The crypto market has ticked upward this week, with BTC up 1.26%, ETH rising 7%, and XRP gaining 6.2%. Every top-20 crypto by market cap is in the green—except for stablecoins. Leading the rally is XLM (Stellar), which jumped by over 14%.
Stellar’s Moment
Stellar has seen a surge in activity, processing 197 million operations in June alone, according to data from Artemis. This marks a notable increase in usage, coupled with the platform’s stablecoin supply hitting a record high of $667 million—a signal of rising confidence in its ecosystem.
That optimism may soon be validated. PayPal plans to integrate its PYUSD stablecoin into Stellar. Already live on Ethereum and Solana, PYUSD’s expansion to Stellar could shift it from a developer-focused asset into a utility-driven, high-impact tool—particularly for cross-border payments and payment financing.
While the initiative is still awaiting regulatory clearance in New York, excitement is building. A PayPal-backed Stellar ecosystem could drive greater liquidity and adoption, reinforcing investor confidence in Stellar’s long-term value.
Real-World Assets and Network Activity Grow
Momentum continues in the tokenization of real-world assets, with the total value locked climbing for the fifth consecutive month to reach $487 million. A key driver of this growth is the Franklin OnChain U.S. Government Money Market Fund, which continues to draw capital.
On-chain activity is rising as well. According to Nansen, weekly network transactions rose by 11% to 18.2 million, and active addresses increased by 10%, now totaling 146,700.
Macro Moves: Labor Data and Interest Rates
Expectations of a Federal Reserve rate cut have shifted after strong U.S. labor data. In June, U.S. employers added 147,000 jobs, far surpassing projections of 106,000. The unemployment rate dipped to 4.1%, beating the expected 4.3% and improving from 4.2% in May.
This labor strength has calmed fears of a near-term economic slowdown, reducing pressure on the Fed to act. Jerome Powell has stayed cautious on monetary easing, and the data supports his stance. Bond markets now see a significantly lower chance of a rate cut in July, with even September looking less likely.
At the same time, President Donald Trump has signaled a potential increase in tariffs—up to 50%—on imports, citing tensions with the EU over tech regulation. The ripple effects were immediate: Asian equities fell for the third time in four sessions, U.S. futures dropped, and copper futures rose.
Institutional Buying: BTC and ETH
On the corporate side, Japanese firm Metaplanet has acquired another 2,205 BTC, bringing its total holdings to 15,555 BTC—now worth roughly $1.7 billion. The firm has quadrupled its BTC reserves since March and continues to position Bitcoin as a central treasury asset. Its BTC yield also rose 15.1% last week, with a transaction worth $236 million underscoring its confidence.
Meanwhile, SharpLink Gaming, a Nasdaq-listed company, purchased 7,689 ETH last week at an average price of $2,501 per token. This followed a $64 million capital raise through its At-The-Market (ATM) facility, of which $37.2 million is allocated for further ETH acquisitions.
SharpLink now holds 205,634 ETH in its treasury, fully deployed across staking and restaking protocols. The company’s staking rewards grew by 100 ETH last week, reaching 322 ETH total. As a result, its stock has surged by over 60% in just five days.
Circle, Ripple, and the Banking Push
Two of the industry’s biggest players are edging closer to the traditional financial system. Circle, following a successful IPO, has applied for a national trust charter with the Office of the Comptroller of the Currency (OCC). If approved, it would launch First National Digital Currency Bank, N.A., managing USDC reserve assets and offering custody services to institutional clients. The move would help Circle meet regulatory obligations, including those anticipated under the GENIUS Act.
Ripple is pursuing a similar path. It recently launched its own stablecoin, RLUSD, and has filed for a national banking license with the OCC. The company submitted its application shortly after dropping its appeal in the SEC case, signaling a move toward deeper regulatory alignment. Ripple’s long-term goal remains the strengthening of its cross-border payments infrastructure.
Together, these moves suggest a more regulated, institutional era is taking shape for the stablecoin sector.
BTC Stability Masks Market Caution
Despite macro volatility, Bitcoin has remained stable at around $108,700. This calm performance, even amid rising global tensions, is leading some analysts to speculate that BTC is increasingly viewed as resilient—or at least decoupled from traditional market risks.
Institutional inflows remain strong. BTC ETFs saw $1.3 billion in net inflows over the past week. Among altcoins, Ethereum-linked investment products led with $250 million, followed by Solana with $40 million. This pushed total ETF assets under management to a new record: $188 billion.
Still, caution is warranted. On-chain data from The Block reveals that Bitcoin’s activity and implied volatility are at two-year lows. Analysts at Glassnode describe the market as entering a “summer lull,” marked by low trading volume and a concentration of unrealized gains among long-term holders.
This creates a fragile equilibrium—one that could tip quickly if sentiment shifts.
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