CT crying over the past year about opaque tokens that benefit insiders at the expense of retail only to ape $1B into pump fun’s opaque token that benefits insiders at the expense of retail.

We’re entering a retro-future currency race. Not gold in vaults, but BTC and ETH in multisigs. China’s RMB is overtaking the dollar in outbound trade payments. The Belt and Road is becoming a payments network. SWIFT is optional. e-RMB rails are expanding through ASEAN. This is active dollar displacement. Most stablecoins today are dollar-pegged and backed by cash and T-bills. But what happens in a world where de-dollarization accelerates? What happens when trust in U.S. assets erodes? Stablecoins will adapt. Non-USD stables — RMB, RUB, INR — will emerge. And in the absence of dollar reserves, they’ll compete to hoard BTC and ETH instead. Stablecoins won’t just track fiat. They’ll evolve into digital currencies that compete for trust, liquidity, and integration. The backing will shift from sovereign debt to crypto-native reserves. P2P volumes already show the shift. NGN, CNY, RUB dominate stablecoin sell-side flows. This is not just trading. This is FX and remittance infrastructure forming outside the banking system. The next reserve currency might not come from a state. It might be collateralized by crypto, issued by code, and adopted P2P. Not a dollar world. Not a yuan world. But a multipolar, permissionless one. Stats from 👇 Read to learn more

$PUMP at $3.1B FDV or $ZORA at $510M FDV? Hmm…

$PUMP OI on Hyperliquid is 9% of PUMP’s FDV. $ZORA OI on Hyperliquid is 2% of ZORA’s FDV. Is CT still sidelined?

$PUMP at $3.7B FDV or $ZORA at $350M FDV? Hmm…

the first notable figure @balajis launched his creator coin on zora looking at the zora chart since it launched, we can see that the flywheel is indeed flywheel-ing $zora coin up 24% since (because the balaji coin is paired with zora) can only imagine what would happen if we have multiple prominent figures launching on there

stablecoins at the frontier will lead this bull run circle and tether remain dominant, but a new class is emerging: yield-bearing stablecoins that let users earn on idle capital they’ve already grown 45% in 1H 2025 to $12.4B market cap TOMORROW, my colleagues (@AvgJoesCrypto, @0xSynthesis1, @immutablejacob) & I are dropping a massive stablecoin report covering this and more.

State of Stablecoins 2025. Dropping tomorrow, July 22 (free to everyone). We cover cross-border payments, dollar access, and stablecoins at the frontier across 100+ pages. @MessariCrypto x 18 contributing partners.

Someone sweeps arguably the most culturally important asset in this space and my entire TL starts calling top. We’re going higher, aren’t we?

$DEGEN still has a higher market cap than $ZORA