▲Race to Bank and Distribute Stablecoin Reserves

Score history

Daily conviction score, 0 to 100. Higher means the thesis is more strongly corroborated.

Now 100

Showing the last few days. Unlock full score history.

Why the conviction moved

• Oct 10
  Strengthened +1

  Circle-backed USDCx now underpins Miden's private settlement stack for neobanking and tokenized-asset partners, which extends Circle's distribution into confidential payment channels. This is another instance of incumbents embedding their stablecoin in new settlement plumbing.

• Oct 9
  Context

  Cantor Fitzgerald holds a large share of Tether's Treasury reserves and is now the target of Senator Blumenthal's inquiry. Political risk is attaching to the institutions that custody stablecoin reserves, which could slow or reshape incumbents' push into that business.

Showing the last 2 days. Unlock the full record.

Source trail

• Supporting · October 10, 2026

  Miden launches a private-finance stack around Circle-backed USDCx as Ethereum researchers publish a private stablecoin design

  Circle-backed USDCx now underpins Miden's private settlement stack for neobanking and tokenized-asset partners, which extends Circle's distribution into confidential payment channels. This is another instance of incumbents embedding their stablecoin in new settlement plumbing.

  Miden

• Context · October 9, 2026

  Senator Blumenthal Opens Inquiry Into Cantor Fitzgerald's Ties to Tether

  Cantor Fitzgerald holds a large share of Tether's Treasury reserves and is now the target of Senator Blumenthal's inquiry. Political risk is attaching to the institutions that custody stablecoin reserves, which could slow or reshape incumbents' push into that business.

  CoinDesk