Crypto.com says the tokenised real-world asset market has surged past $US30 billion ($41.6 billion), marking a more than 400 per cent increase in just over a year as institutional participation and regulatory clarity accelerate adoption.
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Circle, the company behind the USDC stablecoin, has filed for an initial public offering with the SEC. JP Morgan & Citi Group are serving as lead underwriters, and the company is reportedly aiming for a valuation of up to $5 billion. It will trade under ticker symbol CRCL.
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Donald Trump signed an executive order on Thursday (ET) to establish the Presidential Working Group on Digital Asset Markets, tasked with developing a federal regulatory framework governing digital assets, including stablecoins.
“President Trump will help make the United States the centre of digital financial technology innovation by halting aggressive enforcement actions and regulatory overreach that have stifled crypto innovation under previous administrations,” the official White House site states.
According to the executive order, the working group will also have the task of evaluating the potential creation and maintenance of a national digital asset stockpile, in addition to proposing criteria for establishing such a stockpile.
The move is a welcome development for the cryptocurrency market, which has been eagerly watching to see if Trump follows through on his pre-election promises.
Global Cryptocurrency Market Cap—The global cryptocurrency market cap is $3.6 Trillion, double its size only one year ago. Bitcoin’s market cap is $2 Trillion.
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