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
Fortnite doubles down on crypto joke with another secret ‘Dill Bits’ location
Online battle royale shooter Fortnite has just added a new secret “Dill Bits” server mine location to its latest map update — prompting a small spike in an otherwise obscure memecoin. Videos on social media show a new “Dill Bit” server farm location in the game — made to look like a cryptocurrency mining operation. There are other locations on the map where it has appeared. Fortnite added a Bitcoin mine to the new map pic.twitter.com/z8ABokLG2b— Documenting ₿itcoin 📄 (@DocumentingBTC) April 3, 2025Players in the game can collect Dill Bits by destroying the equipment. It’s a unique resource that is typically hard to obtain.Dill Bits memecoin spikesSolana-based memecoin Dill Bits, inspired by the Fortnite in-game currency, spiked 200% to $0.0005 on April 4 as the crypto community also took notice of the latest addition. Fortnite introduced Dill Bits as an in-game currency in February as a jest toward crypto. However, these can only be used to buy in-game items. At the time, the announcement of the in-game currency prompted an anonymous crypto user to create their own version of the token on Solana. The recent spike is nowhere near previous surges, however. When the memecoin first launched in February, it surged 4,500% in price to reach a market cap of $4.8 million. Another huge spike for the memecoin occurred on March 9, after Fortnite released a video promoting its latest “Rugpull” storyline, which saw the token pump over 4,000% in just a few minutes again. DB price spike. Source: DEX ScreenerThe underground Bitcoin mine shows banks of green servers with the Dill Bit logo, which looks very similar to Bitcoin’s. Another player posted a YouTube video on April 1 showing all of the secret locations on the map, explaining that if the servers are destroyed in the game, they may drop Dill Bits. “Wow. Bitcoin really becoming mainstream for a game like Fortnite to add this little easter egg,” commented one player on Reddit after becoming aware of the secret location on April 3.The gimmick is not likely new for Fortnite players, as other hidden server mines have been discovered in other parts of the map since the in-game currency was introduced. According to the official Fortnite Wiki, the new Dill Bits Mining Server is an “Unnamed Location in Fortnite: Battle Royale, that was added in Chapter 6: Season 2 to the island Oninoshima near Outlaw Oasis.” It is a “small cave containing servers mining the cryptocurrency called Dill Bits,” it states. New secret location in Fortnite. Source: RedditThe online battle royale platform developed by Epic Games released its most recent update on April 1, which included a new Mortal Kombat collaboration, quests, skins and map updates. Related: Epic wants Fortnite, Minecraft, Roblox to become interoperable metaverseFortnite’s in-game cryptocurrencyDill Bits, Fortnite’s in-game currency, can be spent “at one of three Black Markets around the map, offering a selection of Mythic and Legendary items,” and “Boons” that grant extra abilities, the Fortnite team explained at the time. An in-game description calls Dill Bits “a bulky and confusing crypto coin you never knew you needed. These coins are ideal for shady black-market trades.”Magazine: Web3 gaming activity surges 386% — Wen bull run? Web3 Gamer
Altcoins are set for one last big rally, but just a few will benefit — Analyst
Altcoins may have just one last rally this cycle, but only those with real utility and strong network activity will see price gains, according to an analyst. “I think there will be one more breadth thrust from altcoins. The question is, is it a sustained rally that we will see for six to twelve months,” Real Vision chief crypto analyst Jamie Coutts told Real Vision co-founder Raoul Pal on an April 3 X livestream.Network activity will be the ‘north star’ for how to trade crypto“At this stage, I am not too sure, but I do believe that quality altcoins where activity returns, activity drives prices …we will definitely see a recovery in some of these more high-quality names,” Coutts said.Cointelegraph reported in January that there were over 36 million altcoins in existence. However, Ethereum still holds the majority share of total value locked (TVL) with 55.56%, followed by Solana (6.89%), Bitcoin (5.77%), BNB Smart Chain (5.68%), and Tron (5.54%), according to CoinGecko data.Coutts said traders should watch where the network activity “is gravitating” and use that as their “north star” for how to trade in crypto, adding he sees an altcoin market upswing within the next two months. “I’m expecting by June to see altcoins really start to pick up again. Predicated on the fact that Bitcoin is back at all-time highs by that point.”On March 28, Coutts told Cointelegraph that Bitcoin could reach all-time highs before the end of Q2 regardless of whether there is more clarity on US President Donald Trump’s tariffs and potential recession concerns.The total crypto market cap is down around 8% over the past 30 days. Source: CoinMarketCapBlockchain network activity across the board has recently experienced sharp declines amid a broader crypto market downturn. On Feb. 21, Cointelegraph reported that the number of active addresses on the Solana (SOL) network fell to a weekly average of 9.5 million in February, down nearly 40% from the 15.6 million active addresses in November 2024.Altcoin indicators are flashing redMeanwhile, several key indicators the crypto industry uses to determine an incoming altcoin season suggest it’s still nowhere in sight.Capriole Investments’ Altcoin Speculation Index has dropped to 12%, down 53% since Dec. 25, the same period during which Ether fell 49% from $3,490, according to CoinMarketCap data.Related: When will altseason arrive? Experts reveal what’s holding back altcoinsCoinMarketCap’s Altcoin Season Index, which measures the top 100 cryptocurrencies against Bitcoin’s performance over the past 90 days, is reading a score of 14 out of 100, leaning toward a more Bitcoin-dominated market, referring to it as “Bitcoin Season.”The Altcoin Season Index Chart is sitting at 14 at the time of publication. Source: CoinMarketCapHowever, while Bitcoin dominance — a level often watched for retracements that signal an altcoin season — sits at 62.84%, some analysts argue it’s no longer as relevant as a signal for altcoin season.CryptoQuant CEO Ki Young Yu recently said that Bitcoin Dominance “no longer defines altseason — trading volume does.”Magazine: New ‘MemeStrategy’ Bitcoin firm by 9GAG, jailed CEO’s $3.5M bonus: Asia ExpressThis 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.
Wintermute transfers $75M FDUSD since depegs, in $3M arbitrage opportunity
Market makers’ blockchain transactions point to a potential $3 million arbitrage opportunity related to the depegging of the FDUSD stablecoin.The First Digital US dollar-pegged stablecoin (FDUSD) depegged on April 2, after Tron founder Justin Sun claimed that the stablecoin issuer was insolvent.Market marker Wintermute transferred over 75 million FDUSD tokens back to First Digital within a day since the stablecoin depegged to $0.87.Source: Lookonchain“Since $FDUSD depegged, #Wintermute has transferred 75M $FDUSD to First Digital Labs,” wrote blockchain intelligence platform Lookonchain, in an April 3 X post, adding:“They likely bought $FDUSD at a discount during the depeg and redeemed it 1:1 through First Digital—making a solid profit.”Source: LookonchainWintermute with over 31 million FDUSD tokens from Binance right after the depegging occurred. “Assuming they bought $FDUSD near the bottom at $0.90, they would make over $3M when $FDUSD returned to the peg,” added Lookonchain.Related: Bitcoin price can hit $250K in 2025 if Fed shifts to QE: Arthur HayesThe selling patterns of market makers have been closely watched since February’s $2.24 billion crypto liquidation event, which saw large-scale selling from multiple market participants, including market makers.Reasons for the crypto market crash. Source: Evgeny GaevoyHowever, the crypto market crashes of 2025 have been “directly linked to TradFi events,” such as DeepSeek and Trump’s tariffs, according to Evgeny Gaevoy, the founder of Wintermute.Related: 70% chance of crypto bottoming before June amid trade fears: NansenFirst Digital: “Our stablecoin remains fully backed and solvent”Despite the insolvency claims, First Digital assured users they are completely solvent and said that FDUSD is still fully backed and redeemable with the US dollar on a 1:1 basis.“First Digital stands firm: Justin Sun’s baseless accusations won’t distract from Techteryx’s own failures— our stablecoin FDUSD remains fully backed and solvent,” wrote First Digital in an April 3 X post.Source: First DigitalStill, some analytics tools have previously highlighted potential weaknesses in FDUSD’s stability, which was rated as 4 or “constrained” according to the S&P Global Ratings’ stablecoin stability assessment, shared with Cointelegraph on March 19.Source: S&P Global Ratings“Our stablecoin stability assessments range from 2 (strong) to 5 (weak) in terms of a stablecoin’s ability to maintain its peg to a fiat currency,” and “the quality of the assets backing the stablecoin is a critical driver of the final assessment,” an S&P Global Ratings spokesperson told Cointelegraph, adding:“Weaknesses in other areas, including regulation and supervision, governance, transparency, liquidity and redeemability, and track record, contributed to those stablecoins with lower assessments.”First Digital said it would take legal action against Sun’s false bankruptcy allegations, which led to the stablecoin’s depegging.Magazine: Financial nihilism in crypto is over — It’s time to dream big again
Alabama, Minnesota lawmakers join US states pushing for Bitcoin reserves
Lawmakers in the US state of Minnesota and Alabama have filed companion bills to identical existing bills that will allow each state to buy Bitcoin.The Minnesota Bitcoin Act, or HF 2946, was introduced to the state’s House by Republican Representative Bernie Perryman on April 1, following an identical bill introduced on March 17 by GOP state Senator Jeremy Miller.Meanwhile, on the same day in Alabama, Republican Senator Will Barfoot introduced Senate Bill 283 while a bi-partisan group of Representatives led by Republican Mike Shaw filed the identical House Bill 482, which allows for the state to invest in crypto, but essentially limits it to Bitcoin (BTC).Twin Alabama bills don’t explicitly name BitcoinMinnesota’s Bitcoin Act would allow the state’s investment board to invest state assets in Bitcoin and other cryptocurrencies and permit state employees to add crypto to retirement accounts.It would also exempt crypto gains from state income taxes and give residents the option to pay state taxes and fees with Bitcoin.Source: Bitcoin LawsThe twin Alabama bills don’t explicitly name Bitcoin, but it would limit the state’s crypto investment into assets that have a minimum market value of $750 billion — a criterion that only Bitcoin currently meets.26 Bitcoin reserve bills now introduced in the USIntroducing identical bills is not uncommon in the US and is typically done to speed up the legislative process so laws can pass more quickly.Bills to create a Bitcoin reserve have been introduced in 26 US states, with Arizona currently the closest to passing a law to make one, according to data from the bill tracking website Bitcoin Laws.Arizona currently leads in the US state Bitcoin reserve race. Source: Bitcoin LawsPennsylvania was one of the first US states to introduce a Bitcoin reserve bill in November 2024. However, the initiative was reportedly eventually rejected, with similar bills also killed in Montana, North Dakota, South Dakota, and Wyoming.Related: North Carolina bills would add crypto to state’s retirement system Montana, North Dakota, Pennsylvania, South Dakota and Wyoming are the five states that rejected Bitcoin reserve initiatives. Source: Bitcoin LawsAccording to a March 3 report by Barron’s, “red states” like Montana have likely faced setbacks to the Bitcoin reserve initiatives due to political confrontation of the Democratic Party with the Republican Party.Additional reporting by Helen Partz.Magazine: Financial nihilism in crypto is over — It’s time to dream big again
‘National emergency’ as Trump’s tariffs dent crypto prices
Crypto markets dipped after US President Donald Trump’s declaration of a national emergency and sweeping tariffs on all countries as part of his latest salvo in the ongoing trade war. The Trump administration has hit all countries with a 10% tariff starting April 5, with some countries facing even larger rates, such as China facing a 34% tariff, the European Union 20%, and Japan 24%. During an April 2 speech in the Rose Garden at the White House, Trump said the US is charging countries “approximately half of what they are and have been charging us.”🚨 @POTUS signs an Executive Order instituting reciprocal tariffs on countries throughout the world.It’s LIBERATION DAY in America! pic.twitter.com/p7UnfE617B— Rapid Response 47 (@RapidResponse47) April 2, 2025The crypto market briefly went up at the news of a 10% sweeping tariff, but once the full scope became known, it dipped with bleeding across the board. Bitcoin (BTC) had been staging a rally, reaching a session high at $88,500 but dropped 2.6% back to around $82,876. Meanwhile, CoinGecko data shows Ether (ETH) dropped over 6% from $1,934 to $1,797 following the tariff announcements and the total crypto market cap dropped 5.3% to $2.7 trillion. The Crypto Fear & Greed Index, which measures market sentiment for Bitcoin and other cryptocurrencies, returned a score of 25, classed as extreme fear, in its latest April 2 update. However, prices have clawed back some losses since. Bitcoin has recovered 0.8% to $83,205. While Ether regained 1.2% to take back $1,810.The crypto Fear & Greed Index score has returned an average rating of fear for the last week but has now dipped to extreme fear. Source: Alternative.meStock markets didn’t fare much better; trading resource The Kobeissi Letter said in an April 2 post to X that the stock market index S&P 500 erased over $2 trillion in market cap, working out to be roughly $125 billion per minute.Trump tariffs could bring certainty to marketsRachael Lucas, a crypto analyst at Australian crypto exchange BTC Markets, said the brief surge was a case of “uncertainty relief,” then a sell-off as the full tariff details were released. “On BTC Markets, trading volume surged 46% as local traders scrambled to reposition. Big players took profit on the spike, while smaller investors hesitated,” she said in a statement. Source: Daan Crypto TradesShe added that if China or the European Union “hit back hard,” expect another round of panic selling.US Treasury Secretary Scott Bessent urged US trading partners in an April 2 interview with Bloomberg against taking retaliatory steps, arguing “this is the high end of the number” for tariffs if they don’t try to add more levies in response, which could provide a “ceiling” and certainty for markets.David Hernandez, a crypto investment specialist at crypto asset manager 21Shares, told Cointelegraph that markets experienced significant volatility during Trump’s speech, but the clarity could be a good thing in the long term. “Although the tariff rates were slightly higher than expectations, the announcement provided much-needed clarity on the scope and scale of the policy,” he said.Related: 70% chance of crypto bottoming before June amid trade fears: Nansen“Markets thrive on certainty, and with speculation now largely removed, institutional investors may see an opportunity over the coming days to take advantage of compressed valuations.”Hernandez says global responses will be key for the market going forward, speculating that Mexico and key East Asian economies, including China, South Korea, and Japan, could be evaluating countermeasures.Magazine: Financial nihilism in crypto is over — It’s time to dream big again
Fidelity introduces retirement accounts with minimal-fee crypto investing
Fidelity, a financial services company with $5.9 trillion in assets under management, has introduced new retirement accounts that will allow Americans to invest in crypto nearly fee-free.The three accounts — a tax-deferred traditional IRA and two Roth IRAs (one is a rollover) — permit the buying and selling of Bitcoin (BTC), Ether (ETH), and Litecoin (LTC). While there are no fees to open or maintain the accounts, Fidelity charges a 1% spread on the execution price of crypto buy and sell transactions.The crypto IRAs are offered by Fidelity Digital Assets, a subsidiary of Fidelity that has traditionally offered institutional investors the opportunity to buy and sell crypto.The broadening of its client base may be another signal of the changing crypto landscape in the United States, which has seen the adoption of a strategic Bitcoin reserve and multiple companies, including stablecoin issuer Circle, filing for an initial public offering.Fidelity states that, for security, it holds the majority of its crypto in cold storage, which consists of crypto wallets not connected to the internet. Related: Bitcoin ETFs for retirement planning: A beginner’s guideBTC and ETH exposure already offered for retirement accountsWhile the direct purchase of cryptocurrencies in an IRA has never been strictly prohibited, few IRA providers have allowed such purchases, according to Investopedia. Therefore, Fidelity’s new IRAs may signal a change in the environment.Still, for enthusiasts of BTC and ETH, there have been other options since 2024, such as exchange-traded funds (ETFs) of those corresponding coins.Since the debut of those ETFs, investors in the US have been able to gain exposure to crypto markets from their retirement accounts — depending on the brokerage. There has also been the rise of Bitcoin IRAs, which are self-directed retirement accounts that offer tax advantages.Some crypto companies offer digital-asset-specific IRAs like BitIRA, where individuals can add altcoins such as LTC to their retirement portfolios.The move to allow more Americans to invest crypto into retirement accounts may be gaining momentum. On April 1, Alabama Senator Tommy Tuberville announced the reintroduction of a bill to allow Americans to add cryptocurrency to their 401(k)s. The process would involve scaling back regulations issued by the Department of Labor.Magazine: X Hall of Flame: Bitcoin will ‘start ripping’ as Trump’s polls improve — Felix Hartmann
Pump.fun launches lending platform to finance memecoin buys
Pump.fun is launching a lending platform to enable users to buy memecoins and non-fungible tokens (NFTs) with borrowed cryptocurrency, the Solana-based memecoin launchpad said. Dubbed Pump.Fi, the onchain lending protocol provides “immediate… financing for [any] digital asset,” Pump.fun said in an April 1 X post.According to Pump.fun, borrowers pay one-third up front and the rest over 60 days. In addition, Pump.Fi will create a marketplace for lenders to buy debt. The protocol did not specify how Pump.Fi — which doesn’t do credit checks — plans to ensure repayment of undercollateralized onchain loans. Pump.Fi will let users borrow to buy memecoins. Source: Pump.funRelated: Pump.fun launches own DEX, drops RaydiumCompetitive market Pump.fun has been grappling with a sharp drawdown in memecoin trading activity on Solana after several high-profile scandals — such as the LIBRA token’s disastrous launch — soured sentiment on memecoins among retail traders. Adding onchain lending has the potential to draw more liquidity into the space, which has seen trading volumes stabilize in recent weeks, according to data from Dune Analytics.Pump.fun has also been expanding its offerings to stay ahead of mounting competition from rival platforms.Raydium, Solana’s largest decentralized exchange (DEX) by volume, plans to roll out its own memecoin launchpad, LaunchLab. Other rival protocols — including Daos.fun, GoFundMeme, and Pumpkin — are also vying for a share of Solana’s memecoin market. Number of tokens successfully “bonding” on Pump.fun each day. Source: Dune AnalyticsOn March 20, Pump.fun launched its own DEX — known as PumpSwap — to replace Raydium as the final home for tokens that successfully bootstrap liquidity on Pump.fun.Switching to PumpSwap has streamlined PumpFun’s process for listing new tokens and cut costs for users, it said.PumpSwap also plans to start distributing a portion of trading fees to coin creators, according to Pump.fun co-founder Alon. The newly launched DEX has already captured a more than 10% share of Solana’s trading volumes and even overtaken Raydium — along with every other Solana app — in 24-hour fees, according to data from Dune Analytics and DefiLlama. On April 1, PumpSwap generated nearly $4 million in fees. Magazine: Help! My parents are addicted to Pi Network crypto tapper
Lawmaker alleges Trump wants to replace US dollar with his stablecoin
California Representative Maxine Waters, ranking member of the US House Financial Services Committee, used her opening statement at a markup hearing to criticize President Donald Trump’s business and ethical entanglements with the crypto industry, including the launch of a stablecoin by a family-backed company.Addressing lawmakers at an April 2 hearing, Waters said Trump had used his position as president to leverage “multiple crypto schemes” for profit, including a US dollar-pegged stablecoin launched by World Liberty Financial (WLFI) — the firm backed by his family. The California lawmaker pointed to Trump’s memecoin launched in January, his plans to establish a national cryptocurrency stockpile, and “his own stablecoin,” referring to WLFI’s USD1 token launched in March.Rep. Maxine Waters addressing the House Financial Services Committee on April 2. Source: GOP Financial Services“With this stablecoin bill, this committee is setting an unacceptable and dangerous precedent, validating the president and his insiders’ efforts to write rules of the road that will enrich themselves at the expense of everyone else,” said Waters, adding:“Trump likely wants the entire government to use stablecoins from payments made by the Department of Housing and Urban Development, to Social Security payments, to paying taxes. And which coin do you think Trump would replace the dollar with? His own, of course.”Waters does not stand alone in her criticism of Trump’s crypto ventures, with many lawmakers and experts across the political spectrum suggesting potential conflicts of interest. Committee Chair French Hill, who spoke on stablecoins before Waters, also reportedly said that the Trump family’s involvement in the industry makes legislation “more complicated.”“If there is no effort to block the President of the United States of America from owning his stablecoin business […] I will never be able to agree on supporting this bill, and I would ask other members not to be enablers,” said Waters. Related: Crypto has a regulatory capture problem in Washington — Or does it?Representative Bryan Steil, who introduced the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act, did not immediately address Waters’ concerns about Trump’s stablecoin but referred to establishing safeguards for consumers. Hill did not mention Trump in his opening statement but said there needed to be a “clear federal framework” for payment stablecoins.Crypto legislation moving through CongressThe committee will consider amendments to the STABLE Act, as well as bills to combat illicit finance using emerging financial technologies and blocking the US government from issuing a central bank digital currency, or CBDC. The markup hearing was a necessary step before the committee could vote on whether to advance the bills to the House of Representatives. Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions