Weekly Summary: Significant Achievements Abound for Stablecoins in the Recent Weeks
Here it goes, mate!
Get ready for a wild ride in the world of crypto! For years, it's been the dark horse, ridiculed by Washington bigwigs and media snobs. But lo and behold, the market rallies, Trump's era, and legislation like the GENIUS Act have sent crypto soaring out of the shadows and into mainstream consciousness.
Take a look at this week's headlines — Amazon and Walmart — as mainstream as it gets — are pondering launching their own stablecoins. Now, don't go scratching your head — you heard that right!
According to the Wall Street Journal, these retail behemoths are fed up with shelling out hefty merchant fees and other sneaky costs to the likes of Visa and Mastercard. They're dreaming of using their own blockchain-based tokens for transactions, their way.
The GENIUS Act's passing seems like a nailed-on certainty after this week's Senate vote. Jesse Hamilton's got the scoop.
And we're not done with the stablecoin news yet. Societe Generale, European finance's noble beast, announced its stablecoin on Ethereum and Solana. Plus, Jack Ma's Ant Group applied for stablecoin issuer licenses in Hong Kong and Singapore.
The whole wide world is going stablecoin-crazy! And why the hell not? These mostly dollar-pegged tokens are a massive improvement on traditional cash, with faster settlement times and lower fees, especially on international transactions.
The ENHANCE Act didn't pull up short on crypto legislation either. It waltzed out of key House committees. If it gets the green light, the law would provide the crypto industry long-sought guardrails, focusing on securities laws and the roles of the SEC and CFTC.
The crypto market friggin' loved these Congressional winds. We've seen a slew of new announcements for bitcoin accumulation vehicles, such as "digital asset treasuries." For example, crypto influencer and investor Anthony Pompliano is leading a $750 million fund.
If this shit doesn't impress ya, then crypto ain't your bag, mate. But legendary investor Paul Tudor Jones ain't with you on that. He reckons bitcoin should be a part of every investor's portfolio.
- Mainstream businesses like Amazon and Walmart are contemplating the launch of their own stablecoins to bypass high fees charged by companies such as Visa and Mastercard.
- The GENIUS Act, which appears to be on the verge of passing, could provide long-sought guardrails for the crypto industry, focusing on securities laws and the roles of the SEC and CFTC.
- Societe Generale, a major player in European finance, announced the creation of a stablecoin on both Ethereum and Solana, while Jack Ma's Ant Group applied for stablecoin issuer licenses in Hong Kong and Singapore.
- The crypto market has responded positively to recent Congressional moves, leading to an increase in announcements for bitcoin accumulation vehicles, such as "digital asset treasuries," with crypto influencer Anthony Pompliano heading a $750 million fund.
