Bitcoin ‘decouples,’ stocks lose $3.5T amid Trump tariff war and Fed warning of ‘higher inflation’
As stock markets crumbled for a second day on April 4, US Federal Reserve Chair Jerome Powell said that the Trump administration’s “reciprocal tariffs” could significantly affect the economy, potentially leading to “higher inflation and slower growth.”Addressing the public at a conference on April 4, Powell maintained a cautious approach and noted that tariffs could spike inflation “in the coming quarters,” complicating the Fed’s 2% inflation target, just months after rate cuts indicated a soft landing. Powell said,“While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent.” Moments before Powell’s speech, US President Donald Trump called out the Fed chair to “CUT INTEREST RATES” in a post on the Truth Social, taking a jab at Powell for being “always late.”Source: Truth SocialCurrently, the Fed faces a critical choice: pause interest rate cuts throughout the year or respond quickly with rate reductions if the economy shows signs of weakening. While the Fed official noted that the economy is in a good place, Powell said that it was, “Too soon to say what will be the appropriate path for monetary policy,”On April 4, the unemployment rate also increased to 4.2% in March from 4.1% in February, but on the contrary, March’s Non-Farm Payrolls added 228,000 jobs, which exceeded expectations and reinforced economic strength. In March, the Consumer Price Index (CPI) also rose by 2.8% year over year, with March data due on April 10. The above figures highlight a strong labor market but nagging inflation concerns, thus aligning with Powell’s warning about potential tariff impacts. Related: Bitcoin bulls defend $80K support as ‘World War 3 of trade wars’ crushes US stocksPowell’s caution on higher inflation and slowing economic growth came on the same day that the DOW dropped 2,200 and a 10% two-day loss from the S&P 500. X-based markets resource ‘Watcher Guru’ announced that, “$3.25 trillion wiped out from the US stock market today. $5.4 billion was added to the crypto market.” Stock market losses hit $3.5 trillion. Source: Watcher Guru / X Bitcoin to entertain further volatilityMost investors anticipate that in the short term, Bitcoin (BTC) could see a surge in volatility. Powell’s remarks about tariffs driving “higher inflation” and possibly “higher unemployment” could rattle traditional market investors, prompting a pivot to BTC.In fact, analysts have pointed out that BTC price appears to be “decoupling” from stocks recent downturn. Although Bitcoin hit a 9-day high on April 2 before President Trump rolled out his “reciprocal tariffs” on “Liberation Day,” the price sold off sharply once the tariffs were revealed at a White House presser. Since then, Bitcoin has held steady above the $82,000 level, and as US equities markets collapsed on April 4, BTC rallied to $84,720, reflecting price action, which is uncharacteristic of the norm. BTC/USD price versus major stock indices. Source: X / Cory BatesIndependent market analyst Cory Bates posted the above chart and said, “[…]Bitcoin is decoupling right before our eyes.” With China retaliating with 34% tariffs on US goods and Trump pressuring Powell to cut interest rates, market volatility could push Bitcoin’s price upward as a hedge against uncertainty. During the 2018 U.S.-China trade war, Bitcoin price didn’t see any increase across the entire year. However, it experienced notable volatility and a 15% price rise when the trade war escalated in mid-2018, with the US imposing tariffs on Chinese goods in July, followed by retaliatory measures from China. Related: Bitcoin sentiment falls to 2023 low, but ‘risk on’ environment may emerge to spark BTC price rallyThis 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.
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
Stablecoins 'in bull market'; Solana sputters: VanEck
Stablecoins are “in a bull market of their own,” even as smart contract platforms — including Ethereum and Solana — sputter amid the marketwide tumult, asset manager VanEck said in an April 3 monthly note.The diminished activity on smart contract platforms reflects cooling market sentiment in cryptocurrencies and beyond as traders brace for the impact of US President Donald Trump’s sweeping tariff policies and a looming trade war. But stablecoin adoption — a key measure of Web3’s overall health — continues apace. This is partly because ongoing macroeconomic uncertainty “could accelerate the strategic case for crypto,” Matthew Sigel, VanEck’s head of research, said in an April 4 X post.Tokenized treasury bills help support stablecoin adoption. Source: VanEckRelated: Circle considers IPO delay amid economic uncertainty — ReportStablecoins gain steamStablecoins collectively added nearly $10 billion in total market capitalization in March as multiple issuers, including VanEck, prepare to launch branded stablecoin products, it said. The inflows persisted despite a steep drop in average stablecoin yields, the asset manager noted. Stablecoin yields now range from around 3% to 5% — near or slightly below Treasury Bills — compared to as high as 10% at the start of the year, it said. Even so, issuance of tokenized Treasury Bills — a primary source of institutional stablecoin yield — increased 26% from February to March, surpassing $5 billion in total issuance, according to the report.Ethereum, Solana slow downMeanwhile, smart contract platforms suffered across-the-board declines in activity, with revenues and trading volumes dropping 36% and 40%, respectively, according to the report. Solana has suffered particularly sharply. Daily fee revenues and decentralized exchange (DEX) volumes diminished by 66% and 53%, respectively, in March, VanEck said.In fact, Solana’s DEX share of volumes once again fell below those of Ethereum and its layer-2 scaling chains (L2s) after briefly surpassing them for the first time in February. Solana lost ground to Ethereum in DEX volume. Source: VanEckThis relative decline partly reflects a slowdown in memecoin trading, which still dominates Solana DEX activity. The segment has suffered since February after a series of memecoin-related scandals soured sentiment among retail traders. On Feb. 14, Libra, a memecoin seemingly endorsed by Argentine President Javier Milei, erased some $4.4 billion in market capitalization within hours of launching.In March, trading volumes on Ethereum’s L2s also experienced declines — retracing by some 18% from February — but held up better than Solana’s, according to VanEck.During the final week of March, “blob fees,” the Ethereum network’s main source of income from L2s, sunk to the lowest weekly levels so far this year, according to Etherscan.Magazine: 7 ICO alternatives for blockchain fundraising: Crypto airdrops, IDOs & more
Crypto Biz: The ‘worst quarter’ since the FTX collapse is finally behind us
The election of US President Donald Trump was supposed to usher in a golden era of crypto. Although the regulatory stars are aligning, the crypto industry just experienced its worst quarter in years.The prices of Bitcoin (BTC) and Ether (ETH) recorded their worst Q1 in seven years, market sentiment fell to its lowest point since the last bear market, and Coinbase stock experienced its worst sell-off since the FTX debacle. With the first quarter finally in the books, investors are looking forward to positive catalysts for Bitcoin and the broader market. This could come in the form of favorable Spring seasonality, more clarity on Trump’s tariff policy and shifting policy winds at the Federal Reserve. Coinbase stock suffers worst quarter since 2022Coinbase stock, which has long been considered an important bellwether for the crypto industry, plunged by 33% in the first quarter despite reporting strong business fundamentals and a solid revenue outlook. As Cointelegraph reported, it was the worst quarterly decline since the FTX exchange collapse in late 2022.Like other crypto-native businesses, Coinbase’s performance languished under the pressure of Trump’s tariff war, volatile digital asset prices and the overhang of tightening financial conditions from the previous quarter.Beyond these short-term headwinds, though, Coinbase is booming. The company’s revenues more than doubled in 2024, reaching $6.6 billion. Its adjusted earnings rose to $3.3 billion, marking two consecutive years of growth. COIN stock’s volatile year so far. Source: Google FinanceTrump family backs Bitcoin mining ventureDespite fear and volatility gripping the crypto markets, Donald Trump’s family is doubling down on its long-term investments in the industry. On March 31, two of Trump’s sons, Eric and Donald Jr., announced they are backing a new crypto-mining venture called American Bitcoin. The venture is majority-owned by Hut 8, a public crypto miner. American Bitcoin “aims to become the world’s largest, most efficient pure-play Bitcoin miner while building a robust strategic Bitcoin reserve,” the announcement said.Although crypto prices are down, it’s getting harder for investors to remain bearish on the industry with the Trump family investing so heavily. The family is behind the DeFi project World Liberty Financial, which has amassed a large portfolio of digital assets that include Ether, Wrapped Bitcoin (WBTC), Aave (AAVE) and Chainlink (LINK).Tether stacks more BTCStablecoin issuer Tether bolstered its balance sheet in the first quarter by acquiring 8,888 Bitcoin, according to onchain data that was later confirmed by CEO Paolo Ardoino. The company now holds 100,521 BTC valued at roughly $8.7 billion.Tether is able to acquire Bitcoin and expand its venture capital business thanks in large part to its highly profitable stablecoin operations. The company generated $13 billion in profit last year on the back of its massive holdings of interest-bearing US Treasury bonds. Despite its success, Tether has been the subject of negative reports by the media, industry and politicians. A recent JPMorgan report argued that Tether would be forced to sell a portion of its Bitcoin holdings to comply with forthcoming US stablecoin regulations. A company spokesperson threw cold water on the conclusion, telling Cointelegraph that JPMorgan understands “neither Bitcoin nor Tether.” GameStop raises $1.5B for Bitcoin purchasesVideo game retailer turned meme stock GameStop Corporation is poised to add Bitcoin to its balance sheet after finalizing a $1.5 billion convertible debt offering.“The company expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with the Company’s Investment Policy,” GameStop said.GameStop’s board approved the plan to invest in Bitcoin last month. The approval also green-lighted the company’s acquisition of US dollar-denominated stablecoins. In addition to raising debt to buy Bitcoin, GameStop hinted at potentially using a portion of its $4.8 billion cash reserves to fund future acquisitions. GameStop shares have experienced extreme volatility since March 26, when the company first disclosed its plan to acquire BTC. Source: Google FinanceCrypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.
Price analysis 4/4: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, TON, LEO, LINK
Bitcoin (BTC) price has managed to stay above the $80,000 level as volatility wrecked US stock markets on April 3 and April 4. The failure of the bears to capitalize on the opportunity shows a lack of selling at lower levels.Risky assets were rattled after US President Donald Trump announced reciprocal tariffs on several countries on April 2. The fall in the US markets deepened on April 4 after China announced a retaliatory tariff of 34% on all imported US goods starting April 10.While several market participants are concerned about the near-term impact of tariffs, BitMEX co-founder Arthur Hayes said he loves tariffs since he expects them to be positive for Bitcoin and gold in the medium term.Crypto market data daily view. Source: Coin360On the more cautious side was market commentator Byzantine General, who said in a post on X that the cryptocurrency market’s upside would be limited due to possible tariff responses. Capriole Investments founder Charles Edwards said in his analysis that Bitcoin would turn bullish on a break and close above $91,000. If that does not happen, he anticipates Bitcoin to fall to the $71,000 zone.Could Bitcoin outperform by staying above $80,000? Will the altcoins crumble? Let’s analyze the charts of the top 10 cryptocurrencies to find out.Bitcoin price analysisBitcoin rose above the resistance line on April 2, but the long wick on the candlestick shows solid selling at higher levels. The price turned down sharply and broke below the 20-day exponential moving average ($84,483).BTC/USDT daily chart. Source: Cointelegraph/TradingViewThe bears will have to sink the price below the $80,000 support to strengthen their position. If they do that, the BTC/USDT pair could retest the March 11 low of $76,606. Buyers are expected to defend this level with all their might because a break and close below $76,606 could sink the pair to $73,777 and eventually to $67,000.The crucial resistance to watch out for on the upside is $88,500. A break and close above this level will signal that the corrective phase may be over. The pair could then start its journey toward $95,000.Ether price analysisEther (ETH) has been trading between the $1,754 support and the 20-day EMA ($1,928) for the past few days.ETH/USDT daily chart. Source: Cointelegraph/TradingViewThat increases the likelihood of a break and close below $1,754. If sellers can pull it off, the ETH/USDT pair could start the next leg of the downtrend to $1,550.A minor positive in favor of the bulls is that the relative strength index (RSI) has formed a positive divergence. That suggests the bearish momentum may be weakening. If the price rebounds off $1,754, the pair could face selling at the 20-day EMA. However, if buyers overcome the obstacle, the pair could rally to $2,111. A short-term trend reversal will be signaled on a close above $2,111.XRP price analysisXRP (XRP) bears successfully defended the 20-day EMA ($2.23) on April 2 and pulled the price to the critical support at $2.XRP/USDT daily chart. Source: Cointelegraph/TradingViewThe downsloping 20-day EMA and the RSI below 44 increase the risk of a break below $2. If that happens, the XRP/USDT pair will complete a bearish head-and-shoulders pattern. The pair has support at $1.77, but if the level gets taken out, the decline could extend to $1.27.Buyers have an uphill task ahead of them if they want to prevent the breakdown. They will have to swiftly push the price above the 50-day simple moving average ($2.37) to clear the path for a relief rally to the resistance line.BNB price analysisBNB (BNB) bulls failed to push the price back above the moving averages in the past few days, indicating selling at higher levels.BNB/USDT daily chart. Source: Cointelegraph/TradingViewThe moving averages have started to turn down, and the RSI is in the negative zone, signaling a minor advantage for the bears. There is support at the 50% Fibonacci retracement level of $575 and next at the 61.8% retracement level of $559.On the upside, the bulls will have to push and maintain the price above the 50-day SMA ($614) to signal a comeback. The BNB/USDT pair may rise to $644, which is a critical overhead resistance to watch out for. If buyers overcome the barrier at $644, the pair may travel to $686.Solana price analysisSolana (SOL) rose above the 20-day EMA ($128) on April 2, but the bears sold at higher levels and pulled the price below the $120 support.SOL/USDT daily chart. Source: Cointelegraph/TradingViewThe downsloping moving averages and the RSI in the negative territory heighten the risk of a break below $110. If that happens, the selling could intensify, and the SOL/USDT pair may plummet to $100 and subsequently to $80.The bulls are unlikely to give up easily and will try to keep the pair inside the $110 to $260 range. Buyers will have to push and maintain the price above $147 to suggest that the selling pressure is reducing. The pair may then ascend to $180.Dogecoin price analysisDogecoin (DOGE) bears thwarted attempts by the bulls to push the price above the 20-day EMA ($0.17) on April 2.DOGE/USDT daily chart. Source: Cointelegraph/TradingViewA positive sign in favor of the bulls is that they have not allowed the price to slide below the $0.16 support. A break above the 20-day EMA could push the price to the 50-day SMA ($0.19). Buyers will have to overcome the 50-day SMA to start a rally to $0.24 and later to $0.29.Alternatively, if the price turns down from the moving averages and breaks below $0.16, it will clear the path for a drop to $0.14. Buyers are expected to fiercely defend the $0.14 support because a break below it may sink the DOGE/USDT pair to $0.10.Cardano price analysisCardano (ADA) turned down sharply from the 20-day EMA ($0.69) on April 2 and closed below the uptrend line.ADA/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls are trying to push the price back above the uptrend line but are likely to face solid selling at the 20-day EMA. If the price turns down from the overhead resistance, the ADA/USDT pair could descend to $0.58 and then to $0.50.This negative view will be invalidated in the near term if the price turns up sharply and breaks above the 50-day SMA ($0.74). That opens the doors for a rally to $0.84, which may attract sellers. Related: Altcoins are set for one last big rally, but just a few will benefit — AnalystToncoin price analysisToncoin’s (TON) failure to maintain above the $4.14 resistance on April 1 may have tempted short-term traders to book profits.TON/USDT daily chart. Source: Cointelegraph/TradingViewThe TON/USDT pair broke below the 20-day EMA ($3.65) on April 3, indicating that the bullish momentum is weakening. There is support at $3.32, but if the level cracks, the pair may drop to $2.81.Instead, if the price rebounds off $3.32, the pair could attempt to form a range in the near term. The pair could swing between $3.32 and $4.14 for some time. A break and close above $4.14 will signal that the downtrend may be over. The pair could then jump to $5.UNUS SED LEO price analysisUNUS SED LEO (LEO) bears pulled the price below the uptrend line on March 2 but could not sustain the lower levels. That suggests buying at lower levels.LEO/USD daily chart. Source: Cointelegraph/TradingViewThe 20-day EMA ($9.57) is turning down gradually, and the RSI is in the negative zone, signaling a slight advantage to the bears. If the price turns down from the moving averages, the bears will make one more attempt to sink the LEO/USD pair below the $8.84 support. If they succeed, the pair may tumble to $8.Contrarily, a break above the moving averages opens the doors for a rise to the overhead resistance of $9.90. If buyers pierce the $9.90 resistance, the pair will complete a bullish ascending triangle pattern. The pair may then climb toward the target objective of $12.04.Chainlink price analysisChainlink (LINK) once again turned down from the 20-day EMA ($13.98) on March 2, indicating that the bears continue selling on rallies.LINK/USDT daily chart. Source: Cointelegraph/TradingViewThe LINK/USDT pair has strong support in the zone between $12 and the support line of the descending channel pattern. A rebound off the support zone will have to rise above the moving averages to signal a stronger recovery toward $17.50.Sellers are likely to have other plans. They will attempt to pull the price below the support line. If they can pull it off, the pair could extend the downtrend toward the crucial support at $10 and, after that, to $8.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.
First Trust launches Bitcoin strategy ETFs
First Trust Advisors has launched two Bitcoin (BTC) strategy exchange-traded funds (ETFs) designed to provide investors with Bitcoin exposure while capping losses and earning yield, the asset manager said. The move comes amid an outpouring of funds seeking to enhance Bitcoin’s appeal to traditional investors by offering tailored exposure to the cryptocurrency’s performance.The FT Vest Bitcoin Strategy Floor15 ETF (BFAP) is designed to track Bitcoin’s performance up to a capped upside while limiting drawdown risk to approximately 15%, First Trust said in an announcement.“Over the past few years, investors have shown a remarkably strong appetite for bitcoin-linked ETFs, but the potential for sharp drawdowns has kept many on the sidelines,” Ryan Issakainen, an ETF strategist at First Trust, said in a statement.First Trust launched two new Bitcoin strategy funds. Source: First TrustThe FT Vest Bitcoin Strategy & Target Income ETF (DFII) is an actively managed fund aiming to offer partial Bitcoin exposure while generating a yield that beats short-dated US Treasurys by at least 15%, according to the asset manager. The DFII fund “will seek to take advantage of bitcoin’s high volatility to generate income by selling call options,” Issakainen said. The BFAP fund also uses financial derivatives to hedge downside risk. Options are contracts granting the right to buy or sell — “call” or “put,” in trader parlance — an underlying asset at a certain price. Related: Trump-linked Strive files for ‘Bitcoin Bond’ ETFStructured Bitcoin fundsLaunched in January 2024, Bitcoin ETFs emerged as one of last year’s hottest investment products. As of April 4, spot BTC ETFs collectively manage approximately $93 billion in assets, according to data from Bitbo. Bitcoin ETFs saw outflows after US President Trump announced tariffs. Source: Farside InvestorsOther types of ETFs designed to offer tailored exposure to Bitcoin’s performance are also gaining popularity. On April 2, Grayscale — a cryptocurrency-focused asset manager — launched two Bitcoin strategy ETFs. Like First Trust’s ETFs, they use financial derivatives to optimize for downside risk management and income generation. In March, asset manager Bitwise launched an ETF holding stocks of companies with large Bitcoin treasuries. Spot BTC ETFs saw nearly $100 million in outflows on April 3 amid the heightened market volatility following US President Donald Trump’s tariff announcement of sweeping tariffs on April 2. Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29
Stablecoin firm Circle mulls IPO delay amid economic uncertainty — Report
Stablecoin firm Circle, the issuer of the USDC (USDC) dollar-pegged token, is reportedly mulling a delay of its initial public offering (IPO) plans amid the macroeconomic uncertainty created by the Trump administration’s trade policies. According to The Wall Street Journal, “Circle had been nearing its next steps in going public, but is now watching anxiously before deciding what to do,” and joins a growing list of companies considering IPO delays, including fintech company Klarna and ticketing firm StubHub.On April 1, Circle filed an S-1 registration form with the United States Securities and Exchange Commission (SEC) to take the company public in an IPO originally slated for April 2025.Circle’s S-1 form for an IPO. Source: SECThe stablecoin firm is planning to sell shares of the company under the ticker symbol “CRCL,” but Circle’s prospectus materials have not yet outlined details of the number of shares offered or the initial stock price.Circle delaying its IPO comes amid turmoil in the stock market as trillions in shareholder value dissipated following US President Donald Trump’s April 2 announcement of sweeping trade tariffs and investor fears that a protracted trade war could cause a global recession.Related: Trump ‘Liberation Day’ tariffs create chaos in markets, recession concerns
Codex to build stablecoin-only blockchain, disavowing ‘general-purpose’ chains — Report
Blockchain startup Codex has raised $15.8 million to build a layer-2 network specifically for stablecoins, signaling that more builders are rushing to capitalize on the growing industry and regulatory alignment around fiat-backed stable assets. The seed round was led by Dragonfly Capital, with additional participation from Coinbase, Circle, Cumberland Labs, Wintermute Ventures and others, Codex told Fortune. The funding will be used to help Codex build its stablecoin-only platform from the ground up, said co-founder and CEO Haonan Li.Source: Victor YawCodex has disavowed “general-purpose blockchains” because of their inefficiencies in meeting real-world use cases, said Li. Instead, Codex is building a stablecoin-only chain on top of Optimism, an Ethereum layer-2 scaling solution that uses rollup technology to boost transaction speeds and lower costs.Although details about the Codex chain were sparse, Li said the stablecoin solution aims to create a predictable fee structure that isn’t influenced by volatile blockchain activity. Codex is also aiming to build stablecoin off-ramps with existing cryptocurrency exchanges and local brokers, which would allow users to cash out their onchain assets for fiat. Related: Stablecoin adoption grows with new US bills, Japan’s open approachThe stablecoin “hunch” In 2023, Li had a “hunch” that stablecoins would be the next major blockchain growth story, which at the time “was a pretty contrarian view among these core crypto people,” he told Fortune. Codex co-founder Victor Yaw said the stablecoin market has grown 60 times in the last six years, but still only accounts for less than 2% of offshore US dollar deposits. “We haven’t even scratched the surface,” he said.Stablecoin demand has shown signs of resilience, growing in the face of adverse crypto market conditions. Although crypto markets plunged in the first quarter, stablecoin supplies increased by $30 billion during that period, according to crypto intelligence firm IntoTheBlock. The total stablecoin market capitalization now sits at nearly $230 billion. The vast majority of stable assets are backed by US dollars. The stablecoin circulating supply has grown by nearly 3% over the past 30 days. Source: RWA.xyzCodex isn’t the only stablecoin network to emerge from stealth this year. In January, a layer-1 network called 1Money raised $20 million to further develop its stablecoin payment platform. 1Money’s founder and former Binance.US chief Brian Shroder told Cointelegraph that the future of stablecoins will be “multicurrency,” with stable assets extending beyond the dominant US dollar. Growth beyond the US dollar will likely be fueled by “demand for localized stablecoin financial solutions and use cases,” said Shroder. Related: ‘We’re bullish on stablecoins,’ next-gen DeFi — Coinbase Ventures head