It was a bad week for crypto prices, with BTC and ETH both fell and Coindesk 20, covering 80% of the market and losing 7% since Monday.
But less speculative assets showed lots of volume. Stableecoins were especially the name of the game this week.
The American House introduced a stablecoin bill that followed up on the Senate version approved by the committee last week. Jesse Hamilton reported. Wyoming (aka “Blockchain state”) wants its own stableecoin, and it tests the idea of Avalanche, Solana and Ethereum, Kris Sandor reported.
World Liberty Financial (WLFI), Financial Protocol supported by Donald Trump and his family, confirmed the launch of its stablecoin (USD1) this week. And Don Trump Jr. Trumpet the news on the DC Blockchain summit.
Meanwhile, Fidelity Investment, an early tradfi innovator in crypto, is in the advanced phases of the launch of his own stableecoin. The venture is part of a strategy to enter the tokenized bond market, Jamie Crawley reported.
Meanwhile, Circle, the issuer of the second largest stableecoin (USDC), has finally secured a license to operate in Japan in partnership with local heavyweight SBI holdings, Sam Reynolds reported.
In news from our Europe team, Ian Allison had a scoop about Sam Altmans World Network, which held conversations with Visa about linking on-chain card features to a self-defense crypto-design book.
Will Canny heard from a source that Sam Hill, Zodia Come’s COO was back and returned to a role in Tradfi. He was able to persuade the standard chartered company to confirm the move and we beat the competition with the story.
Canny followed up the next day with a story that was not reported elsewhere, on the wave of loss of senior workers at Crypto Prime Broker Falconx. (Blackrock, on the other hand, added talent to his digital activated team in the US)
We continued to report on strategy (microstratey), Pioneer of the Corporate Bitcoin Treasury. Christine Lee had a two-hour interview with performing chairman Michael Saylor, where he mouseed about Bitcoin as an asset of $ 200 trillion and promised to burn Bitcoin in the name of immortality.
Strategy has invested around $ 33 billion in Bitcoin so far through various stock offerings, both ordinary and preferred. And James Van Straten explained the differences between the company’s money collection instruments for Bitcoin purchases. Tom Carreras followed up later with a nice piece showing how Mstr shareholders could be at risk for Saylor’s buy-—by-Bitcoin strategy.
Meanwhile, SEC continued to drop enforcement measures against crypto companies (unchanging was the latest, as Cheyenne Ligon reported). But strangely enough, an involving Unicoin remained open, much for CEO’s discomfort.
It almost felt like a normal kind of week – more step by monumental. But then the president’s own media company announced that it launched its own ETFs and ETPs with Crypto.com. Fortunately, Krypto still has the power to surprise.
