The week saw a significant bullish trend for stablecoins, driven by various developments worldwide. Circle, the company behind USDC, experienced a massive stock surge of about 500% since its public debut on June 5. Their market valuation exceeded the total market cap of USDC, which is around $62 billion. Tether, the leading stablecoin issuer, appears financially strong, even acquiring an Italian soccer team due to its substantial cash reserves. Additionally, Coinbase, earning more from USDC than Circle, has also seen its stock rise. Euro-backed stablecoins, such as Circle's EURC, have gained traction, showcasing a 44% increase this year. In the face of stablecoin enthusiasm, traditional payment companies like Mastercard and Visa are making strategic moves to accommodate these digital assets. Furthermore, the Federal Reserve has acknowledged the reduced risks associated with crypto, enabling them to provide financial services to crypto firms freely. This summer is bustling with activity in the crypto market, indicating dynamic developments despite the typical seasonal lull.

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