According To Coinmarketcap.com, The Aggregate Stablecoin Market Cap Has Topped USD 200B - We Review Select Market Narratives In Relation To Blockchain-Based Stablecoins. USDt continues to dominate stablecoin market: Since the US election, Tether’s USDt has seen its market cap grow from USD 120B to a current USD 135B, an increase of 13%. Circle’s USDC expanded by 8%; its market cap grew from USD 37B to USD 40B. USDt continues to be the leading stablecoin, accounting for 67% of the aggregate stablecoin market cap. Stablecoins enjoy new-found political support: In May, we took note of Republican Congressman Andy Barr describing stablecoin legislation as 'connected to national security.' Barr indicated he believes the US needs to promote USD-denominated stablecoins ‘in the global economy to protect and advance the dollar’s dominance and the dollar as the world reserve currency.’ Since, this position has been reiterated by president-elect Donald Trump. Speaking at the Bitcoin 2024 Conference in July, Trump said stablecoins allow the US to ‘extend the dominance of the US dollar to new frontiers all around the world.’ According to Trump, such a policy would bring ‘billions of people’ in the crypto space, increasing the ability of individuals to ‘[store] their savings in bitcoin.’ We recently described Cantor Fitzgerald’s 5% investment in Tether as a further contribution to the sentiment ‘that stablecoins face less regulatory complexities heading into a second Trump term.’ Cantor’s current CEO Howard Lutnick co-lead Trump’s transition team and will join the new administration as Secretary of Commerce. An uptick in stablecoin projects: In September we described stablecoins’ new-found political support contributing to an uptick in projects launching a variety of blockchain-based USD projects. Among these were Ripple’s RLUSD stablecoin which is expected to launch today according to Fox Business. The New York Department of Financial Services has indicated to Ripple it intends to approve the new stablecoin product in the state, write Fox Business. Among projects we took note of in September is the Wyoming stablecoin. Unlike other projects which are led by private companies, the Wyoming stablecoin is being spearheaded by the state’s government. According to Governor Mark Gordon, who is Chairman of the Wyoming Stable Token Commission, the state plans to back the stablecoin with US Treasury bills and repurchase agreements. Stablecoins continue to dominate crypto trading: Crypto trading against USDt is significantly larger than against traditional USD. For instance, Binance’s BTC/USDt pair has seen USDt 3.52B worth of volume over the last 24 hours. This is compared to USD 1.42B for Coinbase’s BTC/USD trading pair. Coinmarketcap.com data shows the extent to which USDt denominated BTC markets dominate in terms of volume. Major trading venues, such as Binance, OKX, or Deribit, continue to rely on stablecoins as their primary source of USD flows.

• Blockchain analytics firm Dune found that over USD 1.5B in trading volume on BNB Smart Chain-based venues were impacted by market manipulation over the weekend. The ‘sandwich attacks,’ whereby a malicious actor front-runs and back-runs a trader’s transaction to turn a profit, impacted over a third of the network’s blocks, involving 43,400 transactions. - [link](https://decrypt.co/294648/bnb-smart-chain-blocks-hits-record-high-sandwich-attacks) - @Decrypt • Brighty, a startup describing itself as ‘a digital finance platform that enables crypto-card payments in the real world,’ secured USD 10M in funding. The raise, led by Futurecraft Ventures, will facilitate Brighty's growth within Europe and the UK. Brightly aims to combine conventional banking services with stablecoins and decentralized finance, offering options such as European IBAN accounts, VISA cards, and crypto exchange. - [link](https://www.globenewswire.com/news-release/2024/12/03/2990863/0/en/Brighty-Raises-10-Million-to-Enable-Crypto-Payments-in-the-Real-World.html) - @Brighty • Donald Trump has selected Paul Atkins to chair the SEC when he takes office, according to sources cited by Unchained. Atkins, who served as commissioner of the agency under Bush President George W. Bush from 2002-2008, has held a co-chair position at the industry group Digital Chamber of Commerce since 2017. - [link](https://unchainedcrypto.com/trump-taps-paul-atkins-for-next-sec-chair-making-good-on-his-crypto-promises/) - @UnchainedCrypto • Onchain derivatives platform SynFutures introduced the SynFutures Foundation and announced an upcoming airdrop for its ‘F’ token. The Ethereum-based token will be listed on crypto exchanges including Bybit, Bitget, Gate.io, and KuCoin. The launch aims at decentralizing SynFutures' platform, offering governance power to its community members. - [link](https://www.prnewswire.com/news-releases/synfutures-announces-foundation-f-token-airdrop-and-initial-exchange-listings-302319846.html) - @SynFutures • Pantera Capital raised USD 20M over the summer to invest in Telegram-based TON's Toncoin. According to an SEC filing, the investment included commitments from 29 investors across two funds. - [link](https://www.dlnews.com/articles/markets/pantera-capital-raises-millions-usd-on-blockchain-ton-funds/) - @DLNews • Tezos-based trading platform Uranium.io announced its launch. The venue claims to be the world’s first blockchain-based uranium marketplace. Created through a partnership with Curzon Uranium and Archax, the platform seeks to enhance accessibility and transparency in the uranium market. - [link](https://cointelegraph.com/news/tezos-world-first-uranium-marketplace-blockchain) - @Cointelegraph • BTC mining pool Foundry laid off 16% of its US workforce and a smaller team in India. The DCG-owned company is recentering its focus on core activities such as operating its mining pool and site operations expansion. - [link](https://www.coindesk.com/markets/2024/12/04/dcg-confirms-reports-foundry-layoffs-says-its-16-of-u-s-employees) - @CoinDesk • Alex Mashinsky admitted to charges of fraud in connection with the downfall of Celsius Network. The former CEO accepted responsibility for manipulating CEL token prices, realizing personal gains of USD 42M. His guilty plea potentially mitigates his sentencing compared to standing trial. Mashinsky's actions contributed to the broader 'crypto winter,' affecting the valuation of digital assets globally. - [link](https://www.bloomberg.com/news/articles/2024-12-03/ex-celsius-ceo-alex-mashinsky-to-plead-guilty-in-us-fraud-case?srnd=homepage-americas) - @Bloomberg

• Bloomberg: [Bitcoin’s Push Toward $100,000 Runs Into A Wall Of Resistance](https://www.bloomberg.com/news/articles/2024-12-02/bitcoin-s-quest-for-100-000-runs-into-wall-of-resistance) • Barron's: [Bitcoin Could Keep Surging In Trump 2.0. Here’s The Smart Way To Play It.](https://www.barrons.com/articles/bitcoin-price-trump-options-7982f077)

• [Cryptocurrency Trading Is Now Bigger Than Stocks In South Korea](https://www.bloomberg.com/news/newsletters/2024-12-03/cryptocurrency-trading-is-now-bigger-than-stocks-in-south-korea), Bloomberg, December 3, 2024 • Bloomberg discusses the growing popularity of crypto trading in South Korea.

• [MicroStrategy's Michael Saylor: We Want To Bridge Traditional Capital Markets With Crypto Economy](https://www.youtube.com/watch?v=1l45B4mYl-o), CNBC, December 3, 2024 • Michael Saylor, MicroStrategy executive chairman, discusses ongoing BTC market dynamics.