Welcome to Markets Desk, your midday read on the stories moving money and markets.
Stablecoins are closing in on the card networks. Transaction volumes on stablecoin rails are approaching the scale of Visa and Mastercard combined, a milestone that would have seemed impossible just a few years ago. The crypto price slump has done nothing to slow adoption, and institutional interest is accelerating as regulatory clarity improves across major markets.
Turning to prediction markets, insider trading enforcement on platforms like Kalshi and Polymarket has picked up, with recent cases catching bad actors on both sides. But that progress hasn't quieted critics on Capitol Hill. Lawmakers including Alexandria Ocasio-Cortez argue the crackdowns are tactical moves to head off federal legislation, and Representative Greg Casar has called for an outright ban on wagering tied to war and geopolitical events.
And in the skies over Manhattan, Joby Aviation put its electric air taxi through a live demonstration that drew crowds along the waterfront. The aircraft promises to cut travel time to New York City airports to under ten minutes with zero emissions. It's early, certification hurdles remain significant, but the flight showed the technology is no longer theoretical.
That's the tape. Markets Desk, signing off the floor.
