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German Asset Manager: Tether and USDC Aren’t Stablecoins — Even T-Bills Won’t Prevent a Liquidity Crash source-logo blockchainreporter.net 2 h # Stablecoin reserves backed by short-dated US government

German Asset Manager: Tether and USDC Aren’t Stablecoins — Even T-Bills Won’t Prevent a Liquidity Crash
source-logo  blockchainreporter.net
2 h
#

Stablecoin reserves backed by short-dated US government paper might look bulletproof on a balance sheet. But one German asset manager isn’t convinced. The head of digital assets and tokenization at a major German firm told CoinDesk that, from his perspective, $USDT and $USDC do not qualify as stablecoins. More troubling, he argued that even a mountain of Treasury bills cannot shield either token from a sudden liquidity crisis, according to the original report.

The manager, who leads digital asset strategy at one of Germany’s largest asset managers, stopped short of naming the mechanism that would turn T-bills into a liability during a panic. But his remarks land at a moment when the market structure around tokenized Treasuries is expanding rapidly. On-chain real-world assets have already crossed $20 billion, with major institutions settling tokenized Treasury trades live. That growth makes the liquidity question anything but hypothetical.

A Definitional Fight
The label “stablecoin” has always been loose. $USDT and $USDC hold dollar-equivalent assets in reserve, mostly cash, T-bills, and other highly liquid instruments. That structure works in calm markets. The German manager’s point is that stability cannot be assumed simply because reserves are government-backed. In a scramble for redemptions, the very assets meant to guarantee stability could become hard to offload at par if dealers pull back or if broader money-market stress freezes short-term paper.

This is not the first time an institutional voice has questioned whether large fiat-backed tokens deserve the stablecoin name. Regulators and central bankers have long warned that no private digital token can be truly stable; on

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German Asset Manager: Tether and USDC Aren’t Stabl

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$BERA BERAUSDT is still in a heavy downtrend on the weekly chart. However, a small bounce is forming from the 0.3366 zone. RSI is around 37, which means the market is not completely dead and is trying

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Tokenized real-world assets climb to $65 billion as institutions deepen blockchain push Grab Your Share of the 300 USDT Prize Pool!HTXSquare: Global Markets After Trump China VisitHTX Creation Challen

Tokenized real-world assets climb to $65 billion as institutions deepen blockchain push 

Real-world tokenized assets have hit around $65 billion, an increase of 44% compared to January, amid the increasing trend by traditional finance companies to put their money, bonds, and cash products on blockchain platforms.

As Cryptopolitan reported in January, on-chain RWAs surged 232% through 2025, powered by BlackRock’s BUIDL fund crossing $1 billion and Treasury-backed products from Ondo Finance and Franklin Templeton.

The 2026 pace has not matched that rate. The market grew from roughly $100 million in 2021 to over $60 billion today, per The Block, with tokenized US Treasuries alone reaching $14 billion as of May.

Five networks splitting the market
Ethereum accounts for about one-third of tokenized assets, backed by BlackRock’s BUIDL fund that has surpassed the $2 billion mark and has diversified into multiple chains.

Provenance Blockchain accounts for roughly 27%, driven mostly by Figure Lending and mortgage-related issuance. BNB Chain, XRP Ledger, and Solana each sit near 6%.

The Solana RWA market increased by 43% to reach $2.01 billion during Q1, according to a Messari report. In addition, Solana generated $342.2 million worth of on-chain economic activity. Franklin Templeton extended its FOBXX government money market fund to the Stellar and Polygon blockchains.

Ondo Finance owns 60% of the tokenized equity market with $557 million across 230 assets in eight different categories, according to rwa.xyz data.

What the largest players are doing now
BlackRock filed two new tokenized fund applications to the SEC last week, including a stablecoin reserve vehicle meant for on-chain share issuance via Securitize, according to Cryptopolitan.

JPMorgan launched its first tokenized money market fund on Ethereum in December 2025 and

Tokenized real-world assets climb to $65 billion a

Grab Your Share of the 300 USDT Prize Pool!HTXSquare: Global Markets After Trump China VisitBTC Shakes at $80K—Up or Down? Pump.fun to Add USDC Trading Pairs for New Token Launches on Solana The Solan


Pump.fun to Add USDC Trading Pairs for New Token Launches on Solana
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Expanding Beyond $SOL-Only Trading
Currently, Pump.fun only supports trading pairs denominated in Solana’s native token, $SOL. This limitation has been a defining feature of the platform since its launch, but also a point of friction for traders who prefer stablecoin-based trading. The upcoming change will not affect existing $SOL trading pairs, meaning both options will coexist.

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Grab Your Share of the 300 USDT Prize Pool!HTXSquare: Global Markets After Trump China VisitTWT: Trust Wallet Ecosystem TokenGhostSwap has officially launched its Partner API: a developer-facing inter

GhostSwap has officially launched its Partner API: a developer-facing interface that lets any wallet, exchange, dApp, or crypto product offer fully non-custodial, no-KYC token swaps to its users in a single backend integration. The API is live, the partner dashboard is open for applications, and the first cohort of partners can be approved and shipping within 24 hours. No-KYC Swaps are now an API Call Away The defining feature of the new Partner API is what it doesn’t ask for. There is no KYC layer on the swap itself, no user document upload, no identity-verification step, no email-collection flow forced on the end user. The GhostSwap Partner API is built around the original promise of self-custodial crypto: a user holds keys, picks two assets, and swaps. Nothing else. Practically, that means a wallet, portfolio dashboard, or trading bot can now offer in-product crypto-to-crypto swaps without onboarding a KYC vendor, without expanding the host product’s compliance scope, and without losing the user to a third-party landing page. The integration is server-to-server REST: your backend talks to ours, your frontend renders the swap UI you already designed, and the user never leaves your product. Easy Integration Was the Entire Design Goal Every choice on the API surface was made to compress integration time. Authentication is a single header: Authorization: Bearer : — the same Bearer-auth shape your team already writes for Stripe, Twilio, OpenAI, or Resend. There is no JSON-RPC, no upstream signing key for the partner to manage, and no node infrastructure to operate. The auth reference is one page. A first integration is five REST endpoints: list currencies, list supported pairs, fetch a real-time quote, validate the destination address, and create the swap. Status updates come from a single polled endpoint. The full reference is at /docs/ap

GhostSwap has officially launched its Partner API:

<img src="https://d1x7dwosqaosdj.cloudfront.net/images/2023-10-17/3aeed13cb236d44d3acc0da0759f40e9.jpg" alt="IMG_20231017_163604_972.jpg" style="width:100%; height:auto; margin-top: 10px; margin-bottom: 10px"><br>PPT coin bybit listing coming soon&nbsp;

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