DeFi in Q2 Review: The New Gold Rush Is Stablecoins?

The second quarter saw a surge in stablecoin activity with new entrants like JPMorgan and Coinbase, but Tether still dominates with $158 billion of the $250 billion market, dwarfing competitors like Circle's USDC ($62 billion). DeFi is becoming more accessible via mini-apps that simplify the user experience by removing complexities like gas fees. Structured products are also making a comeback, attracting institutional investors with sophisticated risk management tools. Traditional finance and crypto are merging, with examples like Superstate's on-chain stock issuance and Kraken's commission-free stock trading. Crypto infrastructure companies are being acquired by larger players, signaling a shift towards building sustainable financial services rather than speculative trading.