitcoin payments startup before shifting toward stablecoin infrastructure. In 2018, it launched USDC in partnership with Coinbase, emphasizing transparency, dollar reserves, and regulatory alignment.

•This is the first time a major stablecoin issuer has entered public markets, putting stablecoins directly into the traditional financial system and subjecting the model to full SEC and investor scrutiny.

Landmark U.S. Stablecoin Legislation Passes Senate (GENIUS Act)

•On June 17, 2025, the Senate passed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), with bipartisan support (68–30).

•The bill sets a comprehensive federal framework for stablecoin regulation.

Key provisions:

•100% backing by segregated, high-quality liquid assets (USD or short-term Treasuries)

•Monthly reserve disclosures and annual audits

•Clear issuer accountability and prohibition of yield-bearing stablecoins

The bill now moves to the House of Representatives. If passed, it will be the first federal law directly regulating fiat-backed stablecoins.

The Bigger Picture

Stablecoins Just Entered the Big Leagues Circle’s IPO and the passage of the GENIUS Act signal a clear shift: stablecoins are no longer fringe fintech experiments. They are now regulated financial infrastructure, backed by law and public markets. This changes how capital views the category, and who’s willing to build on top of it.

Traditional Finance Is Coming In Fast The regulatory fog is gone. The GENIUS Act sets firm requirements around reserves, audits, and disclosures. Stablecoins now look more like money market funds than crypto gambles. Expect to see banks, fintechs, and asset managers begin integrating regulated stablecoins into everything from payments to yield products.

Treasuries Will Quietly Soar in Demand Mandated reserve holdings mean billions in new capital flowing into short-term U.S. Treasuries. That dynamic may put unexpected pressure on short-end yields, potentially distorting parts of the bond market typically moved by central bank decisions, not crypto policy.

Dollar Diplomacy Goes On-Chain Emerging markets with unstable currencies and broken banking systems now have a compliant, liquid, 24/7 dollar alternative. Stablecoins could quietly become the most effective form of U.S. dollar expansionism since SWIFT. They require no embassies, no military, and no approval.

Unexpected Prediction: A Central Bank Will Launch a USDC-Backed FX Reserve Within 12 months, at least one emerging market central bank will add USDC to its reserves or peg a local digital currency to it, not to Bitcoin or gold, but to a regulated stablecoin with U.S. legal backing. Not because they love crypto, but because it’s fast, auditable, and dollar-denominated.

Bitcoin vs. USDC: Speculation vs. Infrastructure

This week’s Vester visualization reframes a tired comparison. Instead of asking how Bitcoin and USDC differ in price behavior (we already know that), we asked a better question: What does each asset actually do in the modern crypto economy?

The chart below pairs Bitcoin’s price performance over the last six months with USDC’s on-chain transaction volume. One line reflects market speculation. The other reflects real-world economic activity. This isn't a battle of price, it's a window into utility.

•Bitcoin remains the volatility king: Over the past six months, Bitcoin surged on ETF flows, corrected on rate fears, and rallied again as liquidity returned. It’s still the speculative benchmark. Traders chase it. Institutions hedge with it. But most of the activity around it is still about price.

•USDC is becoming the default transaction layer: While its price sits flat at $1, USDC’s usage has exploded. On-chain volume has grown steadily, with a rising share of DeFi, remittance, and payment protocols settling in stablecoins. Especially post-GENIUS Act, USDC isn’t just a stable asset, it’s becoming crypto’s cash layer.

•Why it matters: Bitcoin is where people park capital to speculate. USDC is where they move capital to build. The asset that doesn’t move in price may quietly end up moving everything else. The takeaway? Volatility attracts attention. Stability attracts infrastructure.