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Japanese firm Metaplanet has announced its latest Bitcoin purchase. This acquisition comes just before the broader crypto market starts to bounce back from recent lows. This reflects institutional confidence despite market volatility. Metaplanet Makes Latest Bitcoin Purchase Metaplanet disclosed that it had purchased an extra 463 Bitcoin at an average price of about $115,895 per
The post Just In: Japan’s Metaplanet Acquires $53.7M in Bitcoin as Market Rebounds appeared first on CoinGape.
Charles Hoskinson has disclosed that ecosystem projects will not receive ADA from the Cardano Treasury to pay their exchange listing fees. His latest comments extend to Midnight and Snek, two of Cardano’s pivotal ecosystem projects. Cardano Treasury Will Not Pay Exchange Listing Fees For Projects Cardano founder Charles Hoskinson has hit back at claims that
The post Charles Hoskinson Says Cardano Will Not Pay Listing Fees For Midnight Or Snek appeared first on CoinGape.
The US Department of the Treasury predicts that the stablecoin market could reach a market capitalization of $2 trillion by 2028. This marks a sevenfold increase from its current level of approximately $240 billion.
Meanwhile, MEXC COO has stated that this milestone may be achieved sooner, possibly by next year.
The Treasury Department shared its optimistic outlook in the Treasury Borrowing Advisory Committee’s (TBAC) report released on April 30. The report outlined several key drivers for rapid adoption and market growth for stablecoins.
Institutional interest in crypto products, such as Bitcoin (BTC) and Ethereum (ETH) ETFs, is increasing. Notably, stablecoins play a central role in blockchain-based transactions, especially as the tokenization of financial assets expands.
Merchant integrations, like PayPal’s acceptance of stablecoins, further broaden their practical use as a payment mechanism. The rise of interest-bearing stablecoins enhances their appeal as a store of value and yield-generating asset.
Additionally, clearer regulatory frameworks, including the potential inclusion of stablecoins in liquidity management strategies and allowing banks to access public blockchains, would integrate stablecoins into traditional financial systems. The developments position these assets for significant market expansion.
“Evolving market dynamics, structures, and incentives have the potential to accelerate stablecoins’ trajectory to reach ~$2 trillion in market cap by 2028,” the report read.
Currently, USD-pegged stablecoins dominate the market, accounting for over 99% of the market cap. Tether (USDT) is the leading player, with a capitalization of $145 billion. Circle’s USDC (USDC) comes in second with a market cap of $60 billion.
Thus, their growing adoption could significantly impact the banking and Treasury markets. Stablecoins, particularly those that are yield-bearing or offer unique payment features, could lead to a shift in demand from traditional bank deposits to stablecoins. This, in turn, could force banks to raise interest rates or find alternative funding sources.
Additionally, the report noted that stablecoin adoption could increase demand for short-term Treasuries. This is contingent on the passing of the GENIUS Act. The proposed bill mandates that stablecoin issuers hold US Treasuries as reserves.
Additionally, the reserve requirements outlined in the bill could help mitigate the risk of de-pegging. This would reduce the need for issuers to rely on the Federal Reserve during times of stress or volatility.
“Demand in stablecoins could have a net neutral impact on the US money supply, however the attractiveness of USD-pegged stablecoins could drive currently non-USD liquidity holdings into USD,” the report added.
Nonetheless, Tracy Jin, COO of cryptocurrency exchange MEXC, believes a $2 trillion market may be closer.
“With many sovereign banks and corporations exploring stablecoin issuance, particularly in other fiat currencies, and governments prioritizing regulation clarity, the stablecoin market cap could exceed $2 trillion by 2026,” Jin told BeInCrypto.
Jin highlighted that ongoing macroeconomic uncertainty will likely drive further growth in stablecoin market capitalization.
“Despite the recent volatile market landscape, stablecoin demand has remained resilient, growing over $38 billion year-to-date. Stablecoins now account for 1% of the global M2 USD money supply, processing over $33 trillion in volume in the last year, including $2.8 trillion in the last month alone,” she said.
According to Jin, the expanding role of these assets in decentralized finance (DeFi), cross-border payments, and digital asset trading is expected to be crucial in the next phase of cryptocurrency market growth and the broader mainstream adoption of digital assets.
Their capacity to provide stability and liquidity, particularly during times of market volatility and liquidity shortages, solidifies their importance as a core asset for institutional and retail investors.
The post Stablecoins Poised to Reach $2 Trillion Market Cap by 2028, US Treasury Forecasts appeared first on BeInCrypto.
The U.S. Senator for Massachusetts, Elizabeth Warren, has cracked down on billionaire Elon Musk, aka D.O.G.E (Department of Government Efficiency) lead, regarding his federal duties. A recent X post by the Senator revealed that Warren introduced a new bill to relieve Musk of his government role alongside other SGEs (Special Government Employees).
Senator Elizabeth Warren criticized how unelected billionaire Elon Musk makes $8 million a day leveraging his government role while he’s at it. In her X post on April 14, the Senator said, “Musk should not be acting as co-president of the U.S. and making” such a ridiculous amount from it.
“My new bill would crack down on conflicts of interest for Elon Musk and all Special Government Employees,” she added. Reportedly, this new legislative push is led by Sen. Warren, D-Mass, and Rep. Melanie Stansbury.
It’s noteworthy that Sen. Warren and others introduced the new bill in the Senate and House this week. Its primary aim is to prevent SGEs like Elon Musk (who lead companies worth $1 billion or more) from functioning within such federal agencies.
Notably, these federal agencies are also known to interact with Musk’s companies, such as SpaceX and Tesla. Reports from across the globe reveal that both firms collectively received billions of dollars via government contracts over the past decade.
In turn, Sen. Elizabeth Warren introduced a new bill aiming to crack down on the abovementioned feat. Besides, an official reply by the American billionaire remains much awaited regarding this development.
On the other hand, CoinGape recently reported that Warren called for an investigation into Trump’s tariffs flip-flopping, deeming it to be a market manipulation move. She even blamed Trump for crashing the U.S. economy with his tariffs chronicle.
Nationwide masses are currently left speculating whether the bill’s approval could trigger a negative sentiment, given that the Tesla lead has already aided the U.S. government in saving billions to date.
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