The line between Wall Street and crypto is dissolving. Every major US distribution player has moved into regulated stablecoin issuance in four months, collapsing Circle’s moat and sending down 30%. Meanwhile tokenized US stocks just hit a $3.57B daily volume ATH. As TradFi moves onto crypto rails and crypto trades stocks 24/7, the trades that defined this cycle are being repriced in real time.

Summary

• Circle’s regulatory moat is collapsing. launched a national-bank stablecoin on May 27, joining , /BVNK and Tether on the GENIUS Act lane in four months. CRCL has drawn down 30% in three weeks.
• Spot Bitcoin ETFs posted nine consecutive sessions of net outflows through May 28, with over $2B redeemed since May 14, effectively erasing…