Tether surpasses Ethereum in market cap amid broader crypto downturn

Tether overtakes Ethereum in market cap for the first time USDT's circulating supply hit ~$186B, surpassing Ethereum's market cap of ~$186.26B as ETH traded in the $1,500-$1,600 range. Analysts see this as a 'stablecoin season' signal, with capital increasingly sitting in dollar-pegged tokens rather than volatile assets. 1

Bitcoin slides to $59K as record $1B ETF outflows hit Bitcoin dropped to ~$59,000, its lowest in months, after two days of combined $1.16B in spot ETF outflows. On-chain data shows 10.83M BTC at unrealized loss (a new record) while long-term holders increased ownership to 14.8M BTC, suggesting holders are not panic-selling. 2345

BlackRock moves $336M in Bitcoin and Ethereum to Coinbase Prime The world's largest asset manager transferred 4,577 BTC ($271M) and 41,996 ETH ($65M) to Coinbase Prime. On-chain analysts classify this as routine ETF custody activity for share creation and redemption, consistent with BlackRock's pattern of large monthly transfers. 6

Invesco files for tokenized stablecoin reserve fund under GENIUS Act The $2.5T asset manager registered the Invesco Stablecoin Reserves Onchain Fund with the SEC on June 24, targeting stablecoin issuers needing compliant, liquid reserves. The fund will maintain a constant $1 NAV, invest in T-bills and repos, and use Superstate for tokenization. 7

Spark and Uniswap launch FX Layer with $150M stablecoin migration The Stablecoin FX Layer debuts on Uniswap v4, seeded with $150M in liquidity pairing Sky's USDS with USDT and PYUSD. Spark plans to introduce a Shared Liquidity Layer and DualPool hook to earn yield on idle capital, targeting infrastructure for hundreds of future stablecoin issuers. 38