The Wire — July 12, 2026

The Wire — July 12, 2026

Stablecoin supply has shrunk by $10 billion since May, the fastest bleed since Terra The total stablecoin market cap sits at $310.3 billion, down from $322.3 billion two months ago, according to DeFiLlama. June alone accounted for $7.7 billion of that, the largest single month of contraction in dollar terms since the Terra-Luna collapse in May 2022. CoinDesk cites analysts who read it as a normal deleveraging phase rather than a structural break: stablecoin supply tracks demand for onchain borrowing, and borrow demand has been draining since the June selloff. It matters for yields because stablecoin float is the raw material of lending markets. Less float, thinner borrow demand, lower rates on the deep pools. (Source: CoinDesk, published July 12, 13:00 UTC.)

The drain is an Ethereum story, not a Solana one Chain-level data reframes the headline. Ethereum stablecoin supply is $152.1 billion, down 7.9% in 60 days, roughly $13 billion gone. Solana is at $15.5 billion, down 2.8%, about $450 million. Tron is flat at $90.5 billion. So the contraction is concentrated where the borrowed DeFi money lives, and Solana's stablecoin base has held up better in relative terms. The rate picture confirms it: Jupiter Lend still carries $422 million of USDC at 4.23% APY, and the top Kamino USDC market pays 6.21%. Neither has repriced the way you would expect if Solana were losing float. Track USDC yields live →

Bitcoin's BIP 110 fork deadline arrives with miner support at zero BIP 110 would cap arbitrary data on Bitcoin for a year, a direct answer to Ordinals and inscriptions. The activation deadline is closing in and miner signalling is at zero. Michael Saylor and Blockstream's Adam Back both came out against it this week, arguing that turning a spam dispute into a consensus fight creates more risk than the spam it targets. Ordinals transaction activity has been falling for two years, which weakens the urgency case. Practical read: no fork, and the debate becomes a governance stress test rather than a chain event. (Sources: CoinDesk, Cointelegraph, July 12.)

Fidelity's power law puts Bitcoin's floor near $58,000 Jurrien Timmer, Fidelity's director of global macro, says bitcoin is approaching the power law support line the firm has tracked since 2015, currently around $58,000. He calls it an accumulation zone but is explicit that there is no catalyst in sight to bounce off it. BTC trades at $63,998 today, about 10% above that line. The model has held through every cycle bottom since 2015, which is either a strong prior or a curve fit, depending on who you ask. Worth noting it is a support level, not a forecast.

Pakistan's crypto regulator seeks dialogue after a scholar rules against crypto payments Pakistan's virtual assets regulator met an Islamic scholar who backed a ruling against purchases made with crypto, and afterwards called for continued dialogue on how digital assets should be treated. Pakistan has been building a licensing regime through 2026, so a religious ruling against payments cuts across the retail adoption case even if it leaves trading and custody untouched. The regulator is not conceding the point, which is the news. (Source: Cointelegraph, July 12.)

Ripple once weighed shutting down and handing XRP to shareholders CEO Brad Garlinghouse said he and co-founder Chris Larsen considered winding the company down and distributing its XRP holdings to shareholders before deciding to fight the 2020 SEC lawsuit. Six years on, the disclosure is a footnote about how close the litigation came to ending the company. It also underlines how much of XRP's supply sits on a corporate balance sheet, a distribution question that has never gone away. (Source: CoinDesk, July 12.)

Numbers

• BTC: $63,998 (-0.3% 24h)
• SOL: $77.23 (-1.2% 24h)
• ETH: $1,806 (+0.2% 24h)
• Solana DeFi TVL: $4.87B
• Stablecoin market cap: $310.3B (-$12B in 60 days)
• Top USDC yield (Solana): Kamino Lend at 6.21% APY
• jitoSOL: 5.36% APY

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