Treasury Launches GENIUS Act Rules
The U.S. Treasury initiates first stablecoin rulemaking under the GENIUS Act, proposing dual state federal oversight framework while Fed Vice Chair Barr warns of financial stability risks.
Market Moves
BitGo launches stablecoin minting and redemption for institutions
BitGo launches institutional stablecoin minting and redemption platform targeting market makers, liquidity providers, banks, exchanges, and asset managers as demand grows for enterprise-grade infrastructure.
https://www.theblock.co/post/396152/bitgo-stablecoin-minting-redemption-institutions
Kulipa raises $6.2m for stablecoin-native card issuing infrastructure platform
Paris-based Kulipa raised $6.2 million in seed funding for its stablecoin-native card issuing infrastructure platform. The funding signals growing institutional investment in stablecoin payment rails for everyday commerce.
Ripple Launches Treasury Management System with Native Digital Asset Capabilities
Ripple launches treasury management system allowing CFOs to manage fiat and digital assets in a single platform, integrating native digital asset capabilities for corporate treasury operations.
Beyond T-bills: OpenEden introduces tokenized high-yield corporate bond
OpenEden introduces tokenized high-yield corporate bond product, expanding beyond Treasury bills as institutional appetite grows for diversified tokenized fixed income offerings.
Regulation & Policy
Treasury outlines state v. federal stablecoin oversight balance
U.S. Treasury releases first proposed rule under the GENIUS Act, establishing state-federal framework for stablecoin oversight with guardrails against regulatory arbitrage. Opens 60-day public comment period for smaller issuers under $10B.
https://www.americanbanker.com/news/treasury-outlines-state-v-federal-stablecoin-oversight-balance
Barr, Brief Remarks on Stablecoins
Fed Governor Barr delivers speech warning of stablecoin risks to financial stability, citing ‘long and painful history of private money’ and emphasizing need for strong federal oversight including anti-money laundering controls.
https://www.federalreserve.gov/newsevents/speech/barr20260331a.htm
Coinbase CLO Grewal says Clarity Act ‘very close’ to reaching deal on stablecoin yield
Coinbase CLO Paul Grewal says lawmakers are ‘very close’ to reaching compromise on stablecoin yield provisions in the Clarity Act, dismissing banking industry concerns about deposit flight as final negotiations continue.
https://www.theblock.co/post/396170/coinbase-clo-grewal-clarity-act-very-close
Hong Kong misses March target for first stablecoin licenses
Hong Kong authorities miss March target for issuing first stablecoin licenses, pushing applicants to refine application details before granting approvals under the new regulatory framework.
https://www.theblock.co/post/396057/hong-kong-misses-march-target-first-stablecoin-licenses
Research & Analysis
Stablecoin Market to Hit $2 Trillion in 2028 Even as Velocity Doubles: Standard Chartered
Standard Chartered forecasts stablecoin market will reach $2 trillion by 2028 despite doubled velocity driven by USDC’s expanding use cases in traditional finance and AI payments, signaling institutional adoption momentum.
https://decrypt.co/362882/stablecoin-market-2-trillion-2028-velocity-doubles-standard-chartered
Liquidity, not novelty, determines tokenization’s value
Analysis argues that liquidity, not novelty, determines tokenization’s value, with high-demand assets enabling continuous settlement and network effects. The research suggests programmability on dollars and bonds compresses financial frictions where trillions already flow.
https://cointelegraph.com/news/liquidity-determines-tokenization-value
BIS, IMF researchers find stablecoins already impact traditional FX rates
BIS and IMF researchers found that stablecoins already impact traditional foreign exchange rates, demonstrating their growing influence on global financial markets. This research validates concerns about stablecoins’ systemic importance to monetary policy transmission.