Data & Insights: Pokémon Crypto Mania; Stablecoin Supply Highs

Gotta Gacha ‘Em All

• Pokémon cards have been the talk of the town over the past few days, and Collector Crypt has been at the center of the attention.
  • Collector Crypt is a Solana-based trading card game (TCG) marketplace that tokenizes graded Pokémon cards into redeemable NFTs and runs a “Gacha” pack experience.
  • The platform also has a feature for instant buyback offers for packs, providing instant liquidity for users.
  • To expand on this, the platform has a standing on-chain quote to repurchase revealed card NFTs for about 85-90% of a real-time indexed value sourced from external markets such as eBay and ALT, with the physical card staying in partner vaults for later resale.
• In the last week alone, Collector Crypt has facilitated over $10 million in Pokémon TCG trading volume, and over $16 million the previous week.
  • Year-to-date, the platform has seen over $150 million in total trading volume.
  • Since the beginning of the year, weekly trading volume of Pokémon TCG cards on the platform has risen by an average of 27% per week.
  • On the other hand, the amount spent on gacha spins on the platform has averaged over $5.7 million per week over the past 5 weeks
  • Collector Crypt has averaged over $666K in weekly revenue in the same period, most of which is reallocated for pack buybacks.
• Collector Crypt launched its token, CARDS, on 29 August following a public presale.
  • At launch, CARDS had a fully diluted valuation of approximately $67M million, before proceeding to rise to over $600 million in just a week's time.
  • Moreover, only ~10% of the total supply of CARDS is in circulation, meaning that its peak circulating market cap stood at just $60 million. 
  • Thus, the combo of a sustained revenue-generating business, real inventory, instant liquidity via buyback quotes on packs, a simple user path for redeeming vaulted cards, and a low token float has pulled in both collectors and crypto-native investors alike.

Buybacks for Comebacks

• Pump.fun’s daily revenue over the past month has returned to its pre-TGE levels, having averaged over $1.7 million per day.
  • This comes after a brutal period of subdued revenue figures following its TGE and fierce competition from Bonk.fun.
  • For context, at the beginning of August, Pump.fun’s market share in terms of tokens launched had fallen to a measly ~14%.
  • While its market share in terms of token graduations also fell to just ~5%.
  • Since then, Pump.fun’s market share on both metrics has bounced back to over 87% and 94%, respectively.
• With their significant warchest following their token sale and the revitalization of their revenue, Pump.fun has been conducting notable buybacks of their PUMP token.
  • Since the start of August 2025, pump.fun has been averaging $1.4 million per day in token buybacks.
  • Meanwhile, the PUMP token itself has since nearly doubled in value, standing at a $4.8 billion valuation at the time of writing, over 20% above its pre-sale valuation.

Out-N-In

• The Ethereum validator entry queue has risen significantly over the last two weeks, rising from 152K to 873K at the time of writing.
  • Several weeks ago, we discussed the elevated Ethereum validator exit queue as it stood at record highs.
  • In an interesting turn of events, while the exit queue has remained elevated, the validator entry queue has gone on to flip the exit queue.
  • At the time of writing, the Ethereum validator exit queue stands at 716K.
• The reason for the rise in the entry queue can be linked to several factors.
  • The first is likely the exit shock, having washed through, with fresh capital rushing in once the wave of leveraged stakers unwinding and risk capital rotating is cleared
  • On the other hand, a dormant ETH ICO address staked 150,000 ETH last week.
  • While a single deposit doesn’t explain the whole queue, it is a visible contributor and a strong indicator that long-dormant supply is opting for staking rather than distribution.

Stable Relationships

• Total stablecoin supply across all blockchains has reached a new all-time high of $270 billion, with Ethereum commanding the largest share at $146 billion. This milestone comes as stablecoins continue to dominate headlines and establish themselves as critical infrastructure for the digital asset ecosystem.
  • The growth trajectory reflects increasing institutional adoption and the maturation of stablecoin use cases beyond speculative trading, including cross-border payments and DeFi applications.
• Ethereum's dominance in stablecoin issuance underscores its position as the primary layer for dollar-denominated digital assets.
  • The competitive landscape remains concentrated among major players, with USDT and USDC maintaining their duopoly on Ethereum. However, neither of these incumbents distributes yield to holders, instead capturing interest income as revenue for their issuing entities.
• USDe has emerged as the third-largest stablecoin by challenging this model through its crypto-native approach. 
  • The protocol maintains its dollar peg using delta-neutral strategies, combining ETH collateral with short ETH perpetual positions, while distributing generated funding rate yields to token holders.
  • This yield-bearing model represents a fundamental shift toward more capital-efficient stablecoin designs that could pressure traditional issuers to reconsider their value propositions.
• Recent developments signal intensifying competition as new entrants prepare market entries. 
  • Stripe's partnership with Paradigm to build a stablecoin-enabled blockchain has raised questions about centralization versus neutrality when traditional finance giants enter the space.
  • Hyperliquid's announcement of a native USDH stablecoin could significantly impact the broader ecosystem, given that USDC on their platform represents nearly 10% of total USDC circulation.
• These developments occur as stablecoins become a cornerstone of US crypto regulation, with policymakers increasingly viewing them as systemically important financial infrastructure requiring comprehensive oversight frameworks.

Betting on Better Markets

• Kalshi has emerged as a significant player in the prediction markets landscape, recording $875 million in volume during August while positioning itself as a regulated alternative to offshore competitors like Polymarket, which processed $1 billion in volume during the same period.
  • The platform recently secured a substantial $185 million funding round led by crypto-focused VC firm Paradigm, bringing Kalshi's valuation to $2 billion post-money and signaling serious institutional interest in regulated prediction markets.
• This funding influx, combined with the hiring of a dedicated head of crypto, suggests Kalshi is preparing to expand into the cryptocurrency ecosystem and directly challenge Polymarket.
• The fundamental differences between Kalshi and Polymarket reflect distinct approaches to market accessibility and regulatory compliance.
  • Kalshi operates as a CFTC-regulated platform within the United States, requiring USD deposits and traditional KYC procedures, which limits its user base but provides regulatory certainty for American participants.
  • Polymarket, conversely, operates on Polygon using USDC settlements, offering pseudonymous trading and broader global accessibility but facing restrictions in the US market due to regulatory uncertainties.
• The competitive dynamics between these platforms suggest a potential convergence as both vie for market leadership and mindshare in the rapidly growing prediction markets sector.
  • Kalshi's regulatory advantages position it well for institutional adoption and US retail participation, while its crypto funding signals intentions to incorporate blockchain-native features.
  • Meanwhile, Polymarket's decentralized infrastructure and crypto-native approach have attracted significant volume from the crypto community, though regulatory challenges may limit its US market penetration.
• As both platforms evolve, the competition may ultimately benefit users through improved features, deeper liquidity, and clearer regulatory frameworks for prediction market participation.