Tim Rice

After 6.5 incredible years building @coinmetrics into the leading provider of crypto financial intelligence, I couldn't be more excited about this next chapter with @talostrading.

Introducing the Coin Metrics Canton Intelligence App – Now Live We’re proud to announce the launch of the @coinmetrics Intelligence App on the @CantonNetwork, unlocking a new era of financial-grade transparency with privacy-first architecture. As a Super Validator on Canton, Coin Metrics is delivering the first blockchain data intelligence app purpose-built for regulated digital finance. Institutions can now audit, reconcile, and analyze on-chain activity - without compromising sensitive data. Built on our ATLAS™ Universal Blockchain Data Model, the app offers: • Real-time insight into validator rewards, fees, and token flows • Ledger-grade auditability for subaccounts and balance movements • Seamless subscription via on-chain payments • Harmonized data across applications, accounts, and protocols “The Coin Metrics Canton Intelligence App brings the structure and visibility needed to make blockchain usable for institutional finance.” – Tim Rice, CEO @TimRiceCM This is more than a launch - it’s a leap toward trusted, transparent, and compliant infrastructure for the future of finance. Read the full announcement - link in replies CC: @GlobalSyncFdn @digitalasset

How Circle’s $USDC Is Bridging Traditional Finance and DeFi In our latest Analyst Spotlight, Crypto Data Ops Analyst Cooper Duschang @HCDuschang and the @coinmetrics team break down the economic, technical, and regulatory forces driving $USDC’s rise as a leading stablecoin for both institutions and crypto-native users. What you’ll learn: - Distribution Flywheel: How @coinbase supercharges $USDC adoption through rewards, trading integration, and its Base L2. - Fiat - Crypto On-Ramps: Why @Circle’s low-friction mint/redeem model makes $USDC a preferred bridge for traditional finance. - Regulatory Edge: How compliance with MiCA and U.S. proposals like the GENIUS Act strengthens trust and institutional interest. - Cross-Chain Scale: From Ethereum to Solana to Base, see where $USDC is gaining ground and how it powers DeFi liquidity. Explore the full $USDC Analyst Report for insights into stablecoin dynamics, global adoption, and future-proof regulation. Full report linked in replies.

1/6 New Coin Metrics Weekly State of the Market Report Bitcoin hit a new all-time high passing $113K and Ethereum surged past $2,800, as ETF inflows and infrastructure integrations drove markets higher. Catch the full breakdown from @coinmetrics – link in replies. Highlights: – $BTC has now passed $113K and $ETH broke $2,800 amid continued spot ETF inflows and macro tailwinds. – @OKX partnered with @Circle to enable 1:1 $USD–$USDC conversions for 60M+ users, improving fiat on/off ramps. – Circle is pursuing a U.S. national banking license to manage $USDC reserves and offer digital asset custody services. – @Bullish joined forces with the @solana Foundation to use Solana-native stablecoins as core trading infrastructure. – @Phantom wallet added direct perp futures trading via @HyperliquidX, giving EU users access to 100+ markets. Read the full report for more data and insights.

Stablecoins Are Becoming the Infrastructure for Global Dollar Access Q2 2025 confirmed the stablecoin sector’s growing role as financial backbone: • $2T+ in monthly adjusted volumes • $135B+ in U.S. Treasuries held by $USDT and $USDC issuers • $245B total supply, with $PYUSD crossing $1B • GENIUS Act advanced in the Senate, setting the stage for U.S. regulatory clarity Stablecoins are no longer just crypto plumbing - they’re emerging as programmable dollars with real monetary reach. The GENIUS Act proposes strict reserve, reporting, and compliance standards that could invite banks, fintechs, and Big Tech into the issuer landscape. @Circle’s IPO, @Stripe’s product push, @JPMorgan’s @Base-based $JPMD pilot, and ongoing @Visa and @Mastercard integrations all point to one thing: Stablecoins are evolving into global-scale dollar rails. Full Q2 analysis in our latest State of the Network report: Link in replies

📣 New State of the Network: Q2 2025 Crypto Market Wrap-Up In @coinmetrics' latest State of the Network report, @TanayVed provides a data-driven review of Q2 2025, highlighting the trends, technologies, and macro shifts reshaping digital asset markets. Read the full report (Linked in replies) Key takeaways: - Crypto markets rebounded sharply from Q1 volatility, with $BTC (+31%), $ETH (+37%), and $SOL (+22%) leading a $3.3T recovery. @Robinhood (+116%) and @coinbase(+100%) outperformed as investor interest shifted to crypto infrastructure equities. - Stablecoins took center stage, with @Circle’s IPO and the GENIUS Act drawing global attention. Combined $USDT and $USDC reserves in U.S. Treasuries exceeded $135B, while stablecoin volumes consistently topped $2T per month. - Ethereum’s Pectra upgrade improved both staking efficiency and Layer-2 scaling. Staked $ETH rose to 35.5M (29.4% of supply), while blob capacity doubled—lowering costs for rollups and fueling L2 activity. - Exchanges and institutions came on-chain. Robinhood unveiled its rollup-based tokenized equities initiative, joining Coinbase and @krakenfx in adopting Layer-2 infrastructure. Institutional finance is also gaining traction on permissioned networks like @CantonNetwork. Explore how regulatory momentum, technical upgrades, and financial convergence are shaping the next phase of the crypto economy in this quarter’s full report. (Link in replies)

📣 New State of the Network: Circle Goes Public: $CRCL Valuation & the Economics of $USDC In @Coinmetrics' latest State of the Network report, @TanayVed dives into @Circle’s explosive NYSE debut and its long-term prospects as a stablecoin powerhouse. Key takeaways: - Circle’s market cap surged to $63B after the GENIUS Act spurred optimism — surpassing the value of all $USDC in circulation. - $CRCL trades at rich multiples (~37x revenue, ~401x earnings), well above comparable fintechs like NuBank and Coinbase. - @coinbase accounts for ~56% of $USDC reserve revenue, underscoring its role as a key distribution partner. - Reserve income could scale from $1.6B in 2024 to $9B+ by 2029, but declining interest rates and new stablecoin competitors will pressure margins. - With Circle earning most of its revenue from interest on $USDC reserves, diversification will be key to sustaining growth. Read this week’s full issue for an in-depth analysis of $CRCL’s IPO, Circle’s competitive dynamics, and long-term revenue projections. (Link in replies)

How Tether ($USDT) Became Crypto’s Dominant Dollar Stablecoins now move trillions across crypto markets - and no token does it bigger than $USDT. In our latest Analyst Spotlight, Crypto Data Ops Analyst Cooper Duschang @HCDuschang and the @coinmetrics team unpack how @tether built deep liquidity, global adoption, and resilience -despite ongoing regulatory and transparency debates. What you’ll learn: - $USDT Liquidity: Why Tether dominates both CEXs and DEXs, enabling efficient large-scale trades and yield generation across networks. - Payments & Remittances: How $USDT on Tron powers affordable cross-border payments in emerging markets where USD access is limited. - Institutional Usage: $USDT’s growing role in treasury management and dollar-based yield strategies for crypto-native and traditional institutions. - Risks & Resilience: The collateral, peg stability, and regulatory challenges $USDT must navigate to sustain its leadership. Dive into our Tether Analyst Report for the complete analysis. Full report linked in replies.

From niche trading tool to indispensable financial infrastructure, stablecoins have transformed how value moves on-chain - now representing: - $230B+ in supply - 1.5M+ active addresses - 60%+ of total transaction volume In our Stablecoin Sector Analysis, we unpack: - Fiat-Backed Dominance: Why $USDT and $USDC still command over 90% of market share - DeFi Alternatives: How $DAI, $USDS, and yield-generating models like $USDe are creating new value propositions - Interest-Bearing Models: The emergence of tokenized money market funds and on-chain savings vehicles - Network Flows: Ethereum leads with 37% of stablecoin transfer volume, followed by Base at 35%, Tron at 20%, and Solana at 5% (as of April 2025) - underscoring how low fees and high throughput enable payments and microtransactions. Dive deeper into the stablecoin ecosystem with insights from @TanayVed and the @coinmetrics team. 👉 Check out the full report and view the Coin Metrics Stablecoin dashboard - both linked in replies.

Are Stablecoins the Future of Global Finance? Stablecoins have evolved from trading tools into a foundational layer of digital finance - now powering over $230 billion in supply and 60%+ of on-chain transaction volume. In our new Sector Analysis Report series, @TanayVed and the @coinmetrics team break down the forces shaping this $230B+ market and what’s next for crypto's "killer app." What you’ll learn: - Market Scale & Adoption: Over $230B in circulation, 1.5M+ active addresses, and 60%+ share of on-chain volume. - Regulatory Outlook: How the proposed GENIUS and STABLE Acts could unlock stablecoins’ full potential in payments, remittances, and DeFi. - Issuer Landscape: Why @tether’s $USDT and @Circle’s $USDC command 90%+ of fiat-backed supply - and how newcomers like @ethena and @SkyEcosystem are innovating with crypto-collateralized and interest-bearing models. - Network Battlegrounds: Which blockchains are winning stablecoin volume - and why low fees and scaling matter for payments, microtransactions, and merchant settlement. Dive into our Stablecoin Sector Analysis Report for the complete breakdown. Full Report Linked in Replies.

In @CoinMetrics' Feb 11th State of the Network report, we projected @coinbase's Q4 2024 earnings just before they were released - and we came pretty close. With Q1 2025 results due tomorrow, we ran the numbers again, and here's what we see: - Total spot trading volume: $382.9 B - Consumer share: 19% (versus 21% last quarter, reflecting softer altcoin activity) - Take rates: 1.50% on consumer volume; 0.04% on institutional volume - Transaction revenue: $382.9 B × (19%×1.50% + 81%×0.04%) ≈ $1.2 B - Subscriptions & Services: $685 M–$765 M per Coinbase’s guidance (staking, custody, Base, $USDC flows, etc.) - Total revenue estimate: ~$1.9 B–$2.0 B for Q1 2025 Read our original State of the Network report (#298) for the full analysis (link in replies)

📣New State of the Network: Is Bitcoin Decoupling from the Market? Is Bitcoin truly uncoupling from traditional markets? In this week’s @coinmetrics State of the Network, @TanayVed and Victor Ramirez @victoreram1 dig into how $BTC’s behavior is evolving across market regimes and asset classes. Key takeaways: - Correlations with equities and gold have fallen near zero - an uncommon "dethroupling" typically seen around major catalysts. - Though Bitcoin’s sensitivity to interest rates is usually low, it registered its strongest negative correlation to rate hikes during the 2022–23 Fed tightening cycle. - Despite the "digital gold" label, $BTC has historically shown higher beta and upside sensitivity to equities during bullish conditions. - Realized volatility has declined steadily since 2021, now tracking closer to major tech stocks and reflecting a maturing risk profile. Curious what this means for portfolio diversification? Read the full analysis and get your data‑driven insights (link in replies)

1/6 🧵NEW Weekly Coin Metrics State of the Market Report: Bitcoin held near $94K, as U.S. spot ETFs saw over $3B in inflows - their second-highest weekly total ever. @Strategy added another 15,355 $BTC, and payments giants @Mastercard, @Visa, and @Stripe pushed deeper into stablecoins. Get the full breakdown from @coinmetrics – link in replies. Highlights: - $BTC hovered around $94K after rebounding from April lows, fueled by $3B in U.S. ETF inflows and renewed institutional demand. - Strategy acquired 15,355 $BTC ($1.4B), bringing its total holdings to 553,555 $BTC (~$52.6B). Q1 earnings drop Thursday. - Mastercard launched a stablecoin payments initiative with @circle, @Paxos, and @OKX. Visa rolled out stablecoin-linked cards in LATAM via Stripe’s Bridge. - @worldcoin expanded World ID to six U.S. cities, with a new Visa card for spending $WLD and digital assets.

Don’t miss @CoinMetrics' Uriel Morone (@UritheScientist) at @endgame_summit this Sunday 4/27 in Austin. He’ll join the “Code to Capital” panel at 12:00 pm CT to talk Precog SN55, decentralized signal, and building the future of finance on Bittensor. $TAO @YumaGroup

📣New State of the Network Report: Evaluating Precog Subnet 55 Forecast Performance via Simulated Trading Can decentralized intelligence generate meaningful trading signal? In this week’s @CoinMetrics State of the Network, we revisit Precog @CM_Precog, Coin Metrics’ Bitcoin price forecasting subnet on the Bittensor network @opentensor $TAO, with updated results from simulated trading strategies. Senior Data Scientist Uriel Morone @MoroneUrie78374 explores a simple trading model driven solely by Precog’s 1-hour BTC forecasts - no indicators, no historical context. The result? Consistent outperformance over passive holding, even across volatile and bearish regimes. Key insights: - Precog has been live for over two months with an operational data pipeline - Simulated strategies with both finite and unlimited capital showed positive returns - Strategy consistently outperformed buy-and-hold across varied market conditions - Forecast-based trading resulted in lower drawdowns - A deliberately simple strategy proves the forecasts alone contain actionable signal - Current analysis focuses on Point Forecasts; Interval Forecast testing is underway New simulations with April data reinforce the potential of decentralized forecasting, especially when market sentiment shifts. Read the full report (link in replies)

Join Coin Metrics and Shape the Future of Crypto Data We're hiring at @coinmetrics! Join the team that's powering the future of crypto intelligence with cutting-edge data, infrastructure, and research. We’re currently looking for: 1. Backend Software Engineer (Remote - US) Build high-performance software and data delivery pipelines in Kotlin, Python, and Java. Help architect scalable systems that power real-time crypto analytics across major blockchains. 2. Protocol Specialist (Remote) Dive deep into blockchain protocols like Bitcoin and Ethereum. Track protocol changes, collaborate with core teams, and ensure our on-chain data products stay ahead of the curve. Why Coin Metrics? We’re at the forefront of digital asset data - trusted by institutions, innovators, and investors worldwide. If you thrive in a collaborative, fast-moving environment and are passionate about crypto, we want to hear from you. Be part of a team leading the evolution of digital assets. Find links to the full job descriptions and application info in replies.

New State of the Network: Unpacking Circle’s IPO Filing and $USDC’s On-Chain Footprint @Circle’s recently filed S-1 offers a rare look under the hood of one of crypto’s most important infrastructure providers. In @coinmetrics' latest State of the Network, Research Analyst @TanayVed pairs Circle’s financial disclosures with Coin Metrics’ on-chain data to assess the current state and future trajectory of $USDC. Key insights: - Circle generated $1.7B in 2024 revenue - 99% from interest income - highlighting sensitivity to rate changes - Distribution costs to @coinbase and @binance totaled $1.01B, reflecting the importance of exchange partnerships - $USDC’s supply has rebounded to $60B, with growing usage across Ethereum, Solana, and Base - $USDC now accounts for 29% of Binance spot volume and 90% of Coinbase USD activity - On-chain data shows rising utility in DeFi, FX markets, and emerging tokenized asset rails Read the full report (link in replies)

📣Coin Metrics Adds Support for Base and Optimism As Ethereum embraces a Layer-2-centric future, @coinmetrics is expanding alongside it. We’re excited to announce support for @Base and @Optimism (OP) - with new, standardized metrics for these growing ecosystems. Highlights include: - Transaction volumes and activity trends - Fee dynamics and L2 cost comparisons - Sequencer revenue and profitability - Token usage and adoption insights This release builds on our recent Blob Fee metrics, introduced with Ethereum’s Dencun upgrade, offering even deeper visibility into how value flows across the modular stack. For more details, check out the full announcement. (Link in replies)

Catch the latest episode of Metric Minute, @coinmetrics' weekly video series delivering concise, data-driven insights from our latest research. In Episode 2, Research Analyst @TanayVed breaks down key takeaways from State of the Network #306, published earlier this week, covering Ethereum’s evolving relationship with its Layer-2 ecosystem: - Activity is shifting to L2s like @Base and @Optimism, now processing 7.5 million and 990,000 daily transactions respectively - Blobspace from the Dencun upgrade cut L2 settlement costs. Base paid just $4.9 million in fees while earning approximately $98 million - $ETH burn has slowed to around 150 per week, pushing inflation to 0.8 percent and weighing on $ETH’s performance - Upgrades like Pectra aim to double blob capacity and restore value across Layer 1 and Layer 2

1/6 🧵NEW Weekly Coin Metrics State of the Market Report: Markets whipsawed as Trump’s “Liberation Day” tariffs triggered one of the sharpest sell-offs since COVID. Bitcoin plunged from $85K to sub-$75K before rebounding. Meanwhile, @Ripple made one of crypto’s biggest M&A plays to date. Dive deeper in the latest @coinmetrics report. Link in replies. Highlights: - Trump imposed 10% blanket tariffs - China hardest hit. Markets sank as details emerged, then recovered slightly on a 90-day pause and narrowed scope. - $BTC briefly fell below $75K before climbing 9% to ~$82K. Total crypto market cap reclaimed $2.6T. - @Ripple acquired prime broker Hidden Road for $1.25B. Hidden Road clears $3T annually. The deal accelerates Ripple’s stablecoin push and $XRP Ledger adoption. - @Fidelity unveiled a no-fee crypto IRA, with cold storage by Fidelity @DigitalAssets. $BTC, $ETH, and $LTC supported. - Pakistan appointed CZ as advisor to its new Crypto Council, aiming to monetize surplus energy via Bitcoin mining and AI data centers. - @ApolloGlobal invested in @PlumeNetwork, a blockchain for tokenized real-world assets - @Aave approved weekly $1M $AAVE buybacks, joining a wave of protocols revamping tokenomics to return value to holders.