Crypto Biz: Bank stablecoins get a rulebook; Bitcoin gets a land grab
Washington is inching closer to putting bank-issued stablecoins on a clearer regulatory track.
This week, the Federal Deposit Insurance Corp. (FDIC), the US agency that oversees bank safety and insures deposits, laid out a proposed framework for how insured banks, via subsidiaries, could seek approval to issue payment stablecoins under the GENIUS Act, a move that could reshape who gets to mint digital dollars and under what rules.
That same push toward institutionalization is also evident elsewhere in the crypto business landscape. Despite Bitcoin’s (BTC) lackluster performance, corporate treasuries are still in accumulation mode, with American Bitcoin vaulting past ProCap in the race to stack BTC.
On Wall Street’s doorstep, Anchorage Digital is tightening its grip on the adviser channel by acquiring Securitize’s RIA platform, bringing custody and advisory tools under one roof.
On the sovereign end of the spectrum, Bhutan says it will tap a portion of its sizable Bitcoin holdings to help finance Gelephu Mindfulness City, an ambitious bid to build a new economic hub without compromising long-term capital preservation.
This week’s Crypto Biz dives into regulatory, corporate and economic developments shaping the global crypto industry.
FDIC proposes framework for bank-issued payment stablecoins
The FDIC is moving forward with proposed rulemaking in the wake of the landmark GENIUS Act, signaling that the agency is preparing to offer clear guidance to banking institutions seeking to issue payment stablecoins.
In a 38-page document published on the FDIC’s website, the agency outlined proposed approval requirements governing how bank subsidiaries could issue payment stablecoins in accordance with the GENIUS Act. The proposal is subject to a public consultation process before any rules are finalized.
Under the proposed framework, financial institutions would be required to apply to issue a stablecoin through a subsidiary, with the FDIC evaluating both the parent company and the issuing entity. Applicants would also need to comply with the GENIUS Act’s provisions related to issuance standards, reserve backing and redemption policies.
_Excerpts from the FDIC’s proposal detailing the approval process for bank-issued payment stablecoins. Source: _FDIC
American Bitcoin overtakes ProCap in corporate Bitcoin treasury race
American Bitcoin, the digital asset mining and holding company associated with the Trump family, entered the ranks of the top 20 corporate Bitcoin holders this week, surpassing ProCap Financial, a company founded by entrepreneur Anthony Pompliano. The shift highlights the growing competition among companies to accumulate Bitcoin.
American Bitcoin has added more than 1,000 BTC to its reserves since the beginning of December. Its total Bitcoin holdings now stand at 5,098 BTC, valued at approximately $452 million, according to industry data.
The company trades on the Nasdaq, having gone public through a reverse merger with Gryphon Digital Mining. Its shares, however, have experienced sharp volatility, reflecting the broader price swings typical of Bitcoin proxy stocks tied to the performance of Bitcoin.
_American Bitcoin’s BTC acquisitions over time. Source: _BitcoinTreasuries.NET
Anchorage Digital acquires Securitize advisory unit to expand institutional offerings
Anchorage Digital has acquired Securitize’s investment adviser platform as part of a strategy to consolidate and expand its institutional investment services for registered investment advisers (RIAs).
Anchorage announced that it acquired Securitize For Advisors (SFA) for an undisclosed amount. The platform is designed to serve RIAs and had already been using Anchorage for digital asset custody. By bringing SFA in-house, Anchorage aims to integrate custody services with adviser-facing tools under a single platform.
Anchorage Digital provides institutional digital asset services and operates a federally chartered bank in the United States. In March, the company selected Cantor Fitzgerald to custody clients’ Bitcoin.
Bhutan to tap Bitcoin holdings to finance special administrative region
The Kingdom of Bhutan, one of the world’s largest state holders of Bitcoin, said it will use a portion of its digital asset reserves to help finance the Gelephu Mindfulness City (GMC), a planned special administrative region aimed at driving long-term economic growth.
The project is designed to serve as a new economic hub, focusing on sustainability and innovation, to curb Bhutan’s brain drain while creating high-quality local jobs and attracting international investment.
Bhutan currently holds more than 11,000 BTC, and officials have indicated that multiple strategies are being considered for deploying the reserves. Any use of the country’s Bitcoin, however, will be balanced against the objective of preserving its long-term value.
“Any use of Bitcoin will be guided by strong governance and prudence, with an emphasis on capital preservation, appropriate oversight, and transparency,” the government said.
_Bhutan’s ranking among countries that hold Bitcoin. Source: _Bitbo
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