Circle plans to bring $900M money market fund under DABA license
Circle, the creator of stablecoin USDC (USDC), announced on March 13 plans to bring its Hashnote Tokenized Money Market Fund (TMMF) under Bermuda regulatory oversight through the company’s existing Digital Assets Business Act (DABA) license.Hashnote, which Circle acquired in January 2025, is the issuer of USDY, the largest tokenized treasury and money market fund with a total value locked (TVL) of $900 million, according to DefiLlama. The fund’s TVL has fallen from $1.9 billion as of Jan. 7.Hashnote USYC TVL over time. Source: DefiLlamaRelated: Wall Street is betting on $30T RWA tokenization market prospectsAccording to the announcement, Circle intends to fully integrate USDY with USDC, which would allow for access between the TMMF and the stablecoin. The company believes that this will make USDY “the preferred form” of yield-bearing collateral on crypto exchanges, including for custodians and brokers.According to Freeman Law, Bermuda enacted one of the first legal and regulatory frameworks for governing digital assets. Circle was the first firm in crypto to receive a license under the Bermuda Monetary Authority in September 2021. Bermuda’s Digital Assets Business Act currently permits three types of licenses for companies conducting business under the Act.Tokenized RWAs a “$30-trillion opportunity”In August 2024, Colin Butler, Polygon’s head of institutional capital, said that tokenized real-world assets (RWAs) are a $30-trillion market opportunity globally. He believed that the push would likely come from high-net-worth individuals who will allocate money to alternative assets as tokenization creates liquidity in previously illiquid markets.Also, in August 2024, it was predicted that tokenized US Treasurys would surpass a $3 billion market capitalization by the end of 2024. According to RWA.xyz, the tokenized US Treasurys market cap sits at $4.2 billion at the time of this writing. Hashnote is the No. 2 protocol for tokenized US Treasurys, according to the platform, although its market cap has fallen 21% in the past 30 days.Related: Infrastructure for legally viable RWA tokenization: AMA recap with MantraThe overall market cap for RWAs surpassed $15.2 billion at the end of 2024, driven largely by institutional players who piloted tokenization projects related to a host of real-world goods, including real estate, gold, diamonds and carbon credits. The market cap initially reclaimed an all-time high of $17.1 billion on Feb. 3 but has since gone even further, rising to $18.1 billion at the time of this writing.Tokenization is changing different areas of finance, including creating liquidity for illiquid assets and leveraging the blockchain to facilitate transparent and efficient transactions. It isn’t limited to a single type of asset, which gives the technology broader use cases.Magazine: Tokenizing music royalties as NFTs could help the next Taylor Swift
Changpeng Zhao denies reports of a Binance.US deal, defends Trump
Former Binance CEO Changpeng “CZ” Zhao has recently been at the center of controversy after a Wall Street Journal report claimed that he was seeking a federal pardon from US President Donald Trump. However, CZ has come out to deny these claims and defend himself against the accusations.
In a post on March 13, CZ stated that he has had no discussions regarding a business deal between the Trump family and Binance.US. He also refuted the claims that he was seeking a presidential pardon from Trump, which could potentially allow him to take on a management role at Binance.
CZ further explained that as a former felon, he would not mind a pardon, especially since he was the only person in US history to be sentenced to prison for a single BSA (Bank Secrecy Act) charge. He believes that the Wall Street Journal article was motivated by an attack on both the President and the crypto industry, and that the remnants of the “war on crypto” from the previous administration are still at work.
The controversy surrounding CZ and his alleged involvement with the Trump family has caused quite a stir in the crypto community. Many have expressed their support for CZ and believe that the accusations are unfounded and politically motivated.
This is not the first time CZ has faced criticism and backlash. As the former CEO of Binance, he has been at the forefront of the crypto industry and has faced numerous challenges and controversies. However, he has always remained resilient and has continued to lead Binance to become one of the largest and most successful cryptocurrency exchanges in the world.
As this is a developing story, more information will be added as it becomes available. In the meantime, CZ and Binance will continue to focus on their mission of making cryptocurrency accessible and mainstream.
MoonPay acquires API stablecoin infrastructure platform Iron
Cryptocurrency payments company MoonPay is expanding its presence in the enterprise stablecoin market with the acquisition of Iron, an API-focused stablecoin infrastructure developer, for an undisclosed amount. According to a March 13 announcement, the acquisition will give MoonPay’s enterprise customers the ability to accept stablecoin payments instantly and at a low cost. Iron’s integration also means companies can manage their stablecoin treasuries in real time and use the funds to acquire yield-bearing assets like US Treasury bonds. Source: MoonPay“With Iron’s technology, we’re putting the power of instant, programmable payments into the hands of enterprises, fintechs, and global merchants,” said Ivan Soto-Wright, MoonPay’s CEO.The Iron deal marks MoonPay’s second high-profile acquisition this year. In January, the company acquired Helio, a Solana-based blockchain payment processor, for $175 million. Helio’s existing integrations with Shopify and Discord give MoonPay further inroads into crypto on-ramp services and payment solutions. MoonPay isn’t the only company making inroads into stablecoin payments. As Cointelegraph recently reported, Tether-backed fintech Mansa raised $10 million to further expand its cross-border stablecoin payment infrastructure.Related: Bitcoin may benefit from US stablecoin dominance pushBusiness integrations driving stablecoin adoptionAt more than $230 billion in circulation, stablecoins have become one of blockchain’s most viable use cases. The industry’s success is largely owed to stablecoin integrations by major fintech payment providers, according to Polygon Labs CEO Marc Boiron. In a recent interview with Cointelegraph, Boiron said, “Companies like Stripe and PayPal integrating stablecoins is likely the primary catalyst for their growth.”From regulatory scrutiny to widespread industry adoption, the stablecoin market has grown rapidly since 2020. Source: S&P GlobalBoiron said one of the industry’s most promising developments is yield-bearing stablecoins, which allow holders to earn decentralized finance yield through traditional collateralization. Yield-bearing stablecoin alternatives are on the cusp of a major breakthrough after the US Securities and Exchange Commission approved the first yield-bearing stablecoin security in February. The approval goes hand in hand with regulatory efforts to establish clear stablecoin laws in the United States. Magazine: Bitcoin payments are being undermined by centralized stablecoins
Solana price bottom below $100? Death cross hints at 30% drop
Solana (SOL) price completed a “death cross” on the one-day chart on March 12, as the altcoin consolidated near its long-term support level at $125. This could potentially accelerate the SOL price sell-off in the near term for a drop below $100 for the first time since February 2024. Solana’s 1-day chart. Source: Cointelegraph/TradingViewA death cross occurs when a bearish crossover occurs between the 50-day and 200-day simple moving averages (SMAs), with the long-term indicator above the short-term indicator. Last month, the 50-day and 200-day exponential moving averages (EMAs) triggered a death cross on Solana’s one-day chart, after which prices dropped 17%, from $137 to $122. While the SMA and EMA death crosses carry similar implications, the EMA triggers the death cross faster since it responds more quickly to price changes. A double death cross from the SMA and EMA will likely increase the possibility of a correction. Historically, the odds are neutral for Solana. Since its inception, SOL’s price has witnessed a death cross three times (including 2025) when prices have been on a 90-day or higher downtrend. The first death cross in 2022 triggered a 90% collapse, but the FTX’s fiasco escalated its severity. The second death cross occurred in September 2024, but it reversed within a month, leading to the Trump rally. Related: 3 reasons why Ethereum can outperform its rivals after crashing to 17-month lowsYet, the current structure and sentiment mirror the 2022 death cross when we compare market conditions. On both occasions, a new all-time high preceded the downtrend, which led to the death cross.As Cointelegraph reported, Solana’s revenue dropped 93% since January, dropping from $238 million to $32 million. This indicates a current lack of activity on Solana’s network after the end of the memecoin frenzy.Can Solana traders defend $125?Based on its technicals, Solana remains in a tricky spot when comparing previous death cross returns and collective market sentiment. Solana must hold support between $125 and $110 for a bullish reversal. Since March 2024, SOL prices have rebounded six times after testing the support range, closing above $125 on each weekly retest. Solana 1-week chart. Source: Cointelegraph/TradingViewA weekly close below $125 will signal market weakness, potentially increasing the likelihood of a drop below $100. The immediate price target after $110 is around $80 for Solana, which is a significant 30% correction. The downtrend target carries confluence with the weekly 0.5 Fibonacci retracement line. Solana bullish divergences on the 1-day and 4-hour chart. Source: Cointelegraph/TradingViewHowever, the bulls will pin their hopes on a bullish divergence between the price and relative strength index (RSI) on the 1-day and 4-hour charts. If Solana manages to avoid another lower low, the divergences will remain valid, which can push prices higher above $125, enabling Solana to avoid a drop below $100 and possibly establish a bottom at $112. Related: Will Bitcoin price reclaim $95K before the end of March?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.
Bitcoin price drops 2% as falling inflation boosts US trade war fears
Bitcoin (BTC) shrugged off gains at the March 13 Wall Street open as US inflation markers continued to fall.BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewGood news is bad news? Bitcoin follows stocks lowerData from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $81,500, down 2.3% on the day.The February print of the Producer Price Index (PPI) came in below median expectations, copying the Consumer Price Index (CPI) results from the day prior.“On an unadjusted basis, the index for final demand advanced 3.2 percent for the 12 months ended in February,” an accompanying press release from the US Bureau of Labor Statistics (BLS) stated.“In February, a 0.3-percent increase in prices for final demand goods offset a 0.2-percent decline in the index for final demand services.”US PPI 1-month % change. Source: BLSAlready a double tailwind for crypto and risk assets, cooling inflation also stunted a rebound in US dollar strength, as viewed through the US Dollar Index (DXY).US Dollar Index (DXY) 1-hour chart. Source: Cointelegraph/TradingViewDespite this, both stocks and crypto remained unmoved, leading trading resource The Kobeissi Letter to tie in the ongoing US trade war.“As we have seen, the market has had a very MUTED reaction to inflation data that would’ve previously sent the S&P 500 SHARPLY higher,” it wrote in part of its latest analysis on X “Why is this the case? This data provides President Trump a reason to keep doing what he is currently doing.”S&P 500 1-hour chart. Source: Cointelegraph/TradingViewKobeissi explained that trader war efforts may now intensify given slowing inflation.“This is exactly why markets are not recovering losses following some of the best inflation data in months,” it continued, suggesting traders should “buckle up for more volatility.”A week before the Federal Reserve’s next interest rate decision, market expectations for financial easing remained similarly lackluster, with the chance of a cut at just 1%, per data from CME Group’s FedWatch Tool. Odds for the Fed’s May meeting were at 28%.Fed target rate probabilities. Source: CME Group“The Fed has already decided: steady course, no cuts this FOMC. Powell made that clear last week,” popular crypto trader Josh Rager told X followers earlier in the week, referencing a recent speech by Fed Chair Jerome Powell. “Rate cuts? More likely in May/June, not March.”BTC price inertia leaves key resistance intactBitcoin price action thus sat between bands of buy and sell liquidity on exchange order books, with the 200-day simple moving average (SMA) in place as resistance.Related: Bitcoin whales hint at $80K ‘market rebound’ as Binance inflows coolFor Keith Alan, co-founder of trading resource Material Indicators, this trendline, which typically functions as support during Bitcoin bull markets, was the nearest important level to reclaim.“Bitcoin faces strong resistance at the 200-Day MA for the 4th consecutive day,” he summarized on X.Referring to Material Indicators’ proprietary trading tools, Alan concluded that such a reclaim was unlikely on the day, notwithstanding surprise catalysts in the form of announcements from the US government.BTC/USD 1-day chart. Source: Keith Alan/XMeanwhile, data from monitoring resource CoinGlass showed key upside resistance clustered immediately below $85,000.BTC liquidation heatmap (screenshot). Source: CoinGlassThis 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.
75% of VASPs registered in the EU will not be able to comply with MiCA
Opinion by: Slava Demchuk, co-founder and CEO of AMLBotAll virtual asset service providers (VASPs) registered in the EU before 2025 must comply with Markets in Crypto-Assets Regulation (MiCA) requirements this year. Not all will be able to do so. The MiCA regulation is, in essence, a good legal framework for the crypto industry, but it also has some disadvantages, especially for crypto startups and small businesses. Looking at the case of Estonia and its implementation of crypto licenses in 2017, it is possible to predict that around 75% of VASPs will need to cease their operations in the EU. What happened in Estonia with crypto licenses? In 2017, Estonia was one of the first EU member states to introduce a crypto licensing process. Getting a crypto license (a VASP registration) was easy and fast. No physical presence, share capital requirement, or proof of having sound Anti-Money Laundering (AML) and Know Your Customer (KYC) systems in place were required. The result? By 2019, Estonia had issued around 2,000 crypto licenses. Starting in 2019, however, Estonia adopted several amendments to the law, incorporating requirements similar to MiCA. As a consequence, the majority of licensed crypto companies were not able to comply with new requirements and lost their licenses. Today, Estonia has only around 45 licensed crypto businesses.Current situation in the EU with VASP registrationSimilar situations will occur in countries with light VASP registration requirements, such as Poland and the Czech Republic. There are around 1,600 VASPs registered in Poland, owing to the easy and fast process of registering in the country before the MiCA implementation. With minimal requirements, one can open a company and receive a VASP registration in these countries within a few weeks. These licensing processes completely changed in 2025 when MiCA entered fully into force. All the registered VASPs must comply with new requirements, which will be the same regardless of their country of incorporation; otherwise, they will be required to cease their business. Recent: 10 stablecoin issuers approved under EU’s MiCA — Tether is left outMost of them will not be able to comply, based on previous experience, such as when 1,900 companies lost their VASP registrations in Estonia. Those license losses occurred as a result of several key factors: Their size: Many registered VASPs were one-to-three-person companies that provided essential exchange in p2p platforms or over-the-counter. They will not have enough resources to comply with strict MiCA requirements.The cost: Acquiring a MiCA license is expensive. It was previously possible to receive VASP registration in Poland or the Czech Republic for 2,000-4,000 euros. The price for a MiCA license is much more than that, typically around 30,000-80,000 euros, depending on the business model and country of incorporation.The requirements: Companies that apply for a MiCA license must prove they have many complex processes in place, including but not limited to AML/KYC, data protection and cyber resilience. Therefore, the company must hire many specialists and build many processes. Based on the number of VASPs registered in Poland, those 1,600 VASPs will need to find 1,600 AML/compliance officers (one per VASP) by July 2025 — when all VASPs in Poland shall comply with MiCA — that have relevant knowledge, expertise and pass the fit-and-proper test. This will be nearly impossible.In addition, MiCA has high share capital requirements ranging from 50,000 to 150,000 euros, depending on the services a company provides. Many currently registered VASPs are startups or small companies whose revenue will not be able to cover all the costs needed to build the processes mentioned above and satisfy the share capital requirements. Where does that leave the small businesses and the startups? They will not be equipped to comply with MiCA.Opinion by: Slava Demchuk, co-founder and CEO of AMLBot.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.
ETH falling by 20% may trigger $336M in DeFi liquidations — Web3 exec
If the price of Ether (ETH) falls by a further 20%, the price decline could trigger a cascade of up to $336 million in decentralized finance (DeFi) liquidations, according to Kevin Rusher, founder of the real-world asset (RWA) lending platform RAAC.The executive warned that a decline to $1,857 would trigger $136 million in liquidations, and a price drop to $1,780 could potentially trigger an additional $117 million in loan liquidations — making these the next price levels to watch.Rusher added that the worst-case scenario would be a 20% drop in ETH’s price to around the $1,500 price level, which could liquidate $336 million in DeFi loans, sending the markets tumbling. In a written statement shared with Cointelegraph, Rusher said:“The main catalyst of this crisis is a single $130m ETH-backed loan in Sky, formerly Maker, which is on the verge of collapse despite the borrower scrambling to add more collateral. Every cycle, crypto-backed loans suffer from extreme volatility, leading to cascading liquidations that crash the price of assets.”The executive called for integrating RWAs, such as real estate and gold, which feature much stabler values, into the DeFi ecosystem to offset volatility and prevent cascading liquidations due to overleveraging.Total ETH liquidations. Source: CoinGlassRelated: 3 reasons why Ethereum can outperform its rivals after crashing to 17-month lowsETH price crumbles; more pain coming?Ether has dropped to multi-year lows against Bitcoin (BTC), signaling another potential 30% drop against the supply-capped asset, and led to some analysts predicting a potential $1,600 price bottom for ETH.ETH’s price has declined by over 15% in the past seven days and has been trading well below its 200-day exponential moving average (EMA) since February.The relative strength index (RSI) is currently at 31, which is almost in oversold territory, potentially representing a local bottom and could signal an impending price reversal.Current Ethereum price action and analysis. Source: TradingViewEther’s disappointing price action prompted calls from some market analysts to shift into higher-performing altcoins to maximize profit potential.“If still stuck on ETH, it is likely a good time to dump it to buy a higher beta altcoin,” trader Alex Krüger said in a March 12 X post.Magazine: Pectra hard fork explained — Will it get Ethereum back on track?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.
Trump family held talks with Binance for stake in crypto exchange — Report
Representatives of US President Donald Trump’s family have reportedly held talks with Binance about acquiring a stake in the crypto exchange.Binance reached out to Trump’s family representatives in 2024, offering to strike a deal as part of a plan to resume Binance.US operations in the country, The Wall Street Journal reported on March 13.Citing sources familiar with the matter, the report mentioned that Binance’s billionaire founder Changpeng Zhao — who served four months in prison in the US — has been pushing for the Trump administration to grant him a pardon.“It is unclear what form the Trump family stake would take if the deal comes together or whether it would be contingent on a pardon,” the report said.World Liberty Financial among deal optionsAccording to WSJ, a potential opportunity could be a scenario where Trump takes the stake in Binance or proceeds with the deal through World Liberty Financial, a Trump-backed crypto venture launched in September 2024.Trump has emerged as the first US “crypto president,” launching his Official Trump (TRUMP) memecoin days before returning to the White House on Jan. 20. A similar memecoin subsequently came from Trump’s wife, Melania, while Trump’s son, Eric Trump, has been actively pushing for Bitcoin (BTC) and crypto adoption.Cointelegraph approached Binance for a comment regarding the report on the alleged deal but did not receive a response by publication.Trump slams WSJ for “polluted thinking” of the EUMinutes before the WSJ article was published at 1:00 pm UTC, Trump took to Truth Social to slam the publication for allegedly reporting wrong information.“The Globalist Wall Street Journal has no idea what they are doing or saying. They are owned by the polluted thinking of the European Union, which was formed for the primary purpose of ‘screwing’ the United States of America,” the president wrote.Source: Donald TrumpWhile Trump was fast to address the WSJ report minutes before its publication, major Trump-linked industry figures — including Elon Musk and David Sacks — did not react to the news on social media.Related: Donald Trump’s memecoin generated $350M for creators: ReportBinance’s Zhao and CEO Richard Teng also didn’t respond to the report in the first hour of its publication.Binance CEO praises Trump as a catalyst for a “global pro-crypto shift”Instead, Teng took to X on March 13 to highlight his new interview with CNBC, where he praised Trump as a catalyst for a “global pro-crypto shift.” Teng expressed confidence that the crypto industry is widely supporting Trump, stating: “If you ask anybody in the crypto industry, people prefer the current administration compared to the last one.”Still, some apparently have not been happy with all of Trump’s crypto policies, with many advocating for Bitcoin-only US reserves instead of a multi-crypto approach chosen by the administration.House Democrats have also been concerned about the plummeting TRUMP memecoin, proposing legislation to ban the issuance of memecoins by any US public officials.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions