Headed into the Juneteenth holiday, and nearing the end of a shortened trading week, the FinTech IPO Index slipped 1.3%.

There are some notable gains, and some excitement around stablecoins, as the GENIUS bill passed the Senate and now moves to the House for consideration in that legislative chamber.

Circle Soars and DeFi Development Jumps 

Circle shares soared 70%, as OpenPayd and Circle partnered to offer global businesses a unified fiat and stablecoin infrastructure layer. The efforts will bring OpenPayd’s financial infrastructure and Circle Wallets’ stablecoin infrastructure to enable OpenPayd’s enterprise clients to use both traditional banking rails and blockchain-based networks to move and manage money globally.

The joint efforts streamline conversion between fiat currencies and Circle’s regulated stablecoin, USDC, this solution will provide OpenPayd’s clients with faster access to liquidity, lower settlement costs, and the ability to develop new use cases across payments, treasury and digital asset services, the firms said. Circle shares roared ahead by 70%.

As reported by PYMNTS, DeFi Development Corp. announced that it obtained a $5 billion equity line of credit. The company, which was formerly known as Janover and says it is the first U.S. public company with a treasury strategy built to accumulate and compound Solana (SOL) digital assets, entered into a share purchase agreement (ELOC) with RK Capital Management.

Under the terms of the agreement, DeFi Development will have the right, but not an obligation, to issue and sell as much as $5 billion in shares of its common stock to RK Capital, DeFi Development said. The ELOC enables DeFi Development to raise capital gradually; the firm said it will use the proceeds from the ELOC to continue accumulating SOL and accelerating growth in its SOL per share. DeFi Development shares gathered 19%.

Platforms Offset the Gains 

But the FinTech platforms offset those notable gains.

Blend shares sank more than 10%. In an announcement, PHH Mortgage, a mortgage servicer based in the U.S. and operating as a subsidiary of Onity Group Inc., is expanding its partnership with Blend focused on refinancing and home equity processes. PHH Mortgage has expanded its use of Blend’s technology platform, already powering its mortgage lending operations, to now include Rapid Refi and Rapid Home Equity.

The deal increases automation and operational efficiency across loan applications through pre-qualified offers at the start of the journey and a reduction in manual steps tied to those applications.

OppFi shares slipped 9.5%. Expensify’s stock lost 9.5%.

In other platform-related news, Robinhood said Tuesday (June 17) that it has begun rolling out two tools as part of its effort to become the top destination for active traders. The new tools include charting capabilities on mobile and options simulated returns pre-trade, the trading platform said.

Legend charts, which are one of the tools most often used by Robinhood’s active traders, were previously available only on desktop. On mobile, they enable traders to zoom in and out and scroll back and forth quickly and easily, and place an order with a few taps, according to the company’s announcement. Robinhood shares rose 4.5% through the past five trading sessions.

Labubu Is Becoming Its Own Asset Class 

If you’ve scrolled through Instagram lately or wandered the halls of Art Basel, you’ve likely spotted a wide-eyed, snaggle-toothed gremlin dangling from a Hermès Birkin or peeking out of a Balenciaga tote. Meet Labubu.

It’s the plush monster elf that’s become 2025’s most coveted collectible, fashion mascot, and — for some — a six-figure investment. Is Labubu just another fleeting fad, or the new king of the collectibles jungle? Let’s dive into the phenomenon.

Labubu’s story begins not in a toy factory, but in the imagination of Hong Kong-born, Netherlands-raised artist Kasing Lung.

Inspired by Nordic mythology, Lung created Labubu as part of his graphic novel series, The Monsters, back in 2015. With elfin ears, a mischievous grin and a look that’s equal parts cute and creepy, Labubu was never meant to be mainstream.

Yet, after a 2019 partnership with Chinese collectible giant Pop Mart, the character exploded into the global consciousness. Pop Mart’s blind-box model, where buyers don’t know which variant they’ll get, added a lottery-like thrill to every purchase, fueling a feverish hunt for rare editions.

Labubu’s appeal lies in its refusal to conform. The character’s jagged smile, mismatched eyes, and pointy ears are a far cry from the sanitized perfection of Hello Kitty or Be@rbrick. Instead, Labubu embodies what Generation Z and millennials crave: offbeat self-expression, nostalgia and a wink of irony. Each series brings new costumes and themes like grocery store clerks, mythical creatures or even culinary oddities, ensuring the line never grows stale. And with over 300 unique designs released, there’s a Labubu for every mood and personality.

Celebrity Endorsement: From K-Pop to Couture

Labubu’s ascent from cult favorite to global “it” item is owed in no small part to its celebrity fanbase.

BLACKPINK’s Lisa was among the first to flaunt a Labubu charm on her designer bag, igniting a social media frenzy. Soon, Rihanna clipped a fluffy Labubu to her Louis Vuitton, Dua Lipa accessorized her street style with a pastel-pink version, and Kim Kardashian showcased a growing collection on Instagram. Even David Beckham, Simone Biles and Lizzo (who referenced Labubu in a song) have joined the craze. When global icons treat a plush monster as a status symbol, the world takes notice.

Labubu isn’t just a fashion statement. It’s an asset class.

While standard vinyl figures retail for $15–$30 and plush blind boxes start at $8.99, rare editions can fetch thousands.

The secondary market is red-hot: a limited Art Basel Labubu, originally priced at $245, was resold within hours for over $1,700. In June, a four-foot-tall mint-green Labubu shattered records at Beijing’s Yongle Auction, selling for more than $170,000. Even “regular” rare variants routinely command triple-digit premiums on platforms like StockX and Kicks Crew. The FOMO is real, and so are the profits.

Want to join the Labubu legion? Be prepared for a challenge.

Pop Mart’s official site and stores are the primary sources, but releases sell out in minutes, often with long lines or virtual queues. Blind boxes offer the thrill of the unknown, but completing a set can require dozens of purchases (and a bit of luck). For those seeking specific or rare editions, resale platforms like StockX, Kicks Crew, eBay and Amazon are the go-to, though prices can soar well above retail.

And beware of counterfeits. Lafufus abound, so stick to reputable sellers and check for official branding.

Labubu is more than a plush toy — it’s a cultural barometer. Its ‘ugly-cute’ aesthetic, narrative depth and the thrill of the chase have resonated across generations and continents.

For banks and FinTechs eyeing the next wave of consumer engagement, Labubu’s rise is a case study in emotional branding, scarcity economics and the power of social media. With Pop Mart plotting global expansion and digital collectibles on the horizon, don’t expect the Labubu mania to fade anytime soon.

For now, whether you’re a collector, investor or just a fan of quirky charm, Labubu is the little monster with big staying power. And if you spot one dangling from a briefcase at your next board meeting, don’t be surprised — Labubu is everywhere, and everyone wants in.

FinTech IPO Index Slips as Platforms Decline and Overtake Circle’s 70% Surge

The FinTech IPO Index fell 1.3% as platforms like Blend and OppFi declined, while Circle surged 70% due to a partnership with OpenPayd. DeFi Development Corp. secured a $5 billion equity line of credit, and Labubu, a plush monster, became a global collectible and investment phenomenon.