Stablecoins are coming to Bitcoin

Ducat raises a $1.25M pre-seed to bring stables to Bitcoin

Hi Bitcoin Builders,

Stablecoins have a total market cap of $165B, with Tether dominating the market. Stablecoins on Bitcoin are less than 0.1% of the total stablecoin market, as covered by the Bitcoin Frontier Fund.

Stablecoins present a significant business opportunity, and there is an opening to bring more stablecoins to Bitcoin. Ducat has raised $1.25M in VC capital to make this a reality.

Congrats to the Ducat team!

Layer 1 and Meta Protocols

• Daily Runes transactions continue to hover around 300,000 per day based on data from Signal21.

Layers

• Babylon has started Bitcoin staking, attracting 1,000 BTC. The inflows increased meme pool transactions to over 1,000 sat/VB.

• As covered in last week’s newsletter, funds are moving out of WBTC. Currently, they’re finding a home in tBTC.

• It’s Bitcoin Layers season! Trevor Owens shares a post with an ecosystem map of Layer 2 scaling solutions. Bitcoin Layers also published an ecosystem map.

• Bitflow announces its DEX aggregator for the Stacks ecosystem.

• Introducing Corn — a new Bitcoin L2 that raised $6.7M, led by Polychain capital. However, skeptics have pointed out this is another “multiple trusted custodian” scheme.

• BitVM2 and BitVM Bridge are here! Here’s a summary by BOB’s Founder.

Other

• Bitcoin and crypto were largely ignored at the DNC this week. However, there are some signs from Democrats that their administration would be more friendly to the industry. More from Bitcoin Magazine.