Washington is progressing towards clearer regulations for bank-issued stablecoins. Recently, the Federal Deposit Insurance Corporation (FDIC) proposed a framework for how insured banks, through subsidiaries, may obtain approval to issue payment stablecoins under the GENIUS Act. This could fundamentally change who can create digital dollars and the associated regulations.
Despite Bitcoin’s underwhelming market performance, institutional buying remains strong, with corporate treasuries, specifically American Bitcoin, surpassing ProCap in Bitcoin accumulation.
On Wall Street, Anchorage Digital is enhancing its advisory services by purchasing Securitize’s investment adviser platform, which is set to consolidate its institutional services.
In international news, Bhutan plans to use part of its significant Bitcoin reserves to support the development of Gelephu Mindfulness City, aiming to foster a new economic zone that promotes sustainability and innovation while preventing brain drain and attracting investment.
FDIC proposes framework for bank-issued payment stablecoins
The FDIC is advancing rulemaking following the GENIUS Act, which indicates a move towards clarifying guidance for banks wishing to issue stablecoins under this new law. A significant document outlining application processes for bank subsidiaries has been shared, which will be open for public consultation.
American Bitcoin surpasses ProCap in corporate Bitcoin treasury race
American Bitcoin, linked to the Trump family, recently entered the top 20 corporate Bitcoin holders, surpassing ProCap Financial, founded by entrepreneur Anthony Pompliano. This change reflects the fierce competition among firms accumulating Bitcoin, with American Bitcoin increasing its reserves to over 5,000 BTC.
Anchorage Digital acquires Securitize advisory unit
Anchorage Digital has purchased Securitize For Advisors to bolster its institutional investment services for registered investment advisers (RIAs), thus integrating custody and advisory services into one platform.
Bhutan to utilize Bitcoin reserves for economic development
The Kingdom of Bhutan announced its intent to draw on some of its Bitcoin holdings to finance the Gelephu Mindfulness City, aiming for long-term economic growth without jeopardizing its Bitcoin’s value. Bhutan’s strategy emphasizes strong governance and preservation of its capital.
