- GameStop might use a $1.75B observe providing to broaden its bitcoin holdings, regardless of a 17% income drop.
- Treasury Secretary Bessent tasks the U.S. stablecoin market may surpass $2T by 2028 with the GENIUS Act.
- Ethereum ETFs outpaced Bitcoin for each day inflows, whereas USDC launched natively on XRP Ledger.
GameStop has filed to situation $1.75 billion in zero-coupon convertible notes, with an choice so as to add $250 million extra. The funds might assist its bitcoin treasury technique introduced earlier this 12 months. In March, GameStop declared BTC as a treasury reserve asset and later bought 4,710 BTC utilizing proceeds from a $1.5 billion observe sale. Nevertheless, Q1 income fell 17% year-over-year, and GME inventory tumbled almost 25% following the announcement.
U.S. Stablecoin Market Might Prime $2 Trillion by 2028, Says Bessent
Treasury Secretary Scott Bessent advised Congress that the U.S. greenback stablecoin market may surpass $2 trillion by 2028 — contingent on passing supportive laws just like the GENIUS Act. The Senate superior the invoice Wednesday, requiring full greenback backing and audits for main issuers. Bessent emphasised stablecoins’ potential to solidify the U.S. greenback’s reserve standing, with President Trump pushing to signal the act into legislation earlier than August.
Ethereum ETFs Overtake Bitcoin for a Day
On Wednesday, U.S. spot Ethereum ETFs posted $240.3 million in inflows, beating Bitcoin ETFs’ $164.6 million. This marked 18 straight days of internet ETH ETF inflows totaling $1.3 billion. BlackRock’s ETHA led with $163.6 million, adopted by Constancy’s FETH. Whereas each day flows favored Ethereum, Bitcoin ETFs nonetheless dominate in whole with $45.5 billion in inflows since launch versus Ethereum’s $3.8 billion.
Plasma Sidechain Doubles Deposit Cap to $1B
Plasma, an EVM-compatible Bitcoin sidechain, doubled its stablecoin deposit cap to $1 billion after overwhelming demand for its XPL token sale. The unique $500 million cap was stuffed in beneath an hour earlier this week. Deposits in USDT, USDC, USDS, and Dai grant customers entry to the XPL public sale, which stays capped at $50 million. Plasma reiterated that deposits are usually not a part of the token sale and stay user-owned.
USDC Launches on XRP Ledger
USDC is now natively obtainable on the XRP Ledger, increasing entry to the stablecoin with no need bridges. The combination, only a week after Circle’s IPO, permits real-time funds and DeFi functions on XRPL. Circle Mint and APIs now totally assist this rollout. The XRPL community, supported by Ripple, has processed over 3.3 billion transactions since 2012.