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Despite growing competition from emerging issuers, the stablecoin market remains largely dominated by a few key players. According to data from Web3 research firm Nansen, Tether’s USDt continues to lead among US dollar-pegged stablecoins, even as competition intensifies.As of April 25, Tether (USDT) has a roughly 66% market share among stablecoins, compared to around 28% for USDC (USDC), Nansen said in the April 25 report. Ethena’s USDe stablecoin ranks a distant third, touting a market share of just over 2%. Nansen expects Tether’s lead to endure even as rivals such as USDC clock faster growth rates. “With nearly 3x as many users as Uniswap and 50+% more transactions than the next app, Tether is by and far the largest use case of onchain activity,” Nansen said.“Despite the potential dispersion in stables, we inevitably believe this is a ‘winner-takes-most’ market dynamic,” the Web3 researcher added. Tether has 66% of stablecoin market share. Source: NansenTether is also the most profitable stablecoin issuer, clocking nearly $14 billion in 2024 profits. The company earns revenue by accepting US dollars to mint USDT and subsequently investing those dollars into highly liquid, yield-bearing instruments such as US Treasury bills. “Given the growth of USDT and USDC, the users are clearly expressing that they do not necessarily care about the yield as they are forgoing it to Tether and Circle -they simply want access to the most liquid and ‘stable’/ least-likely-to-depeg stablecoin out there,” Nansen said.USDC has seen faster growth than USDT since November. Source: NansenCompetitive landscapeAdoption of USDC has accelerated since November, when US President Donald Trump’s election victory ushered in a more favorable US regulatory environment for crypto, Nansen said. Circle’s US-regulated stablecoin has been “particularly attractive to institutions requiring regulatory clarity,” the report said. But USDC now faces “intensifying competition as major traditional financial institutions (i.e., Fidelity, PayPal, and banks) enter the market,” Nansen said, adding that stablecoins, including PayPal’s PYUSD and Ripple USD, are “rapidly gaining traction.” On April 25, payment processor Stripe tipped plans to create a new stablecoin product of its own after buying stablecoin platform Bridge last year. Despite its smaller market share, Ethena’s yield-bearing USDe stablecoin remains “competitive on most fronts moving forward,” partly because of integrations across centralized exchanges (CEXs) and decentralized finance (DeFi) protocols, the report said.Since launching in 2024, Ethena’s stablecoin has generated an average annualized yield of approximately 19%, according to Ethena’s website. Magazine: Bitcoin payments are being undermined by centralized stablecoins

Lawmakers in the Arizona House of Representatives have voted to pass two bills that could allow the state to adopt a reserve using Bitcoin (BTC) or other cryptocurrencies.In a third reading on April 28 of the Senate Bill 1025 (SB1025), a proposal to amend Arizona’s statutes to allow for a strategic BTC reserve, 31 members of the Arizona House voted in favor of the bill, with 25 opposed. A similar bill, SB1373, to establish a state-level digital assets reserve, passed with 37 lawmakers in favor and 19 voting nay.“This bill basically takes the approach that probably 15 other states are considering the same legislation nationwide that allows the treasurer to invest up to 10% into, probably mainly Bitcoin but other things as well,” said State Representative Jeff Weninger on SB1025. “I think this probably would start as a ‘may’ for the foreseeable future, but as things continue to pivot towards Bitcoin and these things, would have that already in place in the future.”Voting for SB1025 in the Arizona House of Representatives on April 28. Source: Arizona State LegislatureThe approvals bring the bills closer than any other state-level initiative in the US to getting a cryptocurrency or Bitcoin strategic reserve signed into law. Similar legislation proposed in New Hampshire passed the state’s House in April and is expected to head to the Senate for a full floor vote soon.Related: Bitcoin reserve backlash signals unrealistic industry expectationsArizona Governor Katie Hobbs announced on April 17 that she intended to veto any bill until lawmakers had a “serious, bipartisan funding solution that protects healthcare for Arizonans with disabilities.” However, with the passage of such legislation on April 24, the governor could be more open to signing SB1025 or SB1373 into law.This is a developing story, and further information will be added as it becomes available.

Massachusetts Senator Elizabeth Warren has called on government officials to address questions related to US President Donald Trump’s memecoin and his media company.In an April 25 letter to Jamieson Greer, acting director of the US Office of Government Ethics (OGE), Warren, a Democrat from Massachusetts and California Democratic Senator Adam Schiff requested that officials address concerns about Trump’s memecoin after the president announced a dinner and White House tour for some of the individuals who held the most TRUMP tokens. The two senators requested that Greer provide information on safeguards and guidelines related to whether foreign actors and others could buy political influence with the president, potentially impacting his policy positions and federal pardons.“President Trump’s announcement promises exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures,” wrote the two senators. “In promising such access, this proposition may implicate several federal ethics laws and constitutional prohibitions, including the federal bribery statute and emoluments clauses of the US Constitution. It also raises the troubling prospect that foreign actors are using the memecoin as a vector to buy influence with President Trump and his associates without needing to disclose their identities publicly.”April 25 letter from Sens. Warren and Schiff to OGE. Source: Sen. SchiffThe letter was sent the same day Warren reportedly expressed similar concerns about Trump’s potential conflicts of interest with the US Securities and Exchange Commission (SEC). According to an April 25 Reuters report, the Massachusetts senator urged SEC Chair Paul Atkins to ensure that oversight of Trump’s media company was “free from undue political interference and influence from the President and his administration.”Related: Trump’s WLFI crypto investments aren’t paying offThough ranking member of the Senate Banking Committee, Warren does not have the authority to direct Congress’s agenda with Democrats in the minority. Two Democrats in the Senate and House of Representatives have already called for Trump’s impeachment over his memecoin dinner.Warren added:“The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President’s own financial gain.”At the time of publication, it was unclear who among the top TRUMP memecoin holders would attend the dinner, scheduled to be held on May 22 at Trump’s golf club in Washington, DC. Speculation and analysis of users suggested that Trump supporters, including Tron founder Justin Sun, Tesla CEO Elon Musk, and others, could attend, though none had been confirmed as of April 28.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Crypto users betting on the outcome of the snap election to determine the next Prime Minister of Canada appear to be favoring a Liberal Party victory as residents head to cast their votes.As of April 28, cryptocurrency betting platform Polymarket gave current Canadian Prime Minister and Liberal Party candidate Mark Carney a 79% chance of defeating Conservative Party candidate Pierre Poilievre in the race for the country’s next PM. Data from the platform showed users had poured more than $75 million into bets surrounding the race, predicting a Poilievre or Carney victory.Polymarket chances favor the Liberal Party’s Mark Carney over the Conservative Party’s Pierre Poilievre to be the next Canadian Prime Minister. Source: PolymarketThe odds suggested by the platform, as well as those from many polls, show a nearly complete reversal of fortunes between the two candidates after former Prime Minister Justin Trudeau resigned in January. Trudeau and, by association, many in the Liberal Party, faced criticism over the handling of Canada’s housing crisis and questions about how he would face US President Donald Trump’s then-proposed tariffs.Following Trudeau’s resignation, Trump stepped up rhetoric disparaging Canada, repeatedly referring to the country as the US’s “51st state” and Trudeau as its “governor.” The US President also imposed a 25% tariff on goods imported from Canada in March. The policies seem to have led to increasing anti-Trump sentiment in Canada, with many residents booing the US national anthem at hockey games and making comparisons between the president and Poilievre.This is a developing story, and further information will be added as it becomes available.

Coinbase, the world’s third-largest cryptocurrency exchange by volume, is launching the Coinbase Bitcoin Yield Fund on May 1, aiming to offer Bitcoin (BTC) exposure for institutional investors outside the US.The fund targets an annual net return of 4% to 8% on Bitcoin holdings, according to an April 28 blog post by Coinbase.“To address the growing institutional demand for bitcoin yield, Coinbase Asset Management is excited to introduce the Coinbase Bitcoin Yield Fund (CBYF),” the company wrote.The fund is backed by multiple investors, including Aspen Digital, a digital asset manager based in Abu Dhabi and regulated by the Financial Services Regulatory Authority. Coinbase introduces a Bitcoin yield-bearing fund. Source: CoinbaseRelated: Michael Saylor hints at Bitcoin purchase as whales stack aggressivelyThe yield will be generated through a cash-and-carry strategy, through the difference between spot Bitcoin prices and derivatives.Unlike Ether (ETH) and Solana (SOL), Bitcoin holders can’t generate passive income through staking — a gap the fund is aiming to fill, according to the announcement:“Bitcoin yield funds have emerged to address this limitation, but these funds generally require institutional allocators to take on significant investment and operational risk.”The new fund seeks to lower the investment and operational risks typically associated with Bitcoin yield products, which Coinbase says will better align with the risk appetite of institutional investors.Related: Stacks Asia expands Bitcoin initiatives with Abu Dhabi partnershipBitcoin momentum mainly driven by institutional interestCoinbase cited growing institutional crypto adoption as the reason behind the launch of the funds, which may have been the reason behind Bitcoin’s significant price recovery over the past week.Bitcoin rose by more than 9% in the week leading up to April 28, bolstered by exchange-traded fund (ETF) inflows, which recorded their second-highest week of inflows at over $3 billion, Farside Investors data shows.Bitcoin ETF Flow, USD, million. Source: Farside InvestorsBitcoin’s recovery to $94,000 was mainly supported by growing “ETF inflows and corporate buying,” amid lagging retail interest, Ryan Lee, chief analyst at Bitget Research, told Cointelegraph, adding:“Retail interest may surge if Bitcoin breaks $100,000, fueled by media hype and FOMO. Monitor the $94,000–$95,000 resistance for potential retail re-engagement.”On April 21, BitMEX co-founder Arthur Hayes predicted that this might be the “last chance” to buy Bitcoin below $100,000, as the incoming US Treasury buybacks may signal the next significant catalyst for Bitcoin price.Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8

The Stacks Asia DLT Foundation has become the first Bitcoin-based organization to establish an official presence in the Middle East, aiming to promote institutional Bitcoin adoption through expanded educational initiatives.Stacks Asia has partnered with the Abu Dhabi Global Market (ADGM) — one of the world’s fastest-growing financial centers — in a move that could boost the adoption of its Bitcoin (BTC) layer-2 (L2) solution in the Middle East and Asia.The new partnership will play a “pivotal role” in shaping the future of Bitcoin’s “programmability and adoption” in these regions through educational programs and support for Bitcoin builders, according to an April 28 announcement shared with Cointelegraph.Through the collaboration, Stacks and the ADGM aim to make it easier for institutions and investors to participate in the growing Bitcoin economy and help set “new standards for regulatory clarity and technical growth” for the rising global Bitcoin capital, according to Kyle Ellicott, executive director at Stacks Asia DLT Foundation.Stacks Asia DLT partners with ADGM. Source: Stacks Asia DLT FoundationRelated: Crypto options desk QCP Capital wins Abu Dhabi license: Report“Stacks and ADGM are a powerful combination for accelerating Bitcoin adoption across the Middle East and Asia,” Ellicott told Cointelegraph, adding:“ADGM has established itself as a world-class global financial hub at the heart of the United Arab Emirates, known as the ‘Capitol of Capital,’ where capital and innovation are brought together to shape the future financial landscape.”“We’ll be working to enable the launch of educational programs, regional developer communities, and create opportunities for the real-world adoption of Bitcoin-powered applications,” he said.Starting in May, the foundation will host a series of live and virtual events to “empower institutions” with the knowledge to integrate Bitcoin into their operations and learn about the “opportunity of productive Bitcoin capital,” Ellicott added.Related: Nomura crypto arm Laser Digital bags Abu Dhabi licenseStacks Foundation pushing for a “progressive” regulatory environment worldwideAs the leading Bitcoin scalability solution, Stacks is also pushing for progressive global regulations that will cement Bitcoin’s role in the future of the financial landscape.“We’re not just focused locally — our team is engaged in global conversations, advocating for frameworks that balance decentralization, security, innovation, and compliance surrounding the unlocking of Bitcoin capital,” Ellicott said.A key part of the strategy involves knowledge sharing with local regulatory bodies to build understanding among government officials about Bitcoin’s characteristics and potential economic impact.The foundation is also developing the Bitcoin Capital Activation Framework, described as a comprehensive policy blueprint to help regulators enable Bitcoin utility in their jurisdictions. The Stacks Foundation will also launch the Bitcoin Policy Bridge in May, a working group uniting regulators from all key jurisdictions across the Middle East and Asia.In February, ADGM signed a memorandum of understanding with the Solana Foundation to advance the development of distributed ledger technology.Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19

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Cryptocurrency services platform Nexo announced that it is reentering the US market after facing previous regulatory challenges.According to an April 28 announcement, Nexo’s reentry event featured Donald Trump Jr., who said that he thinks “crypto is the future of finance,” adding:“We see the opportunity for the financial sector and want to ensure we bring that back to the US.”Trump Jr. also emphasized the need for a regulatory environment that supports the cryptocurrency industry. He said that “the key to everything crypto is going to be the regulatory framework.”Source: NexoRelated: Coinbase presses to axe rule banning SEC staff from holding cryptoNexo is back to fight where it lostNexo left the US at the end of 2022, citing a lack of regulatory clarity as the reason behind the decision. At the beginning of 2023, the firm agreed to pay a $45 million settlement to the US Securities and Exchange Commission (SEC) over its failure to register the offer and sale of securities of its interest-earning product.A month after settling with US regulators, Nexo also decided to shut down its interest-earning product to US-based customers. The product allowed users to earn daily compounding yields on certain cryptocurrencies by loaning them to Nexo.In late 2022, the California Department of Financial Protection and Innovation also filed a desist and refrain order against the same interest-earning product managed by Nexo. The regulator claimed that the product was an unqualified security, meaning a security that the government has not approved for sale in the form of an investment contract.Related: US crypto rules like ‘floor is lava’ game without lights — Hester PeirceUS SEC dances to a different tune nowThe US SEC, once viewed as the crypto industry’s primary regulatory obstacle, recently appointed Paul Atkins as chair.The change was positively commented on by crypto entrepreneurs, with Michael Saylor, the CEO of top corporate Bitcoin holder Strategy (formerly MicroStrategy), saying:“SEC Chairman Paul Atkins will be good for Bitcoin.”James Gernetzke, chief financial officer of Bitcoin and crypto wallet Exodus, said that “the promise of being able to engage with a regulator on a reasonable basis is going to be very helpful.”Nexo declined to comment further on its return to the US market.Magazine: Ripple says SEC lawsuit ‘over,’ Trump at DAS, and more: Hodler’s Digest, March 16 – 22

Caitlin Long, founder and CEO of Custodia Bank, has criticized the US Federal Reserve for quietly maintaining a key anti-crypto policy that favors big-bank-issued stablecoins, despite relaxing crypto partnership rules for banks.In an April 27 thread on X, Long explained that while the Fed recently rescinded four prior crypto guidelines, it left intact a Jan. 27, 2023, statement issued in coordination with the Biden administration.The guidance, according to Long, blocks banks from engaging directly with crypto assets and prohibits them from issuing stablecoins on permissionless blockchains.“THE FED HAS MAINTAINED A REGULATORY PREFERENCE FOR PERMISSIONED STABLECOINS (ie, big-bank versions),” Long stated.She warned that this move gives traditional financial institutions a “head start” in launching private stablecoins while the broader market waits for stablecoin legislation to pass through Congress.Caitlin Long criticizing the Fed’s preference for permissioned stablecoins. Source: Caitlin LongLong urges Congress to pass stablecoin billLong noted that once a federal stablecoin bill becomes law, it could override the Fed’s stance. “Congress should hurry up,” she urged.Beyond stablecoins, Long pointed out how the Fed’s policy hampers banks from participating in crypto markets as principals, preventing them from market-making in assets like Bitcoin (BTC), Ether (ETH) or Solana (SOL).Related: US banks are ‘free to begin supporting Bitcoin’She also noted operational challenges for banks looking to offer crypto custody services, particularly around covering gas fees for onchain transactions — a standard practice for crypto custodians but restricted under current Fed rules.Summing up her concerns, Long argued that the Fed’s decision keeps “sand in the wheels” of banks entering crypto custody, while simultaneously advancing permissioned stablecoins backed by major financial institutions.“The Fed definitely won on PR spin–its press release listed a long list of guidance it rescindedbut omitted ANY mention of the guidance it kept. That duped *a lot* of smart people, understandably,” she wrote.Related: Fed’s Powell reasserts support for stablecoin legislationSenator Lummis calls Fed’s move as “lip service”Senator Cynthia Lummis, a vocal supporter of digital assets, also condemned the Fed’s move as mere “lip service,” signaling potential legislative pushback in the near future.Lummis mentioned the Fed’s policy statement in Section 9(13), which hasn’t been withdrawn, stating that Bitcoin and digital assets are considered “unsafe and unsound.”Senator Cynthia Lummis criticizing the Fed. Source: Senator Cynthia LummisHowever, other crypto executives praised the Fed’s announcement as a positive development for the industry. Strategy’s Michael Saylor said in an April 25 X post that the Fed’s move means that “banks are now free to begin supporting Bitcoin.”Magazine: Financial nihilism in crypto is over — It’s time to dream big again