GM to all of you nutcases. It’s Crypto Nutshell #886 zoomin‘ on through… 🛼🥜

We're the crypto newsletter that's more quick-thinking than an archaeologist bringing a shortcut to a sword fight… 🏺🤠

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Senator Warren criticises OCC over Ripple, Coinbase and other crypto trust charters

Senator Elizabeth Warren just won’t let it go…

She’s now accusing the OCC of letting major crypto firms move closer to banking without making them follow the full bank rulebook.

Coinbase, Circle, Ripple, Paxos, BitGo, Fidelity Digital Assets, Crypto.com, Stripe's Bridge, and Protego are all part of the conversation.

Warren's argument is pretty simple: these firms are getting national trust charters that let them offer bank-like crypto services, but without the same rules that apply to normal banks.

In her words, some of these firms could operate without the usual "fundamental safeguards."

That matters because this isn't just about holding crypto in a vault.

The concern is that custody, payments, stablecoins, and lending-style services can start to look a lot like banking once they are bundled together.

Meaning that crypto firms may be getting closer to the heart of the financial system, without every guardrail that normally comes with that access.

And this is happening while the White House is pushing in the other direction.

Trump just signed an order about "integrating financial technology innovation into regulatory frameworks," including digital assets, payment accounts, and payment services.

So one side of Washington is saying: open the rails.

The other side is saying: not without the rules.

For crypto, this is a big deal.

The industry has spent years asking for clearer access to banking, payments, custody, and stablecoin infrastructure.

Now that door is opening.

But the question is no longer just whether crypto gets in.

It's whether crypto firms can use bank-style infrastructure without becoming full banks themselves.

Crypto is already getting more serious.

Now the rulebook has to decide what these firms actually are.

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Mike Alfred just made the simplest case for staying long crypto.

Alfred is a serial entrepreneur, founder of BrightScope, and one of the sharpest macro voices on Bitcoin Twitter.

And in his latest comments, he tied the entire bull thesis together in a few sentences:

And sentiment sitting at extreme fear.

His take on the cycle is the part that matters most. The 4-year playbook is broken.

ETFs and treasury companies have changed the structure. The cycle isn't cancelled. It's elongated. Parabolic moves are still coming, just later than the old model suggests.

Then he dropped the line that should be tattooed on every investor's screen.

The logic is brutal. AI is in year 2 of a decade-long CapEx supercycle. The biggest companies in history are pouring record cash flow into it. And Bitcoin overlaps with AI on two fronts. Agents need programmable money. Data centres compete with miners for energy.

If AI rips, Bitcoin can't stay down for long.

Long Bitcoin. Long AI. Hold for a decade.

That's the whole game. 🎯

Today we’ll be taking a look the overall stablecoin supply.

Stablecoins are the backbone of crypto liquidity, used for seamless trading and instant cross-border transactions.

The chart below tracks the aggregate change in the total stablecoin market cap.

$272.41 billion in stablecoins now sit on-chain.

Down marginally from $272.57 billion two weeks ago - a $160 million dip. Essentially flat.

After weeks of steady expansion, the growth has paused.

And given the context, that's actually notable. Last week saw $1.07 billion in fund outflows driven by geopolitical risk-off. The kind of environment where you'd expect stablecoin supply to contract meaningfully as capital exits the system.

Instead, it barely moved.

Year-to-date, stablecoin supply is still up $4.48 billion in 2026. The broader trend built over the last few months hasn't been undone by one week of geopolitical noise. 🔥

Bitcoin DeFi Platform Echo Protocol Hit By $76M Monad Exploit. Echo said a compromised admin key enabled unauthorized eBTC minting on Monad, with about $816K ultimately impacted.

JPMorgan says ether and altcoins won't catch up to bitcoin without a major network boom. The bank says weak network activity, sluggish DeFi growth, and limited real-world adoption are keeping ETH and altcoins behind BTC.

Bitget Wallet integrates Kraken-backed xStocks tokenized equities. Bitget Wallet added more than 130 tokenized stocks and ETFs through xStocks.

Stablecoin supply tops $300 billion but growth stalls as Tether gains at rivals' expense. Total stablecoin supply has crossed $300B, but growth is stalling as USDT expands while USDC, USDe, and PYUSD shrink.

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Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)

Because what would the crypto world be without its share of memes?

Trivia Answer: Circle 🥳

USDC is one of the largest dollar-backed stablecoins, and Circle is the company best known for issuing it.

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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.