Happy Friday! Here are the 5 most interesting crypto fundraises for the week ending 9/19/25:
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I don't know who will win Hyperliquid's USDH bake-off, but I know who will lose - Circle and USDC. USDC currently makes up 95% of the stablecoin liquidity locked in HL - $5.5B worth. That number will precipitously drop. This represents about 8% of the total circulation of USDC, essentially replaced by USDH. On top of that, Circle's revenue model is profiting from the yield from the US Treasuries that are used as collateral for minting USDC. Interest rates are highly likely to be cut soon, so this revenue will decrease. On top of THAT, we are seeing many more yield-bearing stablecoins hit the market; Circle pays none of their profit to USDC holders. This isn't that big of a deal in the US, where yield-bearing stablecoins are not allowed under the current version of the GENIUS Act. But yield-bearing stables are rapidly growing abroad. IMO tough days ahead for Circle. I think Jeremy feels it too.
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We just published the Deep Ventures August newsletter! We highlight: - A deep dive into why we invested in Yanez Compliance - Syndicate portco updates on Exa Protocol, Demether, and Bitflow Finance - The latest industry update (all about stables and DATs) - Mik and Mike Crypto Show eps Check it out and let me know what you think! https://blog.deepventures.io/p/deep-ventures-monthly-newsletter-august-2025
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