
Week in Review: The Stablecoin Spotlight
An overview of recent developments in the stablecoin space, featuring notable actions from the U.S. House, Donald Trump, and Fidelity Investments.
It was a challenging week for cryptocurrency values, with BTC and ETH experiencing declines, while the CoinDesk 20 index, which encompasses a significant portion of the market, dropped by 7% since Monday.
However, less volatile assets gained traction, with stablecoins taking center stage this week.
The U.S. House has introduced a stablecoin bill, complementing the Senate’s version approved by committee last week, as reported by Jesse Hamilton. Wyoming, known as “The Blockchain State,” is exploring its own stablecoin, testing the concept on Avalanche, Solana, and Ethereum, as highlighted by Kris Sandor.
World Liberty Financial (WLFI), backed by Donald Trump and his family, made headlines with the announcement of their stablecoin (USD1) this week. Don Trump Jr. promoted the news at the DC Blockchain Summit.
Meanwhile, Fidelity Investments, recognized as an early innovator in the crypto space, is in advanced stages of launching its own stablecoin, aiming to venture into the tokenized bond market as per Jamie Crawley’s findings.
In other news, Circle, the issuer of the second largest stablecoin (USDC), secured a partnership with SBI Holdings to operate in Japan, reported by Sam Reynolds.
Ian Allison reported on Sam Altman’s World Network potentially collaborating with Visa on integrating on-chain features into a self-custody crypto wallet.
Will Canny revealed that Sam Hill, COO of Zodia Custody, is transitioning back to traditional finance.
Canny also covered an unreported wave of senior staff departures at crypto prime broker FalconX, while BlackRock is actively expanding its digital assets team.
MicroStrategy continues to grab headlines, with Michael Saylor engaging in an insightful interview where he discussed bitcoin’s immense potential and promised to maintain a bold investment strategy in the cryptocurrency.
The SEC has been retracting enforcement actions against some crypto firms, but an investigation involving Unicoin remains unresolved, much to the displeasure of its CEO.
The week proved more strategic and less groundbreaking. However, the Trump Media Company has announced plans to partner with Crypto.com for launching its own ETFs and ETPs, demonstrating that surprises still abound in the crypto realm.