@stackandstory

Independent crypto research. Original data, a public track record, corrections made in the open. Every stack has a story.

stackandstory.com/
Joined May 2025
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222Media
Fasset just hit a $1B valuation on a $68M round. SBI Group led it. SBI doesn't chase apps, it funds infrastructure that pays off over years.
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Switzerland just approved its first bitcoin ETF for retail investors. The detail that matters: FINMA waived its own risk-diversification rules to let a single asset carry an ETF. It has never done that before, for any cryptocurrency.
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- Switzerland's 2021 crypto ETF was basket-only and qualified-investors-only - US bitcoin ETFs already manage over $97B, per CoinGlass - FINMA still calls bitcoin "highly risky" even as it grants the exemption
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Stablecoins move $400M an hour on average. Most of that volume lands outside banking hours, not during them. That rules out the easy explanation: exchanges shuffling collateral during trading sessions. This flow runs on a different clock.
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- $400M/hour average adjusted transfer volume, per Coinbase and The Block - Quarterly volume projected at $1.5 trillion by end of 2027 at current growth - Off-hours transfers dominate the total, not market-hours trading
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Bitcoin ETFs just had their best day since September, pulling in $527M. One fund did all of it. IBIT alone took in $665.2M, more than the entire category's net total. Fidelity and Grayscale investors were heading out the door the same day.
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- IBIT: +$665.2M in a single day - FBTC: -$83.6M same day - GBTC: -$54.9M same day - Category still down ~$88M for October
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Mastercard says it's fighting stablecoin fraud. The real play: owning the compliance choke point on a rail it can't tax directly. North America first, global by 2027.
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- Global rollout targeted for 2027, giving Mastercard a year of live North American data first - Tool screens specifically for fraud and sanctions, the two gaps regulators will force anyway
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October erased a year of Ether ETF gains in one month. $955M out in October vs. $610M in net inflows for all of 2026 so far. The math doesn't balance anymore.
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- ETH ETFs: $320M outflows last week alone - BTC ETFs: $229M outflows, second straight losing week - Prior week hit $1.22B combined outflows across both
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Bitcoin ETFs just lost $228.6M. Sounds bad until you see last week's number: $681.1M. That's a 66% slowdown in outflows, not an acceleration. Big redemption wave draining, not a stampede building.
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- Week 1 outflow: $681.1M - Week 2 outflow: $228.6M - Combined two-week drain: ~$910M - Outflows beat inflows on 3 of 5 days this week
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Stablecoin supply grew 0.4% this year. Payment volume grew 45%. Same dollars, moving 1.6x faster through checkout and payouts instead of sitting idle. That's why Visa, Mastercard and Stripe all shipped stablecoin rails the same week.
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- $482B in stablecoin payments through September, per Allium, up 45% YoY - Transaction count up 71% to over 1B payments - Supply stuck near $305B, up just 0.4% since January
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BIS data: USDC's 2023 outflows tracked bank deposit rates topping 5%, not panic. Supply fell from ~$45B to under $25B as banks got competitive on yield. Banks hold a lever over stablecoin float they've barely pulled.
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- USDC dropped from ~$45B to under $25B in 2023 - BIS study covers a full rate cycle, 2019-2025 - USDC showed the strongest rate sensitivity in the sample
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Circle says it only keeps 7 cents of profit per revenue dollar. $819M of its $1.4B H1 2026 revenue already goes to partners like Coinbase, who's now backing a rival that wants more. Open USD still hasn't published its actual fee.
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- Circle revenue H1 2026: $1.4B - Distribution/transaction costs: $819M - Remaining $473M includes $214M stock comp
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Stablecoin remittances cost 84% less than bank wires, $2 vs $12.72 on a $200 transfer. But Costa Rica's local rail completes only 73% of those payouts. Mexico's completes 98.6%. The savings are real. The reliability is local.
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- $200 remittance: $2 stablecoin vs $12.72 traditional, per Borderless.xyz Q3 data - Sub-Saharan Africa: 2.9% vs 8.46% traditional cost - Completion rates range from 98.6% (Mexico) to 73% (Costa Rica)

Borderless.xyz | Global Stablecoin Orchestration and Liquidity Network

A modern payments network that connects stablecoin-enabled participating financial institutions (PFIs) into one multi-chain orchestration layer and liquidity network to move money anywhere at any...

borderless.xyz
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