Matt and Nic are back for another week of news and deals. In this episode: 

• The debt ceiling debate is resolved
• What happened to Paxos’ / Paypal’s stablecoin?
• Offshore dollar stablecoins are growing while onshore stablecoins are shrinking
• Stablecoin policy in the US is backfiring
• USD stables issued out of Hong Kong
• Tether reaches a new all time high
• The bad boys are back
• SBF’s defense will reportedly claim he got bad advice from Fenwick
• Farenheit wins the bid for the Celcius assets
• Why Celcius’ mining operation was a big red flag
• What does CZ mean by 4?

Sponsor notes: 

• Coin Metrics STATE OF THE NETWORK - Zooming Out: A datonomy update
• In this issue of Coin Metrics’ State of the Network, we leverage datonomy—a classification system for digital assets to zoom out and gauge the ecosystem and its underlying trends from a broader lens. Despite a slew of challenges over years, we explore how the market has shown resilience through an analysis of market returns, volatility and volumes across sectors.