Good Morning from Cumberland APAC! In writing these commentaries, we try to focus on a theme, but recently that has been a challenge. It’s stablecoin season, but it’s also Digital Asset Treasury season, and it’s also somehow memecoin season. Frankly, it’s a market that, with the Big Beautiful Bill signed, is expecting more liquidity, and that has a tendency to drive risk-on in just about every sector.

In the stablecoin space, the passage of the Genius Act has brought visibility of stablecoins outside of the crypto industry. Stablecoins are being frequently discussed on earnings calls, dozens of stablecoin trademark patents have been filed in Korea, and regulators across the world are either stepping up their stablecoin policy or having...