🪙 Stablecoins Are Stealing The Spotlight!

Big moves from both crypto and TradFi players are happening in the stablecoin market.

May 01, 2025

Hey Thinkers 💡

This week has been full of major moves in the crypto world, particularly around stablecoins — and some of it caught the market off guard. Here's a quick rundown of what happened and why it matters:

🏦 Mastercard and Visa Go All-In on Stablecoins

Two of the world's largest payments giants are expanding their crypto capabilities:

Mastercard announced the rollout of global stablecoin payment functionality, enabling individuals and businesses to transact using stablecoins anytime, anywhere. New capabilities include:

Wallet enablement
Card issuing
Merchant settlement
On-chain remittances
Payment and commerce app enhancements

They’re partnering with top crypto players like MetaMask, Kraken, Gemini, Bybit, Crypto.com, Binance, and others. Users will be able to spend stablecoins via crypto wallets or traditional cards, and even withdraw to bank accounts using Mastercard Move.

In collaboration with OKX exchange, Mastercard is launching the OKX Card, and it's working with Circle, Paxos, and Nuvei to help merchants accept USDC and other stablecoins.

Visa, meanwhile, is teaming up with Baanx to launch stablecoin payment cards in the U.S., enabling real-time USDC spending via smart contracts. Users will be able to use stablecoin-linked cards at any merchant that accepts Visa. New card programs can be issued in Argentina, Colombia, Ecuador, Mexico, Peru, and Chile. Visa and Bridge stated that the product will expand to Europe, Africa, and Asia in the coming months.

🤝 Ripple Tries to Acquire Circle

In a surprising twist, Ripple reportedly made a $4–$5 billion bid to acquire Circle, the issuer of USDC — but Circle declined, saying the offer was too low.

Ripple’s newly launched RLUSD stablecoin currently has a market cap just over $300 million, while USDC commands over $60 billion. Had the deal gone through, it would have marked the largest acquisition in crypto history.

This move shows Ripple’s ambitions to dominate the stablecoin space. Just last month, they acquired Hidden Road, a prime brokerage, for $1.25 billion. With stablecoin legislation around the corner, banks like Bank of America are also signaling readiness — CEO Brian Moynihan has confirmed the bank is waiting for legal clarity before launching a stablecoin.

🏛️ Stablecoin Legislation Getting Closer

Momentum is building in Congress with two bills under active review:

The GENIUS Act (Senate)
The STABLE Act (House)

These, alongside broader crypto market structure bills, are being finalized to meet President Trump’s mandate: have them ready before the August recess.

I sat down with Congressman Tom Emmer, House Majority Whip, this week to get an update. He confirmed things are on track and progress is being made swiftly.

₿ Bitcoin Hits $97K — Bulls Regain Control

Bitcoin continues its recovery and today hit $97,000. After shaking off the tariff-driven crash, the technical indicators are flashing green:

Back above the 200-day moving average. Daily RSI still has room before becoming overbought.
Weekly RSI breakout and MACD turning bullish

All signs point toward continued momentum. Next key targets: $106,000, followed by a potential local top between $120K–$130K. Altcoins will follow soon — but as always, patience is key. We’re still early in this leg of the bull cycle.

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