Tether (USDT) continues to lead the stablecoin market with a 66% market share, while USDC follows at 28%, according to Nansen’s 25 April report. Ethena’s USDe stablecoin ranks a distant third with just over 2%.
Although USDC has grown faster, Tether’s dominance is expected to persist due to its large user base and the market’s ‘winner-takes-most’ nature. Tether remains the most profitable stablecoin issuer, with profits of nearly $14 billion expected in 2024.
USDC’s growth has accelerated since November, thanks to a more favourable regulatory environment. It is particularly appealing to institutions seeking regulatory clarity. However, traditional financial institutions, such as PayPal and Fidelity, are increasing competition with their stablecoins.
Ethena’s USDe stablecoin remains competitive, offering yield-bearing features with a 19% annualised yield. It has been integrated into both CEXs and DeFi protocols, positioning it for future growth.
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Mastercard is stepping up its crypto ambitions by enabling stablecoin transactions through new partnerships. The payment giant announced a collaboration with crypto exchange OKX, processor Nuvei, and fintech firm Circle.
The goal is to build an ecosystem where users can spend stablecoins and merchants can accept them.
A new card issued with OKX will allow stablecoin holders to pay directly using crypto, while Nuvei and Circle will support the infrastructure behind these transactions.
Mastercard’s Chief Product Officer said stablecoins have the potential to simplify global payments. They can also empower both consumers and businesses by offering more choices.
Mastercard plans to allow users to spend stablecoins from their wallets at over 150 million merchant locations worldwide that already accept its cards.
The move comes as regulatory discussions around stablecoins continue in the US. The Securities and Exchange Commission recently stated that certain dollar-pegged tokens do not qualify as securities. However, it stopped short of offering clarity on yield-bearing or algorithmic stablecoins, leaving questions open for future decisions.
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El Salvador continues quietly accumulating Bitcoin, even as it complies with conditions set by the International Monetary Fund (IMF). Although the government paused Bitcoin activity to secure a $1.4 billion loan, the Bitcoin Office kept buying. It added 32 BTC last month, now holding over 6,160 BTC worth $584 million.
The small daily purchases adhere to the country’s ‘one Bitcoin a day’ policy.
The IMF confirmed El Salvador’s fiscal sector is meeting its non-accumulation pledge, but the Bitcoin Office operates outside those fiscal definitions. The technical loophole has allowed the country to continue acquiring Bitcoin without breaching the agreement.
The reforms agreed with the IMF include scaling back the Chivo wallet initiative and removing Bitcoin’s mandatory status as legal tender.
Despite the pressure, President Nayib Bukele remains committed to the Bitcoin strategy. In January, El Salvador’s Legislative Assembly passed amendments removing Bitcoin as a compulsory payment method and tax payment option.
These changes, effective from 1 May, were necessary to unlock IMF funding. They also opened access to an additional $2 billion in development financing aimed at stabilising the economy and reducing debt, which recently reached 85% of GDP.
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US President Donald Trump has proposed substantial reductions or even the elimination of federal income taxes once the full impact of import tariffs is realised. In a 27 April post on Truth Social, Trump revealed that the plan would primarily benefit individuals earning less than $200,000 annually.
He added that the government might transition to funding its operations through import tariffs rather than the traditional model, which relies on the Internal Revenue Service (IRS).
Trump’s vision involves creating what he described as an ‘External Revenue Service,’ where revenues would come solely from tariffs. He has suggested that this change could trigger economic benefits similar to those seen in the US during the 19th century, when there was no permanent federal income tax.
Research by Dancing Numbers indicates that such a plan could potentially save the average American significant amounts in lifetime tax payments.
However, the proposal has raised concerns among analysts and financial markets. Despite Trump’s past remarks, doubts exist about how practical this plan could be. His administration has faced criticism for its unpredictable trade policies, which have caused volatility in the stock market and increased bond yields.
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North Korean hackers, believed to be part of the Lazarus Group, have created fake US businesses to target cryptocurrency developers. According to cybersecurity firm Silent Push, two companies, Blocknovas LLC and Softglide LLC, were set up to infect victims with malicious software.
These companies were established using false information in New York and New Mexico, violating international sanctions.
The attacks involved job offers that led to ‘sophisticated malware deployments,’ aimed at compromising cryptocurrency wallets and stealing credentials. The FBI has since seized the Blocknovas website, which had been used to deceive individuals and distribute malware.
Silent Push noted that multiple victims had fallen victim to the scam, with Blocknovas being the most active front in the campaign.
The phishing operation is just one example of North Korea’s ongoing cyber activities. The Lazarus Group has previously been responsible for high-profile hacks, including the $1.4 billion attack on crypto exchange Bybit in February.
The FBI continues to focus on imposing risks and consequences for those facilitating these cyber operations.
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A Russian provincial governor has proposed a solution to Bitcoin mining-related energy shortages. He suggested that associated gas from oil drilling sites could power mining operations.
Irkutsk Governor Igor Kobzev suggested that crypto miners collaborate with oil and gas companies to build data centres powered by alternative fuels. The suggestion comes amidst mounting energy concerns, especially after the recent year-round ban on Bitcoin mining in southern Irkutsk.
Governor Kobzev stated that the regional government supports Bitcoin mining but is committed to ensuring reliable electricity for residents and businesses.
He pointed out that mining operations should address the region’s electricity shortages. The government is ready to facilitate partnerships between miners and the oil and gas sectors.
Russian companies like BitRiver and Gazprom Neft have already experimented with using associated gas to power crypto mining facilities.
The Ministry of Energy is reportedly considering additional regional mining bans due to the strain on electricity networks.
Despite concerns, Governor Kobzev supports associated gas-powered mining, viewing it as a solution to reduce flaring and the environmental impact.
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Nike faces a proposed $5 million class action lawsuit accusing the sportswear giant of abandoning investors in its sneaker-themed NFTs. Filed on Friday, the complaint alleges that Nike promoted its digital assets through RTFKT. It then pulled back support, causing the NFTs to lose value.
The plaintiffs claim that Nike engaged in a ‘soft rug pull‘ by hyping the NFTs and later winding down RTFKT’s operations. They argue that the NFTs were unregistered securities and that Nike failed to provide key disclosures that registration would have required.
Investors allege they would not have purchased the NFTs if they had known about the risks or Nike’s plans to exit the project.
Even if the NFTs are not classified as securities, the lawsuit contends that Nike’s actions violated consumer protection laws across several US states. Plaintiffs further accuse Nike of unjust enrichment, profiting from NFT sales while leaving buyers with losses.
Nike has not yet responded publicly. Meanwhile, RTFKT’s NFTs briefly disappeared last week due to a hosting issue, compounding concerns among collectors.
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Coinbase has formally asked US regulators to lift the ban preventing Securities and Exchange Commission (SEC) staff from buying, selling, or using cryptocurrencies that are not considered securities.
Chief Legal Officer Paul Grewal sent letters to SEC Chair Paul Atkins and the US Office of Government Ethics on 22 April.
He argued that the restriction limits the regulators’ ability to oversee the crypto sector properly. Grewal emphasised that the ban is particularly damaging. The SEC is working under a presidential order to propose regulatory reforms supporting America’s leadership in digital finance.
Nearly half the given timeframe has already passed, yet SEC staff remain unable to engage with the technology they are meant to regulate. Coinbase warned that effective oversight requires hands-on experience with crypto assets.
The company also suggested allowing ownership of certain cryptocurrencies under conditions that would prevent conflicts of interest. According to Coinbase, the changes would align with the Office of the Inspector General’s call for regulators to adapt in a rapidly evolving market.
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El Salvador has proposed a regulatory sandbox to the US Securities and Exchange Commission (SEC). The sandbox could allow US firms to test tokenised real estate projects within the country.
The idea was discussed during a meeting between El Salvador’s National Commission on Digital Assets (CNAD) and the SEC’s Crypto Task Force. The initiative aims to enable projects like tokenised land shares or SEC-approved crowdfunding for small companies. It could potentially unlock a trillion-dollar asset class.
The proposal builds on El Salvador’s history of embracing cryptocurrency. With Bitcoin as legal tender and innovative approaches like using volcanic energy for mining, the nation has become a hub for Bitcoin enthusiasts.
El Salvador has also accumulated a significant Bitcoin reserve, mirroring US President Donald Trump’s Strategic Bitcoin Reserve.
Collaboration with the SEC may solidify El Salvador’s role in the global crypto space. Meanwhile, Sandbox marks key step toward regulation.
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A Bitcoin whale recently moved 50 BTC, worth approximately $4.67 million, after sitting dormant for 15 years. The transaction saw coins originally mined in July 2010, when Bitcoin was worth less than $0.10 per coin. At the time of the transfer, Bitcoin’s price stood at $93,455.
Address identified by code ’04ba30′ stayed inactive for more than 15 years after receiving coins in 2010. However, the transaction was first flagged on X by Bitcoin journalist and historian, Pete Rizzo.
The holder, whether an early miner or a long-term investor, achieved an unimaginable 93,460,500% return on their investment.
It is not the first time Bitcoin whales have resurfaced with remarkable returns. In November, another investor moved 2,000 BTC, initially purchased for a mere $120, now valued at a staggering $179 million.
Despite these extraordinary gains, the most prominent Bitcoin whale remains the pseudonymous creator, Satoshi Nakamoto, believed to hold 1.1 million BTC.
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