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Hello everyone, and HAPPY FRIDAY!!! An intense week… 🍂
IN THIS NEWSLETTER
*Crypto is Macro Now offers ~daily commentary and updates on *crypto’s evolving role in the changing geopolitical and financial landscapes. Plus links and more.
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PUBLISHED IN PARTNERSHIP WITH: ✨ ALLIUM ✨
The amount of stablecoins held on exchanges at the end of September 2026 dropped by 7% year-on-year, while that held in wallets jumped by more than 20%, to 45% of the total circulating supply.
Download Allium’s State of Stablecoins and Payments Q3 2026.
*And get weekly onchain data and more analysis like this from the *Allium Research team on Substack.
WHAT I’M WATCHING
Markets: Treasuries are not “safe havens”
The drumbeat of signs the AI bubble is about to roll over is starting to accelerate, and it’s spilling over into other market segments.
Yesterday, US Treasuries staged their strongest rally in over two years, pushing the 10-year yield below 5.0% for the first time in a month.
*(US 10-year yield, chart via *TradingView)
Much of the commentary I’ve seen paints the rotation into US Treasuries as a “haven” story, but I’m not buying it. I think there’s something else going on.
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