Crypto World
Tether Rolls Out XAUt on BNB Chain as Gold Enters Crypto
TLDR
- Tether has launched XAUt on BNB Chain to expand access to its tokenized gold product.
- Binance has listed XAUt for spot trading against USDT, BTC, USDC, TRY, and U.
- XAUt holds a market cap of about $3.2 billion and is backed by roughly 1,800 gold bars in Swiss vaults.
- Spot gold reached $5,595 per ounce in January before falling to around $4,450 on March 26.
- Crypto.com now offers tokenized gold perpetual contracts alongside spot trading in XAUt and PAXG.
Tether has launched XAUt on BNB Chain to expand access to its tokenized gold product. Binance confirmed it will list XAUt for spot trading against USDT, BTC, USDC, TRY, and U. The move places tokenized bullion inside one of the largest exchange ecosystems as gold trading activity shifts into crypto markets.
XAUt and Tether Expand Tokenized Gold Access
Tether introduced XAUt on BNB Chain to widen the distribution of its gold-backed token. The company aligned the launch with Binance’s spot listing announcement. As a result, traders can access XAUt across several major trading pairs on the same day.
Binance stated it would enable spot trading for XAUt against USDT, BTC, USDC, TRY, and U. The exchange added the token to its main trading platform. Therefore, users can buy and sell tokenized gold within existing crypto portfolios.
BNB Chain reported that XAUt holds a market cap of nearly $3.2 billion. The network linked the token to about 1,800 gold bars stored in Swiss vaults. Reuters reported in January that XAUt controls about 60% of the global gold-backed stablecoin market.
BNB Chain ranks as the second-largest chain for RWAs by distributed asset value, according to RWA.xyz. The network also said it attracted new asset inflows and holders over the past month. Consequently, Tether gains broader onchain reach for its bullion-backed token.
Gold Price Swings Drive Crypto Market Activity
Gold prices recorded sharp moves earlier this year and drew fresh trading interest. Spot gold reached a record $5,595 per ounce in January as geopolitical tensions increased. However, prices later reversed direction and erased part of those gains.
Gold traded near $4,450 on March 26. The metal has fallen more than 15% since the war on Iran began on February 28. Higher oil prices, inflation concerns, and a stronger dollar pressured prices during that period.
Crypto platforms responded to the volatility by expanding gold-linked products. Crypto.com said its exchange now supports tokenized gold perpetual contracts. The platform also offers spot trading in XAUt and PAXG.
These products allow users to gain leveraged exposure to gold price movements around the clock. As a result, tokenized bullion now sits alongside traditional crypto assets. Traders can switch between digital tokens and gold exposure within the same exchanges.
Paolo Ardoino described the BNB Chain launch as a utility-driven step. He said the expansion aims to make gold more usable in digital markets. The rollout coincides with Binance activating spot trading for XAUt across multiple pairs.
Bitcoin fell to $68,507 on Friday morning, down 3.2% over the past 24 hours and 2.7% on the week, after a familiar pattern played out for the fifth consecutive week: a de-escalation headline followed immediately by an escalation headline.
U.S. president Donald Trump extended his deadline for Iran to reach a ceasefire deal by 10 days and said talks were going “very well.” Brent crude dipped 1.3% to $106. Then the Wall Street Journal reported the Pentagon is looking at sending up to 10,000 additional ground troops to the Middle East, and whatever relief had built evaporated.
The broader crypto market shed nearly 1% to a total cap of $2.4 trillion. Ether dropped 4.6% to $2,050, back below the level it’s been fighting to hold all month. Solana fell 5.3% to $85.93. XRP lost 2.8% to $1.36, now down 6.5% on the week. BNB slid 2.3% to $626. Dogecoin dropped 2.8% to $0.091. Tron was the only major in the green at 1.2% daily and 2.4% weekly.
Asian equities fell 0.6% on Friday after Wall Street hit its lowest level since September on Thursday. South Korean tech stocks led losses, with Samsung and SK Hynix dragging the KOSPI down 2.3%. Taiwan dropped 1.2%. The war’s fifth week is producing the same pattern as the first four, where headline-driven whipsaws that leave everyone stopped out and the underlying trend unresolved.
FxPro chief market analyst Alex Kuptsikevich noted that the crypto market cap is approaching its 50-day moving average but still holding above it, which he called “a bullish sign.”
The market “must make an early decision,” he said, “either break through the uptrend line from early February or confirm the 50-day MA as support and break the downtrend.”
The institutional data beneath the price action tells a different story from the daily selloff.
Bitcoin ETFs have attracted $2.5 billion over the past month, according to Bloomberg, offsetting nearly all the outflows that had been ongoing since January. BlackRock’s bitcoin ETF has ranked among the top 2% of all ETFs by inflows year-to-date. Net bitcoin outflows from exchanges last month signaled a shift toward accumulation, with investors buying coins and withdrawing them to self-custody.
BlackRock itself offered a notable framing this week, saying that large investors are concentrating in bitcoin and ether while shunning the broader altcoin market.
The 10-day extension on the Iran deadline pushes the next binary event to early April.
Retail investors are reportedly the largest cohort in Strategy’s high-yield, low-volatility “Stretch” shares, which have been used to buy more than $1 billion worth of Bitcoin this year.
Around 80% of the owners of Strategy’s “Stretch” perpetual preferred shares (STRC) are owned by retail, said Strategy CEO Phong Le on Wednesday.
“Retail investors prefer low-volatility, high-yield digital credit,” he added.
The figure suggests that retail investors are still interested in exposure to Bitcoin, even though it is down about 45% from its all-time high.
Strategy’s executive chairman, Michael Saylor, has been stepping up sales and marketing of Stretch following the drop in Bitcoin and company stock, pitching the shares as a way to get exposure to BTC without the volatility.
In March, Strategy used around $1.2 billion from at-the-market sales of STRC to buy Bitcoin, though it switched back to using the sale of common stock in its most recent buy.
“Normally, the hardest thing in the world to do is to sell a new credit instrument to a retail investor,” Saylor said Thursday at the 2026 Digital Asset Summit in New York.
“11% is a big number.”
“Am I offending you if I call it a money market fund?” – @SullyCNBCDigital Credit is redefining yield.
Today we discussed Stretch $STRC on @PowerLunch. pic.twitter.com/oirw3PGZBi— Michael Saylor (@saylor) March 26, 2026
Speaking on CNBC’s “Power Lunch” on Thursday, Saylor said, “the idea is to create an onramp for people who believe Bitcoin is going to be around for the long term, but they can’t handle the volatility in the near term.”
He added that Stretch strips the first 10% to 11% of annual Bitcoin (BTC) returns and passes it to the credit investor. STRC is “way overcollateralized,” but Strategy is betting that Bitcoin will rise more than 11% per year, and “our equity holders are going to make a fortune,” while credit investors are happy with 11%, he said.
Related: Strategy halts Bitcoin buying via STRC: Will BTC price dip again?
Strategy’s common stock (MSTR) is down 19% this year and almost 71% from its July 2025 all-time high of $456, according to Google Finance. The Stretch shares, meanwhile, pay annual dividends of about 11.5%, higher than US Treasurys, which currently yield about 4%.
The investments are perpetual derivatives, meaning they do not have a maturity date, so Strategy never has to pay investors back like a bond, and they can be held indefinitely, earning dividends. The dividend rate is variable and adjusts monthly with market conditions.
The goal of these adjustments is to keep the trading price anchored near $100, making it behave more like a high-yield savings account than a volatile stock or crypto asset.
Saylor looks to double down on Stretch
In February, the company said it would rely more on its preferred stock sales to acquire Bitcoin.
It went further this week, revealing plans via a Securities and Exchange Commission filing on Monday to raise up to $21 billion by selling Strategy stock and another $21 billion from Stretch, via new at-the-market programs.
Magazine: Nobody knows if quantum secure cryptography will even work
In a move that underscores how closely U.S. regulatory rails and crypto-native services are converging, Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, is demanding details from the Federal Reserve Bank of Kansas City about Kraken Financial’s newly approved limited-purpose master account. The inquiry, sent in a letter this week, seeks clarity on what the approval means in practice, what Fed services Kraken can access, any conditions or restrictions, and how anti-money laundering and consumer protection measures were evaluated.
Kraken’s banking arm was granted a limited-purpose master account by the Federal Reserve Bank of Kansas City earlier this month. The development is widely viewed as a watershed moment for the U.S. crypto industry, signaling that several crypto-related firms have pursued entry to the Fed’s master accounts for years, a pathway that could bring them onto the same payments rails used by banks and credit unions.
Waters notes in her letter that the Kansas City Fed’s announcement does not disclose specific information about Kraken’s access to the full spectrum of Federal Reserve financial services due to the confidentiality of information provided by applicants. She asks Fed President Jeff Schmid to respond by April 10 with a detailed account of what the master account entails in practice, including which services Kraken can tap and the safeguards in place.
“Answers to these questions are critical to ensuring that the process of approving Federal Reserve Bank account access is conducted consistently with the law, with impartiality, and in a manner that continues to foster a safe and efficient payment system,” Waters wrote. The letter frames the issue as one of ensuring policy, regulatory, and consumer protections keep pace with rapid innovation in payments, tokenization, and related technologies.
Key takeaways
- Kraken Financial received a limited-purpose master account from the Federal Reserve Bank of Kansas City, a move that could grant direct access to Fedwire and other payment rails.
- Waters has called for a public, detailed accounting by April 10 to clarify what Kraken can access, the conditions attached, and the AML and consumer protections considered in the decision.
- The Fed’s disclosure emphasizes confidentiality around business information supplied by applicants, complicating public assessments of the potential systemic implications.
- Kraken is not alone in seeking Fed master accounts; other crypto firms have pursued similar access, including Custodia Bank, Anchorage Digital Bank, and Ripple’s Standard Custody & Trust Company.
- Political and regulatory dynamics around crypto access to the U.S. financial system remain contentious, with advocacy groups and lawmakers pushing for more transparency and safeguards.
Kraken’s milestone and what it could mean for the payments landscape
Access to Fedwire via a master account would effectively place Kraken on a direct, regulator-backed payments infrastructure—an alignment that could reduce settlement frictions and settlement risk for digital-asset businesses. The potential to operate on rails that are already deeply embedded in the U.S. banking system has long been viewed as a crucial step toward broader mainstream participation by crypto services.
However, the Fed’s decision to withhold granular details about the scope of Kraken’s access signals the tension between opening gatekeeping infrastructure to innovative firms and preserving safety, soundness, and compliance standards. Waters’ letter frames this as a broader governance question: how to administer access to critical financial infrastructure in a way that is lawful, evenly applied, and capable of supporting a safe and efficient payments ecosystem as digital assets evolve.
The timing also matters. The master-account pathway has been a long-pursued objective for several crypto companies, reflecting a broader industry push to compete on an even footing with traditional financial providers. The Reuters-laden narrative of the sector’s progress has often highlighted the friction between innovation and regulatory frameworks—an area Waters has repeatedly signaled she intends to scrutinize more closely.
Broader context: who else is pursuing master accounts
Kraken isn’t the only crypto-focused entity Eyeing master-account access in the United States. The industry has seen sustained interest from several high-profile firms. Custodia Bank filed petitions and pursued legal avenues to renew its bid for a master account in late 2025, drawing scrutiny and debate over how such access should be regulated. Anchorage Digital Bank also applied for a similar arrangement in the preceding year, while Ripple and its subsidiary Standard Custody & Trust Company have been among other contenders exploring the pathway.
These efforts collectively reflect a longer trend: incumbents and disruptors alike are seeking a way to bridge digital-asset services with the core payments framework that underpins the U.S. financial system. The implications extend beyond individual firms to how regulators balance competition, risk management, and consumer protection as newer technologies reshape the payments landscape.
Regulatory tension and the political stance on crypto
Waters’ stance on crypto is well-documented across public statements and voting records, a point highlighted by advocacy groups that monitor policymakers’ crypto positions. Stand With Crypto has labeled her as “strongly against crypto,” citing multiple statements and votes unfavorable to crypto legislation, including debates over the Digital Asset Market Structure and relevant regulatory acts. The group’s barometer underscores how policy alignment—and potential shifts in regulatory posture—will influence how the master-account initiative unfolds in practice.
In the past, Waters has signaled concern about the pace of crypto enforcement and oversight, including calls for hearings related to the Securities and Exchange Commission’s approach to crypto regulation. A recent note from the group referenced a broader debate about whether enforcement and oversight are keeping pace with innovation, a theme that directly intersects with the master-account discussions and the governance surrounding access to critical financial infrastructure.
For investors and builders, the central question is what kind of guardrails will accompany any future access to Fed rails. Will the process remain tightly bound to existing banking standards and AML/counterparty risk controls, or will new, crypto-specific frameworks emerge to address novel uses of programmable money and tokenized assets? The current inquiry from Waters adds a notable layer of oversight, signaling that transparency and formal legal grounding will be prerequisites for broader access going forward.
Related reporting from Cointelegraph and related coverage underscored that the master-account pathway has attracted attention precisely because it could alter the efficiency, reliability, and cost of operating crypto-dependent services in the United States. As the regulatory conversation evolves, observers will be watching not only for the next public disclosures but also for any updates to the regulatory framework that may accompany expanded access to the Fed’s payments rails.
What comes next
The next phase hinges on the Federal Reserve Bank of Kansas City’s response to Waters’ questions by the stated deadline and how much detail the Fed is able or willing to disclose about Kraken’s access. Beyond that, the broader ecosystem will be watching whether the Fed’s master-account program expands to additional applicants and how other agencies coordinate with the Fed to maintain a consistent, risk-based framework for digital-asset firms seeking access to core payments infrastructure.
As always, the evolving landscape will be shaped by regulators, lawmakers, and industry participants—each weighing the benefits of faster, more integrated payments against the imperative to protect consumers and preserve financial stability. Readers should stay alert to subsequent disclosures from the Kansas City Fed, any formal responses from Kraken, and broader regulatory developments that could redefine how crypto companies interact with the U.S. financial system.
The unnamed “Big Four” firm that Tether selected to audit its $185 billion dollar-pegged USDT stablecoin is KPMG, the Financial Times reported Thursday, citing people familiar with the matter.
Tether has also engaged PwC to prepare its internal systems ahead of the audit, marking the most concrete step yet toward full financial scrutiny for the world’s largest stablecoin issuer. CoinDesk has contacted Tether for comment on the matter.
CoinDesk reported earlier this week that Tether had said it had entered a formal engagement with a Big Four auditor, but the stablecoin issuer did not identify the firm. CFO Simon McWilliams said at the time that Tether was “already operating at Big Four audit standard” and that “the audit will be delivered.”
All this comes as the El Salvador-based company prepares for a U.S. expansion and a potential fundraising round. The Financial Times previously reported that Tether faced investor hesitation in efforts to raise $15 billion to $20 billion at a $500 billion valuation, with concerns centered on pricing and regulatory risk.
The audit push lands at a pivotal moment. USDT, with roughly $185 billion in circulation, functions as the reserve currency of crypto markets and a major buyer of U.S. Treasury bills, linking digital assets to traditional financial systems at scale.
A full financial statement audit would go well beyond the monthly attestations currently published by BDO Italia, requiring a detailed review of assets, liabilities, internal controls and reporting systems.
That level of disclosure has long been a sticking point for critics, as Tether has faced persistent questions about its reserves since its launch in 2014 and historically fought transparency.
In 2021, CoinDesk filed a FOIL request with the New York Attorney General’s office seeking documents on USDT’s reserve composition. Tether fought the release in court and lost twice.
The documents, received after a two-year legal battle in 2023, revealed that Tether held the vast majority of its $40.6 billion in reserves at Bahamas-based Deltec Bank as of March 2021, with heavy exposure to commercial paper issued by Chinese and international banks, including Agricultural Bank of China, Bank of China Hong Kong, and ICBC.
Tether’s move toward greater transparency aligns with a shifting regulatory backdrop in the United States as crypto as a whole becomes a mainstream asset class used by Wall Street.
The GENIUS Act, signed into law last July, established the first federal framework for stablecoins in the U.S., under which Tether has already launched a compliant dollar-pegged token, USAT.
Ondo price jumped 8% following its partnership with Franklin Templeton to launch new tokenized ETFs on the blockchain.
Summary
- Ondo price rose 8% after announcing a partnership with Franklin Templeton to launch tokenized ETFs accessible via crypto wallets.
- The move expands access for global investors and strengthens Ondo’s position in the tokenized real-world asset market.
- A falling wedge breakout signals potential upside, though mixed indicators show that resistance near $0.30 remains a key level.
According to data from crypto.news, Ondo (ONDO) price rallied 8% to a weekly high of $0.27 on Friday, March 26, before rolling back to $0.26 at the time of writing.
Ondo price jumped after it revealed its partnership with Franklin Templeton to bring tokenized versions of the asset manager’s ETFs. The five ETFs, which include exposure to U.S. stocks, bonds, and gold, would be tradable round the clock from crypto wallets, thus distinguishing them from traditional market hours that limit trading.
With these tokenized offerings, non-U.S. investors can now access these assets directly, thus increasing the potential investor base.
The collaboration with the asset manager that holds nearly $1.7 trillion in assets under management increased the visibility and credibility of the token while also increasing the expectation of more widespread adoption by institutional investors.
Ondo Finance currently oversees over $2.7 billion in tokenized assets as it continues to expand in the real-world asset sector. Just days ago, the platform revealed it had added another 60 tokenized US stocks and ETFs to its platform, raising the total number of available assets to over 250 across Ethereum, Solana, and BNB Chain.
On the daily chart, Ondo price has broken out of a falling wedge pattern, a popular bullish reversal pattern formed of two descending and converging trendlines. When an asset breaks out of the upper trend line of the pattern, it typically tends to rally sustainably over multiple following sessions.
In Ondo’s case, the token could rally, surpassing $0.50 to nearly $0.64, a target calculated by adding the height of the wedge at its widest point to the breakout price level where the breakout occurred.
However, technical indicators seem to present a diverging perspective. The Supertrend has flashed a red signal, suggesting that the market trend was still bearish at the time of writing. The Aroon Down at 78.57% was also far higher than the Aroon up at 35.71%, a sign that selling pressure largely outweighed buying momentum.
For now, the most important resistance level to watch is $0.30, a level where the price has faced stiff resistance since early February. If Ondo surges past this barrier, it could potentially ignite a rally towards the target at $0.50.
On the contrary, a drop below the Feb. 6 low of $0.20 could invalidate the current breakout and lead to further downside momentum.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
US lawmakers have opened a new front in the fight over prediction markets. A bipartisan House bill now aims to stop top federal officials and their families from trading on government-related outcomes, as pressure also builds around sports and war-linked contracts.
Summary
- PREDICT Act would bar Congress, presidents, appointees, spouses, and dependents from government-related prediction market trades.
- Lawmakers tied the proposal to concerns that insiders could profit from war and policy events.
- Separate Senate and House bills also target sports contracts as pressure grows on platforms nationwide.
Representatives Adrian Smith and Nikki Budzinski introduced the Preventing Real-time Exploitation and Deceptive Insider Congressional Trading Act, or PREDICT Act, on March 25, 2026.
The bill would bar members of Congress, their spouses and dependent children, the president, the vice president, and political appointees from trading on political events, policy decisions, and other government actions on prediction markets.
The proposal also sets penalties for violations. Reports on the bill say the measure would impose a civil fine equal to 10% of the contract’s value and require any profit to go to the US Treasury. Budzinski said recent market activity raised questions about whether people with inside knowledge could benefit from these trades.
Budzinski said, “we’ve seen instances of little-known traders making massive profits” on events tied to war and government funding fights. Smith said public service must not become “a pathway to profit.” Their comments placed the bill within a wider debate over access to sensitive information in Washington.
That debate has grown in March. On March 17, Senator Chris Murphy and Representative Greg Casar introduced the BETS OFF Act, which would ban wagering on government actions, terrorism, war, assassination, and events where a person knows or controls the outcome. Murphy’s office said unusual trading before military actions involving Iran and Venezuela raised fresh concerns.
Congress is also moving against sports-related contracts. On March 23, Senators Adam Schiff and John Curtis introduced the Prediction Markets Are Gambling Act. Their bill would stop CFTC-registered entities from listing contracts that resemble sports bets or casino-style games.
Schiff said, “Sports prediction contracts are sports bets.” Curtis said the products belong under state control, not federal regulators. Their offices said sports event contracts now trade across all 50 states, even where local law restricts gambling.
Platforms face state action and new rules
The industry is also under pressure outside Congress. On March 20, a Nevada judge temporarily blocked Kalshi from offering event contracts in the state without a license. The case forms part of a wider fight over whether these products are financial tools or unlicensed gambling.
At the same time, Kalshi and Polymarket have tightened their own rules. Kalshi barred political candidates from trading on their own campaigns, while Polymarket revised its rules to block trades by users with confidential information or direct influence over an outcome.
Key takeaways:
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Ether struggles to hold $2,400 due to low DEX volumes and declining demand for decentralized applications.
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Institutional investor-led outflows and weak futures premiums suggest that ETH lacks the bullish demand for a sustainable rally.
Ether (ETH) experienced a 6% correction between Wednesday and Thursday, retesting the $2,050 level, and reflecting a risk-off environment fueled by uncertainty surrounding the US and Israel-Iran war. Ether has lagged behind the total crypto market cap, leading investors to wonder what might trigger a sustained rally above $2,400.
The price of Ether has dropped 31% since the start of 2026, driven by a dip in decentralized application activity and a cautious mood across the cryptocurrency space. Much of this selling pressure comes from a lack of regulatory progress in the United States, especially since the Trump administration had fueled hope for a more crypto-friendly era.
ETH under pressure due to ETF outflows and onchain activity
The US Senate is now looking into a ban on yield for stablecoins kept on exchanges. While Coinbase is pushing back hard, the move has added another layer of worry for traders. Banking groups argue that the GENIUS Act already prevents stablecoin issuers from paying yields to holders directly, claiming that using exchanges as intermediaries is simply a loophole.
A recent report from the Financial Action Task Force (FATF) also urged nations to tighten oversight as stablecoins become more common in payments and cross-border transfers using self-custody wallets. The global anti-money laundering watchdog stated that peer-to-peer transactions make it more difficult for authorities to detect suspicious financial activity.
Besides regulatory setbacks, several indicators suggest limited short-term upside for Ether.
The US-listed spot Ether ETFs recorded $298 million in net outflows since March 18, marking six consecutive trading days of redemptions. While these flows are not a perfect proxy for institutional demand, especially following the launch of ETFs with embedded staking functionalities, investor risk perception remained unchanged by the 2.8% native staking yield.
The falling activity on Ethereum decentralized exchanges is a major concern as demand for the token weakens. The current weekly average of $9.4 billion stands around 50% lower compared to levels seen in the final three months of 2025. Unless there is a turnaround in this metric, Ether will likely struggle to maintain levels above $2,400.
Ether monthly futures traded at a 2% premium relative to regular spot markets on Thursday, indicating a lack of demand for bullish leverage. Under neutral conditions, this metric should stand between 4% and 8% to compensate for the longer settlement period. ETH bears will likely remain confident until this metric returns to a neutral range.
Related: SEC is no longer a ‘cop on the beat‘ on crypto, says US lawmaker
There is little doubt that socio-economic events, such as the US and Israel-Iran war, have been the main drivers behind the weakness in the stock market over the past two months. This risk-off mood contributed to Ether’s failure to reclaim $2,400. Still, an improvement in Ethereum decentralized exchange activity and higher conviction from institutional investors is needed for sustainable bullish momentum.
The accumulation of Ether by multi-billion dollar companies such as BitMine, SharpLink, and The Ether Machine could act as a catalyst for ETH to outperform the broader cryptocurrency market when the tide shifts favorably. For now, however, the price of Ether remains under pressure.
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. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Coinbase has raised new concerns over the Senate’s latest stablecoin yield compromise, keeping pressure on a crypto market structure bill that lawmakers still want to move forward.
Summary
- Coinbase rejected revised Senate language that could block exchanges from paying rewards on stablecoin balances.
- Banking groups say stablecoin rewards may pull deposits away from banks and weaken existing rules.
- Lawmakers and White House officials continue talks as pressure builds to move the bill forward.
Reports on March 26 said the exchange told Senate offices it could not support the new language on yield payments, keeping stablecoin rewards at the center of the debate.
Punchbowl News, as cited by several outlets, reported that Coinbase representatives met Senate lawmakers on Monday and pushed back on the revised draft. The reported concern focused on language that could stop third parties, including exchanges, from paying rewards on stablecoin balances.
That issue matters because stablecoin rewards remain a key product for crypto platforms. Banking groups have argued that exchange-paid rewards could draw deposits away from banks and leave a gap around the GENIUS Act, which already bars issuers from paying yield directly to holders.
Senators Thom Tillis and Angela Alsobrooks have led the latest Senate talks on a compromise. Earlier this month, Alsobrooks said lawmakers should not let perfect block progress and said both crypto firms and banks may leave the process “a little bit unhappy.”
The White House has also tried to bridge the gap. Reuters reported in late January that the administration planned meetings with banking and crypto groups, and later reporting showed the White House held at least a third meeting in February as the sides kept working on stablecoin reward terms.
The latest clash comes after a setback in January. Reuters reported that the Senate Banking Committee postponed work on the bill after Coinbase withdrew support and objected to earlier draft language tied to stablecoin rewards.
Lawmakers still face a tight calendar even though the House already moved first. The House passed the CLARITY Act on July 17, 2025, and the Senate now needs to settle its own version before any final package can move ahead.
Lummis and White House advisers signal talks continue
Senator Cynthia Lummis said on X that “bipartisan compromise is necessary” for the CLARITY Act to pass. She added that lawmakers are working to protect stablecoin rewards while also trying to prevent deposit flight from community banks.
White House digital assets adviser Patrick Witt also tried to calm market worries. He wrote that there was “plenty of uninformed FUD” around the issue, a sign that talks remain active even as Coinbase keeps pressing its case.
Bo Shen has reopened efforts to recover about $42 million in crypto stolen from his personal wallet in 2022.
Summary
- Bo Shen offered a recovery bounty after reopening efforts tied to his 2022 personal wallet hack.
- Investigators already helped freeze about $1.2 million connected to the stolen crypto, Shen said publicly.
- Shen said better tracing tools and fresh leads have revived recovery efforts, though uncertainty remains.
The Fenbushi Capital co-founder now offers a bounty to people or groups that help recover the assets, as investigators revisit the case with newer tracing tools and fresh leads.
Bo Shen said he will pay a bounty worth 10% to 20% of any recovered funds. He said the reward will go to any individual or organization that makes a material contribution to the recovery effort.
He also said onchain investigators ZachXBT and Taylor “Tayvano” Monahan have already helped freeze about $1.2 million linked to the stolen assets. Shen said his team will distribute rewards after the recovery process is complete.
The new bounty brings attention back to a case Shen first disclosed in November 2022. At that time, he said attackers drained about $42 million in digital assets from his personal wallet.
Shen said the stolen funds were personal assets and did not affect Fenbushi Capital or related entities. That distinction remains central to the case, as the renewed recovery effort focuses on assets taken from a private wallet rather than company-controlled funds.
Furthermore, blockchain security firm SlowMist later said the theft happened after someone compromised Shen’s mnemonic seed phrase. The firm said the stolen assets included about $38.2 million in USDC, 1,607 Ether, nearly 720,000 USDT, and 4.13 Bitcoin.
According to the case details, the stolen funds later moved through services and exchanges that included ChangeNow and SideShift. These transfers made the recovery effort harder, especially during the early stage of the investigation, when cross-chain tracking tools were still less developed.
New tools give investigators another chance
Shen said tracing tools in 2022 could not fully support a case of this scale and complexity. He said that limit reduced the ability of investigators to follow asset movements across different chains and platforms.
He now says recent progress in artificial intelligence-based analysis and onchain forensics has improved that process. Shen said investigators now have “new leads” and a “clearer picture” of how the funds moved after the hack.
Bitcoin mining margins remain under pressure as lower revenue and higher operating costs narrow the list of viable operators.
Summary
- CoinShares said falling hashprice has pushed part of the Bitcoin mining fleet below profitability levels.
- Older mining machines face the most pressure as electricity costs rise above sustainable operating thresholds.
- Bitcoin difficulty dropped sharply in March, offering some relief while miner margins remained under pressure.
A new CoinShares report says part of the global mining fleet now sits below profitability, with older machines and higher power costs facing the most pressure.
CoinShares said Q4 2025 was the hardest quarter for Bitcoin miners since the April 2024 halving. The firm said lower Bitcoin prices and near-record network hashrate pushed hashprice to five-year lows and lifted the weighted average cash cost to produce one Bitcoin among listed miners to about $79,995 in Q4 2025.
The report said hashprice dropped further to about $29 per PH/s/day in Q1 2026. CoinShares added that current mining economics do not support a broad hardware refresh cycle, as weaker returns continue to pressure balance sheets and daily cash flow across the sector.
CoinShares said the current revenue level makes several machine models unworkable at common power rates. The report stated that any miner running hardware below an S19 XP at electricity costs of 6 cents per kilowatt-hour or more is losing money at a hashprice near $30 per PH/s/day.
The firm estimated that this group accounts for about 15% to 20% of the global Bitcoin mining fleet. That places the current squeeze on operators with older fleets, weaker efficiency, or less favorable power agreements, while larger miners with newer hardware and cheaper energy retain more room to operate.
Moreover, hashrate Index said USD hashprice rose 4.9% in the week to March 23, reaching $33.65 per PH/s/day from $32.08. Even so, the same report said that at about $33 per PH/s/day, hashprice remains at or below breakeven for many miners depending on machine type and operating costs.
The network has already started to reflect that strain. Hashrate Index said Bitcoin’s latest difficulty adjustment on March 20 cut difficulty by 7.76% to 133.79 trillion, reducing the work needed to mine a block and giving some relief to miners that stayed online.
CoinShares sees more stress if Bitcoin stays below key levels
CoinShares head of research James Butterfill said,
“If prices were to stay below US$80k for the remainder of the year, we forecast the hashprice to continue to fall.”
He added that in that scenario, “the hashprice would more likely flatline” as miners switch off unprofitable rigs and network hashrate falls.
CoinShares also said higher-cost miners may face more capitulation in the first half of 2026 unless Bitcoin recovers. The report said the sector is moving toward operators with structural advantages, including low-cost power, better machine efficiency, and the ability to shift part of their business toward AI and data center services.
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