The hottest Stablecoins Substack posts right now

And their main takeaways
Category
Top Finance Topics

Protocol Updates (part 2 of 2)

DeFi Education • 579 implied HN points • 29 Mar 22
đź”® Crypto Stablecoins
  1. Frax and Terra are successful protocols that maintain their stable value using a special model called seigniorage share.
  2. The Frax Price Index is an important product update that helps track the value of Frax.
  3. There are resources available to help learn more about Frax and stablecoins.

Maker DAO (Part 1) - Rolling the DAI

DeFi Education • 779 implied HN points • 14 Sep 21
đź”® Crypto Stablecoins
  1. MakerDAO lets you create DAI, a stablecoin, by using your crypto assets as collateral without selling them. It provides a way to access funds while keeping your investments.
  2. To borrow money through MakerDAO, you need to put up more value in crypto than you want to borrow, which helps protect lenders.
  3. If the value of your collateral drops too much, MakerDAO will liquidate it to ensure loans are paid back, so it's important to keep an eye on your collateral's value.

FRAX: The Fractional Algorithmic Stablecoin (Pt. 2)

DeFi Education • 639 implied HN points • 14 Dec 21
đź”® Crypto Stablecoins
  1. Frax is a unique type of stablecoin that combines both fractional and algorithmic features. This means it aims to maintain a stable value while also using smart contracts to help adjust its supply.
  2. In just six months, Frax's financial mechanisms, known as AMOs, made over $50 million in profits. That's a big boost in a short time, showing its potential for growth.
  3. There are benefits to using Frax, but there are also risks involved. It's important for users to understand both sides before getting involved.

Maker Financials + Aave GHO

DeFi Education • 379 implied HN points • 14 Jul 22
đź”® Crypto Stablecoins
  1. MakerDAO is known for creating DAI, a popular stablecoin in the DeFi space. It's a big player in decentralized finance and is being closely watched by investors.
  2. Aave has introduced a new stablecoin called GHO. This is part of the ongoing trend of stablecoin development in the decentralized finance market.
  3. The discussion around Maker and Aave highlights the evolving nature of DeFi, where new products and updates can quickly shift how users engage with these financial systems.
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FRAX: The Fractional Algorithmic Stablecoin (Pt. 1)

DeFi Education • 459 implied HN points • 14 Dec 21
đź”® Crypto Stablecoins
  1. FRAX is a new type of stablecoin that uses a unique algorithm to maintain its value. It aims to be more flexible than traditional stablecoins.
  2. The concept of fractional algorithmic stablecoins like FRAX shows how cryptocurrency can innovate to stay stable in value.
  3. Understanding stablecoins like FRAX can help people make better decisions in the world of cryptocurrency and decentralized finance.

US tariffs and the demand for stablecoins

Klement on Investing • 2 implied HN points • 15 Jan 26
đź”® Crypto Stablecoins
  1. US tariffs tend to reduce global demand for dollars because they shrink the trade deficit and lower the capital account surplus.
  2. A new regulatory framework for dollar-pegged stablecoins makes it easier and safer for investors to hold dollar exposure, which can boost demand for dollar-denominated stablecoins.
  3. In countries hit by high tariffs that also have capital controls, people can’t buy dollars through banks so they rush into dollar stablecoins, driving up stablecoin demand and prices, while countries without capital controls see little change in stablecoin demand.

See No Evil

The Last Bear Standing • 123 implied HN points • 31 Mar 23
đź’° Finance Stablecoins
  1. Disclosure and transparency in financial systems can be beneficial for investors.
  2. In certain situations, ignorance can provide stability and prevent panic.
  3. There is a constant balance between the benefits of transparency and the risks of hidden information in financial systems.

Why stablecoins matter to democracy and domestic debt

Alex's Personal Blog • 32 implied HN points • 22 Oct 24
đź”® Crypto Stablecoins
  1. Stablecoins provide a safe way for people in countries with unstable currencies to access reliable money. This can help them protect their savings from inflation and financial mishaps.
  2. Using stablecoins can promote the use of the U.S. dollar globally, which is good for the American economy and its status as a superpower. More transactions in dollars mean more strength for the U.S. currency.
  3. The growth in stablecoin use is expected to continue as tech advances, making it easier for people to access these digital dollars and benefit from better financial opportunities.

Time to Panic?

Confronting the Future • 2 HN points • 12 Mar 23
đź’° Finance Stablecoins
  1. Silicon Valley Bank faced a major bank failure, leading to significant implications in the banking sector.
  2. Depositors should be prioritized in bank resolutions to maintain stability and prevent mass panic.
  3. Bank runs can have widespread consequences, requiring regulators to ensure depositor confidence and prevent systemic failures.

Zen and the Art of CBDC Analysis (Part 1)

Altered States of Monetary Consciousness • 1 HN point • 13 Feb 23
đź’° Finance Stablecoins
  1. Economies are supported by layers of money from the government, banking sector, and corporations, providing choices to citizens.
  2. The concept of a cashless society has evolved with the emergence of central bank digital currency (CBDC), sparking increasing interest and discussion.
  3. The development of CBDCs highlights a complex interplay between private sector interests, potential threats to financial stability, and the evolving role of central banks in the modern financial landscape.

Crypto Trends To Watch in 2026

Coin Metrics' State of the Network • 0 implied HN points • 23 Dec 25
đź”® Crypto Stablecoins
  1. The crypto universe is growing, but capital is getting more selective. Money is concentrating in more liquid, established tokens with clearer fundamentals and stronger tokenomics.
  2. Crypto is converging with traditional capital markets as spot ETFs, corporate treasuries, bank charters, and staking products bring steadier institutional demand and make crypto an income‑generating allocation.
  3. Stablecoins and tokenization are becoming the backbone of onchain adoption; cheap, high‑volume stablecoin transfers and production‑scale tokenized equities, treasuries, and funds are unlocking new payments and investment use cases.

Talos and FactSet 2025 Digital Assets Report

Coin Metrics' State of the Network • 0 implied HN points • 16 Dec 25
đź”® Crypto Stablecoins
  1. Institutional adoption accelerated — spot ETFs drew large inflows, digital asset treasuries (DATs) emerged as a new source of demand, and crypto IPOs brought more firms into mainstream capital markets.
  2. Regulatory clarity improved with the GENIUS Act creating the first federal stablecoin framework and strengthening the bridge between blockchain systems and traditional financial rails.
  3. Onchain infrastructure scaled as blockspace expanded across major L1s and L2s, costs fell, stablecoin supply approached $300B, and tokenization moved from experiment to production, even while prices remained volatile.

Crypto’s Constructive Start to 2026

Coin Metrics' State of the Network • 0 implied HN points • 06 Jan 26
đź”® Crypto Stablecoins
  1. The crypto market started 2026 on a constructive note: Bitcoin rallied toward $94K and total market cap approached $3.3T, with pockets of altcoin strength showing renewed risk appetite despite geopolitical uncertainty.
  2. Institutional flows resumed—spot Bitcoin ETFs logged roughly $400M in net inflows—while whale selling cooled and retail accumulation increased, and corporate treasuries continued adding BTC and ETH.
  3. Market structure looks cautiously bullish: options and futures positioning favor upside (calls clustered near $100K BTC and $3,500 ETH), stablecoin flows have stabilized and turned positive, and on‑chain activity—especially Ethereum transactions—remains robust.

Ethereum’s Post‑Fusaka Activity Surge: The Impact of Address Poisoning

Coin Metrics' State of the Network • 0 implied HN points • 03 Feb 26
đź”® Crypto Stablecoins
  1. Ethereum’s activity rose sharply after the Fusaka upgrade, with daily transactions up about 50% and active addresses up roughly 60%, but a notable portion of that growth comes from address‑poisoning dust rather than organic usage.
  2. Analysis of USDC and USDT balance updates shows many transfers are tiny dust amounts—about 43% under $1 and 38% under $0.01—often sent by a small number of accounts to millions of wallets.
  3. Dust seeding now explains roughly 10–15% of transactions and 25–35% of active addresses on a typical day. Using adjusted metrics and wallet UI changes can help highlight real economic activity and reduce user risk.

Curious Case of USDC on Base

Coin Metrics' State of the Network • 0 implied HN points • 18 Feb 26
đź”® Crypto Stablecoins
  1. USDC transfer volume exploded in January 2026, driven mainly by USDC on Base and producing trillions in adjusted transfer value and very high onchain velocity.
  2. About half of Base’s USDC activity comes from DeFi plumbing — large LP rebalances on Aerodrome and flash‑loan/arbitrage activity on Morpho — driven by automated strategies that move huge sums with little net economic change.
  3. Raw transfer volume can be misleading because it mixes mechanical DeFi flows with real payments and settlement, so we need more granular classification to understand how stablecoins are actually being used.

Coinbase Q4 2025 Earnings Outlook

Coin Metrics' State of the Network • 0 implied HN points • 10 Feb 26
đź”® Crypto Stablecoins
  1. Q4 2025 total revenue is estimated at about $1.77B, down roughly 5% from Q3 as lower trading volumes and asset price declines weighed on results.
  2. Transaction revenue is forecast around $978M — consumer trading fell while institutional revenue rose significantly thanks to Deribit’s first full quarter contribution.
  3. Subscriptions & services remained resilient at about $723M, with growing USDC interest income offsetting lower staking rewards and the impact of Fed rate cuts.

Analyst Spotlight: Aave Overview

Coin Metrics' State of the Network • 0 implied HN points • 04 Mar 26
đź”® Crypto Stablecoins
  1. Aave uses conservative, asset-level risk controls like collateral rules, supply and borrow caps, and kinked interest-rate curves to reduce sudden liquidations and protect users.
  2. Revenue from Aave’s lending markets and the GHO stablecoin funds protocol development, security incentives, and AAVE token buybacks.
  3. Governance is driven by AAVE tokenholders, but development influence is split between the Aave DAO and Aave Labs, which raises questions about how fully decentralized control is.

Tether’s Ascent: Breaking Down the Dominant Stablecoin's Growth

Coin Metrics' State of the Network • 0 implied HN points • 23 Jan 24
đź’° Finance Stablecoins
  1. Tether's supply has reached new heights, with significant growth and expansion on various blockchain networks.
  2. Tether is gaining popularity in decentralized finance (DeFi) applications, particularly in smart contracts and money markets.
  3. Tether's usage patterns show widespread adoption, especially in emerging markets, and its nature as a stablecoin facilitates trusted digital asset trading on exchanges.

Monthly Insider by Concordium

Concordium Monthly Updates • 0 implied HN points • 05 Feb 24
đź”® Crypto Stablecoins
  1. Concordium has started Phase 2 of their Airdrop on Bit2Me.
  2. Concordium has partnered with various companies for different use cases like stablecoins, privacy scanning, gaming platforms, and more.
  3. Concordium announced partnerships, webinars, and exciting programs coming up in the blockchain space.

Data-Driven Update on Stablecoins

Coin Metrics' State of the Network • 0 implied HN points • 19 Nov 24
đź”® Crypto Stablecoins
  1. The total supply of stablecoins has reached $189 billion, with Tether's USDT being the most popular, making up 66% of that amount. Ethereum holds a significant part of the stablecoin market, showing its importance in the space.
  2. Stablecoins are vital in up markets as they help facilitate trading, with volumes hitting $120 billion. They also act as a safe place to store value, making them useful in both rising and falling markets.
  3. On-chain activity with stablecoins is growing, especially on Solana, where transaction counts have soared. New stablecoins are also entering the market, driven by demand for yield and innovative financial products.

Welcome to the stablecoin boom

Alex's Personal Blog • 0 implied HN points • 30 Dec 24
đź”® Crypto Stablecoins
  1. Stablecoins are becoming more popular, especially as Tether faces troubles in Europe. This situation opens the market for other stablecoins that follow regulations.
  2. Companies making stablecoins can earn money by investing the dollars customers give them in low-risk options. As interest rates rise, these investments become even more profitable.
  3. Banks are looking to join the stablecoin market, simply because there’s money to be made. In 2025, we might see big moves like stablecoin IPOs and more investments in the sector.

Best of State of the Network in 2024

Coin Metrics' State of the Network • 0 implied HN points • 31 Dec 24
đź”® Crypto Stablecoins
  1. Bitcoin saw significant changes this year, especially with the launch of spot bitcoin ETFs and a major halving event, which affected miner revenues and the overall ecosystem.
  2. Ethereum is evolving with its modular structure, increasing staking opportunities, and upgrades like Dencun, making transactions more scalable and efficient.
  3. The stablecoin market grew tremendously, with new players entering the space, while decentralized exchanges became essential for trading and providing liquidity in the crypto landscape.

State of the Network’s 2024 Year in Review

Coin Metrics' State of the Network • 0 implied HN points • 24 Dec 24
đź”® Crypto Stablecoins
  1. 2024 was a big year for crypto, highlighted by Bitcoin ETFs launching and Bitcoin's price soaring to over $100K. It showed a strong recovery from the previous crypto winter.
  2. Meme coins and stablecoins gained much popularity, with stablecoins being used more globally for payments and financial services. This shift indicates their growing importance in the financial system.
  3. The U.S. presidential election boosted crypto markets due to pro-crypto policies, leading to record institutional interest and optimism for the future. Yet, some regulatory uncertainties are still present.

Tether (USDT) Analyst Report

Coin Metrics' State of the Network • 0 implied HN points • 10 Jun 25
đź”® Crypto Stablecoins
  1. USDT is great for fast and cheap cross-border payments, making it useful for people in countries where getting US dollars is tough.
  2. It's easily available on many platforms, helping it become popular quickly as people use it more for trading and blockchain activities.
  3. Institutions like USDT too because it's stable and makes transactions simpler, showing that it's not just for everyday users.

Analyst Spotlight Circle (USDC) Overview

Coin Metrics' State of the Network • 0 implied HN points • 15 Jul 25
đź”® Crypto Stablecoins
  1. Coinbase is really important for USDC's growth because it helps distribute the coin and encourages its use across various platforms.
  2. Circle makes it easy to switch between USDC and traditional money, which helps more people start accepting stablecoins in their businesses.
  3. USDC follows global rules closely, making it a safer choice for businesses and merchants looking to use stablecoins across different countries.

State of the Network’s Q2 2025 Wrap Up

Coin Metrics' State of the Network • 0 implied HN points • 08 Jul 25
đź”® Crypto Stablecoins
  1. The crypto market bounced back in Q2 2025, with the total market cap reaching $3.3 trillion. Popular crypto stocks like Robinhood and Coinbase saw huge gains, indicating renewed investor interest.
  2. Stablecoins gained credibility this quarter, especially with the push for new regulations like the GENIUS Act. This could help stablecoins become more widely used in financial transactions.
  3. Ethereum made significant upgrades to improve its staking and scaling capabilities. This should help lower transaction costs and increase activity on Layer-2 networks.

Circle Goes Public: Circle’s Valuation & the Economics of USDC

Coin Metrics' State of the Network • 0 implied HN points • 24 Jun 25
đź”® Crypto Stablecoins
  1. Circle's market cap has skyrocketed to $63 billion, which is higher than the value of USDC tokens in circulation. This suggests that the market's excitement may not match the company's actual financial performance.
  2. Coinbase plays a huge role in Circle's revenue, earning a substantial share from USDC reserves. This partnership helps Circle get more users but also means they share their profits.
  3. Looking ahead, Circle's earnings depend on how much USDC is in circulation and the interest rates. They need to grow their market and find new ways to make money to stay competitive.

Moments of Market Stress: What They Reveal Heading into 2026

Coin Metrics' State of the Network • 0 implied HN points • 30 Dec 25
đź”® Crypto Stablecoins
  1. Stress events in 2025 — from memecoin frenzies to exchange hacks and minting errors — tested blockchains and markets but mostly revealed resilience, with networks processing transactions and venues absorbing shocks without cascading failure.
  2. Operational and interface failures (like signer workflows and a centralized minting account) caused some of the largest incidents, showing that UI, process controls, and organizational risk management matter as much as cryptographic security.
  3. Fragmented liquidity and venue-specific mechanics amplified liquidations and led to localized stablecoin dislocations, underscoring the need for aggregated liquidity views and stronger cross‑venue risk tools.