Happy Thursday!

Coinbase and Fannie Mae are changing the mortgage game and introducing crypto-backed mortgages for the first time: here’s how it works.

Circle stock got a good beating earlier this week, but Bitwise’s Matt Hougan argues the market is wrong: here’s his contrarian argument.

Plus, your savings account is losing ground to inflation every single month. Your dividend stocks are one earnings miss away from a cut. But there's a category of company that collects a fixed fee on every molecule of natural gas that moves through its pipes, regardless of what that gas is worth on the open market. One name owns more of that pipeline than almost anyone else.

TOP STORY

Coinbase, Fannie Mae To Introduce Crypto-Backed Mortgages

Fannie Mae is accepting crypto-backed mortgages for the first time through a new product from Better Home & Finance and Coinbase — letting home buyers pledge Bitcoin or USDC as collateral without triggering capital gains taxes.

The structure is two loans: a traditional Fannie-backed mortgage from Better, plus a separate crypto-collateralized loan covering the down payment.

The target market is massive — 14% of American adults owned crypto in 2025, and a Redfin survey found nearly 13% of millennial and Gen Z home buyers already sold crypto to fund down payments.

SPECIAL OFFER

The Pipeline Stock That Doesn't Care About Oil Prices

Your savings account is losing ground to inflation every single month. Your dividend stocks are one earnings miss away from a cut. But there's a category of company that collects a fixed fee on every molecule of natural gas that moves through its pipes, regardless of what that gas is worth on the open market. One name owns more of that pipeline than almost anyone else.

QUICK N DIRTY

Bitcoin, Ethereum, XRP are losing ground again and giving back gains from earlier in the week: here’s what’s moving markets today.

Mike Novogratz says Iran’s Hormuz gambit only works once, but prediction markets are not so sure about his assessment.

Bitcoin senator Cynthia Lummis is not happy with Coinbase’s opposition to the stablecoin bill: here’s what she had to say.

FINTECH FOCUS

Circle Could Double To $75B By 2030 Despite 20% Stock Crash, Says Bitwise's Matt Hougan

Circle Internet Group crashed 20% Tuesday on Clarity Act fears — and Bitwise CIO Matt Hougan says the market got it wrong.

His math: Citi projects the stablecoin market hits $1.9 trillion by 2030, Circle holds 25% market share at $475 billion in USDC, and even with margins compressed to 0.8%, Circle generates $2.7 billion in profit — worth $75 billion at 28x earnings, roughly double today's valuation.

Hougan's core argument: interest income was never the growth driver — convenience is.

BEFORE YOU GO

Were you forwarded this email? Click here to subscribe.

And be sure to check out our other newsletters:

Ring The Bell: Created for market enthusiasts by market enthusiasts, this daily newsletter delivers top stories, fast movers and hot trade ideas straight to your inbox. Subscribe here.

Advisor: Tailor-made for Financial Advisors, this weekly newsletter has industry-specific insights, analysis and news. Subscribe here.

Tech Trends: Get the inside scoop on AI, the hottest gadgets and mind-blowing tech trends. Subscribe here.