Stably Weekly Newsletter – 02/27/2024

Announcements & Product Updates

• Stably at ETHDenver: The Stably team is flying to ETHDenver this week! ✈️ Our CEO, Kory, and CFO, Ivan, will also be giving a keynote on stablecoins during Web3 Builders Day at BUILD House by Supermoon at 1:30 pm on Thursday. We will be there until Sunday. Come join us and let’s discuss stablecoin/fiat onramp infrastructure!

• Stably x Rampnalysis partnership coming soon: We are partnering with Rampnalysis, an intelligent fiat on/off-ramp aggregation and analysis platform, to enable Stably’s solutions for Rampnalysis’ user base. More details TBA.

• Polymesh stablecoin support coming soon: We are finalizing preparations to deploy our USDS stablecoin natively to Polymesh in the coming weeks. More details TBA.

• 200+ assets now available on Stably Ramp: After the most recent batch of listings, Stably Ramp is now providing coverage for more than 200 assets across 15+ blockchain networks. You can view our full list of supported assets/networks here.

• List your asset for free on Stably Ramp: We now offer a zero-fee listing program to any third-party project interested in listing its assets on Stably Ramp. In exchange, the project can integrate the Stably Ramp iFrame widget, enabling its users to onboard from 170+ countries/regions and buy, sell, or swap these assets with stablecoins and traditional payment methods. Interested projects only need to apply. We will list the requested asset within 30 days if (1) we can source on-chain liquidity for it, (2) the project completes integrating Stably Ramp, and (3) the project passes our internal compliance review process.

Market & Industry Highlights

• 02/20 (Cointelegraph) – UK could pass stablecoin, staking laws within six months: Report
• 02/20 (Cointelegraph) – Ethereum (ETH) price hits $3K for the first time since 2022
• 02/21 (Cointelegraph) – Circle to cease minting USDC on TRON network effective immediately
• 02/21 (Coinpaprika) – MetaMask’s user count soars to nearly 32 million
• 02/21 (Protos) – Ethena offers 27% on stablecoins but where is the yield coming from?
• 02/22 (Coinjournal) – a16z invests $100 million in Ethereum protocol EigenLayer
• 02/22 (Crypto Briefing) – Reddit buys BTC, ETH, and MATIC, reveals new IPO filing with the SEC
• 02/23 (Crypto Briefing) – Trump’s new take on Bitcoin: “I can live with it one way or the other”
• 02/24 (Coinpaprika) – Binance settles federal case for record $4.3 billion
• 02/25 (Coinpaprika) – UK plans to recognize cryptocurrencies as property for legal protection
• 02/26 (CoinDesk) – BTC funding rates jump to 100%, sparking opportunity for savvy traders
• 02/27 (Cointelegraph) – US senators oppose Joe Biden’s CBDC plans
• 02/27 (Coinjournal) – Bitcoin hits $56k, its highest level since November 2021: Are we seeing $60k soon?

7-day crypto price performance heatmap.

• Junk Bonds Commentary from Stably: In times of market stress, bond ETFs have consistently provided price discovery and the ability for investors to express their differing investment views in real-time. Historically, when junk bond ETFs were above their 200-day moving average, it indicated a risk-on investor sentiment typically bullish for risk assets. Conversely, being below this average may suggest bearishness. For more information, please refer to this hypothetical backtest for trading Bitcoin based on 200-day moving average signals from the JNK ETF.
  
  As of today, JNK is 4.67 points above its 200-day moving average (vs. an all-time average of 1.20 points). This could be interpreted as a very bullish signal for both equities and crypto in the short term.

Top pane: JNK with a 200-day simple moving average. Center pane: S&P 500. Bottom pane: BTC.

• Alt Season Commentary from Stably: The 12-Month Alt Season Index is an indicator that measures the relative price performance of altcoins vs. Bitcoin in the previous 12 months. When the Index rises above 50, it signifies altcoins outperforming Bitcoin which is typically associated with major crypto market rallies (for example, during the 2021 bull market and DeFi Summer 2020).
  
  As of today, the Index’s value is 25. This could be interpreted as Bitcoin outperforming altcoins for the time being, which means that a major crypto market rally is still not in play, yet.

12-Month Alt Season Index.

• DeFi & Stablecoin Commentary from Stably: DeFi total value locked (TVL) and total stablecoin market capitalization are two reliable on-chain metrics to assess the crypto market’s current health. Rising TVL and stablecoin market capitalization indicate an increasing level of investor trust and engagement within the DeFi ecosystem, suggesting a robust and growing market. On the other hand, declining TVL and stablecoin supplies can signal a decrease in market liquidity and investor confidence, often reflecting bearish market sentiments.

  As of today, the total TVL in DeFi and the total stablecoin market capitalization stood at $154.95 billion (+8.17% WoW) and $139.26 billion (+0.73% WoW), respectively. This could be interpreted as a very bullish signal for the crypto market as well as DeFi in the short term.

DeFi TVL and total stablecoin market capitalization.

Other Updates

• Trustpilot Review: As a valued user of Stably Ramp, your experience with our platform is highly valuable to us. We would greatly appreciate it if you could share your thoughts on TrustPilot, helping others to understand the benefits of our service. Your feedback is not only appreciated but also instrumental in shaping our community and services.