Stablecoins have meant dollar stablecoins. However, local stablecoins have grown into a market of their own.
Our new report with @Bitso tracks their flows from exchanges to onchain, with @Ripple, @Stablecoin, @qivaliseu, @Dune, and @miraeasset π§΅π
1 July. The line is drawn. The MiCA transition ended today.
The Keyrock Standard: MiCA-authorized through Keyrock FR SAS. Tier-one liquidity infrastructure for institutional partners across Europe and globally.
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Stablecoins have meant dollar stablecoins. However, local stablecoins have grown into a market of their own.
Our new report with @Bitso tracks their flows from exchanges to onchain, with @Ripple, @Stablecoin, @qivaliseu, @Dune, and @miraeasset π§΅π
But local stablecoins have a depth problem.
Only 3 clear $10M of depth on their best exchange. Onchain, the entire non-USD pool base is just $46M, barely 2-3% of it tradeable.
The full report walks local stablecoins through every stage, from the exchange ramp to onchain trading, and reads each region for what scales next.
Read it here:keyrock.com/how-local-stableβ¦
Key Insights π 29 June 2026
The hottest US inflation print in three years hit last week. Bitcoin and Gold sold off anyway. Investors looked straight through it, betting cheaper oil means softer inflation ahead. Last week offered no refuge.
We treat this as a mid-cycle correction. Long-term holders haven't sold and the $53.4k whole-market floor hasn't been tested. Every real bottom printed below it. We treat $60k as a level to accumulate, and watch $53.4k as the line that would flip the call.
Next week we're releasing How Local Stablecoins Trade, our new report with @Bitso.
The dollar's share of fiat-stablecoin spot trading has held below 50% for three straight quarters. A first.
Come back Tuesday to follow the full path, from fiat ramps to onchain pools.