News Roundup — Stablecoins Hit Record $190B Market Cap, Surpassing Pre-Terra Crash Peak

Major news stories this week;

1. Stablecoins Hit Record $190B Market Cap, Surpassing Pre-Terra Crash Peak: CCData
2. Amazon Shareholders Push for Minimum 5% Bitcoin Allocation
3. Circle Commits to Updated Canadian Stablecoin Regulatory Requirements
4. Donald Trump Names Paul Atkins as Preferred SEC Chair
5. Decentralized chatbots, gov’t bonds onchain - a16z’s 2025 crypto trends
   

Story Summaries;

1. Stablecoin Market Hits $190 Billion in market capitalization this month, surpassing its previous peak in April 2022. This growth was fueled by the ongoing crypto rally, the U.S. presidential election, and increased demand for stablecoins in trading. New tokenized products, like BlackRock’s BUIDL and Ethena’s USDe, also contributed to the sector's expansion. Tether's USDT saw a 10% increase to a new high of $132 billion, while Circle's USDC grew 12% to $39 billion. The stablecoin sector now plays a critical role in crypto trading, with USDT accounting for nearly 70% of market share.
2. Amazon Shareholders Propose Bitcoin Investment to Boost Value. Supported by the National Center for Public Policy Research (NCPPR), Amazon shareholders are urging the company to allocate at least 5% of its assets into Bitcoin to counter inflation and enhance shareholder value. The proposal emphasizes Bitcoin's 134% surge this year, outpacing gold and the S&P 500, and points to MicroStrategy's 500% stock rise as proof of Bitcoin's long-term potential. A similar proposal will be voted on by Microsoft shareholders on December 10.
3. Circle, the issuer of USDC, has formally committed to adhering to Canada’s updated stablecoin regulations. These new rules require stablecoins to maintain a 1:1 ratio with the Canadian or U.S. dollar, ensure reserves are backed by cash or short-term government debt, and mandate the use of qualified custodians. Circle is the first stablecoin issuer to comply with Canada’s regulations, making USDC the first major dollar-pegged stablecoin to meet them. The company also highlighted benefits USDC can bring to Canada - including cheaper payment settlements, increased consumer protections, and enhanced competition in the payments sector.
4. President-elect Donald Trump has selected pro-crypto Paul Atkins as his preferred SEC chair, replacing Gary Gensler. A former SEC commissioner and vocal crypto advocate, Atkins currently advises Reserve Protocol and is involved with the Digital Chamber of Commerce. His potential appointment has sparked optimism in the crypto market. Investors view Atkins' pro-crypto stance as a positive shift for the industry, in line with Trump’s pre-election promises to support digital assets.
5. Venture firm a16z forecasts key crypto trends for 2025, focusing on AI integration with blockchain and expanding tokenization. They predict AI-driven applications like wallets with AI agents, decentralized chatbots, and proof-of-personhood will grow. Stablecoins are expected to replace credit card transactions in small businesses, while unconventional assets like biometric and medical data may be tokenized. Additionally, a16z anticipates the tokenization of government bonds, with institutions and governments, such as the UK, exploring digital securities and on-chain debt issuance.

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And that’s all for last week’s news! Wishing you a great week ahead!