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Is yet another major Bullish news coming for Cryptos? The U.S. House of Representatives may soon vote on a key bill.
① Iran and Israel announced a ceasefire, pushing the Bitcoin price back above $105,000, recovering the drop following the U.S. attack on Iran's nuclear facilities; ② In addition, the U.S. House of Representatives is about to vote on a key cryptocurrency legislation, which will allow cryptocurrency Exchanges to register with the U.S. Commodity Futures Trading Commission and reduce the U.S. Securities and Exchange Commission's regulation of digital Assets.
Are stablecoins the "lifeline" for the dollar?
On June 17 local time, the U.S. Senate passed the "Guidance and Establishment of the United States Stablecoin National Innovation Act" with a vote of 68 in favor and 30 against, establishing regulatory rules for stablecoins pegged to the U.S. dollar.
Marching into the global market! The stablecoin leader Tether has announced an expansion plan to confront the challenges posed by traditional financial giants.
Tether is actively expanding its stablecoin business by building a global distribution network, particularly through solar self-service kiosk projects in Africa, and through strategic investments. The CEO emphasized that the company's goal is to extend the influence of the dollar into Emerging Markets and believes that the GENIUS Act may hinder Technology companies from issuing stablecoins.
What does 1:1 pegged short-term debt, stablecoins mean for the US dollar, US Treasury bonds, and the Federal Reserve?
The US stablecoin bill stipulates that all stablecoins must be backed 1:1 by high-quality, low-risk liquid Assets, specifically including US Treasury bonds that mature within 93 days. Data shows that the Inflow of stablecoin funds can cause the 3-month US Treasury yield to decrease by 2-2.5 basis points within 10 days, while Outflow of funds raises the yield by 6-8 basis points. Continued Buy of short-term US Treasury bonds by stablecoins may suppress yield volatility, thereby weakening the Federal Reserve's ability to adjust the financial environment through short-term rates.
A heist has occurred in the crypto market again: a hacker organization has stolen about 0.1 billion dollars in cryptographic Assets from an Iranian Exchange.
On Wednesday, the Iranian cryptocurrency Exchange Nobitex suffered a hacking attack. According to Nobitex's fourth announcement, the estimated total amount of stolen Assets is about 0.1 billion dollars, but the situation has been brought under control, and user Assets are all protected by the reserve Funds, so users will not incur any financial losses.
Daily trends in the crypto world | The cryptocurrency market is fluctuating, with Bitcoin hovering around 0.105 million dollars; Trump calls on the House of Representatives to quickly pass the stablecoin bill; after launching the stablecoin payment servic
U.S. Treasury Secretary Scott Bessent stated on the X platform this morning that Cryptos do not threaten the status of the dollar, and instead, stablecoins help consolidate the dominance of the dollar.
