▲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

• Sep 14
  Strengthened +7

  Circle paid $400 million for Tazapay's emerging-market payment links, Nu entered US banking through Lead Bank with an interest-bearing USDC account, and Coinbase is supplying rails while community banks keep the customer relationship. Three named firms buying or renting bank charters and payment corridors in the same week is the plumbing consolidation the thesis tracks, with an acquisition price attached.

• Sep 14
  Strengthened +3

  USDCx will be issued natively through Circle's xReserve contracts rather than a third-party bridge, putting Circle's reserve infrastructure directly at the center of a new chain's launch. Issuer-controlled native issuance extends Circle's grip on the reserve layer to chains it does not operate.

• Sep 13
  Strengthened +3

  Ripple stablecoin chief Jack McDonald framed RLUSD's $2.4 billion supply against a $13 trillion corporate treasury opportunity, attributing growth to payments and capital-markets use as Ripple prepares to bring the token into Europe under MiCA. The pitch is explicitly about occupying corporate settlement and treasury plumbing rather than trading collateral, which is the institutionalization channel the thesis tracks.

• Sep 13
  Strengthened +3

  Circle will deploy and operate the reserve contracts backing Miden's native USDCx itself, keeping the reserve plumbing in the issuer's hands rather than delegating it to a bridge operator. Reserve custody is becoming the contested layer even on new chains, extending the race from banks and payment firms to on-chain issuance venues.

Showing the last 2 days. Unlock the full record.

Source trail

• Supporting · September 14, 2026

  Coinbase, Nu and Circle Move to Own the Plumbing Between Banks and Stablecoins

  Circle paid $400 million for Tazapay's emerging-market payment links, Nu entered US banking through Lead Bank with an interest-bearing USDC account, and Coinbase is supplying rails while community banks keep the customer relationship. Three named firms buying or renting bank charters and payment corridors in the same week is the plumbing consolidation the thesis tracks, with an acquisition price attached.

  CryptoSlate

• Supporting · September 14, 2026

  Miden Puts a Private USDC-Backed Stablecoin at the Center of Its Network Launch

  USDCx will be issued natively through Circle's xReserve contracts rather than a third-party bridge, putting Circle's reserve infrastructure directly at the center of a new chain's launch. Issuer-controlled native issuance extends Circle's grip on the reserve layer to chains it does not operate.

  Miden