Today in crypto, Coinbase forecasts that the US dollar-backed stablecoin market will eclipse $1 trillion in three years, the European Union is reportedly exploring Ethereum and Solana for its digital euro central bank digital currency (CBDC…
Today in crypto, Coinbase forecasts that the US dollar-backed stablecoin market will eclipse $1 trillion in three years, the European Union is reportedly exploring Ethereum and Solana for its digital euro central bank digital currency (CBDC), and data revealed that the top 13 most profitable YZY wallets made off with almost $25 million trading the Kanye West-linked token.
A trillion-dollar stablecoin market is brewing
The US dollar-pegged stablecoin market is projected to reach $1.2 trillion by 2028, driven by comprehensive US regulations and growing recognition of the asset’s utility, according to new research from Coinbase.
The cryptocurrency exchange noted that as stablecoins continue to expand, the US Treasury market will need to grow as well, since issuers rely on short-term T-Bills to back their collateral. Coinbase also downplayed concerns that this expansion would cause a sharp drop in Treasury yields.
“We think the forecast doesn’t require unrealistically large or permanent rate dislocations to materialize; instead, it relies on incremental, policy-enabled adoption compounding over time,” Coinbase said.
A key catalyst for US stablecoins will be the GENIUS Act, a recently passed regulatory framework designed, in part, to reinforce the dollar’s role as the world’s reserve currency through stablecoin adoption. The law is scheduled to take effect in January 2027.
EU exploring Ethereum, Solana for digital euro launch: FT
The European Union is reportedly exploring major public blockchain networks including Ethereum and Solana in connection with its digital euro design.
The European Central Bank (ECB) is considering running a digital euro on a public blockchain like Ethereum rather than a private one, the Financial Times reported on Friday, citing people familiar with the matter.
Unlike a private blockchain, where data is limited to authorized entities, public blockchains like Ethereum or Solana are open to everyone.
If confirmed, the EU’s exploration of public blockchains would represent a significant milestone in the digital euro’s development, given that the ECB has not yet finalized the technology framework for the project.
The use of a public blockchain is “definitely something that [EU officials are] taking more seriously now,” one of the people involved in the digital euro discussions told the FT.
Another person said a digital euro in a private form would look “much more like what the Chinese central bank is doing than what private companies in the US are doing.”
The person specifically referred to China’s central bank digital currency (CBDC), deployed privately, as opposed to public-run stablecoins developed by companies like Circle.
13 wallets made over $1 million profit each dumping the YZY token
A total of 13 wallets made more than a million dollars each trading Kanye West-linked YZY, according to new data from Nansen.
The YZY token was launched on Solana on Thursday by the rapper, with the top 13 wallets profiting a total of $24.5 million as they dumped the token.
The YZY token spiked 1,400% within an hour of its launch, hitting a peak price of $3 before dumping again, according to Nansen. In less than 24 hours since the spike, the token has dumped 74% to around $0.77. The launch was controversial, with many observers pointing to alleged insider sales and snipers.
A Dune Analytics query indicated that more than 56,000 wallets interacted with the memecoin, while Nansen reports that there were still over 27,000 wallets holding more than $1 worth. Data also shows that out of the first 99 addresses to buy the token, only nine still hold any YZY at the time of writing.
