We remain positive on risky assets over the coming weeks, though we have taken some chips off the table. Technicals and the macro picture remain supportive. Positioning is not as supportive as it was a few months ago but not at levels (yet) where it would flash a red light. Our view remains of being long risky assets at least till early August. Technicals will start to shift in August. Our view also remains that we should start seeing some weakness in the US employment data in August which should weight on risky assets.

Don’t believe me? Just watch. The Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) is an exchange-traded fund (“ETF”) that offers investors about 200% of the inverse of the daily performance of the SPDR S&P Regional Banking ETF (KRE). In simpler terms, this ETF is designed to go up – a lot – when the regional banking sector, as tracked by KRE, goes down. And since it’s going to zero, this ETF is going to go up… a lot.

Stablecoins are a type of cryptocurrency, like bitcoin. But a stablecoin’s value is pegged to another asset, typically the U.S. dollar. Digital currencies like bitcoin and ether aren’t tied to currency that’s issued and regulated by governments.

By latching the token’s value to steadier fiat currency, stablecoins are supposed to avoid volatility — hence the “stable” moniker. 

Tether is the largest stablecoin by market capitalization, valued at $160 billion. For years, one Tether token has hovered just at $1. Tether’s reserves are predominantly cash and equivalents, mostly Treasury debt. 

A stablecoin’s more reliable underlying value removes that fear with everyday transactions, said Salah Ghazzal, policy and legislative analysis manager at the Blockchain Association. “It’s just a revolution in how we transact in today’s world,” Ghazzal told MarketWatch.  

Stablecoins allow fast payments and access to the U.S. dollar across the globe, all without a bank account, said Malekan. 

The law could be clearing a new way to put idle money to work, Malekan said. “Banks historically never had to compete with anybody other than each other. … Suddenly there’s a new kind of competition that most people didn’t see coming.”

Asked if banks will create a consortium, like Zelle, on stablecoins for the industry to defend against a rival stablecoin payment service, or just launch products on their own, Bank of America Chief Executive Brian T. Moynihan said both approaches could be needed — “I think it would be all of the above,” he said.

"The stablecoin disruption thesis is real — it won’t destroy all banks, but it will permanently shrink their relevance and revenue model."

We initiate coverage of EVTL with a Buy rating and $9 price target. EVTL is a pure play eVTOL OEM getting minimal credit for gaining ground on industry leaders in what we expect to be a supply constrained industry. EVTL's VX4 aircraft is closing the performance gap with recent piloted flight achievements while operating from a more capital efficient posture and offering a discrete and achievable runway to profitability with their FlightPath2030 framework. Similar to peers we see a longer dated story, with shorter-term catalysts(regulatory approvals, flight milestones) driving increased confidence in the longer-term opportunity. Our $9 price target is 7.5x our '32E adj EBITDA discounted back, a conservative multiple vs our broader eVTOL coverage.