Stablecoins are once again at the center of the crypto business narrative — but for very different reasons.

Circle’s sharp sell-off this week highlights how sensitive crypto equities remain to regulatory headlines, even when the underlying business fundamentals appear unchanged. At the same time, developments in Canada show institutions are moving in the opposite direction, quietly laying the groundwork for stablecoin integration into traditional finance.

Elsewhere, prediction markets are facing growing pressure to clean up their act as regulators zero in on manipulation risks, while a new thesis from Forrester suggests the long-promised micropayments economy may depend less on infrastructure — and more on AI agents.

The latest…