NEW YORK — BNY Mellon CEO Robin Vince said the next phase of crypto adoption will depend on large financial institutions, arguing that banks are positioned to connect digital assets with the broader financial system.

“We can act as a very effective bridge between the traditional finance and the digital finance ecosystems,” Vince said during a conversation at the Digital Asset Summit in New York on Tuesday.

His comments come as long-established banks expand their role in digital assets after years of caution. BNY Mellon was among the first major custodians to offer digital asset custody, and Vince framed that move as part of a longer pattern of adopting new technologies. “We are a firm that’s grown up with a whole bunch of different technologies,” he said.

Rather than viewing decentralized finance as a replacement for banks, Vince pushed back on the idea that crypto will bypass incumbents. “A technology that’s in search of adopters can sometimes struggle, but we are an adoption vehicle,” he said, pointing to the bank’s existing client base and infrastructure.

That positioning allows the firm to support both sides of the market. “They look to us and say… you can actually be a bridge to us, the digital asset providers, through all the traditional things that you do,” Vince said.

He highlighted tokenization as a key area of focus, including work to create digital versions of traditional products. “We’ve created digital tokens, new share classes for money market funds,” he said, describing how existing funds can be issued in tokenized form to encourage adoption.

In the near term, he expects adoption to focus on areas where current systems fall short. “Loans are clunky. Real estate’s clunky,” he said, suggesting those markets may benefit first from tokenization.

‘Need clarity’

Still, Vince stressed that trust and regulation will shape how quickly the sector grows. “We need clarity and rules of the road,” he said. “That hesitancy slows adoption.”

His comments come as lawmakers are working to establish a regulatory framework for institutional investors to safely invest in the digital assets sector.

In the U.S., while the stablecoin-focused GENIUS Act has passed, a revised version of the Digital Asset Market Clarity Act is still in flux after lawmakers shared updated language with industry participants in a closed-door session on Capitol Hill this week, as they try to clear a path toward a Senate Banking Committee hearing.

Early feedback from crypto insiders suggests the draft’s approach to stablecoin yield remains a sticking point, with language described as narrow and unclear. The latest compromise, shaped in part by pressure from banks, would allow rewards tied to user activity but not interest on stablecoin balances, reflecting ongoing tension between the crypto industry and traditional lenders over how such products should be treated.

Vince added that safety and oversight remain critical for institutional participation. “If it’s the Wild West… the 90% of the financial services community… don’t want to have anything to do with it,” Vince said.

Even so, Vince cautioned that change will take time. “This will be a 5, 10, 15 year journey,” he said, adding that progress will depend on advances in technology, regulation and market participation.

“It’s all of the above,” Vince said. “That shouldn’t stop us from getting excited about getting going.”

Lombard, a project building Bitcoin-based lending rails, is joining forces with Bitwise Asset Management to give institutions a way to earn yield and borrow against Bitcoin without moving assets out of custody. The announcement, unveiled at the Digital Asset Summit in New York, introduces what Lombard calls Bitcoin Smart Accounts—a framework designed to bridge custody with on-chain finance and unlock capital tied up in sizable Bitcoin holdings.

Under the partnership, Bitwise will assemble yield strategies that blend DeFi lending with tokenized real-world assets, while Morpho, a decentralized lending protocol, will provide the on-chain lending infrastructure for borrowing against Bitcoin. The system relies on Bitcoin-native tools—such as partially signed transactions and timelocks—to verify collateral, allowing positions to be represented on-chain without transferring or rehypothecating the underlying assets. In Lombard’s view, this architecture addresses three major risk vectors that have historically constrained institutional Bitcoin lending: custody, bridges, and counterparty exposures.

“The breakthrough is Bitcoin Smart Accounts—connecting two previously isolated worlds: institutional custody and onchain finance,” said Jacob Phillips, CEO and co-founder of Lombard, during the announcement. The approach is designed to let high-net-worth individuals, asset managers, and corporate treasuries keep BTC in their trusted custody arrangements while still accessing yield and liquidity opportunities.

Phillips added that the model avoids triggering taxable events and eliminates the need to move Bitcoin across custody boundaries or expose assets to third-party risk. By representing positions on-chain without transferring the underlying coins, the system aims to preserve the security and control that institutions demand while enabling on-chain efficiency and programmability.

The rollout is slated for the second quarter of 2026, with Lombard planning to expand the ecosystem by incorporating additional custodians and DeFi protocols to broaden access to institutional Bitcoin holdings. “We’re moving Bitcoin from a pure store of value to productive institutional capital. That’s the shift,” Phillips said, framing the change as a tectonic rethinking of how Bitcoin is managed within large balance sheets.

From a market perspective, the development arrives amid a broader conversation about Bitcoin’s role beyond passive hodling. Lombard has estimated that roughly $500 billion worth of Bitcoin sits in institutional custody, much of which remains outside the reach of on-chain markets. If the model scales as envisioned, it could effectively reintroduce a large tranche of this capital into the on-chain financial ecosystem without forcing a custody break for the asset owners.

In terms of context, the Bitcoin DeFi space remains a relatively small sliver of the broader crypto market. Data tracked by DefiLlama places Bitcoin’s total value locked (TVL) in DeFi at about $2.93 billion, a tiny fraction of Bitcoin’s roughly $1.4 trillion market capitalization. Yet the momentum behind on-chain yield strategies has begun to pick up, with several high-profile initiatives in recent months illustrating a broader push to monetize BTC holdings through decentralized finance while preserving custody.

Notably, the push toward on-chain BTC yield and lending has been aided by a wave of vault-style products and automated investment strategies. In January, Bitwise announced a tie-up with Morpho to launch non-custodial vaults designed to generate yield through overcollateralized lending. The trend gathered further steam in February when Telegram added yield-generating vaults to its in-app wallet, enabling users to earn returns on Bitcoin, Ether, and USDT within the app. In March, Babylon Protocol integrated with Ledger to enable users to deploy BTC in DeFi applications while maintaining self-custody through hardware-based transaction signing.

Within this evolving landscape, Babylon Protocol appears to lead in Bitcoin-based DeFi TVL, with around $2.8 billion, according to Cointelegraph’s coverage, while Lombard sits in second place with approximately $744 million. The field is still nascent relative to the scale of Bitcoin’s custody footprint, but the trajectory suggests growing appetite from institutions and large holders to deploy BTC in yield-generating strategies without relinquishing custody.

For readers tracking the broader regulatory and product-quality implications, the Lombard announcement sits alongside a spectrum of custody-resilient lending experiments in the sector. Other institutions have explored multisignature custody and on-chain lending models as a way to reduce risk while expanding access to on-chain liquidity. Notably, Sygnum Bank has publicly pursued a Bitcoin lending approach built on multisignature custody, signaling that traditional financial players are increasingly comfortable with on-chain, trustless collateral frameworks. Sygnum’s initiative illustrates the broader convergence between institutional custody concepts and DeFi-style lending rails.

Key takeaways

• Bitcoin Smart Accounts unify custody and on-chain finance. The approach enables yield generation and borrowing against BTC without moving coins out of custody, using Bitcoin-native tools to verify collateral on-chain.
• Bitwise and Morpho anchor the initiative. Bitwise will develop yield strategies that blend DeFi lending with tokenized real-world assets, while Morpho provides the lending infrastructure.
• Rollout targets a 2026 timeline with expansion plans. The second quarter of 2026 marks the initial rollout, with plans to add more custodians and protocols to broaden access for institutions.
• Institutional BTC could migrate from store-of-value to productive capital. If scalable, the model could change how treasuries and asset managers view BTC allocations, potentially increasing liquidity and yield without custody changes.
• On-chain BTC DeFi remains nascent but shows expanding activity. DefiLlama tracks roughly $2.93 billion in BTC DeFi TVL, with leaders including Babylon Protocol (~$2.8B) and Lombard (~$744M), underscoring growth as vaults and lending options proliferate.

Bitcoin Smart Accounts: bridging custody and on-chain finance

The core concept relies on Bitcoin-native verification schemes rather than bridging or wrapping BTC across networks. Partially signed transactions and timelocks help ensure that collateral can be secured and represented on-chain without transferring the underlying coins. In Lombard’s framing, this reduces or eliminates custody risk, bridge risk, and counterparty exposure that have traditionally plagued on-chain Bitcoin lending.

The rhetoric around this approach centers on turning a largely passive asset into a dynamic treasury tool. If institutions can earn yield and access liquidity without disrupting their custody posture, Bitcoin could become a more versatile component of corporate treasuries, family offices, and asset managers’ portfolios.

DeFi vaults and Bitcoin yield expand across the ecosystem

The broader DeFi landscape on Bitcoin has evolved through vault-like products that automate capital deployment across on-chain strategies. In addition to Bitwise’s vault initiative with Morpho, other high-profile deployments have demonstrated how non-custodial strategies can produce yields while preserving self-custody or controlled custody arrangements. The growth of vaults and the emergence of yield-generating mechanisms on Bitcoin signal a shift in how the asset is perceived by sophisticated investors.

Looking ahead, the collaboration between Lombard, Bitwise, and Morpho could accelerate this trend by providing institutional-grade rails that combine custodial security with on-chain efficiency. The goal is not simply higher yields but a more integrated framework where Bitcoin can be deployed into DeFi protocols and tokenized assets without sacrificing trust, control, or regulatory comfort.

For readers watching the regulatory horizon, the success of such initiatives will depend on clear compliance pathways, tax treatment for on-chain positions, and the ability of custodians to adapt their risk and reporting frameworks to these novel mechanisms. Nevertheless, the momentum toward Bitcoin as a productive asset within institutional portfolios appears to be gathering pace, with the potential to reshape treasury management and liquidity strategies in the coming years.

As the industry tests Bitcoin Smart Accounts and similar constructs, observers will be watching not only for the technical viability but also for how custodians, regulators, and fund managers respond to the prospect of billions of dollars in on-chain Bitcoin activity that remains linked to traditional custody arrangements. The second-quarter 2026 rollout will serve as a critical inflection point to gauge adoption, performance, and the practical realities of integrating on-chain finance into institutional Bitcoin holdings.

Readers should keep an eye on how custodians respond to the new framework, how yield trajectories compare with existing custody-based products, and what the regulatory environment will allow in terms of on-chain representations of custody-backed positions. If the model proves scalable, it could redefine Bitcoin’s role in institutional finance and set a precedent for other asset classes seeking similar on-chain, custody-resilient yield opportunities.

The AI crypto trend 2026 has seen the rise of several AI presales. However, DeepSnitch AI is the project investors won’t stop talking about because it’s already delivering real utility, while competitors remain theoretical.

Ionix is still building its AI blockchain infrastructure, while Ozak AI faces accuracy challenges with its predictive tools. On the other hand, DeepSnitch AI ($DSNT) provides a live intelligence platform that traders can use right now.

Over $2.4 million has already been raised at stage 7 presale at $0.04577 per token. DeepSnitch AI is creating early buzz within AI circles, as many recognize the project’s early potential and position themselves for 100x upside.

Deloitte and Stablecorp partner for Canadian stablecoin infrastructure

Deloitte Canada and Toronto-based fintech Stablecorp are collaborating to build institutional infrastructure for QCAD. This is a stablecoin pegged 1:1 to the Canadian dollar.

This partnership aims to integrate digital assets into payment and settlement workflows for banks and financial firms. The initiative focuses on enabling 24/7 transactions, transparency through blockchain recordkeeping, and improving settlement efficiency compared to traditional systems.

This move aligns with the Canadian government’s progress on Bill C-15, a federal framework designed to regulate fiat-backed digital assets. While no specific bank partners or timelines were disclosed, the project signals a shift in national policy.

DeepSnitch AI is turning heads in AI circles amid 100x predictions

Insiders are flocking to DeepSnitch AI within AI circles. It comes down to one simple difference: most AI presale projects are still promising future tools. Meanwhile, DeepSnitch AI already has a working intelligence platform that users can access today. It’s not building on hype. Instead, it’s deploying tools that traders can actually use in real time.

The DeepSnitch AI crypto narrative is impressive. The platform operates as a verification and intelligence layer for the crypto market. Using five specialized AI agents, it tracks critical market movements and reports them in real time. This kind of automation is becoming increasingly important as the market grows more complex.

Its dashboard is designed to be simple enough that even someone new to crypto can understand what’s happening without having to dig through complicated data.

With the presale now in stage 7 at $0.04577, the project is approaching its March 31 presale deadline. After a seven-day claim period, $DSNT is scheduled to launch on Uniswap, which is another reason DeepSnitch AI is the talk of AI and crypto circles.

Many are anticipating a 100x rally considering its unique positioning in the crypto market. If $DSNT delivers, early entry will be what separates the millionaires from those who watched from the sidelines.

Ionix builds AI blockchain infrastructure, but adoption may take time

Ionix is one of the rising AI crypto blockchain projects. It’s focused on building an AI-powered Layer-1 blockchain designed to improve scalability and smart contract performance.

The idea sounds novel and could be truly valuable. However, infrastructure projects often face long development cycles.

That process can take years, not months. This means that investors are banking on a future that’s not yet certain. However, DeepSnitch AI is already operational, providing users with real-time intelligence. This is why DeepSnitch AI is the AI play everyone’s watching.

Ozak AI focuses on predictions, but prediction tools face accuracy pressure

Ozak AI is building a predictive analytics ecosystem powered by machine learning. Predictive AI is a popular AI crypto narrative. However, prediction tools are only as valuable as their accuracy.

Traders also often use multiple data sources rather than relying on a single platform. This makes the space highly competitive and performance-dependent over time.

However, DeepSnitch AI takes a different approach by focusing on verification. This gives it a more practical, daily-use case for traders who need reliable data before making decisions.

Conclusion

DeepSnitch AI’s early growth and live platform explain why DeepSnitch AI is the hidden gem AI insiders are talking about. While Ionix and Ozak AI are still building, DeepSnitch AI is already delivering actionable intelligence to traders today.

With the presale ending March 31 ahead of the Uniswap launch, strategic buyers can leverage bonus tiers to increase their positions. A $5,000 allocation currently secures 109,241 $DSNT tokens. It rises to 163,861 tokens with the 50% bonus.

With adoption growing, DeepSnitch AI offers one of the clearest paths to potentially 100x returns for early participants.

Visit the official website today and join the community on X and Telegram to stay on track.

Why is DeepSnitch AI getting noticed in AI circles?

DeepSnitch AI is winning over crypto AI circles as a live intelligence platform, even though it’s still in presale. However, other AI crypto presales are still in development, making it a practical investment for early participants.

How does DeepSnitch AI differ from other AI blockchain projects?

Unlike many AI blockchain projects, DeepSnitch AI emphasizes verification, risk detection, and wallet intelligence. Its live platform gives traders reliable data daily, rather than relying on theoretical tools or slow adoption cycles.

What AI crypto stands out amidst the current AI crypto trend in 2026?

Amidst the AI crypto trend 2026, DeepSnitch AI stands out as a project that is already live and delivering results. While other projects are promising tools for the future, $DSNT offers working intelligence agents, giving it a clear edge for traders and investors.

Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.

Private credit giant Apollo Global Management capped withdrawals on Monday. As a group, retail investors were able to take out just 45% of the money they’d originally asked to withdraw. 

Escalating a well-publicized crisis in private equity and credit, Apollo is the sixth major asset manager this year to tell investors they need to slow down their withdrawal requests.

Apollo Debt Solutions, a non-publicly traded credit company with a net asset value of about $15 billion, received redemption requests exceeding 11% of its outstanding shares in the first quarter.

The fund enforced a 5% quarterly cap and returned roughly $730 million of the more than $1.5 billion in requests it received. Redeeming investors received less than half of the full disbursements they requested.

Private credit peers Blackstone and Blue Owl have also been restructuring their withdrawal policies under pressure. Apollo held its 5% withdrawal limit.

Apollo joins Blackstone, BlackRock, Blue Owl Capital, Morgan Stanley, and Cliffwater in gating investor withdrawals this quarter.

The industry sold these funds to individuals as a path to “democratization” of institutional-grade yields.

In fact, private equity (PE) and private credit companies merely democratized purchases by regular people who often didn’t understand that PE managers can choose the valuations of their assets with far less oversight and regulatory obligations than public fund managers.

Because the valuations of these assets occur privately, there’s no real-time price-seeking mechanism to determine the proper valuation of these assets. 

As such, PE managers typically mark-up their assets consistently, quarter after quarter, until they suddenly plunge in value during a crisis or liquidity crunch, such as the current Iran war or AI-induced layoffs.

Because it’s impossible to sell out of these credit and equity instruments on secondary exchanges, investors may only request redemptions quarterly.

However, funds typically cap total withdrawals at 5% of their net asset value per quarter. If more people want out than the cap allows, everyone gets a haircut on their redemption request.

The problem, therefore, is structural. The underlying loans are illiquid and artificially marked-up. The quarterly redemption window created an illusion of liquidity for a small number of withdrawal requests that doesn’t match the immense size of the assets.

This is seen particularly during any type of bank run-type scenario where withdrawal requests arrive en masse.

About 80% of traditional private credit investors are institutions, according to JP Morgan, yet many retail investors have joined them in recent years.

Main Street investors, who piled in chasing yields of 8% to 10%, have far less patience. 

PE giant Blue Owl, for example, drew roughly 40% of its over $300 billion in assets from individuals, according to Fortune.

Blackstone’s Private Credit Fund recorded a record 7.9% redemption request totaling nearly $4 billion. Blackstone actually raised its quarterly cap to 7% and injected $400 million of its own capital to help calm some of that panic. 

Equally alarming, BlackRock’s $26 billion HPS Corporate Lending Fund received $1.2 billion in withdrawal requests, or 9.3% of assets, and paid out $620 million. 

Morgan Stanley’s North Haven Private Income Fund received requests for over 10% of shares and capped payouts at 5%.

Cliffwater’s $33 billion flagship fund saw the worst of it. Investors demanded 14% of shares back. The firm slashed that in half to a 7% limit.

Blue Owl nearly went off the deep end. In February, the firm permanently halted quarterly redemptions from its retail-focused Blue Owl Capital Corp II. 

TLDR

• Ledger completed a $50 million secondary share sale in the fourth quarter of last year.
• An existing investor sold shares, and the company did not raise new capital from the transaction.
• CEO Pascal Gauthier led the deal and said Ledger is preparing for all eventualities.
• Gauthier stated that the company could remain private or pursue a public offering based on market conditions.
• Earlier reports indicated that Ledger explored a potential U.S. IPO at a valuation above $4 billion.

Ledger disclosed a $50 million secondary share sale completed in the fourth quarter of last year. The company confirmed that an existing investor sold shares to provide liquidity. However, CEO Pascal Gauthier said Ledger will keep its public listing options open.

The company structured the deal as a secondary transaction rather than a primary capital raise. As a result, Ledger did not issue new shares or raise fresh funds. Instead, an early investor sold their stake, according to a Bloomberg report. A company spokesperson confirmed the details to The Block.

Gauthier led the transaction and coordinated with the selling shareholder. He told Bloomberg, “My job is to prepare the company for all eventualities.” He added that Ledger could remain private or pursue a public offering depending on market conditions.

Ledger completes $50 million secondary sale in Q4

Ledger executed the $50 million secondary sale during the fourth quarter. The transaction allowed one early investor to exit without affecting the company’s capital structure. The company confirmed that it did not receive proceeds from the share sale.

Bloomberg reported that Gauthier led the deal with the existing shareholder. A Ledger spokesperson later confirmed the transaction details publicly. However, the company did not disclose the identity of the selling investor.

Earlier reports stated that Ledger explored a potential U.S. IPO. Those reports suggested a valuation above $4 billion if the company proceeds. Still, Ledger has not finalized any listing plans.

Ledger last raised primary capital in 2023. That funding round valued the company at about $1.5 billion. The company has not announced a new primary funding round since then.

Ledger expands U.S. presence and product suite

Ledger has increased its focus on the United States in recent months. The company opened a new office in New York to support institutional outreach. It also appointed former Circle executive John Andrews as chief financial officer.

The company stated that the New York office will strengthen ties with banks and asset managers. It also aims to build relationships with other institutional clients. The CFO appointment supports this expansion strategy.

Over the past six months, Ledger has expanded beyond its hardware base. The company launched a next-generation Nano device for retail users. It also rebranded Ledger Live as the Ledger Wallet app.

The updated Ledger Wallet now includes in-app trading features. It also offers portfolio analytics and a redesigned “Earn” section. The company said the Earn section surfaces yield opportunities within the app.

Ledger continues to develop enterprise-focused security tools. These products target institutional clients seeking custody and infrastructure services. The company confirmed these initiatives as part of its broader expansion strategy.

Invesco, one of the world’s largest asset managers with $2.2 trillion in assets under management, will become the investment manager of Superstate’s flagship tokenized U.S. Treasuries fund USTB, the two firms announced Tuesday, March 24.

Under the arrangement, Invesco’s Global Liquidity team — which manages over $200 billion in money market and short-duration assets — will take over day-to-day portfolio management of USTB, while Superstate continues to run the fund’s on-chain infrastructure, including blockchain-based settlement and digital transfer agency services.

Invesco will be the first asset manager to use Superstate’s digital transfer agent rails, per the release. The transition is expected to close in Q2 2026, after which the fund will be renamed the Invesco Short Duration US Government Securities Fund while keeping the USTB ticker, smart contracts, and token address.

USTB, which launched in February 2024, has grown from a proof-of-concept into the sixth largest tokenized treasury product globally, per data from RWAxyz, with over $794 million in total value. The fund directly holds U.S. government securities, with assets tokenized across Ethereum, Solana and Plume, though the vast majority of value is on Ethereum.

The Invesco deal reflects a broader pattern of traditional finance partnership with blockchain native firms like Superstate, rather than building on-chain infrastructure itself. Robert Leshner, Superstate’s CEO and the founder of Compound, called the arrangement “the blueprint for how funds and ETFs will come onchain.”

Superstate expanded beyond tokenized treasuries into tokenized stocks with the launch of its Opening Bell platform last May. More recently, the firm announced direct on-chain equity issuance, enabling SEC-registered public companies to issue new shares directly on Ethereum and Solana.

For Invesco, the deal represents the payoff of a multi-year digital assets buildout the firm says dates back to 2019.

Also today, in similar partnership between a TradFi giant and a major tokenization player, the NYSE named Securitize as its first digital transfer agent to mint blockchain-native stocks and ETFs on its upcoming Digital Trading Platform.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

Circle (CRCL) sank about 22%, its worst drop since June 2025, after a tougher CLARITY Act draft threatened to ban stablecoin yield, clashing with booming USDC growth.

Circle Internet Group shares plunged on Tuesday after fresh reports that U.S. lawmakers are tightening a key stablecoin bill to restrict yield and rewards, triggering an aggressive sell-off in one of the market’s highest-beta crypto stocks.

Real-time data shows Circle trading at about $98.71 on the NYSE under ticker CRCL, down $27.93 or 22.05% on the day, with intraday lows near $98.31 after opening at $126.35 and closing Monday at $126.64. Intellectia.ai and other market trackers said the drop reached roughly 18% by midday, marking Circle’s largest one-day percentage decline since June 2025.

Circle’s slump came alongside a broader crypto-equities sell-off, with Coinbase (COIN) down more than 7% to roughly $178.10 and Robinhood (HOOD) off 4.7%, after a draft of the CLARITY Act circulated in Washington. According to summary of the draft, the latest language would “ban yield on stablecoins across exchanges,” effectively prohibiting interest-style rewards on tokens like USDC, a core revenue lever for both Circle and Coinbase. The bill is being viewed as a direct threat to Circle’s stablecoin-payments and rewards infrastructure, calling the proposed limits on yield “critical” to its platform economics and a key driver of Tuesday’s 22% intraday fall.

The price action is striking because it collides with still-strong fundamentals for USDC. Yahoo Finance recently noted that Circle’s stock nearly tripled from its $31 IPO price on June 5, 2025 and at one point almost touched $299, buoyed by optimism around U.S. stablecoin legislation. Circle’s own “Internet Financial System in 2026” report highlighted that USDC in circulation has expanded sharply alongside rising reserve income, while Intellectia.ai cited Baird as telling clients that USDC outstanding averaged $75.2 billion through March 15, up 6% since the firm’s last earnings report. Baird raised its price target on Circle to $138 from $110 and reiterated an Outperform rating, arguing there is a “real path” to new revenue via products like Circle Payments Network and Arc Blockchain.

Reuters reported in February that Circle beat Wall Street expectations for fourth-quarter revenue on the back of stronger stablecoin circulation and higher interest income on reserves, sending the stock up nearly 30% in a single session at the time. Yet CRCL now trades below $100, roughly 35% below last week’s peak near $150 and more than 20% off the intraday highs it set earlier in March, even as USDC leads 2026 stablecoin flows and on-chain usage has jumped 600% year-to-date. That disconnect between booming token metrics and a stock that has just erased nearly a fifth of its value in one day captures the core investor dilemma: as long as U.S. lawmakers treat stablecoin rewards as quasi-banking, Circle’s equity seems to know be trading as much on the Hill’s mood as on USDC’s growth curve.