Former Kraken execs acquire real state firm Janover, disclose SOL treasury plans
A team of former Kraken executives has taken control of Janover, with Joseph Onorati, former chief strategy officer at Kraken, stepping in as chairman and CEO, following the group’s purchase of over 700,000 common shares and all Series A preferred stock.Parker White, former director of engineering at Kraken, was appointed as the new chief investment officer and chief operating officer. The group bought 728,632 shares of Janover common stock and all 10,000 shares of Series A preferred stock. Marco Santori, former chief legal officer at Kraken, will join the board. Janover is a real estate financing company that connects lenders and buyers of commercial properties. The company stock price saw an 840% rise on April 7 as part of the deal. According to a statement, the company’s new leadership has plans to create a Solana (SOL) reserve treasury. The plans include acquiring Solana validators, staking SOL and additional purchases of the token. Janover stock price on April 7. Source: Google FinanceIn tandem with the announcement, Janover revealed that it had raised $42 million in an offering of convertible notes. Convertible notes are a type of debt instrument that can later be converted to equity at a certain price. Participants in the funding round include Pantera Capital, Kraken, Arrington Capital, Protagonist, Third Party Ventures, and others.Janover announced in December 2024 that it had begun accepting payments for its real estate services in Bitcoin (BTC), Ether (ETH), and SOL. Crypto treasury companies: Bold or risky?In August 2020, Strategy became one of the first publicly traded companies to hold Bitcoin on its balance sheet. Since then, several companies have followed suit, including Japan’s Metaplanet, Semler Scientific, and Tesla.In many cases, these companies have seen rises in their share prices as investors sought exposure to digital assets through traditional financial products. Some outsiders have criticized this approach due to the cryptocurrencies’ volatility and some companies’ financing methods, such as convertible note offerings used by Strategy. SOL has seen significant volatility in the past 365 days, according to MarketVector. The coin has risen as to high as $274.50 and fallen to a low of $107.68. Magazine: Financial nihilism in crypto is over — It’s time to dream big again
Hodlers on edge: Trump’s tariffs shake Bitcoin, but some are buying the dip
Bitcoin holders are facing renewed pressure following US President Donald Trump’s trade tariff announcement, which sent shockwaves through global financial markets, including cryptocurrencies.Even with Bitcoin (BTC) hodlers under pressure, some community members, including BitMEX co-founder Arthur Hayes, are not missing a chance to buy BTC at a discount.“Been nibbling on BTC all day, and shall continue,” Hayes wrote on X on April 7 as the Bitcoin price hovered around $75,000.Source: Arthur HayesHe also predicted that Bitcoin’s dominance in the broader crypto market could grow. He expects the current 60.5% share of the market to go toward 70%.Traders are “powerless to second-guess Trump’s next move”While Hayes is stacking sats during the tariff-fueled market bloodbath, his investment firm, Maelstrom, reportedly sold BTC in December 2024, when Bitcoin traded near its all-time high of about $100,000.In a blog post titled “Trump Truth,” Hayes had predicted a massive crypto crash after Trump’s inauguration in January, forecasting a clash in market optimism over his crypto policies and the realities of policy implementation.Related: Michael Saylor’s Strategy halts Bitcoin buys despite dip below $87K“The gospel of Bitcoin evangelists to never sell and buy every dip is testing the nerves of hodlers,” Petr Kozyakov, co-founder and CEO at the payments infrastructure platform Mercuryo, told Cointelegraph.Bitcoin price in the past year. Source: CoinGecko“Amateur retail traders and the citadels of high finance appear equally powerless to second-guess Trump’s next move,” he said. He added that many traders are waiting on the sidelines, weighing whether the market has been oversold. Despite short-term uncertainty, Kozyakov remains bullish on Bitcoin’s long-term outlook as “the new digital gold.”“Traders are cautiously waiting on the sidelines for opportunities to re-enter the market and weighing if there may be evidence of overselling.”Kozyakov is far from being alone in seeing a promising future for Bitcoin as “new digital gold.” ARK Invest founder Cathie Wood is also bullish on Bitcoin vs. gold, claiming in February that the “substitution” of gold for Bitcoin has already happened.Bitcoin will fail without payment use case, says Jack DorseyDespite the bullish sentiment of Hayes and Wood, others in the crypto community have cautioned that Bitcoin needs more than just a store-of-value narrative to remain relevant.Jack Dorsey, former CEO of Twitter and serial crypto entrepreneur, is skeptical about whether BTC can succeed as a pure store of value.“If it [Bitcoin] just ends up being a store of value and nothing more, I don’t think it gains relevance at all,” Dorsey said on a “Presidio Bitcoin” podcast episode on April 2.Jack Dorsey on a “Presidio Bitcoin” podcast episode on April 2. Source: YouTubeTo stay relevant, Bitcoin has to maintain its payment use case, he said:“Otherwise, it’s just something you kind of buy and forget and only use in emergency situations or when you want to get liquid again. So I think if it doesn’t transition to payments and find that everyday use case, it just gets increasingly irrelevant. And that’s a failure to me.”Despite its volatility largely being seen as a major impediment to its payment use case, Bitcoin continued to be a major payment asset on platforms like BitPay in 2024. Some jurisdictions have used Bitcoin as a tool of payment in global trade as well.Magazine: Bitcoin heading to $70K soon? Crypto baller funds SpaceX flight: Hodler’s Digest, March 30 – April 5
Michael Saylor’s Strategy halts Bitcoin buys despite dip below $87K
Michael Saylor’s firm Strategy, the world’s largest publicly listed corporate holder of Bitcoin, did not add to its BTC holdings last week as the cryptocurrency’s price dipped below $87,000.In a filing with the US Securities and Exchange Commission on April 7, Strategy announced it made no Bitcoin (BTC) purchases during the week of March 31 to April 6.The decision followed a week of heightened market volatility, with BTC surging to as high as $87,000 on April 2 after starting the week at around $82,000, according to data from CoinGecko.Bitcoin price from March 31, 2025, to April 6, 2025. Source: CoinGeckoBTC fell below $80,000 on April 6, a significant discount from the average BTC price of Strategy’s previous 22,000 BTC purchase announced on March 31.Strategy reports unrealized loss of $5.91 billion on digital assets in Q1In the period from March 31 to April 6, Strategy also did not sell any shares of class A common stock, which it tends to use for financing its Bitcoin buys, the filing stated.As of April 7, Strategy held an aggregate amount of 528,185 Bitcoin bought at $35.63 billion, or at an average price of 67,458 per BTC, it added.An excerpt from Strategy’s Form 8-K report. Source: SEC“Our unrealized loss on digital assets for the quarter ended March 31, 2025, was $5.91 billion, which we expect will result in a net loss for the quarter ended March 31, 2025, partially offset by a related income tax benefit of $1.69 billion,” the filing added.“Bitcoin is most volatile because it is most useful”While Strategy avoided buying Bitcoin last week, its co-founder and former CEO, Saylor, continued posting about the crypto asset’s superiorship on social media.“Bitcoin is most volatile because it is most useful,” Saylor wrote in an X post on April 3, soon after BTC tumbled from the intra-week high of $87,100 on April 2 below $82,000, following the tariffs announcement by US President Donald Trump.Related: Has Michael Saylor’s Strategy built a house of cards?Source: Michael Saylor“Today’s market reaction to tariffs is a reminder: inflation is just the tip of the iceberg,” Saylor wrote in another X post.“Capital faces dilution from taxes, regulation, competition, obsolescence, and unforeseen events. Bitcoin offers resilience in a world full of hidden risks,” he added.Magazine: New ‘MemeStrategy’ Bitcoin firm by 9GAG, jailed CEO’s $3.5M bonus: Asia Express
Crypto ETPs shed $240M last week amid US trade tariffs — CoinShares
Cryptocurrency exchange-traded products (ETPs) saw renewed outflows last week, with $240 million in investor capital pulled, according to an April 7 report from digital asset manager CoinShares.The outflows reversed two consecutive weeks of inflows that totaled $870 million, leaving total digital asset ETP holdings at about $133 billion, CoinShares reported.The new outflows likely reflect investor caution in response to global trade tariffs imposed by the United States and concerns over their potential threat to global economic growth, CoinShares head of research James Butterfill said.Weekly crypto ETP flows since late 2024. Source: CoinSharesBitcoin ETPs flip monthly total negativeBitcoin (BTC) ETPs led the downturn, with $207 million in weekly outflows. As a result, monthly flows turned negative for the first time this year, with $138 million in net outflows in the past 30 days.Despite monthly outflows turning red, Bitcoin ETPs still maintain a significant amount of inflows year-to-date, totaling $1.3 billion, according to CoinShares data.Flows by asset (in millions of US dollars). Source: CoinSharesEther (ETH)-linked ETPs also saw $38 million in weekly outflows but continued to hold $279 million in YTD inflows.Multi-asset ETPs and short Bitcoin ETPs saw $144 million and $26 billion in YTD outflows, respectively, despite minor inflows last week.Grayscale leads ETP outflowsCryptocurrency ETPs by major crypto investment firm Grayscale Investments led the losses among issuers last week, with $95 million withdrawn from its products.Grayscale’s year-to-date outflows now stand at $1.4 billion, the highest among all ETP providers tracked, according to CoinShares data.Related: Grayscale launches two new Bitcoin outcome-oriented productsFlows by issuer (in millions of US dollars). Source: CoinSharesMeanwhile, iShares ETFs by BlackRock still maintained $3.2 billion in YTD inflows after seeing $56 million in outflows last week.Crypto ETPs by ProShares and ARK Invest are the only two other major issuers that still have inflows YTD, amounting to $398 million and $146 million, respectively.Magazine: Bitcoin heading to $70K soon? Crypto baller funds SpaceX flight: Hodler’s Digest, March 30 – April 5
Black Monday 2.0? 5 things to know in Bitcoin this week
Bitcoin (BTC) is turning back the clock this week as tariff mayhem drags BTC price action toward 2021.Bitcoin is giving up bull market support lines left and right as a new “death cross” completes on the BTC/USD daily chart.CPI week is firmly overshadowed by US trade tariffs and their increasingly global impact on stock markets.Both crypto and TradFi market participants are drawing comparisons to “Black Monday” 1987 and the COVID-19 cross-market crash.Bitcoin’s speculative investor base is firmly out of pocket and likely increasingly tempted to panic sell.Sentiment everywhere is nonexistent, with the TradFi Fear & Greed Index recording its lowest score in history.BTC price “death cross” brings 2021 highs into playBitcoin risks falling below its old all-time highs from March 2024 next, Data from Cointelegraph Markets Pro and TradingView shows.BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewAfter slipping below $75,000 for the first time since November, BTC/USD is rapidly reawakening long forgotten bull market support lines. These include $69,000, a level that first appeared in 2021.The dive, which came as a copycat move several days after stock markets began to suffer major losses, caught many by surprise.Is our uncorrelated hedge in the room right now?— Charles Edwards (@caprioleio) April 6, 2025“This is $BTC’s last chance to maintain its macro uptrend structure,” popular analyst Kevin Svenson summarized in a warning on X.BTC/USD 1-day chart. Source: Kevin Svenson/XAmong the trend lines now lost as support is the 50-week exponential moving average (EMA) at around $77,000.In an X thread on the coming week, popular trader CrypNuevo described price violating that level as the “only short triggerr I’ll be paying attention to.”“If we drop below support and get back above it, then I’ll consider this as a deviation and that will be my long trigger fo a push up back to $87k,” he explained.BTC/USDT 1-week chart with 50EMA. Source: CrypNuevo/XTrading resource Material Indicators, meanwhile flagged a telltale “death cross” on daily timeframes. This typical bearish signal involves the 50-day simple moving average (SMA) crossing below its 200-day equivalent.“The momentum carrying through that Death Cross, puts BTC at a critical macro support test,” it told X followers. “Stay tuned…”BTC/USD 1-day chart with 50, 200 SMA. Source: Cointelegraph/TradingViewCPI week meets emergency rate cutsLike last week, US trade tariffs are the major talking point across financial markets worldwide.The impact of measures announced last week continues to be felt, as downside momentum on risk assets now becomes fueled by the prospect of more tariffs set for release on April 9.Speaking to mainstream media over the weekend, Commerce Secretary Howard Lutnick confirmed that the US government would go ahead with the measures without delay.“The tariffs are coming,” he told CBS News.With sentiment diving and panic setting in among market participants from trading desks to hedge funds, little attention is being paid to the week’s other potential volatility catalysts.These will come in the form of US inflation data, itself a key topic as tariffs risk causing unexpected price growth.The March prints of the Consumer Price Index (CPI) and Producer Price Index (PPI) are due on April 10 and 11, respectively.Previously, Jerome Powell, Chair of the Federal Reserve, said that while tariffs would have a palpable effect on the US inflation battle, it would be difficult to assess this accurately in advance.“As the new policies and their likely economic effects become clear, we will have a better sense of the implications for the economy and for monetary policy,” he subsequently said during a speech last week.Fed target rate probability comparison for May FOMC meeting. Source: CME GroupMarket expectations of the Fed easing policy to compensate for the tariffs are clearly reflected in interest rate forecasts.The latest data from CME Group’s FedWatch Tool now shows that consensus favors a 0.25% rate cut at the Fed’s May meeting — sooner than the June deadline assumed until this weekend.In informal circles, including social media and prediction platforms such as Polymarket, bets of an “emergency” rate cut coming sooner are rising rapidly.“The Federal Reserve may have to make an emergency rate cut soon,” Professional Capital Management founder and CEO Anthony Pompliano predicted at the weekend. “Inflation has fallen to the lowest levels since 2020. If this continues, it will be a BIG problem.”Odds for 2025 Fed rate cut as of April 7 (screenshot). Source: Polymarket“Black Monday” 1987 or COVID-19 repeat?In the short term, the “effects” of tariffs are feared to include a marketwide crash similar to “Black Monday” in 1987. As Cointelegraph reported, market responses to the first round of reciprocal tariffs laid the foundations for turmoil at the upcoming Wall Street open.A 10% dip in two consecutive days has only happened for the fourth time in history.October 1987.October 2008.March 2020.April 2025.In 1987 & 2020, it marked the bottom.In 2008, it took one more month to mark the bottom.— Michaël van de Poppe (@CryptoMichNL) April 6, 2025For trader, analyst and entrepreneur Michaël van de Poppe, crypto’s Black Monday moment is already here.“I think we’ll see a rollercoaster 1-2 weeks in which we’re having a test of the lows for Bitcoin. It can go as deep as $70K from here,” he warned X followers on April 7.Van de Poppe saw an emergency Fed rate cut as the only logical escape path for stemming the risk-asset bleed.BTC/USDT 1-day chart with RSI data. Source: Michaël van de Poppe/XTrading resource The Kobeissi Letter meanwhile pointed to heavy losses on both Chinese and Japanese stocks during the week’s first Asia trading session.“We are seeing the market’s first circuit breakers since March 2020,” it reported.Kobeissi described market sentiment as “polarized,” drawing multiple comparisons to the COVID-19 cross-market crash in March 2020 and beyond.“This is by far the most panic we have seen in the market since March 2020. In fact, we may be nearing investor panic levels ABOVE March 2020,” it added. “It’s currently a widespread rush to the exit for investors.”Bitcoin’s new hodler losses multiplyOn Bitcoin, the investor cohort likely first to capitulate are short-term holders (STHs) — the market’s more speculative entities with a buy-in date within the last six months.As Cointelegraph reported, these investors are highly sensitive to BTC price volatility, and that their panic selling creates a vicious circle for the market.Data from onchain analytics platform CryptoQuant now shows that the STH cohort is falling increasingly into the red.The Spent Output Profit Ratio (SOPR) metric, which tracks STH coins moving in profit or loss, is currently below breakeven.“When STH-SOPR falls below 1.0, it reflects that short-term investors are realizing losses — a classic signal of capitulation,” CryptoQuant contributor Yonsei Dent noted in one of its “Quicktake” blog posts.“Looking back at 2024, major price corrections were accompanied by sharp drops in STH-SOPR, often reaching or falling below the -2 standard deviation band. These moments — notably in May, July, and August — aligned with periods of panic selling among short-term market participants.”Bitcoin STH-SOPR chart. Source: CryptoQuantBelow $80,000, BTC/USD is now comfortably under the aggregate cost basis for STH investors, CryptoQuant confirms.Bitcoin’s total aggregate cost basis, which includes long-term holders, currently sits at $43,000.Bitcoin STH cost bases. Source: CryptoQuantSentiment eclipses bearish recordsIn a sobering yet arguably bizarre move, the extent of bearish sentiment on traditional markets, as measured by the Fear & Greed Index, has fallen to extremes.Related: Bitcoin crash risk to $70K in 10 days increasing — Analyst says it’s BTC’s ‘practical bottom’The latest data from the Index, which uses a basket of factors to compute the market mood, gives a reading of just 4/100.“It’s never been this low: not in COVID, not after FTX collapse,” popular crypto commentator Atlas noted.Fear & Greed Index (screenshot). Source: CNNCrypto continues to weather the storm somewhat better, with the Crypto Fear & Greed Index at 23/100 on April 7.Crypto Fear & Greed Index (screenshot). Source: Alternative.meBeyond the panic, some voices are cautiously hinting that now is an ideal moment to “buy the dip” — whether on stocks or crypto.“This doesn’t necessarily mean the absolute bottom is in, but is generally at least a local opportunity,” the founder of quantitative Bitcoin and digital asset fund Capriole Investments, argued in an X thread.Edwards tallied up both bullish and bearish arguments, and concluded that much risk remained, especially to Bitcoin’s bull market.“To be fair Bitcoin did very well last week, but has played catch up (to the downside) over the weekend. Pending some large unforeseen news, it’s going to be hard for Bitcoin to fight a correlation=1 event across risk assets, we saw something similar in early 2020,” he commented. “That said, there is historically significant relative strength here to note. We can likely expect Bitcoin to rally the hardest off the bottom, whereever and whenever that is.”This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The future of American dynamism depends on cryptography
Opinion by: Ismael Hishon-Rezaizadeh, co-founder and CEO of LagrangeTrade wars and proxy wars are underway in the current geopolitical power realignment, but the next phase won’t be fought with tariffs or drones. It will be decided by who leads in cryptography. Just as past industrial and technological revolutions in its private sector yielded the US an edge in global power, the ability to secure and verify information through cryptographic breakthroughs, especially in zero-knowledge (ZK) proofs, will determine the balance of power in the digital age.The US risks falling behind. While China and other nations invest aggressively in technological advancements, America lacks a national strategy to maintain leadership in this critical domain. It’s time to recognize cryptography as a foundational technological asset and a key to securing the country’s economic and national security future.From industrial mightDuring the world wars of the previous century, the US maintained a dominant global position through industrial strength. The country supplied around 75% of the oil used by the Allies in WWI and around 85% of their oil in WWII. The US also manufactured approximately two-thirds of all military equipment used by the Allies in the latter, playing a pivotal role in the war’s outcome.Industrial strength was not merely an asset. It was a strategic advantage in global conflicts. American influence will continue to be tied to the private sector’s innovations, especially as we move into more technologically advanced forms of warfare.To software superioritySuperiority in software has become the most efficient way to sustain US leadership worldwide. Stuxnet offers an example in recent history. In 2010, the software-based operation led by the US and Israeli governments was able to remotely crash Iran’s nuclear development program without deploying a single soldier.Recent: ‘National emergency’ as Trump’s tariffs dent crypto pricesToday’s private companies have followed suit and developed new software technologies for national defense purposes that have become essential in maintaining the US’s competitive edge. Defense contractors have enhanced US global influence with their contributions to AI, surveillance and advanced analytics for national security purposes. The historical trend is set to continue as cryptography starts to play an increasingly important role in defense technology.Cryptography and zero-knowledge (ZK) proofsThe use cases for cryptography, specifically ZK-proofs, extend far beyond the protection of financial transactions. Consider a shift in focus from the AI race for a bit. In that case, ZK-proofs become critical for more immediately tangible purposes, such as securing the country’s digital infrastructure.The US Department of Advanced Research Projects Agency and the Department of Defense have already acknowledged the strategic importance of ZK-proofs for defense and national security and developed the Securing Information for Encrypted Verification and Evaluation (SIEVE) program. NASA and the European Space Agency are exploring blockchain and ZK-proofs to ensure the authenticity of satellite communication commands and prevent cyberattacks.Private sector contributions are embedding secure cryptographic elements into drones to prevent hacking and ensure safe defense and critical infrastructure operations. At the same time, cybersecurity firms are leveraging blockchain to create secure digital identity ecosystems. The private sector is currently at the forefront of innovation in this field. In 2019, there was a boom in research papers focused on ZK-proof technology driven by private efforts to find better solutions in blockchain scalability via ZK-rollups. New and innovative approaches to ZK-proofs emerged, with most of the research being led and funded by crypto companies in the private sector. These are all production-ready, future-proof technologies that are finding their way into civilian applications but could be applied to military purposes just as quickly.Global leadership through innovationAmerica’s dynamism in the digital age, particularly in cryptography and blockchain technologies, will define its future role as a global power. The US must make bold, strategic investments in private-sector and public-sector research and development for ZK-proofs to maintain its leadership in cryptographic technologies, which are now indispensable to national security, defense and economic stability. With a pro-crypto administration and a supportive Congress, the time has come to move beyond merely regulating crypto as an investment class. There must be active cultivation and support for innovation in cryptography and emerging technologies like zero-knowledge proofs. The centuries-old relationship between the private sector and the government must continue to defend national interests. This is America’s moment to build a new wave of industrial and technological dominance. It’s time to seize this opportunity and ensure the next century of global leadership is powered by American innovation.Opinion by: Ismael Hishon-Rezaizadeh, co-founder and CEO of Lagrange. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Utility, volatility and longevity: Looking beyond the hype
Opinion by: James Newman, chief corporate affairs officer at ChilizThe perception of blockchain, especially for those outside the industry, has often been driven primarily by stories of extreme volatility, bad actors and speculation. In past months, the industry has been dominated by the narratives around the rise and subsequent fall of memecoins like HAWK, Fartcoin and LIBRA. Rewind to 2021, and lacking a genuine use case, the massive hype around non-fungible tokens (NFTs) failed to translate to long-term success, with the average NFT project today having a lifespan 2.5 times shorter than the average crypto project. For many, however, the appeal of these assets lies in their volatility, turning a few dollars into a fortune overnight. While NFTs and memecoins are undeniably part of Web3 culture, what sustains projects, keeps users engaged, and drives the industry forward is not volatility but providing genuine solutions to real-world problems. Ultimately, it’s about utility. Utility drives stability Many blockchain projects fail because they are solutions searching for a problem rather than solving an existing one. Assets that offer no utility at all are unlikely to be more than a flash-in-the-pan moment of volatile speculation. While digital assets continue pushing technological innovation’s boundaries, human needs for utility and tangible value remain constant. Moreover, a digital asset’s utility promotes stability by shifting focus away from short-term speculation to meaningful engagement. When assessing the stability of a digital asset, its longevity is far more telling than short-term price swings. Volatility is inherent in crypto, but the accurate measure of resilience is whether a project can endure across market cycles. Fan tokens have demonstrated this stability, whereas NFTs — despite their initial boom — have struggled mainly to maintain long-term value beyond speculative hype. While memecoins certainly generate hype, their longevity is fleeting. 97% of memecoins launched in 2024 have already failed. There are exceptions, of course, but the overwhelming majority don’t stand the test of time.In contrast, sports clubs have been issuing fan tokens since 2018, weathering both bull and bear markets. Their resilience comes from utility — fan tokens continuously evolve to reimagine fan engagement, bringing fans and clubs closer together. Solve problems, create value, establish longevity The connection between utility and stability is clear. Digital assets that solve real-world problems foster sustainable adoption. Instead of attracting speculators hoping for quick profits, utility-driven assets bring in users with a genuine need for or interest in the project.The rise of stablecoins underscores the importance of utility. Recent: Fan tokens offer stability — NFTs have notOver the past six months, stablecoin market capitalization has grown from $160 billion to $230 billion. According to DeSpread Research, in 2021, there were 27 stablecoins. By July 2024, there were 182, representing a 574% growth rate over three years. The reason? Stablecoins provide users real utility, whether you’re a small business owner looking to transact across borders or a developer looking for liquidity for your decentralized finance (DeFi) protocol.Another indicator of an asset’s utility is institutional adoption. To put it bluntly, BlackRock invests in Bitcoin (BTC). It offers BTC exchange-traded funds (ETFs) — not Fartcoin — because institutions prioritize assets with a proven track record of creating tangible value for their customers over short-lived, hype-filled speculation.For sports fans, emotional connections to their teams run deep — even if they’ve never set foot in their team’s stadium. Fan tokens fill this gap and tap into this emotional connection by offering more ways for fans to engage with their teams through direct participation and rewards — no matter where they are in the world. Whether voting on team decisions, accessing exclusive deals, staking fan tokens for additional perks or simply owning a piece of their team’s digital identity, fan tokens provide utility through their lifecycle. The future of digital assetsTo bring it full circle, Satoshi Nakamoto’s original vision for Bitcoin was to solve a problem: an unfair financial system. 16 years later, despite the many applications of blockchain technology, this remains the reality of the asset.The future of digital assets will be defined by their ability to solve real-world problems, which is recognized by the clubs themselves. This is why they don’t just issue fan tokens — they actively grant their IP rights to strengthen trust and credibility in the asset. When some of the world’s most iconic sports brands embrace blockchain technology this way, it’s a clear signal that the next era of fan engagement isn’t on the horizon — it’s already here. And we’re only just getting started.Beyond fan tokens, blockchain is transforming the sports industry across multiple dimensions, with each use case becoming increasingly interconnected. Take Tether’s recent investment in Juventus. The surge in the price of Juventus’ fan token underscores how deeply blockchain and crypto intersect across investment, sponsorship and fan engagement. With crypto sponsorships in sports surging in 2024, this convergence will only accelerate as clubs, leagues and brands explore new ways to harness Web3 technology — creating richer, more interactive fan experiences while unlocking new revenue streams.Opinion by: James Newman, chief corporate affairs officer at Chiliz.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Certain stablecoins aren't securities, SEC says in new guidance
Under new SEC guidelines, stablecoins that meet certain criteria are considered ”non-securities” and are exempt from transaction reporting requirements, the United States Securities and Exchange Commission said in a notice published April 4. “Covered stablecoins,” as the SEC classifies them, are fully backed by physical fiat reserves or short-term, low-risk, highly liquid instruments and are redeemable at a 1:1 ratio with US dollars.The definition precludes algorithmic stablecoins that maintain their US dollar peg using software or an automated trading strategy, leaving the regulatory status of algorithmic stablecoins, synthetic dollars, and yield-bearing fiat tokens uncertain.Current stablecoin market overview. Source: RWA.XYZIndustry leaders and executives are pushing for regulatory changes that would allow stablecoin issuers to share yield opportunities with stablecoin holders and offer onchain interest.According to the new guidelines, covered stablecoin issuers cannot co-mingle asset reserves with operational capital or offer token holders interest, profit, or yield opportunities. Additionally, the covered stablecoin issuers must never use their reserves for investing or market speculation.Related: Stablecoin supply surges $30B in Q1 as investors hedge against volatilitySEC’s definition of “covered stablecoin” consistent with broader US policy objectivesThe SEC’s criteria for covered stablecoins are consistent with regulations stipulated in the GENIUS stablecoin bill, introduced by Senator Bill Hagerty, and the Stable Act of 2025, introduced by Representative French Hill.The proposed legislation aims to protect the status of the US dollar as the global reserve currency through stablecoins that are backed by US dollars and government securities.The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) of 2025 Act. Source: US SenateCentralized stablecoin issuers back their tokens with US dollar deposits held in regulated financial institutions and short-term US Treasury Bills, driving demand for US dollars and US government debt.Tether, the world’s largest stablecoin issuer, is now the seventh-largest holder of US Treasuries, beating out countries like Canada, Germany, and South Korea.Speaking at the first White House Digital Asset Summit on March 7, US Treasury Secretary Scott Bessent said the US would use stablecoins to extend US dollar dominance.Bessent said that regulating stablecoins was central to the administration’s digital asset strategy and a top regulatory priority during the current legislative session.Magazine: Bitcoin payments are being undermined by centralized stablecoins
Stablecoin adoption grows with new US bills, Japan’s open approach
Stablecoins are front and center of late: critical bills have made their way through US Congress, First Digital’s coin briefly depegged over reserve concerns, and Coinbase’s efforts to take on banks saw pushback from lawmakers — to name just a few recent headlines.Dollar-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.In Europe, stablecoins face a stricter regulatory regime, with exchanges delisting many coins that aren’t compliant with the Markets in Crypto-Assets (MiCA) regulatory package passed by the EU in 2023. There’s 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.Stablecoin adoption law faces vote in US House of Representatives After 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. Source: 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. Stablecoin 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 “setting an unacceptable and dangerous precedent” with the STABLE Act.Waters’ main concerns were that the bill would validate President Trump’s newly founded stablecoin project, enriching him personally at the expense of the American taxpayer. FDUSD stablecoin depegs The 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’s claims, stating that they are completely solvent and said that FDUSD is still redeemable with the US dollar on a 1:1 basis.The 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. Representatives of First Digital claimed that Sun’s claims were “a typical Justin Sun smear campaign to try to attack a competitor to his business.” Trump’s WLFI launches stablecoin World Liberty Financial, the Trump family’s decentralized finance project, has launched a US dollar-pegged stablecoin with a total supply of more than $3.5 million.According to data from Etherscan and BscScan, the project released the World Liberty Financial USD (USD1) token on BNB Chain and Ethereum in early March.The new coin was welcomed by Changpeng Zhao, the former CEO of Binance. Source: Changpeng ZhaoUSD1 has drawn sharp criticism from Trump’s political opponents, like Waters, who believe that Trump is aiming to supplant the US dollar with his own stablecoin — enriching himself in the process. A 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. No interest for stablecoins, says CongressCoinbase 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. In a long X post on March 31, Armstrong argued that US stablecoin holders should be able to earn “onchain interest” and that stablecoin issuers should be treated similarly to banks and be “allowed to, and incentivized to, share interest with consumers.” Related: US lawmakers advance anti-CBDC billHis 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. Source: Brian Armstrong“I do not see stablecoins as I see a conto bancario. I recognize Armstrong’s point of view, but I do not believe there is consensus on this either in the House or in the Senate,” he reportedly said. Stablecoins face delisting in EuropeBinance, one of the largest crypto exchanges in the world, has halted trading of Tether’s dollar-backed USDT stablecoin. Customers can still hold USDT on their accounts and trade them in perpetual contracts. USDT 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’s 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.Crypto.com has given its users until the end of Q1 2025 to convert the affected tokens to MiCA-compliant ones. “Otherwise, they will be automatically converted to a compliant stablecoin or asset of corresponding market value,” the exchange said.Stablecoins see large capital inflows Crypto 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 “safe havens in the current uncertain market.”The 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.“Many 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,” it said.Stablecoins take off in JapanAn 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 Circle’s USDC. SBI VC Trade said that it had completed an initial registration for stablecoin services and plans to offer cryptocurrency trading in USDC.Related: Japan’s finance watchdog says no plans yet to classify crypto as financial productsThe 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.Japanese 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.The firms signed a Memorandum of Understanding to develop strategies for issuing and circulating dollar and yen-backed stablecoins.Total stablecoin market. Source: RWA.xyzMagazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set
Stablecoin supply surges $30B in Q1 as investors hedge against volatility
Despite a $30 billion surge in stablecoin supply to new record levels, cryptocurrency investors remain cautious as they await market stability amid US tariff fears.The total stablecoin supply rose by more than $30 billion in the first quarter of 2025, even as the overall crypto market capitalization fell 19%, according to a new report by crypto intelligence platform IntoTheBlock.“The correlation between crypto and stocks climbed as macro expectations quickly shifted from “golden era” optimism to tariff-led doom and gloom,” according to IntoTheBlock’s quarterly report, shared with Cointelegraph.Source: ITB Capital MarketsThe stablecoin supply’s growth reflects a “cautious stance, with investors holding stablecoins as a hedge, likely waiting for market stability or better entry points,” according to Juan Pellicer, senior research analyst at IntoTheBlock crypto intelligence platform.Related: Stablecoin rules needed in US before crypto tax reform, experts sayIndustry leaders have predicted that the stablecoin supply may surpass $1 trillion in 2025, potentially acting as a significant crypto market catalyst.“We’re in a stablecoin adoption upswell that’s likely to increase dramatically this year,” Pakman said during Cointelegraph’s Chainreaction live show on X on March 27. “We could go from $225 billion stablecoins to $1 trillion just this calendar year.”The stablecoin supply surpassed the $219 billion record high on March 15. Analysts see the growing stablecoin supply as a signal for the continuation of the bull cycle.Related: Stablecoins, tokenized assets gain as Trump tariffs loomStablecoin activity soars on EthereumDuring the first quarter of the year, the Ethereum network saw over $3 trillion worth of stablecoin transactions on the mainnet, excluding layer-2 networks.The number of unique addresses using stablecoins on Ethereum mainnet also surpassed the record 200,000 mark for the first time in March.Stablecoin daily active addresses on Ethereum mainnet. Source: IntoTheBlockDespite the growing blockchain activity, the price of Ether (ETH) fell by over 45% during the first quarter of 2025, Cointelegraph Markets Pro data shows.ETH/USD, 1-year chart. Source: Cointelegraph Markets Pro data shows.The decline in ETH is linked to a combination of broader macroeconomic concerns and Ethereum-specific pressures, such as increased competition from networks like Solana and the rise of layer-2 protocols.“Some analysts argue that layer-2 solutions dilute ETH’s value by shifting activity off the main chain, but this overlooks how L2s still rely on Ethereum for security and pay fees, contributing to its ecosystem,” Pellicer said.He added that the decline in ETH is more likely due to market sentiment and uncertainty about Ethereum’s ability to capture value from its broader ecosystem.Still, other analysts see a silver lining to the tariff-related investor concerns. Nansen analysts predicted a 70% chance for crypto markets to bottom by June 2025 as tariff negotiations advance.Magazine: Bitcoin $500K prediction, spot Ether ETF ‘staking issue’— Thomas Fahrer, X Hall of Flame