{"id":126473,"date":"2025-04-04T13:17:06","date_gmt":"2025-04-04T13:17:06","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126473"},"modified":"2025-04-04T13:17:06","modified_gmt":"2025-04-04T13:17:06","slug":"stablecoin-adoption-grows-with-new-us-bills-japans-open-approach","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126473","title":{"rendered":"Stablecoin adoption grows with new US bills, Japan\u2019s open approach"},"content":{"rendered":"

Source: Cointelegraph.com NewsStablecoins are front and center of late: critical bills have made their way through US Congress, First Digital\u2019s coin briefly depegged over reserve concerns, and Coinbase\u2019s efforts to take on banks saw pushback from lawmakers \u2014 to name just a few recent headlines.
\nDollar-backed cryptocurrencies are under the spotlight as the market considers the role of the US dollar and the future of US economic power under the controversial policies of President Donald Trump.
\nIn Europe, stablecoins face a stricter regulatory regime, with exchanges delisting many coins that aren\u2019t compliant with the Markets in Crypto-Assets (MiCA) regulatory package passed by the EU in 2023.\u00a0
\nThere\u2019s a lot happening in the world of stablecoins as policies develop at a rapid pace and new assets enter the market. Here are the most recent developments.
\nStablecoin adoption law faces vote in US House of Representatives\u00a0
\nAfter passing a critical vote in the US House Financial Services Committee, the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act, will soon face a vote from the entire lower house of the American legislature.\u00a0
\nSource: Financial Services GOPThe bill provides ground rules for stablecoins in payments, stablecoins tied to the US dollar and disclosure provisions for stablecoin issuers. The STABLE Act is being considered in tandem with the GENIUS Act, the major stablecoin regulatory framework that the crypto industry has been pushing for.\u00a0
\nStablecoin regulations are viewed by many in the industry as a critical step in bringing crypto to the mainstream, but the current bills have faced their fair share of opponents. Democratic Representative Maxine Waters, who voted against the STABLE Act in committee, has criticized her colleagues across the aisle for \u201csetting an unacceptable and dangerous precedent\u201d with the STABLE Act.
\nWaters\u2019 main concerns were that the bill would validate President Trump\u2019s newly founded stablecoin project, enriching him personally at the expense of the American taxpayer.\u00a0
\nFDUSD stablecoin depegs\u00a0
\nThe First Digital (FDUSD) stablecoin depegged on April 2 after Tron network founder Justin Sun claimed that the issuer, First Digital, was insolvent. First Digital refuted Sun\u2019s claims, stating that they are completely solvent and said that FDUSD is still redeemable with the US dollar on a 1:1 basis.
\nThe First Digital stablecoin peg wavers. Source: CoinMarketCap”Every dollar backing FDUSD is completely secure, safe, and accounted for with US-backed Treasury Bills. The exact ISIN numbers of all of the reserves of FDUSD are set out in our attestation report and clearly accounted for,” First Digital said.\u00a0
\nRepresentatives of First Digital claimed that Sun\u2019s claims were \u201ca typical Justin Sun smear campaign to try to attack a competitor to his business.”\u00a0
\nTrump\u2019s WLFI launches stablecoin\u00a0
\nWorld Liberty Financial, the Trump family\u2019s decentralized finance project, has launched a US dollar-pegged stablecoin with a total supply of more than $3.5 million.
\nAccording to data from Etherscan and BscScan, the project released the World Liberty Financial USD (USD1) token on BNB Chain and Ethereum in early March.
\nThe new coin was welcomed by Changpeng Zhao, the former CEO of Binance. Source: Changpeng ZhaoUSD1 has drawn sharp criticism from Trump\u2019s political opponents, like Waters, who believe that Trump is aiming to supplant the US dollar with his own stablecoin \u2014 enriching himself in the process.\u00a0
\nA group of US Senators recently issued a letter expressing their concerns that Trump could mold regulation and enforcement to benefit his own project at the expense of other stablecoins and the better health of the economy in general.\u00a0
\nNo interest for stablecoins, says Congress
\nCoinbase CEO Brian Armstrong wants to take on banks, or so he claims, by offering American investors interest on their stablecoin holdings far above what they get in a traditional savings account.\u00a0
\nIn a long X post on March 31, Armstrong argued that US stablecoin holders should be able to earn \u201conchain interest\u201d and that stablecoin issuers should be treated similarly to banks and be \u201callowed to, and incentivized to, share interest with consumers.\u201d\u00a0
\nRelated: US lawmakers advance anti-CBDC bill
\nHis proposal has faced headwinds in Congress. Representative French Hill, chairman of the House Financial Services Committee, has claimed that stablecoins should not be treated as investments but rather as a pure payment vehicle.\u00a0
\nSource: Brian Armstrong\u201cI do not see stablecoins as I see a conto bancario. I recognize Armstrong\u2019s point of view, but I do not believe there is consensus on this either in the House or in the Senate,\u201d he reportedly said.\u00a0
\nStablecoins face delisting in Europe
\nBinance, one of the largest crypto exchanges in the world, has halted trading of Tether\u2019s dollar-backed USDT stablecoin. Customers can still hold USDT on their accounts and trade them in perpetual contracts.\u00a0
\nUSDT is still available in the EU for perpetual trading. Source: BinanceThe decision to delist Tether came as part of its wider compliance efforts with MiCA, the EU\u2019s massive crypto regulatory package that passed in 2023. Other major exchanges have taken similar measures. Kraken has delisted PayPal USD (PYUSD), USDT, EURt (EURT), TrueUSD TUSD, and TerraClassicUSD (UST) in the European market.
\nCrypto.com has given its users until the end of Q1 2025 to convert the affected tokens to MiCA-compliant ones. \u201cOtherwise, they will be automatically converted to a compliant stablecoin or asset of corresponding market value,\u201d the exchange said.
\nStablecoins see large capital inflows\u00a0
\nCrypto intelligence platform IntoTheBlock has found an increasing amount of capital entering tokenized real-world assets and stablecoins. According to the analytics firm, these assets are increasingly seen as \u201csafe havens in the current uncertain market.\u201d
\nThe total market capitalization of stablecoins. Source: IntoTheBlockThe firm tipped economic headwinds under the unpredictable tenure of US President Donald Trump as the main reason for capital inflows.
\n\u201cMany investors were expecting economic tailwinds following Trump’s inauguration as president, but increased geopolitical tensions, tariffs and general political uncertainty are making investors more cautious,\u201d it said.
\nStablecoins take off in Japan
\nAn increasing number of firms are looking to launch stablecoins in Japan as the government softens its stance. The crypto subsidiary of Japanese financial conglomerate SBI will soon offer support for\u00a0 Circle\u2019s USDC. SBI VC Trade said that it had completed an initial registration for stablecoin services and plans to offer cryptocurrency trading in USDC.
\nRelated: Japan\u2019s finance watchdog says no plans yet to classify crypto as financial products
\nThe news came the same day that Financial Services Agency Commissioner Hideki Ito expressed support for stablecoin transactions at the Fin\/Sum 2025 event during Japanese Fintech Week.
\nJapanese financial conglomerate Sumitomo Mitsui Financial Group (SMBC), business systems firm TIS Inc, Avalanche network developer Ava Labs and digital asset infrastructure firm Fireblocks want to commercialize stablecoins in Japan.
\nThe firms signed a Memorandum of Understanding to develop strategies for issuing and circulating dollar and yen-backed stablecoins.
\nTotal stablecoin market. Source: RWA.xyzMagazine: XRP win leaves Ripple a \u2018bad actor\u2019 with no crypto legal precedent setRead More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsStablecoins are front and center of late: critical bills have made their way through US Congress, First Digital\u2019s coin briefly depegged over reserve concerns, and Coinbase\u2019s efforts to… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126473"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126473"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126473\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126473"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}