Weekly Crypto Recap: A Stablecoin Dominated Week

Despite a downturn in crypto prices, with BTC and ETH experiencing declines and the CoinDesk 20 losing 7% since Monday, less speculative assets saw significant volume. Stablecoins were a major focus this week, with the US House introducing a stablecoin bill following the Senate's version approved by committee last week. Wyoming is testing its own stablecoin on Avalanche, Solana, and Ethereum, while WLFI, backed by Donald Trump's family, launched its stablecoin, USD1. Fidelity Investments is also in advanced stages of launching its own stablecoin as part of its strategy to enter the tokenized bond market. Circle, the issuer of USDC, secured a license to operate in Japan, and Sam Altman's World Network is in talks with Visa to link on-chain card features to a self-custody crypto wallet. Other notable developments include senior staff losses at FalconX, BlackRock adding talent to its digital assets team, and MicroStrategy's continued investment in bitcoin, with executive chairman Michael Saylor discussing bitcoin's potential as a $200 trillion asset. The SEC continued enforcement actions against crypto companies, with Immutable being the latest. The week concluded with the president's media company announcing the launch of its own ETFs and ETPs with Crypto.com, showcasing crypto's enduring ability to surprise.