Fidelity Launches Stablecoin Fund with 0.25% Fee
Fidelity launches FYMXX, a government money market fund for stablecoin issuers, targeting the $315B market with a 0.25% fee. @Fidelity joins State Street and Blackrock. #Update #Crypto
Genius act
XRP Launches into Traditional Banking
SBI Shinsei Bank’s pilot allows deposit interest conversion into crypto rewards, including $XRP, integrating digital assets into traditional banking. Launch on June 10. Crypto $XRP
Stablecoin Proposal Sparks Major Warning
The Hyperliquid Policy Center and Paradigm urge US Treasury to refine stablecoin compliance rules, warning of potential overreach affecting developers and validators. #Update #Legal
Tether Reveals $141 Billion US Debt Risk
@Tether’s US Treasury exposure exceeds $141 billion, making it the largest non-sovereign holder of US debt, raising concerns about stablecoin risks in mainstream finance. #Update #Crypto $USDT
Bitcoin Boosts Coinbase with Proshares ETF
Coinbase invests in Proshares’ GENIUS Money Market ETF, enhancing stablecoin reserve management amid new GENIUS Act standards for liquidity and transparency. #Update #Crypto
Stablecoin Rules Urged by Circle
Circle supports OCC’s GENIUS Act proposal for national stablecoin licensing, emphasizing uniform standards to reduce arbitrage and enhance trust in digital dollars. #Update #Crypto $USDC
Stablecoin Yield Ban Barely Impacts Lending
White House report finds stablecoin yield ban minimally impacts bank lending, with only 0.02% increase; most reserves recirculate in banks, challenging deposit outflow concerns. #Update #Crypto
JPMorgan Launches Blockchain to Counter Crypto
JPMorgan CEO Jamie Dimon emphasizes the need for the bank to develop its own blockchain technology to address emerging threats from cryptocurrencies. #Update #Blockchain
Stablecoins Surge as US Banks Magnet
Patrick Witt, White House Council of Advisors for Digital Assets, argues stablecoins boost US bank deposits via foreign demand, countering fears they’ll drain funds. #Update #Crypto
XRP Attorney Deaton Highlights Bankers’ Influence
Faryar Shirzad of @Coinbase highlights Senate debates on stablecoin rewards in the GENIUS Act, warning against aiding China’s Digital Yuan efforts. #Update #Crypto
Crypto Giants to Dominate US Treasuries
Senator Bill Hagerty predicts stablecoin issuers will become the largest holders of US Treasuries, as his GENIUS Act advances in Congress to regulate stablecoin reserves. #Update #Legal (+6) ↗