Tether has launched USA₮, a new dollar-backed stablecoin designed specifically for the US market, as the company moves to comply with America’s new federal stablecoin law under the GENIUS Act. The new token, announced on January 27, is issued by Anchorage Digital Bank, N.A., a federally chartered US bank. It marks Tether’s first stablecoin built to operate fully within the United States’ regulated financial system. A Stablecoin Built for US Law USA₮ is structured to meet the GENIUS Act’s requirements for ...

Good morning. CFOs should be paying attention to stablecoins this year, even if they’re not quite ready to use them yet. Stablecoins are digital assets designed to maintain a stable value, typically pegged to and backed by the U.S. dollar or equivalent assets. Passage of the GENIUS Act has helped clarify how stablecoins are regulated, pushing them from a “crypto side-topic” into mainstream treasury and finance discussions. My colleague Jeff John Roberts takes a deep dive into stablecoins in his new For ...

Core Viewpoint - Franklin Templeton is adjusting its two institutional money market funds to better align with blockchain finance and stablecoin applications [1] Group 1: Fund Adjustments - The LUIXX fund has restructured its asset holdings to only include U.S. Treasury securities with maturities not exceeding 93 days, complying with the GENIUS Act requirements for regulated stablecoin reserve assets [1] - The DIGXX fund has introduced an on-chain institutional share class, allowing compliant intermediaries to record and transfer fund shares on the blockchain, facilitating faster settlements and 24/7 trading [1]

Core Viewpoint - Coinbase is advocating for the preservation of its ability to offer rewards on stablecoin holdings, which is at risk due to potential restrictions in an upcoming crypto market-structure bill [6][9]. Group 1: Coinbase's Business Model and Revenue - Coinbase offers a 3.5% reward on USDC balances to encourage users to hold stablecoins on its platform, which is crucial for maintaining a steady revenue stream, especially during bear markets [1][2]. - The company shares interest income generated from reserves backing Circle's USDC stablecoin, making this revenue model significant for its financial health [2]. - Total stablecoin revenue for Coinbase is projected to reach $1.3 billion by 2025, highlighting the importance of stablecoin incentives for the company's future earnings [1]. Group 2: Legislative Context and Industry Impact - The GENIUS Act, signed in July, established a regulatory framework for stablecoin issuers but prohibits stablecoin issuers from paying interest or yield directly, while allowing third-party platforms like Coinbase to offer rewards [10]. - The ongoing discussions around the market-structure bill have created tensions, with Coinbase warning it may withdraw support if the bill includes restrictions beyond enhanced disclosure requirements [5][9]. - The banking industry is pushing back against yield-bearing stablecoin accounts, arguing they could divert deposits from traditional banks, which could impact community lending [11]. Group 3: Potential Outcomes and Industry Reactions - A proposed solution is to restrict rewards to entities with banking licenses, which could satisfy some concerns from the banking sector while allowing crypto firms to maintain some level of rewards [13]. - Industry insiders believe that if restrictions are imposed, crypto companies will find alternative ways to reward users, indicating a persistent demand for such incentives [14]. - The bipartisan support for the market-structure bill has been eroded due to the stablecoin rewards debate, potentially delaying its passage [9].

Core Insights - The stablecoin market capitalization has increased by 49% in 2025, rising from $205 billion in January to $306 billion by the end of November [1] Group 1: Market Growth - The growth of the stablecoin category has been fueled by strong catalysts, including the establishment of a U.S. regulatory framework and the rollout of MiCA in Europe [2] - Stablecoins are designed to maintain a 1:1 peg to fiat currencies, with issuers holding fiat reserves to ensure tokens can be redeemed for cash [3] Group 2: Regulatory Developments - The GENIUS Act, signed into law by President Trump in July, created a federal regulatory framework for stablecoins, providing market clarity and addressing some associated risks [4][5] - The institutional adoption of stablecoins was already in progress prior to the GENIUS Act, with companies like Stripe and PayPal expanding their support for stablecoin transactions [5] Group 3: Company Developments - Circle successfully went public through an IPO, with its token experiencing significant trading activity shortly after its debut on the New York Stock Exchange [6] - However, not all stablecoin issuers have had positive developments; Tether's USDT was downgraded by S&P Global Ratings due to concerns over its reserves, particularly the inclusion of Bitcoin [6]

Core Insights - Bitmine has announced its total crypto and cash holdings amounting to $13.2 billion, which includes 4.11 million ETH tokens and $1.0 billion in cash [1][2] - The company holds 3.41% of the total ETH supply, which is 120.7 million ETH, and aims to reach 5% of the ETH supply [1][2] - Bitmine's annual shareholders meeting is scheduled for January 15, 2026, at Wynn Las Vegas, where shareholders are encouraged to vote on four key proposals [4][9] Financial Performance - As of December 28, 2025, Bitmine's crypto holdings include 4,110,525 ETH valued at $2,948 per ETH, 192 BTC, and a $23 million stake in Eightco Holdings [2] - The total staked ETH is 408,627, valued at approximately $1.2 billion, with a composite Ethereum staking rate (CESR) of 2.81% [5] - If fully staked, Bitmine's ETH could generate annual staking fees of $374 million, equating to over $1 million per day [5] Market Position - Bitmine is ranked as the 1 Ethereum treasury and 2 global treasury, following Strategy Inc. [6] - The company is the largest ETH treasury in the world and has a significant trading volume, averaging $980 million per day, making it the 46th most traded stock in the U.S. [8] Strategic Initiatives - Bitmine is working with three staking providers to launch its Made in America Validator Network (MAVAN) in 2026, which aims to provide a secure staking infrastructure [5][6] - The company emphasizes shareholder value creation through ETH acquisition, optimizing returns on ETH holdings, and strategic investments in "moonshots" [4] Shareholder Engagement - The upcoming annual meeting will address the election of eight directors, an increase in authorized common shares, approval of the Omnibus Incentive Plan 2025, and a performance-based compensation plan for the executive chairman [9]

Core Viewpoint - Bitmine is positioning itself as a leading player in the cryptocurrency market, focusing on accumulating Ethereum (ETH) and enhancing shareholder value through strategic investments and staking solutions. Group 1: Company Holdings and Financials - Bitmine's total crypto and cash holdings amount to $13.2 billion, which includes 4.11 million ETH tokens valued at approximately $2,948 each, $1.0 billion in cash, and additional investments in other cryptocurrencies [1][2] - The company currently holds 3.41% of the total ETH supply, which is 120.7 million ETH, indicating significant market presence [2] - Bitmine's total staked ETH stands at 408,627, valued at $1.2 billion, with a staking rate of 2.81% [3][4] Group 2: Market Position and Trading Activity - Bitmine is the 47th most traded stock in the US, with an average daily trading volume of $980 million [6] - The company is recognized as the largest ETH treasury globally, surpassing other competitors in terms of crypto asset accumulation [4] Group 3: Strategic Initiatives and Future Plans - Bitmine is set to launch its MAVAN (Made in America Validator Network) staking solution in Q1 2026, aiming to provide a secure staking infrastructure [3][4] - The company is actively encouraging shareholders to vote on key proposals at the upcoming Annual Stockholder Meeting scheduled for January 15, 2026, to support its strategic goal of acquiring 5% of ETH [3][7] Group 4: Leadership and Institutional Support - Bitmine is backed by prominent institutional investors, including ARK's Cathie Wood and Pantera, which enhances its credibility and market position [1] - The company emphasizes the importance of shareholder engagement and support for its strategic initiatives [3]

Core Insights - Bitmine now holds 3.37% of the total ETH token supply, which amounts to 4.066 million ETH tokens, as part of its strategy to reach 5% ownership of ETH [1][2][3] - The company's total assets, including crypto holdings and cash, are valued at $13.2 billion, with $1.0 billion in cash and additional investments in other cryptocurrencies [1][2] - Bitmine is recognized as the largest ETH treasury globally and the second-largest treasury overall, following Strategy Inc. [3] Company Holdings - As of December 21, 2025, Bitmine's crypto portfolio includes 4,066,062 ETH valued at $2,991 per ETH, 193 Bitcoin, and a $32 million stake in Eightco Holdings [2] - The company has added 98,852 ETH in the past week, surpassing the significant milestone of 4 million ETH tokens [3] Trading and Market Position - Bitmine is the 66th most traded stock in the US, with an average daily trading volume of $1.7 billion [1][6] - The company is supported by prominent institutional investors, including ARK's Cathie Wood and others, which bolsters its market position [1] Future Plans - Bitmine plans to launch its staking solution, The Made in America Validator Network (MAVAN), in early 2026, aiming to provide secure staking infrastructure [4] - The company will hold its annual stockholders meeting on January 15, 2026, at the Wynn Las Vegas, encouraging stockholder participation [7][11]

Market Dynamics - Stablecoins, with a market capitalization of approximately $300 billion and growing, are becoming a matter of national economic interest [1] - Issuers like Tether export USD to new markets, aiding in distribution [1] Regulatory & Policy - The GENIUS Act could transform stablecoin issuers into structural U S T-bill buyers, impacting financing [1]

Core Insights - Macquarie anticipates an acceleration in the U.S. Senate's efforts regarding cryptocurrency legislation, highlighting recent bipartisan discussions as a significant step towards a market-structure bill [1][2] Legislative Developments - A meeting on December 8 involving Democratic negotiators and Wall Street leaders indicates lawmakers are nearing a consensus that could influence U.S. digital-asset legislation [2] - The Senate Agriculture Committee has released a bipartisan draft to enhance the Commodity Futures Trading Commission's (CFTC) authority over digital commodities, complementing the Senate Banking Committee's Responsible Financial Innovation Act of 2025 [4] - Analysts expect the Agriculture Committee's bill to undergo markup in early 2026, with plans to reconcile it with the Senate Banking Committee's legislation [4] Regulatory Framework - Federal agencies are preparing to implement rules under the GENIUS Act, with the FDIC planning to propose stablecoin prudential standards by early 2026 [5][6] - The Federal Reserve is collaborating with other regulators to establish a framework for banks to issue and transact in stablecoins [6] Market Impact - The Senate's compromise on the market structure bill is viewed as a crucial catalyst for the U.S. crypto market, potentially resolving SEC-CFTC jurisdictional disputes and facilitating institutional participation through clearer regulations [3][7] - The bill must still navigate committee approval, reconciliation with the Agriculture Committee's language, and pass a divided Senate during a midterm election year [8]