About one in four crypto tokens launched since 2021 have failed in the first quarter of this year amid a crypto market downturn and token creation becoming easier than ever, says crypto data platform CoinGecko.

Since 2021, nearly 7 million cryptocurrencies have been listed on CoinGecko’s token tracking tool GeckoTerminal, and over half, or 3.7 million tokens, “have since stopped trading and are considered failed,” CoinGecko research analyst Shaun Paul Lee said in an April 30 report.

“Alarmingly, the first quarter of 2025 alone saw the collapse of 1.8 million tokens,” he added, which is “the highest number of failures recorded in a single year.” It also comprises just under half of all failures and represents a quarter of all tokens launched since 2021.

CoinGecko recorded tokens with at least one trade before going defunct and only Pump.fun tokens that graduated, or completed the token creation platform’s bonding curve.

There are more crypto tokens than ever, but many are failing to survive in the long term. Source: CoinGecko

Lee linked the recent token die-off to “broader market turbulence” after Donald Trump’s inauguration in January, which saw Bitcoin (BTC) hit a peak high but was followed by a sharp downturn in the crypto market.

More crypto tokens used to survive 

Last year saw the second-highest number of token failures at 1.3 million, and in comparison, Lee said that the three previous years had a much lower attrition rate.

Lee attributed the ballooning number of tokens and their failures to the token creation tool Pump.fun, “which simplified the process of creating tokens, leading to a flood of memecoins and low-effort projects entering the market.”

Pump.fun went online in January 2024. CoinGecko’s report shows that last year had the largest number of new crypto tokens with over 3 million launched, compared to 2023, which saw just over 835,000.

“Before the launch of Pump.fun in 2024, cryptocurrency failures numbered in the low six digits. Project failures between 2021 and 2023 made up just 12.6% of all cryptocurrency failures over the past five years,” Lee said.

Prior to 2024, crypto token failure rates were relatively low. Source: CoinGecko 

Pump.fun’s graduation rate, where token trading moves off the site, has never been particularly high, with roughly 98% of tokens failing. 

The platform’s best-performing week so far was in November 2024, when 1.67% of memecoins moved on to the open market.

Related: AI tokens, memecoins dominate crypto narratives in Q1 2025: CoinGecko

CoinGecko founder Bobby Ong said in a March 6 report that memecoin investor interest appears to have cooled after a series of bad launches, noting the fallout from the Libra (LIBRA) token launch.

Pump.fun had a weekly trading volume high after the launch of Trump’s memecoin on Jan. 18, but both crypto and stock markets were hit with extreme volatility starting in March following Trump’s threats of sweeping tariffs.

Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge

Key takeaways:

XRP ETF approval odds rise to 85% following a SEC leadership change.

Analysts predict XRP could rise to new all-time highs again in 2025.

XRP price dropped by 5% over the past 24 hours as US GDP data showed a shrinking economy.

However, a strengthening market structure and investors’ growing hope for a spot XRP ETF approval in the United States suggest that the altcoin might revisit its April peak at $2.36 in the short term. 

XRP/USD daily chart. Source: Cointelegraph/TradingView

Technical charts currently show XRP (XRP) trading within a falling wedge pattern. A “falling wedge” is a bullish reversal chart pattern that comprises two converging trend lines that connect lower lows and lower highs. This convergence indicates weakening downward momentum. 

The pattern will resolve when the price breaks above the upper trendline at $2.40, and if this happens, buyers could target $3.74 next, representing a 71% increase from the current price.

XRP/USD daily chart. Source: Cointelegraph/TradingView

The relative strength index (RSI) is above the midline, indicating that the market conditions still favor the upside.

However, to sustain the ongoing recovery, XRP price has to first hold the support at $2.20 and then overcome the resistance between $2.80 and $3.00.

Several analysts remain optimistic about the altcoin’s ability to rebound to all-time highs, with popular trader Dark Defender saying that the ongoing correction is part of an Elliott Wave pattern that will eventually see “XRP continue its climb to the top.”

Fellow trader Allincrypto believes XRP is “heading to $19.27” based on a breakout from a falling wedge pattern.

“Where we are pulling back is textbook perfect, and we had highlighted a falling wedge that was present on XRP that ultimately was just going for a continuation to $19.27.”

Related: What are XRP futures and how to invest in them?

Approval odds for an XRP ETF approval in 2025 rise

Bloomberg senior ETF analysts said that the five spot XRP ETFs, including Grayscale, 21Shares, WisdomTree, Bitwise, Canary, and Franklin Templeton, have an 85% chance of approval after the change in leadership at the US Securities and Exchange Commission (SEC).

This is a significant improvement from their prediction over two months ago that set the chances of an XRP approval in 2025 at 65%.

Source: Eric Balchunas

Similarly, the betting odds for an XRP ETF approval by Dec. 31 now stand at 80% on Polymarket. Over the past week, the probability of approval has swung 17% in favor of the bullish masses, which was around 63% on April 23.

XRP ETF approval odds on Polymarket. Source: Polymarket

Meanwhile, on April 29, the SEC postponed its decision on Franklin Templeton’s spot XRP ETF, setting a new review deadline on June 17.

The approval of these ETFs could unlock institutional capital, amplifying demand for the XRP. While approval timelines remain unclear, they would mark a step toward mainstream adoption for XRP.

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.

Trading platform Robinhood has still managed to beat Wall Street estimates as its first-quarter revenues fell and its crypto trading volume cooled from a record high in Q4.

Robinhood’s Q1 results shared on April 30 show revenues fell 8.6% from the previous quarter to $927 million, topping Zacks analyst estimates by 3.16%.

The company’s crypto revenue plummeted nearly 30% quarter-on-quarter to $252 million from the firm’s record-setting Q4 2024.  

The drop could be partly attributed to the Trump administration’s tariffs, which triggered an 18% fall in the crypto market cap over the quarter.

Crypto trading volume on Robinhood also fell 35% over Q1 compared to the fourth quarter of 2024, which the firm attributed to a 10% drop in customer trades placed and a 27% fall in average notional volume per trade.

Robinhood CEO Vladimir Tenev said on an earnings call that crypto trading volumes would continue to fluctuate, but the firm is more focused on capturing as much market share as possible.

Despite the fall from last quarter, Robinhood’s crypto revenue rose 100% from the same quarter a year ago, while trading volumes jumped 28% over the same period.

Robinhood’s quarterly revenues by segment since Q1 2023. Source: Robinhood

The firm also added $500 million to its now $1.5 billion buyback authorization program, aimed at boosting shareholder value and confidence in the firm’s financial health. The company has bought back $667 million worth of shares so far.

Shares in Robinhood (HOOD) rose 1.51% in after-hours trading on April 30 to $49.85 since the firm disclosed its Q1 results, Google Finance data shows. 

Tenev said Robinhood’s $200 million acquisition of Bitstamp crypto exchange is still looking likely to receive regulatory approval in the middle of 2025, which would enable it to serve institutional investors in the US.

Regulatory pressure also eased for Robinhood in Q1 after the Securities and Exchange Commission closed its investigation into the firm’s crypto business on Feb. 21.

Crypto tokenization remains a key focus for Robinhood

Tenev said Robinhood is still exploring integrating crypto tokenization into the company’s services.

Tokenizing private equities is a “huge unlock” for both individuals and companies that can solve a lot of problems in secondary market transactions, he said.

Related: Ripple $4B-$5B bid to purchase Circle rejected — Report

“I think that will unlock a ton of economic value for the crypto industry in the US,” Tenev said. 

The Robinhood CEO previously said crypto tokenization could let investors buy tokenized shares in big-name private firms like OpenAI and SpaceX within minutes.

“That’s been kind of our primary policy objective in Washington when it comes to crypto,” Tenev said.

Magazine: ZK-proofs unlock trillions in Bitcoin for DeFi — BitcoinOS and Starknet

Key points:

Solana held the $140 support level for a week, a first in more than two months, highlighting traders’ growing confidence.

SOL futures open interest hit $5.75 billion on April 30, showing strong institutional interest.

With rising DEX volumes and a $9.5 billion TVL, SOL could rally to $200 before a potential spot ETF approval on Oct. 10.

Solana’s native token, SOL (SOL), fell 4% between April 29 and April 30 after failing to sustain the $150 level. Despite this short-term decline, traders seem more confident as the $140 support remained intact for a whole week, an outcome that hadn’t happened in over two months. 

As demand for leveraged SOL positions reached near record highs on April 30, traders are now reconsidering the chances of a SOL rally above $200.

Solana futures aggregate open interest, SOL. Source: CoinGlass

SOL futures open interest climbed to 40.5 million SOL on April 30, marking a 5% increase from the previous month and nearing its all-time high. In dollar terms, this represents $5.75 billion in futures positions, ranking third in the cryptocurrency market and over 50% higher than the demand for XRP derivatives. This strong adoption of SOL derivatives points to growing institutional interest.

Data shows increased demand for bearish leveraged SOL positions

Traders often believe that increased demand for SOL futures signals rising optimism. However, since longs (buyers) and shorts (sellers) are always matched, a rise in open interest does not necessarily indicate a bullish outlook. To better understand leverage demand in SOL futures, one can look at the funding rate for perpetual contracts.

ETH perpetual futures 8-hour funding rate. Source: Laevitas.ch

Currently, the funding rate on SOL perpetual futures is negative, which shows more demand for bearish positions. The last period of moderate optimism ended on April 25 after a failed attempt to break above $156. The lack of bullish leveraged positions may be partly due to the 43% price gain SOL saw in the three weeks from April 8 to April 29.

A $200 target for SOL may seem ambitious, but the token was trading near $195 in mid-February, even after decentralized application volumes had dropped by 80% from their January peak. While Solana has faced criticism for its heavy reliance on memecoins, there is more to the network than just speculation on new tokens.

Total value locked (TVL) on Solana Network, USD. Source: DefiLlama

Solana ranks second in total value locked (TVL), with $9.5 billion in deposits, including liquid staking, collateralized loans, automated yield platforms, and synthetic derivatives. Several Solana decentralized applications are among the top fee earners, with Meteora collecting $19.1 million in seven days, followed by Pump-fun with $18.6 million and Juto with $14.6 million.

Solana network dominates volumes on decentralized exchanges

Since April 14, Ethereum’s average base layer transaction fee has been $0.65 or less, yet Solana’s decentralized exchanges have seen nearly 90% higher trading volumes. Even when including the entire Ethereum layer-2 ecosystem, Solana led the past week with $21.6 billion in decentralized exchange activity.

Decentralized exchange volumes, 7-day market share. Source: DefiLlama

Positive highlights from the Solana network include an 87% weekly increase in Raydium’s volumes and a 58% rise in Meteora activity. So, even if demand for bullish leveraged positions stays flat, SOL’s price could eventually reflect the improved onchain metrics.

Related: More than 70 US crypto ETFs await SEC decision this year

From a trading perspective, SOL could also benefit from the possible approval of a spot Solana ETF in the United States. Analysts believe the final deadline for the US Securities and Exchange Commission’s decision is Oct. 10, with a 90% chance of approval. Still, SOL might rally above $200 before this event, as the network is well-positioned to attract new retail investors.

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.

Key takeaways:

Traders remain cautious about ETH’s price action, but optimistic sentiment is beginning to return.

The May 7, Ethereum Pectra upgrade could boost investor sentiment, but ETH’s price action shows investors are still hesitant to open new positions.

Ether (ETH) has been trading below $1,900 since March, leading investors to question whether the failed attempt to reclaim $4,000 in December 2024 signaled the end of an era for the leading altcoin. Concerns continue to mount as derivatives market data shows that professional traders remain cautious about ETH’s price outlook. 

ETH monthly futures should trade at a premium of 5% or more compared to spot markets to compensate for the longer settlement period, but this indicator has held below the neutral threshold.

Ether 3-month futures annualized premium. Source: Laevitas.ch

Part of the lack of enthusiasm stems from disappointment with the United States government, as Ether was classified alongside other altcoins in the “Digital Asset Stockpile” Executive Order on March 6.

The Trump administration decided that only Bitcoin (BTC) was significant enough to be included in its own “Strategic Reserve.” In practical terms, altcoins already held by the government could be retained, but not newly acquired.

Ether’s market cap falls below its top four rivals 

For the first time ever, in April 2025, Ether’s market capitalization dropped below the combined value of its four largest competitors: Solana (SOL), BNB, Cardano (ADA), and Tron (TRX).

Ether market cap vs. the sum of SOL, BNB, ADA, TRX. Source: TradingView / Cointelegraph

After rebounding from lows near $1,400, Ether’s total market capitalization now stands at $217 billion, which is enough to surpass the combined value of its four main competitors.

However, unless Ether consistently outperforms these rivals, sentiment is unlikely to improve. Some traders have high hopes for the upcoming Pectra network upgrade, but current derivatives data does not reflect a bullish outlook.

Ether’s decline has also coincided with weak demand for the Ethereum spot exchange-traded fund (ETF) in the United States. Institutional interest was lacking, despite ETH’s price rising from $2,400 to $4,000 between October and December 2024. In contrast, Bitcoin ETFs saw assets more than double, growing from $50 billion in October 2024 to $110 billion currently.

Ethereum leads in TVL, but there’s a catch

Although Ethereum remains dominant in terms of total value locked (TVL), it has struggled to match Solana’s integrated user experience or Tron’s dominance in the stablecoin sector.

Traders appear uninterested in Ethereum’s higher decentralization or improved security, especially for activities involving frequent deposits and withdrawals, where layer-2 solutions provide limited benefits.

The absence of demand for leveraged bullish ETH positions does not necessarily mean that professional traders expect further price declines. If whales and market makers were unwilling to offer downside protection, this would be reflected in the ETH options markets, signaling increased risk of a market downturn.

ETH 30-day options skew (put-call) at Deribit. Source: Laevitas.ch

Contrary to some expectations, put (sell) options are trading at levels similar to call (buy) options. Notably, professional traders are now more comfortable with downside risks than they were two weeks ago.

While ETH derivatives are not signaling strong bullish sentiment, they also do not suggest that professional traders are worried about further declines at current price levels.

Related: 3 Ethereum charts flash signal last seen in 2017 when ETH price rallied 25,000%

There is a chance that the upcoming Pectra network upgrade could positively affect Ether’s price. Scheduled for May 7, this event might renew investor interest in the project by closing the gap with some of its competitors.

Staking mechanisms designed for institutional investors could result in more ETH being locked in validator nodes, reducing the circulating supply. Historically, Ethereum upgrades have often been associated with brief spikes in ETH’s price.

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.

Binance co-founder and former CEO Changpeng “CZ” Zhao took the stage at Token2049 in Dubai, United Arab Emirates (UAE), where he told the audience that his investment in social media platform X was aimed at protecting freedom of speech.

The former Binance executive joined a fireside panel with macroeconomic analyst Raoul Pal to discuss the rationale behind his 2022 investment in X and artificial intelligence. Zhao said:

“I think freedom of money is important, but to have freedom of money, you have to have freedom of speech. Freedom of speech is kind of the bottom line. If you don’t have that, nothing — no other freedom — works.”  

“So, when we invested in Twitter back then, it was based on that philosophy,” Zhao continued.

The former Binance CEO also criticized Europe’s crypto policies, characterizing them as dead in the water compared to more pro-business jurisdictions like the United Arab Emirates (UAE), as he advocated for greater financial autonomy and personal liberties.

Macroeconomic analyst Raoul Pal and Changpeng Zhao at the Token2049 event. Source: Cointelegraph

Related: CZ aims to teach 1 billion kids through Giggle Academy — Token2049

CZ sees potential in X, but issues persist

In October 2022, Zhao announced that crypto exchange Binance had invested $500 million into Elon Musk’s takeover of Twitter, now known as X.

The crypto exchange was one of 19 co-investors in the deal, which also included firms such as Sequoia Capital Fund and Fidelity Management.

At the time of the investment, the former Binance CEO said that while “the platform has huge value, in itself,” it faced several issues, including monetization problems, spam bots, development issues, and scam accounts targeting users with the goal of stealing funds.

Zhao urged Elon Musk to ban bots on X in March, a problem that persists on the platform, particularly impacting the cryptocurrency community on the platform to promote fake tokens, scam users, or spam the site with promotional content.

Despite these issues, Zhao expressed hope that Binance could help the social media site integrate into Web3 by facilitating crypto payments in the near future.

Magazine: ‘China’s MicroStrategy’ Meitu sells all its Bitcoin and Ethereum: Asia Express

Key takeaways:

Bitcoin bulls are attacking the $95,000 level again after today’s brief US GDP-induced sell-off.

Traders are semi-agnostic to negative US economic data as they expect the Federal Reserve to resume easing and rate cuts at some point in the future.

Bitcoin (BTC) price knocks on the door of $95,000 after starting the NY trading session with a slight sell-off to $92,910 following alarm-raising US GDP data, which showed the economy shrank in Q1 2025. The move mirrors a similar recovery seen in the DOW and S&P 500, which bounced 0.35% and 0.15% respectively at the closing bell. 

The quick recovery in Bitcoin price highlights the strong bid by a variety of market participants, and it lines up with the view that the April 30 GDP data could be a one-off event resulting from businesses ramping up their imports ahead of President Donald Trump’s tariffs on about 90 countries. 

While a shrinking economy and record-low consumer confidence are valid concerns for TradFi investors, the threat of a US recession also plays into crypto traders investment thesis which predicts that a variety of negative economic events will eventually force the Federal Reserve to cut rates and issue more dollars — a maneuver which historically has benefitted Bitcoin price.

Current odds of a Fed interest rate cut have increased this week, from 59.8% on April 29 to 63.8% on April 30. 

Fed target rate probabilities for June 18 Fed meeting. Source: CME FedWatch

According to popular X trader Skew, the bounce in Bitcoin and US stocks was partially driven by “pretty solid revenue beats from big US companies so far,” which could also “bolster some confidence in risk.” 

BTC/USD chart. Source: Skew / X

The trader also said: 

“Spot flow [was] primarily driven by passive buyers today, and price lifted with taker bid. Funding rate normalizing now after some shorts closing out.” 

Related: Bitcoin price consolidation likely as US Core PCE, manufacturing, and jobs reports print this week

Currently, $95,500 is the key level traders are watching, and many analysts believe that a sustained push through the resistance zone opens the door for a swift move back to $100,000.

It’s possible that the May 2 jobs report, which will show how many jobs were added to the US economy in April, could have a slight impact on the stock market and, in turn, cryptocurrencies.

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.

Key takeaways:

Bitcoin bulls are attacking the $95,000 level again after today’s brief US GDP-induced sell-off.

Traders are semi-agnostic to negative US economic data as they expect the Federal Reserve to resume easing and rate cuts at some point in the future.

Bitcoin (BTC) price knocks on the door of $95,000 after starting the NY trading session with a slight sell-off to $92,910 following alarm-raising US GDP data, which showed the economy shrank in Q1 2025. The move mirrors a similar recovery seen in the DOW and S&P 500, which bounced 0.35% and 0.15% respectively at the closing bell. 

The quick recovery in Bitcoin price highlights the strong bid by a variety of market participants, and it lines up with the view that the April 30 GDP data could be a one-off event resulting from businesses ramping up their imports ahead of President Donald Trump’s tariffs on about 90 countries. 

While a shrinking economy and record-low consumer confidence are valid concerns for TradFi investors, the threat of a US recession also plays into crypto traders investment thesis which predicts that a variety of negative economic events will eventually force the Federal Reserve to cut rates and issue more dollars — a maneuver which historically has benefitted Bitcoin price.

Current odds of a Fed interest rate cut have increased this week, from 59.8% on April 29 to 63.8% on April 30. 

Fed target rate probabilities for June 18, 2025 Fed meeting. Source: CME FedWatch

According to popular X trader Skew, the bounce in Bitcoin and US stocks was partially driven by “pretty solid revenue beats from big US companies so far,” which could also “bolster some confidence in risk.” 

BTC/USD chart. Source: Skew / X

The trader also said that Bitcoin’s, 

“Spot flow [was] primarily driven by passive buyers today, and price lifted with taker bid. Funding rate normalizing now after some shorts closing out.” 

Related: Bitcoin price consolidation likely as US Core PCE, manufacturing, and jobs reports print this week

Currently, $95,500 is the key level traders are watching, and many analysts believe that a sustained push through the resistance zone opens the door for a swift move back to $100,000.

It’s possible that the May 2 jobs report, which will show how many jobs were added to the US economy in April, could have a slight impact on the stock market and, in turn, cryptocurrencies.

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.

US-based cryptocurrency exchange Coinbase has filed an amicus brief in the country’s Supreme Court in support of a taxpayer fighting the Internal Revenue Service (IRS) gaining access to his data from a digital asset platform.

In an April 30 filing in the Supreme Court of the United States (SCOTUS), lawyers for Coinbase argued that a First Circuit Court of Appeals decision set a “dangerous precedent” for crypto users, potentially allowing the government to “trace users’ every crypto transaction in the past and monitor every crypto transaction in the future.”

The appeal to the Supreme Court stemmed from petitioner James Harper, a Coinbase user, who took legal action against the IRS after the crypto exchange was forced to turn over transaction data to the government using a sweeping “John Doe” summons in 2017.

“This case directly affects Coinbase’s interest in protecting the privacy rights of its users and in the correct application of this Court’s doctrine on constitutional guarantees against warrantless government demands for third-party service providers to surrender users’ personal information,” the brief reads.

“If the First Circuit’s ruling is allowed to stand, the Fourth Amendment will give no protection to millions of law-abiding Americans who routinely share intimate personal information with the third parties that ubiquitously store, transmit, or provide services based on that data,” it added.

April 30 Coinbase amicus brief. Source: US Supreme Court

An amicus brief is a filing in support of a plaintiff by an entity that is not directly involved. The case before the court has the potential to set significant precedents for digital privacy rights for crypto users and how the IRS will be allowed to gather data on taxpayers. Both the US District Court for the District of New Hampshire and the First Circuit have ruled against Harper’s petition, leaving the Supreme Court as his last option for an appeal.

Related: IRS crypto tax reporting rules threat to industry — Coinbase legal chief

“We believe in tax compliance, but this goes far beyond a narrow and tailored request and far beyond crypto,” said Coinbase chief legal officer Paul Grewal, in an April 30 X post. “This applies to banks, phone companies, ISPs, email, you name it […] you should have the same right to privacy for your inbox or account as you have for a letter in your mailbox. “

It’s unclear whether the court will take up the case. SCOTUS typically releases its opinions to the public in June. Since first being filed in 2020, many industry advocates have filed similar amicus briefs in support of Harper, including social media company X and the DeFi Education Fund.

Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set

US dollar-pegged stablecoins are on track to reach an aggregate market capitalization of approximately $2 trillion by 2028, according to the United States Department of the Treasury’s Q1 2025 report.

Stablecoins’ cumulative market cap currently stands at roughly $230 billion, but “[e]volving market dynamics [have] the potential to accelerate stablecoins’ trajectory to reach ~$2tn in market cap by 2028,” the Treasury said in the April 30 report. 

A stablecoin is a cryptocurrency whose value is pegged to a traditional asset like the US dollar. According to the report, such tokens are already “ubiquitously utilized as ‘cash on-chain,’ effectively serving as a new payment mechanism.”

Additionally, the emergence of “tokenized [money market funds] has recently created an alternative option to stablecoins, primarily given their yield-bearing feature,” the report reads.

Treasury on stablecoins’ impact. Source: US Treasury

Related: Stablecoins boosting demand for US T-bills: Treasury Dept

Embracing tokenization

The report is the latest example of how the US government is embracing blockchain technology, especially after US President Donald Trump commenced his second term of office on Jan. 20. 

The Treasury previously endorsed cryptocurrency in December, noting that the technology promises to create a “new financial market infrastructure,” potentially increasing global demand for US Treasury bills. US dollar-pegged stablecoins such as Tether (USDT) and USDC (USDC) invest fiat backing into yield-bearing instruments such as US Treasurys. 

“[B]ecause most stablecoin collateral reportedly consists of either Treasury bills or Treasury-backed repurchase agreement transactions, the growth in stablecoins has likely resulted in a modest increase in demand for short-dated Treasury securities,” the Treasury said in December.

The current state of stablecoins. Source: US Treasury

In its April report, the Treasury said that pending stablecoin legislation would “require stablecoin issuers to hold [short-dated] T-bills,” thus solidifying the link between stablecoin adoption and US Treasury bill demand. 

The report also noted that the proliferation of stablecoins could put pressure on retail banks to pay higher interest rates to depositors. 

As of April 25, Tether’s USDt is the dominant stablecoin, commanding approximately 66% of market share, according to a report by researcher Nansen. 

The token has a market capitalization of roughly $150 billion, according to CoinGecko. Circle’s USDC ranks second, with a market capitalization of approximately $60 billion as of April 30.

Magazine: TV hit Peaky Blinders to launch crypto game, FIFA Rivals on Polkadot: Web3 Gamer