# Stablecoins Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Stablecoins", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

From Ban Threats To Bank Licenses: Russia’s New Crypto Play

The Bank of Russia has proposed allowing banks and brokerage firms to obtain licenses to operate cryptocurrency exchanges through a simplified notification process based on existing licenses. Central Bank Governor Elvira Nabiullina stated that this move aims to leverage the banking sector’s experience in anti-money laundering and fraud prevention to protect digital asset market clients. Under the proposal, crypto and stablecoins would be classified as "currency valuables"—permissible for ownership and trading but restricted as a domestic payment method. Banks would face a temporary risk cap of 1% of their capital when dealing with crypto. Qualified investors may trade without limits, while non-qualified investors are restricted to purchasing up to 300,000 rubles annually per intermediary. This regulatory shift reflects Russia’s gradual move from hostility toward crypto to tightly managed acceptance, with the goal of bringing activity onshore, enforcing taxation, and sidelining unlicensed foreign platforms. The central bank aims to finalize the legal framework by mid-2026.

bitcoinist13h ago

From Ban Threats To Bank Licenses: Russia’s New Crypto Play

bitcoinist13h ago

BNB Chain outpaces rivals in stablecoin activity – Why is capital moving here?

Stablecoins are becoming the primary liquidity rails in crypto, with Ethereum and TRON holding the largest supplies. However, BNB Chain has emerged as a dominant transactional hub, processing nearly 40% of global stablecoin transfers despite holding only about 5% of the total supply. This high transaction velocity is driven by structural advantages such as very low fees ($0.02 per transfer), fast block times, and strong network capacity. BNB Chain also hosts about 25% of active stablecoin wallets, reflecting strong user engagement. These factors position it as a high-throughput settlement layer, attracting capital as blockchains compete for stablecoin activity and dominance.

ambcrypto19h ago

BNB Chain outpaces rivals in stablecoin activity – Why is capital moving here?

ambcrypto19h ago

Crypto market holds $2T after U.S. jobs unexpectedly fall by 92K

The cryptocurrency market held steady near the $2 trillion mark following the release of weaker-than-expected U.S. labor data, which showed nonfarm payrolls unexpectedly falling by 92,000 jobs in February. This has reinforced expectations that the Federal Reserve may adopt a more accommodative policy stance later this year, potentially supporting risk assets like cryptocurrencies. Total crypto market capitalization excluding stablecoins hovered around $2.04 trillion, showing signs of stabilization after a sharp decline in February that erased approximately $1 trillion in value. Technical indicators, such as the Relative Strength Index (RSI), rebounded from oversold levels, suggesting easing selling pressure. Analysts see the $2 trillion level as a key psychological support, with the potential for accumulation if it holds. However, the market awaits further macroeconomic signals and Fed guidance before a broader recovery can materialize.

ambcryptoYesterday 16:25

Crypto market holds $2T after U.S. jobs unexpectedly fall by 92K

ambcryptoYesterday 16:25

Rising stablecoins, bullish jobs data, and how crypto is moving past hedge flows

The macro environment is gradually shifting to favor crypto, with recent inflows initially appearing driven by geopolitical hedge-seeking behavior and growing U.S. debt pressures. However, strong jobless claims data and rising stablecoin activity suggest a more sustainable shift. Stablecoin market cap grew 1.08% this week, nearing an all-time high, while on-chain metrics show increased transaction volume and net inflows. This indicates sidelined capital is returning, moving beyond short-term speculative flows toward genuine long-term growth. Bitcoin's reclaiming of $70k may be more than a short squeeze if stablecoin momentum continues, reflecting a broader divergence from macro uncertainty.

ambcryptoYesterday 15:01

Rising stablecoins, bullish jobs data, and how crypto is moving past hedge flows

ambcryptoYesterday 15:01

a16z: The Real Opportunity for Stablecoins Lies Not in Disruption but in Filling the Gaps

The article argues that the true opportunity for stablecoins lies not in displacing traditional card networks like Visa and Mastercard, but in serving new types of merchants that cannot access conventional payment systems. While some in the crypto community believe AI agents will bypass card networks to avoid fees, the author contends cards will dominate most transactions due to their consumer protections (e.g., chargebacks), fraud detection, rewards, and existing infrastructure. Card networks are already adapting to new use cases like AI-driven commerce. The real stablecoin opportunity exists in the emerging wave of AI-native developers and micro-businesses. These entities—often without legal structure, websites, or traditional banking—are creating tools and generating revenue but are unable to meet the risk and compliance requirements of traditional payment processors. For them, stablecoins are currently the only viable way to receive payments, filling a critical gap until traditional systems adapt. Thus, stablecoins serve not as a replacement for cards, but as essential infrastructure for the next generation of merchants that existing systems cannot yet underwrite.

marsbitYesterday 13:12

a16z: The Real Opportunity for Stablecoins Lies Not in Disruption but in Filling the Gaps

marsbitYesterday 13:12

Valuation Collapse and Revenue Divergence: Reassessing the True Logic of Crypto Assets

Cryptocurrency valuations are collapsing as the industry matures, with infrastructure tokens losing their premium while revenue becomes concentrated in a few key sectors. Despite generating record fees ($74.8B since 2018, nearly half in 2024-2025), the market is gripped by fear, with projects shutting down and talent migrating to AI. Stablecoin issuers Tether and Circle now capture 34.3% of all crypto fees, benefiting from massive demand (hedging against inflation in emerging markets) and near-zero marginal costs. Their dominance stems from distribution advantages and Lindy effects, not technical superiority. Meanwhile, speculative trading products (Telegram bots, perpetual exchanges like Hyperliquid) grew rapidly, accounting for over 15% of fees by 2025. These leverage crypto’s mature infrastructure to offer high-risk, dopamine-driven financial services. In contrast, DeFi protocols and L1/L2 chains face valuation compression. Price-to-fee ratios for major chains (Solana, Arbitrum, Optimism) fell dramatically as novelty premiums faded. The market now values revenue-generating protocols rationally—often at or below traditional finance multiples (e.g., Aave at 4x P/S vs. Visa’s 15x). The key insight: Crypto’s must build real economic moats (first-mover advantage, liquidity, or distribution) and赋予代币实际权益 token holders with clear economic rights and governance power. The era of speculative narratives is over; sustainable value comes from capturing fees via high-frequency trading or trust-minimized transactions.

marsbitYesterday 10:07

Valuation Collapse and Revenue Divergence: Reassessing the True Logic of Crypto Assets

marsbitYesterday 10:07

Profit Soaring, Sentiment at Rock Bottom: The True Face of Crypto Amid $6 Billion Unlock

The crypto industry faces a paradox: record-high profitability amid extreme fear and negative sentiment. While protocols generated $74.8 billion in fees since 2018—nearly half in the last 18 months—many projects have shut down, and layoffs are widespread. Key shifts in revenue structure reveal that stablecoin issuers like Tether and Circle now dominate, capturing 34.3% of all fees due to high demand for dollar-backed assets and near-zero marginal costs. Meanwhile, trading-focused applications (e.g., Telegram bots and perpetual exchanges) have surged, accounting for over 15% of revenue by catering to speculative demand. In contrast, layer-1 and layer-2 blockchains and DeFi protocols have seen valuations collapse, with price-to-fee ratios dropping sharply. The median monthly revenue for protocols has fallen to $13,000, indicating intense competition. The industry’s moats include first-mover advantage (e.g., Tether), liquidity depth (e.g., Aave), and distribution prowess (e.g., meme platforms). Token valuations are now more rational—often below traditional finance multiples—but must evolve to offer real economic rights and governance utility. Crypto’s future lies in integrating with the broader internet infrastructure, focusing on high-frequency trading fees and verifiable transparency.

marsbitYesterday 09:42

Profit Soaring, Sentiment at Rock Bottom: The True Face of Crypto Amid $6 Billion Unlock

marsbitYesterday 09:42

After the Valuation Collapse: The Crypto Market Enters the 'Revenue Pricing' Era

The crypto market is shifting from speculative narratives to a focus on real revenue generation, entering an "earnings-based valuation" era. Despite industry-wide fear and declining sentiment, crypto-native protocols have generated $74.8 billion in fees since 2018, with nearly half ($31.4 billion) occurring between January 2024 and June 2025. However, valuations have collapsed as novelty premiums fade. Key trends include: - **Stablecoin dominance**: Tether and Circle now account for 34.3% of all fees, benefiting from global demand and near-zero marginal costs. - **Trading platforms surge**: Meme coin trading and perpetual exchanges (e.g., Hyperliquid, Jupiter) grew from 1% to over 15% of total revenue by 2025, driven by consumer demand for high-risk, high-reward products. - **Protocol decline**: Layer 1 and Layer 2 tokens (e.g., Solana, Arbitrum) saw price-to-fee ratios drop sharply as infrastructure matured and competition increased. The median monthly revenue per protocol fell to $13,000. - **Valuation rationalization**: The average price-to-sales ratio for crypto assets compressed from 40,400x in 2020 to 170x today, aligning with or below traditional financial infrastructure multiples (e.g., Visa at 15x P/S). Protocols like Aave (4x P/S) and Hyperliquid (7x P/S) now trade at reasonable valuations. The era of building pure infrastructure is over. Success requires business models with real revenue, clear moats (first-mover advantage, liquidity, or distribution), and tokens that offer actual economic rights and governance—not just speculative value.

比推Yesterday 09:10

After the Valuation Collapse: The Crypto Market Enters the 'Revenue Pricing' Era

比推Yesterday 09:10

Gen-Z now drives 72% of P2P crypto payments – Report

A new report from crypto exchange NoOnes reveals that Generation Z is the dominant force in peer-to-peer (P2P) crypto payments, accounting for 72% of all transfers. Millennials follow at 24%, while Gen X trails significantly at 4%. Regionally, Asia leads in P2P usage (74%), followed by Latin America (62%) and Africa (54%), with Europe and North America showing the lowest adoption rates. This trend aligns with broader crypto adoption, where the APAC region saw a massive surge in activity. The report notes that younger generations are more receptive to new technologies, and the convenience of mobile security features is driving usage. However, despite this strong adoption, P2P payment growth is being outpaced by crypto card payments, which surged 106% to $1.6 billion in the last three years compared to just 5% for P2P. While P2P is the second most dominant stablecoin payment method by value after B2B, cards are a strong third. The findings suggest that for crypto firms to scale, a mobile-first strategy is essential.

ambcryptoYesterday 08:02

Gen-Z now drives 72% of P2P crypto payments – Report

ambcryptoYesterday 08:02

Bitcoin Wins AI ‘Best Money’ Vote: Anthropic Leads, OpenAI Lags

Bitcoin was selected as the top monetary instrument in an experiment by the Bitcoin Policy Institute (BPI), which prompted 36 AI models from six providers to act as autonomous economic agents. The models evaluated monetary roles—store of value, medium of exchange, unit of account, and settlement—across 9,072 neutral, open-ended scenarios. Bitcoin received 48.3% of all responses, followed by stablecoins at 33.2%. Fiat and bank money accounted for only 8.9%. In long-term store-of-value contexts, Bitcoin dominated with 79.1%, while stablecoins led in everyday payment scenarios at 53.2%, suggesting a “two-tier” monetary system: Bitcoin for savings, stablecoins for spending. Anthropic’s models showed the strongest preference for Bitcoin (68.0% on average), while OpenAI’s models were least likely to choose it (25.9%). The study highlights Bitcoin’s perceived advantages, such as its capped supply and predictable monetary policy, and suggests that AI agents may drive future demand for Bitcoin-native infrastructure.

bitcoinistYesterday 05:02

Bitcoin Wins AI ‘Best Money’ Vote: Anthropic Leads, OpenAI Lags