The past week saw a downturn in crypto prices, with both BTC and ETH experiencing losses. The CoinDesk 20, which tracks 80% of the market, dropped by 7% since Monday.
However, stablecoins remained active throughout the week. The U.S. House introduced a stablecoin bill, following the Senate’s approval of a similar version last week. Wyoming, also known as “The Blockchain State,” is exploring its own stablecoin on platforms like Avalanche, Solana, and Ethereum.
World Liberty Financial (WLFI) announced the launch of its stablecoin (USD1), backed by Donald Trump and his family. Fidelity Investments is also working towards launching its own stablecoin, as part of a strategy to enter the tokenized bond market.
Circle, the issuer of the second largest stablecoin (USDC), secured a license to operate in Japan in collaboration with SBI Holdings. In Europe, Sam Altman’s World Network is in talks with Visa to integrate on-chain card features with a self-custody crypto wallet.
There were also personnel changes in the industry, with Zodia Custody’s COO leaving for a role in traditional finance. FalconX experienced senior staff losses, while BlackRock expanded its digital assets team in the U.S.
MicroStrategy continued its corporate bitcoin treasury strategy, with executive chairman Michael Saylor discussing the potential of bitcoin as a $200 trillion asset. The company has invested around $33 billion in bitcoin through various stock offerings.
The SEC continued its enforcement actions against crypto companies, with Immutable being the latest target. Additionally, the president’s media company announced plans to launch ETFs and ETPs in partnership with Crypto.com, showcasing the ever-evolving nature of the crypto industry.
