Today’s market wrap highlights key developments impacting crypto and financial markets:
**Fed Concerns on Stablecoins:** Fed Governor Barr voiced concerns about the stability of stablecoins, highlighting potential risks such as run vulnerabilities and regulatory arbitrage. He emphasized the need for robust rules under the GENIUS Act to safeguard users and the overall financial system.
**Bitcoin’s Decline:** Bitcoin price dropped below its 200-day moving average, falling approximately 7% this week. Contributing factors include significant ETF outflows and heightened risk-off sentiment, resulting in a drop of long-term Treasury yields to their lowest level since April (3.94%).
**Florida’s Bitcoin Regulatory Proposal:** Florida’s House Bill 183 provides flexibility for state and pension funds to invest up to 10% of their assets in bitcoin and crypto ETFs, starting July 2026, following federal policy on the matter.
**Stablecoin Innovations:** KPMG reveals that stablecoins could dramatically cut cross-border payment costs by 99%, enabling near instant settlement within a $150 trillion market. JPMorgan and PayPal are among the institutions leading the adoption of these innovations.
**Uniswap’s Solana Integration:** Uniswap, a prominent decentralized exchange platform, has added support for Solana transactions on its web application, aiming to reduce fragmentation in DeFi and enable more seamless swaps.
Stay informed about the latest market moves.