Stablecoin Snapshot—June Edition

Research evidence excerpt

Stablecoin Snapshot—June Edition

Equity Research

Multi Company Update — June 4, 2026

Payments, Processors, and IT Services

Our Call Cassie Chan

Our Stablecoin Snapshot provides an overview of the latest developments in the Equity Analyst | Wells Fargo Securities, LLC

Cassie.Chan@wellsfargo.com | 212-214-5331

quickly-evolving stablecoin space. This includes market news, updates on the regulatory

Jason Kupferberglandscape, as well as a market cap tracker for major stablecoins.

Equity Analyst | Wells Fargo Securities, LLC

Jason.Kupferberg@wellsfargo.com | 212-214-5457

Updates on Clarity. After passing the Senate Banking Committee on 5/14 with a 15-9 Melissa Chen, CFA

bipartisan vote, the Clarity Act was officially placed on the Senate Legislative Calendar Associate Equity Analyst | Wells Fargo Securities, LLC

on 6/2. That said, a floor vote date has not been confirmed. View this as a positive step Melissa.Chen@wellsfargo.com | 212-214-5346

towards increased stablecoin regulation, which could incentivize institutional adoption. Tyler DuPont, CFA

Associate Equity Analyst | Wells Fargo Securities, LLC

6/3: V/MA/Stripe announce stablecoin platform, reinforcing stablecoin strategy. Tyler.J.Dupont@wellsfargo.com | 212-214-5431

Rather than be disrupted, V/MA are partnering with issuers, financial institutions, and

blockchain networks to offer greater optionality in settlement (i.e., settle traditional MA

transactions on stablecoin rails), treasury, and cross-border flows. That said, we do not

see a compelling value proposition for consumers to use stablecoins for traditional C2B

transactions.

What does this mean for CRCL? Increased regulatory clarity is a clear positive for USDC/

Circle, which has established itself as a leading, regulated stablecoin. While the 6/3