Stablecoins took center stage this week as governments, companies, and regulators moved fast across several fronts. The United States Senate passed the GENIUS Act, marking the first major national policy aimed at stablecoins.
This bill now moves to the House, which may respond with its version. Meanwhile, the Federal Reserve held interest rates steady at 4.50%. The FOMC outlook showed mixed expectations on future cuts, with seven members seeing no cuts and others forecasting up to three.
In China, the governor of the People’s Bank spoke about stablecoins for the first time. He highlighted how digital currencies and distributed ledgers are reshaping payment systems. The forum also featured remarks from the former governor, who warned that dollar-backed stablecoins may drive global dollarization.
Vietnam recognizes crypto with a new law
Vietnam passed a new law to formally recognize crypto assets. The law will take effect in 2026 and sets clear rules while emphasizing anti-money laundering measures. This step aims to align Vietnam with global standards and exit the FATF gray list.
The U.S. Department of Justice filed a civil case to seize $225 million in crypto tied to fraud. It is called the largest case of crypto forfeiture in Secret Service history. Tether supported the investigation. Blockchain analysis showed a web of laundering activity involving hundreds of thousands of transfers.
Truth Social, linked to Donald Trump, applied for a spot ETF covering both Bitcoin and Ethereum. The move, if approved, would be the first dual-crypto ETF with direct political ties. The plan comes from Yorkville America Digital and was submitted to the SEC this week.
TRON may soon go public in the U.S. through a reverse merger with SRM Entertainment. TRON’s founder will serve as an advisor to the newly formed entity, which will rebrand to Tron Inc. A $100 million investment supports this transition and TRON’s staking roadmap.
Stablecoin tests begin by JD coinlink
In Iran, Nobitex suffered a major hack, possibly losing up to $90 million. An Israeli-linked group claimed responsibility. Nobitex shut down services and promised compensation. The hackers destroyed tokens instead of profiting from them.
Strategy expanded its Bitcoin holdings, purchasing over 10,000 BTC for $1.05 billion. Its total holdings now exceed 592,000 BTC. JD Coinlink tested stablecoin settlement in Hong Kong and Macau. The rollout may start in Q4 this year. It targets real-world trade across Asia-Pacific, the Middle East, and Africa.
Multiple crypto and AI firms raised funds. Bitdeer, Eigen Labs, PrismaX, and others secured fresh capital. Investors showed continued interest in crypto infrastructure and Web3 AI solutions.
