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Crypto
Digital assets, stablecoins, and tokenized finance.
The $73 Lottery Ticket: More Than Half of the TRUMP Coin's $3.81 Billion in Losses Were on the Books by Day 19
A Nansen analysis published July 4 counts 988,905 wallets down a combined $3.81 billion on the TRUMP memecoin, four days after the president's financial disclosure reported $636 million in coin-linked license income. The timing undercuts the claim that the 2026 crypto downturn did the damage: more than half of the losses were already recorded by day 19 of the token's life, and the documented Trump-linked take, up to roughly $960 million across two accounting systems, is about four times what the entire trading crowd netted on paper.
The stablecoin yield ban didn't move the interest. It locked in who already keeps it.
Congress barred stablecoin issuers from paying holders any of the roughly $3.80 that every $100 of reserves now earns each year. This week's 140-company OUSD launch and the stalled CLARITY Act show the money flowing where it already flowed, up the chain, to the distributors, with the one law that could have changed that now forbidding it. The holder's legal share from the issuer is fixed at zero.
MiCA's deadline was sold as a doorway to all of Europe. The arithmetic says it is a turnstile.
On 1 July 2026 the EU's MiCA transitional period ends with no extension, and Binance has confirmed it will wind down most EU services after failing to secure a license in time. Cumulant finds that only about one in six already-registered crypto firms converted to the new EU-wide license, a survival rate that looks as harsh as the UK's tough FCA regime. But the resemblance is largely an arithmetic accident: French data suggest the thinning came mostly from firms that never applied, and among firms that did apply, MiCA's pass rate looks higher, not lower, than the FCA's.
