stablecoin

According to Cointelegraph, Michael Selig, the chairman of the Commodity Futures Trading Commission (CFTC), stated that the agency is working to provide clarity for the crypto space, including tokenized collateral and stablecoins, while also developing clear guidelines for prediction markets.

The "2026 Digital Asset Institutional Investor Survey" released by financial giant Nomura Securities shows that nearly 80% of institutional investors plan to allocate 2% - 5% of their total managed assets to the cryptocurrency sector. 65% of the surveyed institutions view cryptocurrencies as a diversification tool on par with stocks, bonds, and commodities.The survey covered institutional investors and family offices managing over $60 billion in assets. In terms of investment direction, more than two-thirds of respondents hope to earn returns through DeFi mechanisms such as staking, 65% are focused on lending and tokenized assets, and 63% are exploring derivatives and stablecoins. Additionally, 63% of respondents believe that stablecoins have practical uses for managing cash, cross-border payments, and investing in tokenized assets, with stablecoins issued by major financial institutions being the most trusted.Nomura Securities stated that regulatory clarity, increased awareness, and improved risk control frameworks are key to expanding investments. Although challenges such as the lack of clear methods for asset valuation and regulatory uncertainties still exist, the development of diversified investment products and improvements in risk management practices are accelerating institutional adoption.

According to The Block, Circle CEO Jeremy Allaire stated in an interview with Reuters that there is a "huge opportunity" for the renminbi stablecoin. If Chinese authorities wish to enhance the global competitiveness of the renminbi, stablecoins will become an important technical means for currency internationalization, and he predicts that China may launch a renminbi stablecoin in the next 3 to 5 years.It is worth noting that the People's Bank of China and multiple departments have clearly prohibited the issuance of renminbi stablecoins abroad without regulatory approval as of February 2026. Meanwhile, the regulatory attitude in Hong Kong is completely opposite; the Hong Kong Monetary Authority issued the first batch of stablecoin licenses to HSBC and Anchorpoint Financial (a joint venture of Standard Chartered Bank, Animoca Brands, and Hong Kong Telecom) last week.

Circle CEO Jeremy Allaire stated that Circle has expanded its collaboration with Upbit operator Dunamu to support the compliant adoption of digital assets and has enhanced its partnership with Bithumb to improve stablecoin infrastructure and raise market awareness of stablecoins.Jeremy Allaire mentioned that South Korea is rapidly advancing regulations on stablecoins and digital assets, with a high local cryptocurrency adoption rate. During his time in Seoul, he also met with representatives from KakaoGroup, Coinone, Hashed, Shinhan Bank, KB Financial Group, and Woori Bank.

The enterprise digital asset infrastructure platform Fireblocks has launched a new feature called Earn, allowing institutional clients to allocate stablecoin balances to on-chain lending strategies through products supported by Aave and Morpho, in order to enhance the efficiency of idle capital utilization.The product is initially integrated with the Morpho vault and Aave stablecoin lending market, curated by Sentora, and is now open for Early Access to Fireblocks clients. Fireblocks stated that the earnings are generated by the underlying protocols, are variable returns, are not guaranteed, and may be 0. Data shows that Aave and Morpho are currently the top two decentralized lending protocols by total locked value.

Cantor Fitzgerald donated $10 million to the political action committee Fellowship PAC, which is chaired by Tether's U.S. executive Jesse Spiro.Fellowship PAC was established in 2025 and has received over $100 million in committed funding, aimed at supporting candidates who promote friendly regulation of digital assets. The organization has previously invested over $1 million in advertising support for multiple elections. Cantor has a close relationship with Tether, having provided custodial services for its stablecoin reserves since 2021, and this donation further strengthens their collaboration on policy matters. In addition to Cantor, institutions like Anchorage Digital have also participated in donations. Industry insiders believe that as the regulatory battle intensifies, the crypto industry is continuously increasing its political investments in Washington to seek a clearer and more enforceable regulatory framework.

According to DL News, Circle CEO Jeremy Allaire stated that the company currently has no plans to launch a won-pegged stablecoin, but is closely monitoring the progress of relevant legislation in South Korea and seeks to expand its business within the local compliance framework.If South Korea establishes a legal pathway that allows global companies to enter, Circle is willing to apply for a license and set up a local branch, while also providing technical support for Korean institutions to issue stablecoins.

According to Decrypt, U.S. Senator Warren recently expressed concerns about Musk's planned payment platform X Money, stating that it could pose risks to consumer protection, national security, and the stability of the financial system.Warren pointed out that after acquiring and reshaping X, Musk is pushing it to become a "super app" that covers "all aspects of users' financial lives," potentially even replacing the traditional banking system. She questioned the performance of the X platform in terms of security and content governance, believing that this undermines its credibility in entering the consumer finance sector.Additionally, Warren criticized the current regulatory environment for becoming more lenient, including the "GENIUS Act" promoted by the Trump administration, which provides a "special pathway" for private companies to issue stablecoins, potentially weakening necessary regulatory constraints.

According to a report by CryptoSlate, the White House Economic Advisory Council recently released a research report indicating that banning the yield on stablecoins has very limited protective effects on bank loans, yet it significantly reduces consumers' ability to earn returns through digital cash. This conclusion directly challenges the core argument of the banking industry supporting the yield ban and provides new policy backing for the advancement of the CLARITY Act.Currently, Treasury Secretary Bessent and SEC Chair Atkins have both publicly expressed support for the bill, indicating a convergence of positions between the executive branch and regulatory agencies. However, the Senate Banking Committee has yet to announce a timeline for the bill's review, and political maneuvering remains the biggest variable.Analysts point out that if the committee can complete its review before the summer recess, the probability of the bill passing will significantly increase; otherwise, it will face the dual risks of election pressure and legislative delays.

The stablecoin issuer Circle has recently minted 750 million USDC.

Castle Labs' latest research report points out that the infrastructure for "Onchain Banks" in cryptocurrency is maturing rapidly. Data shows that by November 2025, the monthly transaction volume of crypto cards has risen to a historic high of $406 million, with Visa's stablecoin-linked cards reaching an annual transaction scale of $3.5 billion.The stablecoin payment platform RedotPay has exceeded an annual payment scale of $10 billion. In addition, etherfi's non-custodial crypto card product Cash has contributed about 50% of the protocol's revenue, with approximately 300,000 accounts and nearly 70,000 active cards. The report believes that onchain banks are gradually moving from scenarios such as payments, savings, and lending towards a traditional neobank model.

According to Decrypt, U.S. Senator Thom Tillis stated that the Senate is expected to release a revised draft text on stablecoin yield distribution this week.Currently, there is a disagreement between banks and crypto companies on whether cryptocurrency exchanges should be allowed to pay yields to stablecoin holders through reward programs, and this controversy has stalled the legislative process of the Clarity Act. The White House Council of Economic Advisers recently released a report stating that banning stablecoin yields would have a minimal impact on small banks, only increasing bank lending by 0.02%. However, the American Bankers Association believes this analysis underestimates the risks. Observers point out that if the draft provisions are too strict, it may lead users and liquidity to flow to other jurisdictions that allow yields.

JPMorgan CFO Jeremy Barnum stated during the earnings call that if regulatory rules are not aligned with traditional bank deposits, stablecoins may evolve into a "regulatory arbitrage" tool. He pointed out that some stablecoin models already exhibit deposit-like characteristics, such as providing incentives similar to yields, but are not subject to banking regulatory requirements like capital, liquidity, and consumer protection, which could create an unfair competitive environment. "If the same products are not regulated equally, it will open up arbitrage opportunities," Barnum said.Currently, U.S. legislation is pushing for a cryptocurrency regulatory framework, including the Clarity Act, to clarify the regulatory division of labor between the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, and to regulate the development of the stablecoin market. Additionally, whether to allow stablecoins to distribute reserve earnings to users has become a point of contention. Cryptocurrency companies, including Coinbase, support "interest-bearing stablecoins," while banks believe this would bring them closer to deposit products but lack corresponding regulatory constraints. JPMorgan expressed support for regulatory clarity but emphasized that "regulatory consistency" takes precedence over speed. At the same time, the bank is advancing product layouts, including JPM Coin and tokenized deposits, through its blockchain division Kinexys to modernize the payment system.

Bitfinex released a report indicating that tokenized commodities are moving from early experimentation to practical application, becoming an important manifestation of the reconstruction of real-world assets (RWA) on the blockchain. The core of this shift is not to create new demand, but to reshape existing market infrastructure.Data shows that the total market value of tokenized commodities has reached approximately $7 billion, growing nearly 600% since the beginning of 2025. Current major participants include crypto-native investors and high-net-worth individuals. Amid increasing geopolitical volatility, tokenization is enhancing asset liquidity and risk management flexibility. Gold remains the primary entry point, with Tether Gold accounting for nearly 40% market share.The report points out that on-chain gold possesses characteristics such as real-time transfer and global auditability, making it more suitable as collateral compared to physical assets, and it can overcome traditional trading hours and settlement limitations. In addition to gold, tokenized commodities have expanded into areas such as oil, natural gas, and agricultural products, with soybeans and soybean oil each around $400 million, and green financing-related exposure around $850 million, indicating that this model has cross-category expansion potential.At the same time, the traceability of blockchain has also enhanced supply chain transparency, meeting regulatory and ESG requirements. Bitfinex believes that in the future, the focus of tokenization will shift from precious metals to industrial products such as copper and oil, achieving a transition from "product innovation" to "market infrastructure upgrade" by improving collateral efficiency, asset circulation speed, and transparency.

Paxos Labs has spun off from the stablecoin issuer Paxos and raised $12 million, led by Blockchain Capital, with participation from Robot Ventures, family office Maelstrom, and DeFi developer Uniswap Labs.Paxos Labs co-founder Bhaumik Kotecha declined to disclose the valuation of this funding round. Paxos CEO Chad Cascarilla is also the CEO of Paxos Labs, which will primarily provide services for large enterprises to create and manage their own stablecoins.

The U.S. banking industry has questioned the stablecoin yield report released by the White House, arguing that the conclusions of the report are based on incorrect issues.The White House Council of Economic Advisers' research report states that banning stablecoin yields would have a negligible impact on bank lending, only potentially increasing loans by about $2.1 billion. Sayee Srinivasan, chief economist of the American Bankers Association, and Yikai Wang, vice president, stated that the core policy concern is whether allowing stablecoins to generate yields would encourage deposit outflows, particularly from community banks to large institutions, thereby increasing financing costs and reducing local lending. The American Bankers Association acknowledges that the financial incentives to pursue high-yield stablecoins will prompt households and businesses to move funds out of banks. Currently, the cryptocurrency and banking industries are negotiating the terms of a Senate bill, with the prohibition of interest payments on stablecoins being a key point of contention.