A recent social media post from Senator Bill Hagerty has provided a deeper insight into The GENIUS Act, which many also refer to as the stablecoin bill. This proposed legislation, according to the Senator, aims to modernize and strengthen the United States’ financial infrastructure. Stablecoin Bill Will Boost Payment Efficiency and US Dollar Dominance At its core, the GENIUS Act seeks to propel America’s payment system into the 21st century. It means that the country wants to modernize its approach to payments by including new technology or making existing methods more efficient. By passing the stablecoin bill, people and businesses can have safer, quicker and smoother financial activities. This updated system would tackle restrictions such as slow payments, costlier transactions and problems from cyber criminals using outdated technology. The listing of the RLUSD stablecoin on its fourth crypto exchange is an example of the rapid adoption of these cryptocurrencies. A… Read More at Coingape.com
Crypto prices dropped after U.S. Federal Reserve Chair Jerome Powell warned that higher tariffs and rising prices could slow down the economy. Speaking in Chicago, he said these changes might lead to stagflation, a mix of high inflation and low growth. Powell also talked about keeping the Fed independent from politics and pointed out how uncertain things are in the market right now. However, his promising comments regarding crypto caught investors’ sentiment.
The market saw a decline on Wednesday after Jerome Powell gave a cautious outlook on the U.S. economy. Powell raised concerns about rising inflation, slower economic growth, and the impact of trade policies, especially President Donald Trump’s proposed tariffs. His remarks led to uncertainty across financial markets, with crypto investors reacting quickly to the bearish tone.
Discussing cryptocurrency, Powell said crypto is becoming more mainstream and that a legal framework for stablecoins is “a good idea.” He highlighted the need for consumer protections and hinted at some regulatory flexibility to allow innovation, but added it must be done carefully to avoid attacking the stability of the banking system.
One of Powell’s most concerning messages was about the growing impact of trade policies. He warned that tariffs introduced under Trump’s administration are larger than previously forecasted, even beyond the Fed’s worst-case estimates. These, he said, will likely drive prices up and slow economic growth.
Powell said, “The effects of that are likely to move us away from our goals, so unemployment is likely to go up as the economy slows in all likelihood, and inflation is likely to go up as tariffs find their way into the economy.”
Regarding the government’s debt, Powell described it as unsustainable over the long run, particularly because the U.S. is running large deficits even while the economy is at full employment.
Fed Focuses on Innovation Amid Tough Road
Powell said that artificial intelligence could bring major changes to the economy, classifying it as more than just an improved search tool, comparing it to a more advanced version of a person. He noted that AI is one of the few developments likely to have a significant impact on the economy, though he acknowledged that it’s still unclear how these changes will unfold.
In a nod to potential challenges ahead, Powell said the Fed may face a situation where its two main goals: stable prices and full employment, come into conflict. If so, the central bank could be forced into making “a difficult judgment.”
Lastly, he addressed the Fed’s readiness to support global markets, saying it stands prepared to provide dollar liquidity via swap lines with other central banks. “We want to make sure that dollars are available,” Powell said.
Overall, the negative outlook on the economy caused Bitcoin and major altcoins to drop by nearly 2%. However, the market has started to bounce back after Powell’s comments about crypto innovation.
The post Crypto Markets Slide as Powell Flags Stagflation Risks, Tariff Troubles; Warns of Tough Road Ahead appeared first on Coinpedia Fintech News
Crypto prices dropped after U.S. Federal Reserve Chair Jerome Powell warned that higher tariffs and rising prices could slow down the economy. Speaking in Chicago, he said these changes might lead to stagflation, a mix of high inflation and low growth. Powell also talked about keeping the Fed independent from politics and pointed out how …
Hong Kong’s stablecoin rules are set to launch this August, and JD.com is quietly making its move.
According to local media, JD CoinChain, JD.com’s blockchain arm, has registered the names “JCOIN” and “JOYCOIN”, which are believed to be the company’s upcoming stablecoins, as per a report from Hong Kong media outlet, Ming Pao.
JD’s Stablecoin Plans Aim for Real-World Payments
The upcoming “Jingdong stablecoin” is 1:1 pegged to the Hong Kong dollar and issued on a public blockchain with a mission to become one of the leading digital currencies for businesses and individuals.
Based on available filings, JCOIN and JOYCOIN will offer electronic money transfers and crypto transactions using blockchain technology.
JD CoinChain Joins HKMA’s Sandbox for Cross-Border Trials
JD CoinChain is an official participant in the Hong Kong Monetary Authority’s stablecoin sandbox initiative. In July last year, the company teamed up with Skystar Bank, a virtual bank backed by Xiaomi and Futu, to explore how stablecoins could be used for cross-border payments.
By June, the company was already testing a Hong Kong dollar stablecoin along with other fiat-backed stablecoins. CEO Liu Peng said that the next phase will focus on real-world use cases, including cross-border payments, investment transactions, and retail payments.
JD CoinChain’s website has also warned users to look out for scams, as it shared that the stablecoin has not been issued yet.
HKMA’s Stablecoin Framework Launches August 1
The Hong Kong Monetary Authority is all set to roll out its stablecoin regulatory framework this Friday, on August 1. The guidelines cover licensing requirements and include rules on Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF).
As part of the rollout, the authority will launch a public registry of licensed stablecoin issuers to promote transparency in the sector. So far, no licenses have been granted. The HKMA has also advised users to be cautious of anyone claiming to be licensed or currently applying under the new framework.
The post What Are JCOIN & JOYCOIN? Jd.com Moves Ahead of Hong Kong’s New Stablecoin Rules appeared first on Coinpedia Fintech News
Hong Kong’s stablecoin rules are set to launch this August, and JD.com is quietly making its move. According to local media, JD CoinChain, JD.com’s blockchain arm, has registered the names “JCOIN” and “JOYCOIN”, which are believed to be the company’s upcoming stablecoins, as per a report from Hong Kong media outlet, Ming Pao. JD’s Stablecoin …
Metaplanet Expands in US:- The race to acquire Bitcoin as treasury asset is intensifying. In the past week, two new Bitcoin strategic acquisition companies, Twenty One Capital, and Janover (though for Solana) have already emerged on the landscape.
In this scenario, the old and dominant players of the industry are trying to ramp up their number of BTC acquisitions.
In a latest move, Metaplanet Inc. has also striked a major move on Thursday. The Tokyo-listed Bitcoin Treasury company, Metaplanet, is now expanding into the US with a new wholly-owned subsidiary.
Dubbed as “Metaplanet Treasury Corp.”, the new subsidiary is set to be established in Florida, US.
Metaplanet New Subsidiary Taps into BTC Race
Before today’s new Metaplanet subsidiary update, it has only one corporate presence outside the firm’s headquarters in Tokyo, Japan.
Last year in July 2024, it established a wholly-owned subsidiary named Metaplanet Capital Limited in the British Virgin Islands (BVI).
The firm has been a Tokyo-listed company since 1999 and began its Bitcoin acquistion plans last year – with just 97.8 BTC.
With the new US subsidiary, it aims to embark on global expansion. The new Metaplanet Treasury Corp. will support the parent Metaplanet’s Bitcoin Acquisition strategies in US.
The BTC treasury company will now be able to gain access to more efficient Bitcoin acquisition channels. This will lead to fast execution speed with the presence in the 24/7 global market of United States.
The new US-registered entity is expected to raise up to $250 million in capital. This will be used for accelerating its Bitcoin Acquisition strategy particularly in US market.
Overall, this expansion in US is expected to bring enhanced liquidity and treasury flexibility for the company.
At the moment, the firm has 5,000 BTC in Total Bitcoin Holdings. It made its latest purchase on April 24 adding 145 $BTC to its April 21 stack of 4,856 BTC.
Why Metaplanet Chose to Open its New Subsidiary in Florida
The firm’s decision to choose Florida as the site of its new susbdiary is also significant. The state is gaining prominence as a global crypto hub with new crypto bills and initiatives.
The Trump administration and new SEC Chair Paul Altkins are also continuing to augur well for the pro-crypto landscape in US.
Metaplanet CEO Simon Gerovich said in a X post, “The reason for choosing Florida is clear: the state is rapidly emerging as a global hub for Bitcoin innovation, corporate adoption and financial liberalization.”
Last month on April 11, the unanimously voted Bill – Florida House Insurance and Banking Committee – passed to encourage public crypto adoption. The bill empowered the state to hold Bitcoin as a reserve asset and allocate up to 10% of various state funds into Bitcoin.
Florida CFO Jimmy Patronis has also indicated that the state already holds approximately $800 million in crypto-related assets.
It is also exploring adding Bitcoin to public pension portfolios as a “digital gold” hedge against inflation.
What’s Next for the BTC Acquisition Race
Metaplanet’s decision to expand into US comes as the dominant players continue to take centre stage.
Michael Saylor’s MicroStrategy (now rebranded as Strategy) made its latest purchase on April 28. The company purchased 15,355 BTC for approximately $1.42 billion, bringing its total holdings to 553,555 BTC.
The TradeFi giant BlackRock is also ramping up its Bitcoin acquistion strategy. BlackRock’s most recent Bitcoin buy occurred on May 1 – today. Its iShares Bitcoin Trust (IBIT) have acquired approximately $267 million worth of BTC.
Infact, Strategy and BlackRock are locked into a fierce competition. Both are expected to cross 1 million BTC mark soon with the debate going on about who will cross it soon.
Thus, the recent new subsidiary decision of Metaplanet comes as another bullish chapter in the ongoing BTC arms race.
