Matt and Nic are back for another week of news and deals. In this episode: 

• The debt ceiling debate is resolved • What happened to Paxos’ / Paypal’s stablecoin? • Offshore dollar stablecoins are growing while onshore stablecoins are shrinking • Stablecoin policy in the US is backfiring • USD stables issued out of Hong Kong • Tether reaches a new all time high • The bad boys are back • SBF’s defense will reportedly claim he got bad advice from Fenwick • Farenheit wins the bid for the Celcius assets • Why Celcius’ mining operation was a big red flag • What does CZ mean by 4?

Sponsor notes: 

• Coin Metrics STATE OF THE NETWORK - Zooming Out: A datonomy update • In this issue of Coin Metrics’ State of the Network, we leverage datonomy—a classification system for digital assets to zoom out and gauge the ecosystem and its underlying trends from a broader lens. Despite a slew of challenges over years, we explore how the market has shown resilience through an analysis of market returns, volatility and volumes across sectors.