Stablecoins are more likely to go mainstream if adopted by major technology companies, a shift Bitwise says could help push the market closer to a projected $4 trillion by the end of the decade.

Bitwise chief investment officer Matt Hougan said on Tuesday that DoorDash and Meta’s recent use of stablecoins for payments in limited projects is likely “the real killer app of stablecoins.” 

“On a relative basis, these are not a big deal. Both are pilot projects and the dollar amounts are small,” Hougan wrote. “But they’ve answered a question I’ve had about stablecoins for a long time. They’ve also increased my confidence that stablecoins will scale to trillions in assets and hundreds of millions of users.”

Multiple large non-crypto institutions have been testing stablecoin technology. Meta on Thursday launched stablecoin payouts for creators in the Philippines and Colombia, while the food delivery app DoorDash said on April 21 it would offer stablecoin payments to its users, workers and merchants.

The market value of all stablecoins is currently just under $318 billion, but Hougan said projections, such as one from Citigroup in September, say the market could grow to $4 trillion by 2030 in a best-case scenario.

Matt Hougan, pictured at Bitcoin 2026. Source: YouTube

“To get there, stablecoins will have to expand beyond their current primary use case of crypto trading and be embraced for everyday activity, like payments,” Hougan said. “To really scale to hundreds of millions of users, stablecoins are going to need the support of very large players.”

He said that the current pitch to businesses about stablecoins is that they are cheaper and faster, but another main reason multinational companies would adopt the technology is to simplify their global payments infrastructure.

Related: Stablecoin firms have a $112B additional opportunity in LATAM remittance

“Stablecoins make global payments simple,” he argued. “One wallet address, no banking infrastructure, no currency conversions. For a global business managing millions of micropayments, that type of simplicity is worth a lot.”

Companies in the US have been more confident in testing stablecoins after Congress passed the GENIUS Act last year, a bill regulating stablecoin issuers and forming a framework for how the tokens should be backed.

Visa is among the companies that have adopted stablecoins, and the payments giant expanded its pilot of the tokens on Thursday to include five more blockchains as the volume of settlements on its stablecoin settlement network has grown.

US banks have meanwhile grown wary of stablecoins and have lobbied to restrict them, arguing they compete with and threaten bank deposits, which could harm the banking system.

The Senate is shaping legislation outlining how crypto will be regulated, which currently includes a clause banning platforms such as crypto exchanges from paying rewards on idle stablecoin holdings, but allowing other forms of rewards.

However, banking groups on Tuesday argued the clause that lawmakers pitched as a compromise between crypto and banking lobbyists’ interests, did not go far enough.

Magazine: GENIUS Act reopens the door for a Meta stablecoin, but will it work?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Aave Labs has liquidated the Kelp DAO attacker’s remaining rsETH positions on Ethereum and Arbitrum, moving one step closer to fully restoring rsETH backing and compensating affected users. 

This marks a “critical step” in the “DeFi United” recovery plan, Aave posted on X on Wednesday. It added that the liquidated collateral tied to the $293 million exploit on April 18 was transferred to Recovery Guardian, a multisignature wallet managed by DeFi United. 

DeFi United is now only about 10% short of the Ether (ETH) needed to restore the Kelp DAO restaked ETH (rsETH) token, according to Thaddeus Pinakiewicz, vice president of Galaxy Digital’s research team.

The Kelp DAO exploit has been one of the most devastating crypto hacks in 2026, causing a ripple effect throughout the DeFi lending market that disrupted billions of dollars in liquidity and eroded confidence across the ecosystem.

Aave said user funds weren’t affected by the liquidations and that Aave’s insurance mechanism to provide automated protection against bad debt — Umbrella — wasn’t used.

Source: Aave

Aave said on April 28 that clearing up the hacker’s collateral on Ethereum and Arbitrum would release 13,000 Ether worth nearly $30.2 million at current prices.

Pinakiewicz, however, noted that there is another 30,765 ETH frozen by Arbitrum DAO that is in “legal limbo” after US law firm, Gerstein Harrow LLP, filed a restraining notice on Friday to prevent Arbitrum DAO from redistributing the frozen ETH. In response, Aave filed an emergency motion to vacate that restraining notice.

Meanwhile, members of Arbitrum DAO are still voting on whether to release the frozen ETH to the DeFi United fund, with over 90% of voters in favor of the proposal. Voting set to close on Friday.

Related: Three reasons why Ether price rallies fizzle near $2.4K 

DeFi United is also awaiting commitments from stablecoin issuers Circle, Ethena and Frax, as well as Kraken-built Ethereum layer 2 Ink.

Aave needs these commitments to “get it over the line and plug the hole,” Pinakiewicz said.

Aave’s TVL bleeding has stopped

Aave was hit hard by the Kelp DAO exploit, with its total value locked falling by nearly $12 billion in a week after the hacker put the stolen rsETH tokens up as collateral on its lending platform to borrow wrapped Ether, leaving more than $190 million in bad debt and triggering a wave of withdrawals.  

DefiLlama data shows that net outflows from Aave’s lending markets have eased over the past week, with the protocol’s total value locked increasing from a local low of $14.2 billion on April 26 to back above the $15 billion mark.

Aave’s change in TVL in 2026. Source: DefiLlama

Magazine: AI-driven hacks could kill DeFi — unless projects act now

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

BNY, the world’s largest custodian overseeing $59 trillion of assets, is expanding its digital asset custody business to the United Arab Emirates through local partners.

According to a Thursday press release, the global financial services giant is working with Finstreet and ADI Foundation to build regulated digital asset infrastructure anchored in Abu Dhabi Global Market (ADGM), the financial free zone in Abu Dhabi that has become a hub for crypto firms and blockchain projects entering the Middle East region.

The initiative will initially focus on custody services for cryptocurrencies including bitcoin BTC$82,164.36 and ether (ETH), with plans to later expand into stablecoins and tokenized assets, the press release said.

“The UAE is entering a new phase of financial development, characterized by deeper markets, greater digital sophistication and stronger global connectivity,” Hani Kablawi, executive vice chair at BNY, said in a statement. “With our world-class capabilities and scale across capital markets, BNY is uniquely positioned to connect traditional and digital financial ecosystems in collaboration with our clients.”

BNY’s move reflects a broader push by major financial institutions to bring blockchain technology into mainstream markets beyond crypto trading. Tokenization — the process of representing assets such as bonds, funds and equities on blockchain networks — is gaining traction as firms look for faster settlement, more efficient collateral management and lower operational costs.

The bank’s entry into the UAE also highlights how quickly the Gulf region is emerging as a center for digital asset finance. Abu Dhabi and Dubai have attracted crypto exchanges, stablecoin issuers and tokenization startups with regulatory frameworks designed to support digital assets while maintaining institutional oversight.

BNY’s involvement carries added weight because of the bank’s scale and role in traditional finance. The firm oversees about $59 trillion in assets under custody and administration, making it the world’s largest custodian bank, and was the first major U.S. global systemically important bank to launch digital asset custody services.

The UAE has also pushed deeper into state-backed digital finance initiatives. IHC and other local institutions recently unveiled plans last month for a regulated dirham-backed stablecoin aimed at government and institutional use.

Read more: BNY CEO says the future of crypto runs through big banks

Consensus Miami 2026 officially kicked off with a wave of major announcements across crypto infrastructure, stablecoins, tokenization, payments, AI, and blockchain compliance, reinforcing the industry’s continued push toward institutional adoption and real-world utility.

Several leading companies used Day 1 of the event to unveil new partnerships, acquisitions, and infrastructure initiatives aimed at shaping the next phase of digital assets and decentralized finance.

Bullish Announces $4.2 Billion Equiniti Acquisition

One of the largest announcements came from Bullish, which revealed plans to acquire global transfer agent Equiniti in a transaction valued at approximately $4.2 billion.

The deal aims to position Bullish as a major player in tokenized securities infrastructure and blockchain-native capital markets. The acquisition would combine traditional shareholder services with digital asset infrastructure, signaling increasing convergence between legacy finance and blockchain technology.

According to the announcement, the combined business intends to build infrastructure designed for tokenized equities and digital ownership management at institutional scale.

Kraken and MoneyGram Expand Crypto Cash Access Globally

Kraken and MoneyGram announced a strategic partnership designed to improve global crypto-to-cash accessibility.

The collaboration will allow Kraken users to convert digital assets into fiat currencies through MoneyGram’s international cash pickup network spanning more than 100 countries.

The move highlights growing demand for practical crypto off-ramp solutions as adoption continues expanding across emerging and developed markets alike.

Sumsub and Chainlink Launch Cross-Chain Identity Infrastructure

Compliance and identity verification remained another major theme during Day 1.

Sumsub announced a partnership with Chainlink to support privacy-preserving identity verification across multiple blockchain ecosystems.

The initiative integrates Sumsub’s KYC infrastructure with Chainlink’s Automated Compliance Engine (ACE), enabling reusable identity credentials across networks including Ethereum, Arbitrum, Avalanche, Polygon, and Base.

The solution aims to help institutional and retail participants access compliant on-chain financial services without repeatedly submitting verification information across different platforms.

OwlTing Introduces AI Agent Wallet Infrastructure

Nasdaq-listed OwlTing Group unveiled a self-custody wallet designed specifically for AI agents.

The new platform, called OwlPay Wallet Pro for Agents, is designed to allow AI assistants to manage stablecoins and execute blockchain-based transactions on behalf of users.

The company positioned the product as infrastructure for the emerging “agentic commerce” economy, where autonomous AI systems increasingly interact with financial services and payment networks.

GoMining Expands Bitcoin Utility Initiatives

GoMining made multiple announcements during the event, including plans to integrate with Babylon Labs and the launch of GoBTC.

The Babylon integration aims to enable Bitcoin holders to earn mining rewards through trustless vault infrastructure without giving up custody of their BTC.

Meanwhile, GoBTC was introduced as a payment-focused protocol intended to support instant Bitcoin transactions directly on Bitcoin’s base layer. The company stated that the protocol is designed to reduce settlement times and lower merchant processing costs compared to traditional payment systems.

Stablecoin Infrastructure Continues Expanding

Several announcements throughout the day highlighted continued momentum around stablecoin infrastructure and real-world payment adoption.

Figo launched a stablecoin-powered USD payments platform operating across more than 50 countries, targeting emerging markets where access to dollar-based financial infrastructure remains limited.

Meanwhile, Bamboo Block announced plans to accelerate stablecoin payment adoption among U.S. community banks ahead of expected regulatory developments surrounding the GENIUS Act.

Solana Trading Infrastructure Evolves

Jito Labs introduced JTX, a self-custodial trading platform built for advanced Solana traders.

The platform aims to bring professional-grade order execution and centralized exchange-style trading functionality directly on-chain while maintaining user custody of assets.

The announcement reflects growing competition among blockchain ecosystems to attract more sophisticated trading activity and institutional participation.

Consensus Miami Reflects Growing Institutional Momentum

Day 1 of Consensus Miami demonstrated how quickly the crypto industry is evolving beyond speculative trading into broader infrastructure, compliance, payments, tokenization, and enterprise applications.

Themes such as real-world assets, stablecoins, AI integration, institutional compliance, and blockchain-based financial infrastructure dominated many of the announcements across the event.

As Consensus Miami continues throughout the week, additional announcements and partnerships are expected from major players across the digital asset ecosystem.

Bitcoin BTC$82,164.36, the world’s largest digital asset by market value, has risen from roughly $63,000 to over $80,000 in the past three months, according to CoinDesk market data. And key signals that professionals watch closely are now all pointing in the same direction: $85,000.

The rally is not just about price, but about the ripples beneath the surface.

On-chain dynamics

Further gains look likely because bitcoin has topped two levels that on-chain analysts consider among the most important in the market: The True Market Mean at $78,200 and the Short-Term Holder Cost Basis at $79,100.

Here is why those numbers matter. The True Market Mean is the average price active bitcoin investors paid for the coins they currently hold. The metric doesn’t count every bitcoin ever mined, including those sitting dormant for years or lost, but focuses on coins that are actually changing hands between investors.

That makes it a cleaner estimate of the level that matters most to people that are active in the market. When bitcoin trades above it, most active investors are in profit, and when it falls below it, many are underwater. That’s why analysts use it to gauge sentiment, spot periods of market stress or euphoria, and identify potential mean-reversion zones.

Speaking of the short-term holder cost basis, it represents the average acquisition cost for people who acquired coins less than six months ago. Again, this tells us the price that matters to traders, not long-term dormant holders.

Hence, when the spot price breaks above both these levels, it is said to reflect a bullish outlook.

“Should price sustain above these two levels in the coming week, the deep value regime that persisted from early February 2026 through now would rank among the shortest episodes of its kind in Bitcoin market history,” analysts at research firm Glassnode said in a report.

“Attention now shifts to the next major resistance at the Active Realized Price near $85.2k, which tracks the cost basis of all non-dormant supply and represents the next structural threshold the market must reckon with,” they added.

As of writing, bitcoin traded near $80,800, well above the true market mean and the short-term holder cost levels.

Futures market flows

A subtle shift is underway in the futures market that could help push bitcoin higher.

The signal comes from funding rates, the small recurring payments traders make to keep leveraged futures bets open. For most of the past three months, funding rates were negative, indicating unusually heavy demand to bet against bitcoin in futures markets.

Much of that activity likely came from hedge funds and institutional traders running a popular arbitrage strategy: buying bitcoin or spot bitcoin ETFs while simultaneously shorting futures contracts. That trade created steady selling pressure in the futures market even as bitcoin rallied.

Now, funding rates have flipped back to neutral or slightly positive. That suggests many of those short positions have already been closed, removing a key source of downward pressure on the market.

It also raises the possibility of a short squeeze. If bitcoin continues rising, traders still betting against it may be forced (squeezed) to buy back futures contracts to exit their positions, which can accelerate gains.

“The flip toward neutral doesn’t invalidate the carry trade; it indicates that shorts paying for the privilege are no longer present at scale. Either funding migrates back negative as new ETF capital recreates the trade or the squeeze has further to run,” analysts at OG exchange Bitfinex said, explaining potential for more gains ahead.

Options dynamics

The third signal comes from the options market, where traders use contracts to position for or protect against price moves. Calls are bullish bets that give upside exposure if bitcoin rises, while puts are used as insurance against downside risk.

Options positioning is now set up in a way that could amplify the current move higher.

Market makers, the firms that provide market liquidity, have what’s known as “short gamma” exposure around the $82,000 level, with roughly $2 billion sitting near current prices, according to Glassnode.

Short gamma matters because it forces these dealers to hedge in the direction of the prevailing trend, which is bullish, to stay balanced.

In practice, that means as bitcoin pushes higher, dealer hedging itself can add incremental buying pressure, potentially accelerating the rally toward $85,000. Market makers make money by providing liquidity, meaning they try to stay neutral on price direction rather than betting on it.

But this cuts both ways. If the market turns lower, these same dealers would likely have to hedge in the opposite direction, selling into the decline, which can add to downside pressure.

“Short gamma means dealers are positioned in a way that forces them to hedge in the direction of the move, buying as price rises and selling as it falls. This creates a feedback loop that can accelerate price action, which helps explain the recent push toward $83K,” Glassnode explained.

Caveat

None of the things discussed above happens in a vacuum. Bitcoin still trades closely with U.S. tech stocks, so if equities suddenly turn risk-off, it can quickly slow the momentum or even pause the trend altogether.

Ether accumulation addresses are signaling a renewed wave of conviction among long-term holders as Ether approaches a fresh price milestone near $2,400. Fresh data show robust daily inflows into these wallets, alongside a sustained rise in long-term holder positions and notable growth in large-whale holdings, painting a picture of a market increasingly confident in Ethereum’s multi-year trajectory.

CryptoQuant data indicate accumulation addresses absorbed about 246,620 ETH in a single daily reading, worth roughly $592 million at prevailing prices. This activity aligns with Ethereum’s rebound from mid-2025 lows and a continued climb through 2026, a period during which long-term holders collectively expanded their stake to a record level and large holders stepped up accumulation.

According to the analytics, the total ETH held by long-term holders has surged to 25 million ETH, marking a 20.36% increase so far in 2026. The ongoing inflows have supported a broader narrative that seasoned investors are eyeing Ethereum as a structural position rather than a short-term trading vehicle.

In parallel, the debate over Ethereum’s supply dynamics has been framed by whale activity. Data show wallets holding between 10,000 and 100,000 ETH collectively control about 19.5 million ETH, while wallets with more than 100,000 ETH account for roughly 4.7 million ETH—both segments registering multi-year highs amid a 2026 rally in accumulation. This pattern mirrors a broader shift where larger holders appear to be weathering volatility with a long-run outlook in mind.

Cointelegraph noted that these shifts in balance and flow are often correlated with a rising spot-taker delta and other on-chain signals suggesting stronger demand from buyers. The report also highlighted changes in exchange balances and other metrics that have historically preceded price moves, underscoring a growing conviction among market participants.

From a risk-management perspective, the market continues to weigh how much of the current strength is sustainable against the backdrop of price dynamics that have kept liquidity concentrated around certain levels. Analysts are watching both on-chain behavior and price action as Ethereum tests a critical technical juncture that could unlock further gains or prompt consolidation.

Key takeaways

• Accumulation addresses absorbed about 246,620 ETH on a recent daily reading, equating to roughly $592 million, signaling aggressive long-term buying interest.
• Long-term holder ETH supply rose to 25 million ETH, a 20.36% increase for 2026 so far, indicating a sustained shift toward hodling among institutional and strategic investors.
• Whale wallets—those holding 10,000–100,000 ETH and those above 100,000 ETH—have expanded their combined stock to about 24.2 million ETH, with the larger cohort up about 30% year-to-date.
• Technical setup suggests a potential up-leg above key levels: a breakout above the $2,700 region could open a path toward $3,315, with broader targets above $3,000 if momentum persists and liquidity loosens at higher price bands.

On-chain momentum and the price chart

In on-chain terms, Ethereum’s accumulation pattern has matured from sporadic inflows into a steady flow that has supported a rising balance of long-term holders. As previously reported by Cointelegraph, Ether’s spot-taker activity and cumulative volume delta have shown improvements since early 2026, reinforcing the view that buyers are increasingly confidently stepping into the market rather than exiting on pullbacks.

From a chart perspective, Ether is navigating a classic setup around a horizontal trend line forming an ascending triangle near the $2,400 mark. Traders say a daily close above the 200-day exponential moving average near $2,700 would strengthen the case for a continued upturn, potentially targeting the triangle’s measured move around $3,315 — a roughly 40% gain from current levels if fulfilled.

Analyst commentary around preferred price pathways underscores a potential rally path if resistance around $2,600–$2,700 is cleared. One market observer noted, “There is almost no resistance for short positions” if Ether can breach that zone, a sentiment echoed by multiple technical reads that stress the need for a sustained close above key moving averages to confirm a trend change. A rally beyond $2,700 could invite momentum toward the $3,000–$3,315 zone, while a failure to hold above those levels could prompt a period of consolidation or a retrace toward mid-range support.

Macro-technical work from independent researchers has also framed a potential longer-term upside scenario. One analysis suggested that clearing the $2,600–$2,700 band could pave the way to a broader upside, with a path to roughly $3,000 if buyers maintain the initiative. A broader Elliott Wave view also hinted at a possible extension toward $3,500 if the $2,600–$2,700 barrier gives way, although such outcomes depend on sustained demand and a healthy liquidity backdrop.

Overall, the market is watching whether Ether can convert on-chain conviction into a decisive price breakout. If on-chain accumulation translates into sustained buying pressure, the technical setup supports a constructive trajectory toward the mid-$3,000s, while a lack of follow-through could keep Ether tethered to the current range for longer than expected.

As always, readers should treat on-chain signals as part of a broader set of inputs alongside macro liquidity and market sentiment. The evolving balance between long-term holders, whale cohorts, and price action will continue to shape Ethereum’s near-term path in the weeks ahead.

U.S. lawmakers are advancing the Clarity Act despite renewed disputes over stablecoin yield provisions and industry alignment. Banks remain divided, and lawmakers continue refining the bill while targeting approval timelines in mid-2026. Market sentiment stays firm, although political risks and regulatory differences continue shaping the debate.

Banks Clash Over Stablecoin Yield Provisions

Large U.S. banks are raising objections to revised stablecoin yield provisions within the Clarity Act. They argue the updated language still allows indirect yield mechanisms. As a result, they claim the measure does not fully address competitive concerns.

Meanwhile, smaller institutions and non-retail banks are showing broader acceptance of the revised framework. These firms see the changes as workable within current financial structures. However, divisions persist as community banks express mixed reactions.

The Independent Community Bankers of America has flagged risks tied to uneven regulatory treatment. Still, several smaller lenders support the compromise as a step forward. The disagreement highlights ongoing tension between innovation and traditional banking safeguards.

Lawmakers Push Forward Amid Industry Friction

Lawmakers continue advancing the Clarity Act despite growing industry debate over its provisions. Officials are preparing the bill for Senate markup as discussions intensify. At the same time, efforts focus on aligning different regulatory sections into one package.

Senator Bernie Moreno has indicated that progress is accelerating within congressional committees. He confirmed that lawmakers aim to finalize key elements quickly. Consequently, leadership expects movement toward a full Senate vote in the coming weeks.

Senate Banking Committee Chairman Tim Scott is working to secure unified Republican backing. This effort aims to strengthen negotiation power during bipartisan talks. Meanwhile, lawmakers continue balancing financial stability concerns with digital asset growth.

Political Risks and Market Sentiment Shape Outlook

Political dynamics remain a central factor influencing the Clarity Act’s trajectory in Washington. Analysts warn that shifts in Senate control could alter the bill’s priority status. Leadership changes within key committees may also impact their progress.

Some policymakers have historically taken a stricter stance on cryptocurrency regulation. Therefore, a shift in committee leadership could slow or redirect legislative focus. This possibility adds urgency to current efforts pushing the bill forward.

Despite these uncertainties, market sentiment remains positive toward the bill’s prospects. Prediction platforms indicate a strong likelihood of passage within the 2026 timeline. This optimism reflects confidence in continued bipartisan engagement and regulatory clarity goals.

The Clarity Act seeks to establish clear guidelines for digital asset markets and stablecoin operations. Lawmakers aim to reduce uncertainty while supporting financial innovation. At the same time, they are addressing systemic risks linked to digital currencies.

Stablecoin yield provisions remain a focal point due to their impact on competition and consumer protection. Banks argue that yield-bearing products could bypass traditional financial rules. Conversely, crypto firms view them as essential for product development and adoption.

The broader regulatory push follows increased scrutiny of digital assets in recent years. Authorities are working to integrate crypto into established financial systems. As a result, the Clarity Act represents a significant step toward comprehensive oversight.

Lawmakers continue refining the bill while managing competing interests across industries. Although disagreements persist, momentum behind the legislation remains steady. The coming weeks are expected to determine whether consensus can translate into formal approval.