I'm Eyeing This Stablecoin, Global Payment Play in an Ugly Market
Bonds are telling a worrying story as anemic strength is being sold. This is how I’m positioning myself.
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Duquesne Family Office CEO Stanley Druckenmiller
As I warned in my opening column, there was a high risk that minor opening strength would be sold. That is the case this morning.
The senior indexes are still up but are off their opening highs. The Russell 2000 (IWM) is red but breadth is running slightly positive. We probably would have been better with a gap-down open rather than this anemic strength, which was an invitation to sell.
The problem investors are grappling with is that the risk of negative news remains very high, and even if there are some positive developments in Iran, the likelihood is that new problems will follow. Oil is up around 3% to a new recent high, which is the biggest problem.
Bonds Are Telling a Worrying Story
Bonds are stronger, and yields are falling, which could be seen as a sign of diminished inflationary concerns. The far greater likelihood, though, is that it reflects increased concern about economic growth.
Slower growth will help cut energy demand, but it will also create a host of other issues. Falling yields are likely a signal of growing worry about stagflation. We already know oil is going to cause inflation, but it may also cause economic slowing.
No Technical Bottom Yet
There are no signs yet of a technical bottom in the indexes. We don't even have the first step in the bottoming process, which would be a good bounce. That doesn't seem to stop the bulls who are looking ahead and anticipating a new uptrend.
There will be very strong action when there is positive progress on Iran and oil, but the most important question is whether you should buy now in anticipation of that strength.
How to Play It
My view is that this is not the time to build major positions. If you think there are some great bargains and you might miss out if the market suddenly turns higher, make some minor buys but leave substantial room to add. Alternatively, you can try to catch some very short-term moves, but the big danger there is that a trade turns into an investment.
One name I'm looking to start a position in is Circle Internet Group (CRCL) . I view this as the best way to modernize the global payment system by replacing slow, legacy banking infrastructure with blockchain-based settlement.
This is a theme that Stanley Druckenmiller has outlined in several interviews and appearances in early 2026, including a notable session at Morgan Stanley's "Hard Lessons" event. Druckenmiller's thesis is that stablecoins will dominate global payments over the next 15 years. He isn't viewing this as a crypto play but rather as a macroeconomic shift driven by greater efficiency.
I want to position myself in CRCL, but have not bought any yet. I may pull the trigger on a very small position today, even though the chart looks horrendous and the stock could easily sink to $85, which is where the 50-day simple moving average sits.
The important consideration is that once you make a minor buy, you will start watching the stock more closely and be ready to move faster when technical conditions improve. Just make sure you have plenty of room to add, and don't be afraid to take a stop and remount if conditions deteriorate further.
That is my approach to this brutal market, and I have to admit I'm very optimistic about eventually catching a major rally.
At the time of publication, Rev Shark had no positions in any securities mentioned.
