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TD Securities strategists stated in a report that the ongoing oil price shock stemming from the Iran conflict could ultimately be detrimental to the U.S. dollar. They indicated that the U.S.'s energy independence should delay the impact on the U.S. compared to the EU and Asia, thus temporarily favoring the dollar in terms of growth and relative interest rate differentials. "Ultimately, even the U.S. and the Federal Reserve will not be immune to the growth and macro impacts of prolonged disruptions in the energy markets," they said. They added that if the Federal Reserve continues to cut interest rates by the end of this year, the dollar should weaken in the medium term. Concerns about the U.S. deficit may also be exacerbated by increased defense spending.

[TD Securities: Prolonged Oil Price Shock May Weaken the Dollar]TD Securities strategists stated in a report that the ongoing oil price shock stemming from the Iran conflict could ultimately be detrimental to the U.S. dollar. They indicated that the U.S.'s energy independence should delay the impact on the U.S. compared to the EU and Asia, thus temporarily favoring the dollar in terms of growth and relative interest rate differentials. "Ultimately, even the U.S. and the Federal Reserve will not be immune to the growth and macro impacts of prolonged disruptions in the energy markets," they said. They added that if the Federal Reserve continues to cut interest rates by the end of this year, the dollar should weaken in the medium term. Concerns about the U.S. deficit may also be exacerbated by increased defense spending.

TD Securities: Prolonged Oil Price Shock May Weaken the Dollar

US Interior Secretary Deb Haaland: During this visit to Venezuela, I brought back $100 million worth of physical gold.

[US Interior Secretary Returns from Venezuela with $100 Million in Gold]US Interior Secretary Deb Haaland: During this visit to Venezuela, I brought back $100 million worth of physical gold.

US Interior Secretary Returns from Venezuela with $100 Million in Gold

The U.S. House Financial Services Committee will hold a hearing titled "Tokenization and the Future of Securities" on March 25, 2026, at 10:00 PM (UTC+8). The hearing will discuss the impact of securities tokenization on capital markets, investor protection, and the regulatory framework, and will review legislative drafts requiring the SEC and CFTC to study the tokenization market. Witnesses scheduled to testify include Kenneth Bentsen, President of SIFMA; Summer Mersinger, CEO of Blockchain Association; Christian Sabella, Deputy General Counsel at DTCC; John Zecca, Chief Legal and Compliance Officer at Nasdaq; and Salman Banaei, General Counsel at Plume Network.

[House Committee to Hold Hearing on Securities Tokenization]The U.S. House Financial Services Committee will hold a hearing titled "Tokenization and the Future of Securities" on March 25, 2026, at 10:00 PM (UTC+8). The hearing will discuss the impact of securities tokenization on capital markets, investor protection, and the regulatory framework, and will review legislative drafts requiring the SEC and CFTC to study the tokenization market. Witnesses scheduled to testify include Kenneth Bentsen, President of SIFMA; Summer Mersinger, CEO of Blockchain Association; Christian Sabella, Deputy General Counsel at DTCC; John Zecca, Chief Legal and Compliance Officer at Nasdaq; and Salman Banaei, General Counsel at Plume Network.

House Committee to Hold Hearing on Securities Tokenization

Matt Hougan, Chief Investment Officer at Bitwise, published an article stating that based on conservative assumptions, even considering recent concerns triggered by the latest draft of the CLARITY Act, he expects Circle's valuation to reach $75 billion by 2030. To date, interest income has not been the primary driver of stablecoin growth. Currently, the vast majority of stablecoins are held in a way that does not generate interest. Stablecoins have rapidly gained popularity because they allow people to transfer funds efficiently and reliably across the globe – for trade settlement, as collateral for loans, as an alternative to unstable fiat currencies, and for many other use cases.

Convenience is a core advantage of money, and this is where stablecoins excel. Currently, the average annualized interest rate for ordinary savings accounts in the US is around 0.60%, and for checking accounts, it's a mere 0.07%. People deposit money into these accounts not for the interest. If the global financial system is increasingly migrating to a blockchain-based infrastructure, I anticipate stablecoins will play an increasingly important role in this transition, regardless of whether they offer interest.

Based on my simple estimation – a market size of $1.9 trillion, a 25% market share, and a 0.8% profit margin – after deducting distribution fees, Circle's revenue will reach $3.8 billion by 2030, excluding other expenses. Currently, the company's actual operating expenses are relatively low ($144 million in 2025), meaning that even if these expenses double or triple by 2030, approximately $2.7 billion of revenue could still become net profit after taxes. Calculated at the current average P/E ratio of the S&P 500 (28x), Circle's market capitalization would reach $75 billion.

[Bitwise: Latest CLARITY Act Draft Sparks 20% Drop for Circle, Future Market Cap Under Review]Matt Hougan, Chief Investment Officer at Bitwise, published an article stating that based on conservative assumptions, even considering recent concerns triggered by the latest draft of the CLARITY Act, he expects Circle's valuation to reach $75 billion by 2030. To date, interest income has not been the primary driver of stablecoin growth. Currently, the vast majority of stablecoins are held in a way that does not generate interest. Stablecoins have rapidly gained popularity because they allow people to transfer funds efficiently and reliably across the globe – for trade settlement, as collateral for loans, as an alternative to unstable fiat currencies, and for many other use cases.

Convenience is a core advantage of money, and this is where stablecoins excel. Currently, the average annualized interest rate for ordinary savings accounts in the US is around 0.60%, and for checking accounts, it's a mere 0.07%. People deposit money into these accounts not for the interest. If the global financial system is increasingly migrating to a blockchain-based infrastructure, I anticipate stablecoins will play an increasingly important role in this transition, regardless of whether they offer interest.

Based on my simple estimation – a market size of $1.9 trillion, a 25% market share, and a 0.8% profit margin – after deducting distribution fees, Circle's revenue will reach $3.8 billion by 2030, excluding other expenses. Currently, the company's actual operating expenses are relatively low ($144 million in 2025), meaning that even if these expenses double or triple by 2030, approximately $2.7 billion of revenue could still become net profit after taxes. Calculated at the current average P/E ratio of the S&P 500 (28x), Circle's market capitalization would reach $75 billion.

Bitwise: Latest CLARITY Act Draft Sparks 20% Drop for Circle, Future Market Cap Under Review

On March 25, it was reported that an Indian court has acquitted the founder of CoinDCX. The court found that the fraudulent activities in question were related to a counterfeit website, rather than the official platform of CoinDCX.

[Indian Court Acquits CoinDCX Founder]On March 25, it was reported that an Indian court has acquitted the founder of CoinDCX. The court found that the fraudulent activities in question were related to a counterfeit website, rather than the official platform of CoinDCX.

Indian Court Acquits CoinDCX Founder

On March 25th, US stocks opened with the Dow Jones Industrial Average up 1%, the S&P 500 index up 0.89%, and the Nasdaq Composite up 1%. Pinduoduo (PDD.O) rose 2% after its Q4 2025 revenue exceeded expectations. Amazon (AMZN.O) gained 2.5% following its acquisition of robotics startup Fauna Robotics. Arm (ARM.O) surged over 11% as the company announced it will begin selling its own chips, projecting this business to generate approximately $15 billion in annual revenue within five years. (Jingshi)

[US Stocks Open Higher, Nasdaq Up 1%]On March 25th, US stocks opened with the Dow Jones Industrial Average up 1%, the S&P 500 index up 0.89%, and the Nasdaq Composite up 1%. Pinduoduo (PDD.O) rose 2% after its Q4 2025 revenue exceeded expectations. Amazon (AMZN.O) gained 2.5% following its acquisition of robotics startup Fauna Robotics. Arm (ARM.O) surged over 11% as the company announced it will begin selling its own chips, projecting this business to generate approximately $15 billion in annual revenue within five years. (Jingshi)

US Stocks Open Higher, Nasdaq Up 1%

On March 25, interest rate swap protocol Kairos Labs announced the completion of a $2.4 million seed funding round, led by 6th Man Ventures, with participation from Lattice, Advancit Capital, and Compa Capital. At the same time, Kairos released its technical white paper, launching a permissionless, non-custodial interest rate swap protocol based on EVM, which is set to go live on the Ethereum mainnet and Base in the coming weeks. The protocol allows users to create interest rate swap markets, enabling hedging between fixed and floating rates, thus filling a critical infrastructure gap in DeFi. Currently, the DeFi lending market has surpassed $40 billion but remains predominantly based on floating rates, lacking interest rate risk management tools. Kairos stated that its protocol will become the core infrastructure for on-chain fixed income systems, facilitating the integration of traditional financial products such as bonds and structured credit into DeFi.

[Kairos Completes $2.4 Million Seed Funding Round Led by 6th Man Ventures]On March 25, interest rate swap protocol Kairos Labs announced the completion of a $2.4 million seed funding round, led by 6th Man Ventures, with participation from Lattice, Advancit Capital, and Compa Capital. At the same time, Kairos released its technical white paper, launching a permissionless, non-custodial interest rate swap protocol based on EVM, which is set to go live on the Ethereum mainnet and Base in the coming weeks. The protocol allows users to create interest rate swap markets, enabling hedging between fixed and floating rates, thus filling a critical infrastructure gap in DeFi. Currently, the DeFi lending market has surpassed $40 billion but remains predominantly based on floating rates, lacking interest rate risk management tools. Kairos stated that its protocol will become the core infrastructure for on-chain fixed income systems, facilitating the integration of traditional financial products such as bonds and structured credit into DeFi.

Kairos Completes $2.4 Million Seed Funding Round Led by 6th Man Ventures

On March 25, Iranian media outlet Fars News reported that Iran has stated it will not accept a ceasefire and will not enter any negotiation process with the defaulting party, deeming negotiations with the United States illogical. The Iranian side also confirmed that the U.S. is indeed intensifying efforts to facilitate a ceasefire. However, Iran does not accept a ceasefire, asserting that both ceasefire and negotiations are unfeasible under the current circumstances. Following this news, the gain in S&P 500 futures significantly narrowed to 0.72%.

[Iran Declares Ceasefire and Negotiations Unfeasible, S&P 500 Futures Gain Narrows]On March 25, Iranian media outlet Fars News reported that Iran has stated it will not accept a ceasefire and will not enter any negotiation process with the defaulting party, deeming negotiations with the United States illogical. The Iranian side also confirmed that the U.S. is indeed intensifying efforts to facilitate a ceasefire. However, Iran does not accept a ceasefire, asserting that both ceasefire and negotiations are unfeasible under the current circumstances. Following this news, the gain in S&P 500 futures significantly narrowed to 0.72%.

Iran Declares Ceasefire and Negotiations Unfeasible, S&P 500 Futures Gain Narrows

March 25th news: Strategy Company is launching a dedicated Bitcoin security initiative, aiming to collaborate with global experts in cybersecurity, cryptocurrency, and Bitcoin to enhance the security, resilience, and credibility of the Bitcoin network. 
The company is recruiting a Director of Bitcoin Security to lead this effort. This role will serve as the company's internal authority on protocol, cryptography, and asset custody, while also acting as a key external liaison within the industry. 
This position will comprehensively build Strategy Company's Bitcoin security framework, covering threat modeling, key management, multi-signature custody solution design, and wallet architecture, with a focus on institutional-grade resilience and asset recoverability. 
Strategy states that the initiative will bring together exchanges, custodians, asset management companies, service providers, and core developers to jointly address emerging threats, security vulnerabilities, and establish industry best practices. 
The initiative will also encompass internal training, executive consulting, and ongoing industry collaboration, driving a scalable improvement in Bitcoin security levels through regular meetings and public progress updates.

[Strategy Company Launches Dedicated Bitcoin Security Initiative]March 25th news: Strategy Company is launching a dedicated Bitcoin security initiative, aiming to collaborate with global experts in cybersecurity, cryptocurrency, and Bitcoin to enhance the security, resilience, and credibility of the Bitcoin network. 
The company is recruiting a Director of Bitcoin Security to lead this effort. This role will serve as the company's internal authority on protocol, cryptography, and asset custody, while also acting as a key external liaison within the industry. 
This position will comprehensively build Strategy Company's Bitcoin security framework, covering threat modeling, key management, multi-signature custody solution design, and wallet architecture, with a focus on institutional-grade resilience and asset recoverability. 
Strategy states that the initiative will bring together exchanges, custodians, asset management companies, service providers, and core developers to jointly address emerging threats, security vulnerabilities, and establish industry best practices. 
The initiative will also encompass internal training, executive consulting, and ongoing industry collaboration, driving a scalable improvement in Bitcoin security levels through regular meetings and public progress updates.

Strategy Company Launches Dedicated Bitcoin Security Initiative

According to CoinDesk, New U.K. laws to restrict crypto ads and outlaw the provision of services by unauthorized operators were passed in a committee of the House of Commons Thursday without opposition or further debate.
The measures, now formally included in the government’s Financial Services and Markets Bill, add to those agreed last week by the Bill Committee, despite industry concerns that the measure could make it harder to get ads approved.

Detail

【UK powers to regulate crypto ads approved by lawmaker committee】According to CoinDesk, New U.K. laws to restrict crypto ads and outlaw the provision of services by unauthorized operators were passed in a committee of the House of Commons Thursday without opposition or further debate.
The measures, now formally included in the government’s Financial Services and Markets Bill, add to those agreed last week by the Bill Committee, despite industry concerns that the measure could make it harder to get ads approved.

UK powers to regulate crypto ads approved by lawmaker committee

Article

High Stakes Capital Sells Over 600,000 HYPE Tokens for Nearly $22.94 Million

Tencent Recruits Key Personnel from ByteDance's Seed Unit, Including Xiao Xuefeng and Zhang Chi, Who Will Report to Yao Shunyu

OpenAI Aims to Raise $10 Billion from Investors Including MGX, Coatue, and Thrive

U.S. Stock Indices Close Lower

SOL broke through 90  USDT

UK powers to regulate crypto ads approved by lawmaker committee

Disclaimer：Il contenuto di cui sopra non rappresenta le posizioni di HTX.，HTX non fornisce alcuna raccomandazione di trading.。

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