Tether plans to launch a separate stablecoin for the US market while keeping USDT focused on unbanked users in emerging economies. CEO Paolo Ardoino said the new coin would be tailored to meet domestic needs, with features different from USDT.
He noted the company is becoming more comfortable with the proposed GENIUS Act and aims to comply. Ardoino also said the act is more practical than Europe’s MiCA rules, which Tether believes place unnecessary pressure on dollar-based reserves.
Tether’s main mission remains supporting the 1.4 billion unbanked adults worldwide, especially in regions like Sub-Saharan Africa and Asia. Ardoino said USDT is often used for remittances and savings, with many relying on its stability during economic crises.
The GENIUS Act, now advancing through the US Senate, distinguishes between domestic and foreign stablecoin issuers. Tether supports the act and wants clarity before launching a stablecoin tied to the US market.
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Five major US banking groups have asked the Securities and Exchange Commission (SEC) to drop its cyber security disclosure rule. The rule requires public companies to report incidents, such as data breaches, within four days.
The American Bankers Association and others said in a letter that the rule conflicts with systems built to protect critical infrastructure. They warned it may hurt law enforcement and cause market confusion.
The rule, introduced in July 2023, also affects crypto firms like Coinbase. However, the exchange recently reported a breach where hackers bribed staff for user data. Coinbase rejected a $20 million ransom but now faces at least seven lawsuits.
Banking groups want the SEC to remove Item 1.05 from Form 8-K rules. They argue investors would still be protected under existing rules for material information, without the risks of rushed public reporting.
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BlackRock’s iShares Bitcoin Trust (IBIT) has become the second-largest holder of Bitcoin, surpassing major industry players including Binance and Strategy. Only the wallet attributed to Bitcoin’s creator, Satoshi Nakamoto, holds more of the asset.
IBIT currently manages 636,108 BTC, which accounts for more than 3% of Bitcoin’s total supply and nearly 57% of Nakamoto’s estimated holdings.
The fund’s growth since its launch in January 2024 has been remarkable. With over $66.9 billion in net assets, IBIT now leads all Bitcoin ETFs by value.
Bloomberg analyst Eric Balchunas believes it could surpass Satoshi’s wallet by next summer—sooner if Bitcoin’s price reaches $150,000. Such a move would likely spark even stronger institutional interest.
Analysts say IBIT’s rise shows growing demand for regulated crypto access from advisers and retail investors. Bitcoin ETFs are outperforming gold funds, and BlackRock’s push highlights a major shift in global investment strategies.
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The White House is backing a plan to regulate stablecoins. Trump adviser David Sacks says it could bring trillions into US government bonds almost overnight.
He believes the GENIUS Act will give clear rules for stablecoins, which are currently unregulated. There’s already more than $200 billion in circulation, and legal clarity could unlock massive demand.
The bill passed a key Senate vote this week, with 66 senators in support, including 15 Democrats. Sacks says the administration expects it to pass fully and sees it as a way to modernise payments in the US.
He called stablecoins a faster, cheaper way to move money and said the bill would bring dollar-backed tokens under proper oversight.
But there are concerns over Trump’s links to the crypto world. His family supports World Liberty Financial, which recently launched a stablecoin called USD1. It is backed by US government bonds and dollar deposits.
The bill may still face delays. Senator Josh Hawley added a last-minute change to cap late payment charges on credit cards, which banking groups strongly oppose.
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Crypto ownership in Singapore fell from 40% to 29% in 2024, as more investors sold off their holdings. Nearly half of holders exited the market, and most walked away with a profit.
According to the 2025 Independent Reserve Cryptocurrency Index, 67% of those who sold made gains. The platform’s CEO, Lasanka Perera, said this shift was less about losing interest and more a ‘recalibration’ of investment priorities.
Many investors are favouring cash or fixed deposits, with 49% choosing these safer options, up from 42% last year. Stocks still remain more popular, with nearly half of Singaporeans investing in them, compared to just one in five who now hold crypto.
Confidence among remaining holders is steady. Bitcoin and Ethereum continue to dominate portfolios, and over half say they plan to buy more in the next year. Meanwhile, 52% of crypto users have already used digital assets for payments, with growing interest in doing so more often.
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Texas lawmakers have approved a bill to create a state-run Bitcoin reserve, bringing the state closer to officially adopting cryptocurrency as part of its treasury management. The Texas House of Representatives passed Senate Bill 21 on its third and final reading.
The bipartisan-supported legislation now requires a final concurrence vote on House amendments before it can be sent to Governor Greg Abbott for signature. Although the bill received strong support, opposition grew ahead of the last vote, with 42 members voting against it.
The fiscal impact of the reserve remains unclear. A legislative budget board official noted that the amount of Bitcoin to be purchased and related appropriations cannot currently be estimated. The bill grants the state comptroller investment authority over the reserve and other funds.
If enacted, Texas would become the second US state after New Hampshire to hold Bitcoin reserves. The bill aims to establish and manage a strategic Bitcoin reserve to support the state’s treasury operations.
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Kazakhstan is moving to formally regulate cryptocurrency exchange services that convert digital assets into fiat. The National Bank will oversee licensing under new national rules.
Yerlan Ashykbekov, head of the bank’s payment systems department, confirmed that a new category of licensed crypto exchange providers is being introduced. These platforms will be authorised to carry out crypto-to-fiat operations.
The central bank will also define which cryptocurrencies can be bought or sold under the new framework. Licensed operators will fall under direct supervision by the National Bank, including those issuing and circulating stablecoins and other digital assets.
Exchanges based in the Astana International Financial Centre will remain under a separate regime, though the government aims to link both systems. The move aligns with President Kassym-Jomart Tokayev’s push to legalise crypto use and shift users out of the unregulated ‘grey zone.’
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A major security incident has struck Cetus, a decentralised exchange (DEX) on the Sui blockchain, with suspected losses exceeding $200 million. Onchain data revealed rapid asset drainage, prompting experts to label the event as a possible hack rather than a mere bug, as claimed by the Cetus team.
Reports indicate that at least $63 million has already been transferred to Ethereum, including a large single transaction of 20,000 ETH moved to a new wallet.
Transaction volumes on Cetus surged to $2.9 billion on 22 May, compared to $320 million the previous day, suggesting funds were rapidly siphoned from the platform.
Several tokens lost over 75% of their value, causing wider disruption; for instance, the Sui-based money market Scallop halted all borrowing activities as a precaution.
Concerns over transparency have grown as $212 million in assets were reportedly bridged to Ethereum at a rate of $1 million per minute. Analysts argue the scale and speed of transfers hint at something more serious than a simple software glitch.
Cetus paused the affected smart contract and announced an ongoing investigation, but has yet to provide a detailed response.
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Bitcoin surged to a fresh all-time high of $111,544 during early Asian trading on Thursday, marking a 4% jump from Wednesday’s peak. The rally follows a dip to $106,000 earlier in the week and reflects rising interest in alternative assets amid global financial uncertainty.
The immediate driver appears to be weak demand for the US Treasury’s $16 billion 20-year bond auction, which pushed yields above 5.1%. Falling trust in long-term government debt has driven a shift in sentiment, with US and Japanese yields rising sharply.
Bitcoin’s rise has been supported by several macroeconomic factors, including softer US inflation, a cooling of US-China trade tensions, and Moody’s downgrade of US sovereign debt. Analysts suggest risk assets could benefit over the coming months if uncertainty continues to shake traditional markets.
On-chain data confirms increasing demand. Bitcoin’s realised market cap rose by $27 billion in May, while exchange inflows dropped 82% since November.
Institutional interest is also growing, with over $4.24 billion flowing into Bitcoin ETFs in the past month and major firms like Strategy boosting their holdings to $63 billion.
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Crypto.com has secured a MiFID licence, allowing it to offer regulated crypto derivatives across the European Economic Area. The licence expands the platform’s presence following earlier approval under the EU’s Markets in Crypto-Assets (MiCA) regulation.
It was obtained through the acquisition of Cyprus-based A.N. Allnew Investments, a move similar to strategies used by other major platforms such as Kraken. The announcement follows Crypto.com’s broader efforts to offer more regulated services to European users and grow its product portfolio.
Other crypto firms are also eyeing Europe’s growing derivatives market. Kraken, Coinbase, Gemini and Synthetix have all expanded their derivatives offerings through acquisitions and regulatory approvals, signalling a competitive push in the region.
Crypto.com’s previous acquisitions include Fintek Securities, Watchdog Capital and others, further strengthening its regulatory positioning.
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