Republican Senator Thom Tillis has lifted his opposition to Kevin Warsh’s nomination as Federal Reserve chair after a federal investigation into Jerome Powell concluded.

According to a statement shared by Tillis on X, the U.S. Department of Justice has wrapped up its three-month probe into Powell over the Federal Reserve’s headquarters renovation, clearing a key hurdle that had stalled Warsh’s path forward.

“I have been clear from the start: the U.S. Attorney’s Office criminal investigation into Chair Powell was a serious threat to the Fed’s independence, and it needed to end before I could support Kevin Warsh’s confirmation,” Tillis said. 

“I welcome the inspector general’s investigation. This is a necessary and appropriate measure, and I have confidence it will be conducted thoroughly and professionally.”

Holding a seat on the Senate Banking Committee, Tillis had been in a position to delay the process through a procedural hold or by withholding support, which would have prevented the nomination from advancing to the full Senate. 

With his backing now in place, the committee is set to vote on April 29, while a full Senate vote is expected to follow, potentially during the week of May 11.

Jerome Powell’s current term is scheduled to end on May 15. If confirmed, Warsh is likely to assume the role within days, placing him at the helm of the U.S. central bank at a time when monetary policy remains closely watched across markets.

Policy outlook and crypto exposure

Attention has turned to how Warsh might steer interest rate policy and what that could mean for risk-sensitive assets, including cryptocurrencies. Known for a cautious stance on aggressive rate cuts during his time as a Federal Reserve governor, Warsh has often been viewed as hawkish, a posture that can weigh on speculative markets.

At the same time, political pressure has added another layer to expectations. U.S. President Donald Trump has repeatedly urged the Federal Reserve to lower rates, prompting questions about whether new leadership could lean in that direction. 

Warsh, however, has indicated that policy decisions would remain insulated from external influence, noting that no such pressure has been directed at him.

Financial disclosures have also drawn interest from the digital asset sector. Warsh reported exposure to more than 30 crypto-related investments, including holdings tied to Solana and activity linked to decentralized exchanges such as dYdX. 

The portfolio has led some market participants to view him as more familiar with the industry than previous candidates, even as his policy stance remains under close scrutiny.

With the confirmation process moving ahead, the focus now rests on the Senate vote and how quickly leadership at the Federal Reserve transitions once Powell’s term concludes.

Western Union is targeting May for the rollout of its USD-backed stablecoin, USDPT, as part of a broader crypto initiative that includes a digital asset network and a US dollar stablecard. During the company’s first-quarter earnings call, President and CEO Devin McGranahan framed the move as a turning point: “It is no longer a question of if Western Union will be active in digital assets, it is now how fast can we scale.” He added that USDPT is in the final stages of readiness and is expected to go live next month.

Industry observers have noted a growing appetite among traditional finance for stablecoins. In Europe, banks and corporations are increasingly selecting infrastructure partners to support stablecoin adoption, a trend underscored by comments from crypto custody provider Taurus’ co-founder about the shifting landscape for settlement and digital-asset rails.

Key takeaways

• Western Union plans the USDPT stablecoin rollout in May, positioning it as a cornerstone of its digital asset strategy alongside the Digital Asset Network (DAN) and a forthcoming US dollar stablecard.
• USDPT is to be issued by Anchorage Digital Bank and built on Solana, with the firm saying it will be accessible via exchange partners and supported by banking and financial institution partners along priority corridors.
• The company says its digital asset network will add its first partner this week, expanding a distribution channel that could reach tens of millions of crypto wallets globally.
• Stablecoins remain a dominant force in the market, with USD-denominated assets accounting for the majority of the roughly $320 billion stablecoin market, led by Tether’s USDT and Circle’s USDC.
• A stablecard allowing users to hold and spend stablecoins is planned for later this year, signaling Western Union’s intent to embed digital assets deeper into its money-movement platform.

USDPT: a foundation for Western Union’s digital payments strategy

Western Union announced USDPT last year as part of a broader push to integrate digital assets into its payments ecosystem. The company originally said USDPT would be built on Solana and issued by Anchorage Digital Bank, aiming to pair the stablecoin with the firm’s digital asset network to enable seamless use across its rails. In the latest update, McGranahan reiterated that USDPT is nearing live deployment and emphasized the plan to scale through a network of exchange partners that will facilitate access, conversion, and distribution to users, as well as direct settlement for banking and financial institution partners in priority corridors.

The aim, according to Western Union, is for USDPT to serve as a foundational asset that accelerates digital payments and settlement on its platform. By anchoring on a regulated USD-backed token and leveraging established liquidity channels, the company intends to offer an on-ramp for traditional customers into a growing digital-asset ecosystem.

Western Union’s approach reflects a broader industry pattern: a steady move by traditional players to embrace stablecoins as an enabling layer for faster, cross-border settlement and cash access. That backdrop has also been highlighted by industry observers noting that stablecoins are central to accelerating mainstream adoption across financial services and retail use cases.

For context, USD-denominated stablecoins account for the bulk of the current market, which DeFi analytics platform DefiLlama values at roughly $320 billion in total market capitalization. Tether’s USDt remains the largest with a market cap approaching $190 billion, followed by Circle’s USDC near $78 billion, while smaller entrants such as Sky Dollar sit in the low billions. These figures illustrate the scale at which Western Union’s USDPT ambitions will need to compete and coexist with established rails.

DAN and the bridge between crypto and everyday cash

McGranahan also described Western Union’s Digital Asset Network (DAN) as a bridge that will allow stablecoins and other cryptocurrencies to move through the company’s global payment network while providing access to real-world cash. He said the first partner for DAN would be announced in the current week, signaling an expansion of Western Union’s on-ramp and off-ramp capabilities for digital assets on a massive, existing distribution platform.

The DAN initiative is framed as a practical solution to a long-standing industry bottleneck: converting digital dollars into local currency at physical locations. In conjunction with Crossmint’s partnership disclosures, Western Union has previously noted that DAN would enable users to convert digital dollars into local currency at more than 360,000 collection points worldwide, broadening the reach of crypto-based payments for everyday use.

Additionally, Western Union has highlighted a growing ecosystem of partners designed to support USDPT’s adoption. In October, the company announced that USDPT would be built on Solana and issued by Anchorage Digital Bank, and that the arrangement would enable a native, crypto-enabled payments experience across its network. The emphasis on a robust partner pipeline—covering exchanges, custodians, and financial institutions—points to a strategic effort to embed digital assets into Western Union’s core money movement framework.

What to watch next for investors and users

From a market perspective, USDPT’s trajectory will hinge on how smoothly the partner network can scale access and liquidity, and how effectively the DAN can deliver a seamless crypto-to-cash experience for tens of millions of wallets. Western Union’s timeline for the May rollout will be a critical flashpoint to assess the feasibility of integrating a regulated stablecoin into a traditional payment giant’s operations at scale.

Beyond the launch, the eventual stablecard could further accelerate adoption by enabling users to hold stablecoins and spend them directly within Western Union’s infrastructure. The broader regulatory and interoperability questions—such as interoperability across blockchains, compliance controls, and consumer protections—will shape how quickly and widely these rails gain traction.

For readers tracking the evolution of crypto-enabled payments, the coming months will reveal how Western Union’s USDPT and DAN stack up against existing stablecoins and other digital-asset networks in terms of usability, custody, and integration with real-world cash access across a global network.

As Western Union advances its rollout, observers will be watching the partnerships in the DAN pipeline, the pace of USDPT adoption among exchange partners and institutions, and the practical rollout of the stablecard. The company’s next disclosures should clarify the scope of coverage, regional rollouts, and the ability of users to move fluidly between digital assets and cash within a trusted, familiar payments framework.

A new academic study says XRP price moves still depend heavily on Wall Street signals. 

The research found that digital assets have not yet become separate safe havens from traditional finance.

The paper was published in the Journal of Risk and Financial Management in April 2026. It reviewed daily market data from 2018 to early 2026 and studied how information moved across asset classes.

Stocks and bonds lead market direction

Researchers at Yildiz Technical University studied seven major financial segments. These included top cryptocurrencies, G10 stock indices, tech stocks, commodities, government bond yields and sovereign risk measures.

The study found that G10 stock markets, 10-year government bond yields and five-year credit default swaps often send the strongest signals. Cryptocurrencies such as XRP mostly receive those signals rather than lead them.

Moreover, the findings challenge the idea that XRP and other crypto assets move independently from stocks and bonds. The paper said crypto portfolios remain closely linked to traditional markets.

Researchers described this as “information flow” between markets. In simple terms, price pressure from stocks, bonds and risk indicators often reaches crypto before crypto sends signals back to those markets.

Crises can change market order

The study also found that market leadership can shift during sudden crisis periods. In such moments, sovereign risk tools such as credit default swaps can become stronger drivers of stock and crypto prices.

The researchers used Transfer Entropy and Independent Component Analysis to filter market noise and track cleaner links between assets. Their findings suggest that XRP price action still follows broader financial conditions, even as crypto adoption grows.

A new academic working paper says a small group of Polymarket users drives much of the platform’s price discovery. 

The study reviewed every Polymarket transaction from 2023 to 2025. The paper came from researchers at London Business School and Yale. It covered 1.72 million accounts, 210,322 markets, and about $13.76 billion in trading volume.

The researchers found that only 3.14% of accounts qualified as “skilled winners.” These traders had order flows that predicted short-term price moves and final market outcomes.

The paper said skilled traders and market makers captured more than 30% of all gains. Together, they made up less than 3.5% of all accounts on the prediction market platform.

Most losing accounts fund the gains

The study said raw profits did not always prove skill. Researchers tested trader records by randomly changing buy and sell directions 10,000 times across past trades.

The test found that only 12% of top earners overlapped with the skilled group. About 60% of “lucky winners” later moved into losses when tested on another sample of events.

The paper also said 67% of accounts marked as unlucky or unskilled losers absorbed the platform’s total losses. That claim challenges the wider view that prediction markets mainly reflect broad crowd wisdom.

Insider activity remains under review

The researchers also reviewed suspected insider trading activity. They flagged 1,950 accounts that opened shortly before one event and then went inactive after that event ended.

Those accounts moved prices 7 to 12 times more per dollar than skilled traders. However, the paper said this activity was too focused on separate events to explain overall market accuracy.

The paper comes as prediction markets face more attention from regulators and lawmakers. Polymarket is also reportedly in talks to raise $400 million at a $15 billion valuation.

The authors said Polymarket’s accuracy reflects “the wisdom of an informed minority, not the wisdom of the crowd.” Polymarket CEO Shayne Coplan previously described the platform as “the most accurate thing we have as mankind right now.”

Western Union plans to launch its USDPT stablecoin next month as part of a wider move into digital assets. 

The company said the token is in its final stage of readiness after months of preparation.

CEO Devin McGranahan said during the firm’s first-quarter earnings call that Western Union has moved past the planning stage. He said, “It is no longer a question of if Western Union will be active in digital assets; it is now how fast we can scale.”

USDPT will support settlement, not retail users

USDPT will be a U.S. dollar-backed stablecoin built on Solana and issued by Anchorage Digital Bank. Western Union first announced the stablecoin in October as part of its plan to modernize money movement.

McGranahan said USDPT will not launch as a direct consumer-facing stablecoin. Instead, the company plans to use it as an alternative settlement tool with agents, including in select countries and core payment corridors.

Additionally, Western Union is also launching its Digital Asset Network, known as DAN. The platform will connect crypto wallets with Western Union’s retail and agent network, helping users convert digital assets into local currency.

The company said the first DAN partner is expected to go live this week. McGranahan said, “Millions of wallet users will be able to move from digital assets into local currency using Western Union’s retail network.”

Stable Card planned for global consumers

Western Union also plans to launch a U.S. dollar Stable Card later this year. The card will allow users to hold value in stablecoins and spend across dozens of markets.

The company said the product may serve customers in inflation-sensitive markets who want dollar-denominated value for daily use. McGranahan added that Western Union now aims to scale adoption and embed digital assets into its core money movement platform.

Aave Labs has proposed that the decentralized autonomous organization behind Arbitrum unfreeze $73.5 million in Ether tied to the Kelp DAO attack and to direct those funds to “DeFi United,” a fund aimed at restoring rsETH and compensating its holders.

Last week, the Arbitrum Security Council moved to freeze 30,765 Ether (ETH) held in a wallet connected to the $293 million Kelp exploit. 

In a proposal posted Saturday on the Arbitrum governance forum, Aave Labs said directing those funds to a planned remediation effort would “restore normal conditions for Arbitrum users” and the wider ecosystem and that the Ether on Arbitrum “represents a material contribution” toward restoring the Kelp DAO restaked ETH (rsETH) token.

The submission was made with the support of Kelp DAO, LayerZero, Ether.fi and Compound, four of the several crypto protocols affected by the hack.

DeFi United sees $21 million in contributions

The proposal comes days after Aave Labs and others set up the “DeFi United” on Friday in an effort to fully restore the backing of rsETH.

Dune Analytics data shows that about $21 million in contributions has already been made, with contributions including those from Aave Labs CEO Stani Kulechov, Aave Labs head of contracts Emilio Frangella, Kelp DAO, Golem Foundation, Web3 development platform BGD Labs and Babylon, a Bitcoin-native DeFi protocol.

Another $215 million has been pledged by Arbitrum, Mantle, Ether.fi and Lido to assist the recovery effort, which are subject to governance votes.

LayerZero, Ethena, Ink Foundation and Frax Finance have also signaled their intention to help.

Source: Aave

Aave was hit hard by the Kelp DAO exploit, with its total value locked falling 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. 

Aave sets a seven-week timeline for the recovery plan

In the Arbitrum proposal, Aave Labs said a full recovery would not only restore rsETH’s backing but also normalize conditions for its holders, liquidity providers and borrowers on Arbitrum and across the broader DeFi ecosystem.

Related: Coinbase says capital access beats income in wealth creation

Even a “partial recovery would still meaningfully reduce the shortfall,” Aave Labs added.

Aave Labs has specifically asked for the 30,765 Ether to be sent to a recovery address controlled by Aave, Kelp DAO and blockchain security platform Certora. 

Aave Labs said it expects the effort to restore rsETH and compensate its holders to take about 49 days and that it would return the funds if the recovery effort falls through.

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