Stablecoin
Senate postpones crypto market structure bill markup
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The U.S. Senate Banking Committee has postponed a key markup hearing on the Digital Asset Market Clarity Act, originally set for January 15, 2026, following opposition from Coinbase. The delay stems from concerns over provisions affecting stablecoin rewards and regulatory authority. Lawmakers and industry leaders express optimism for continued negotiations.
Compass Point analyst Ed Engel has upgraded his rating on Circle (CRCL) to Neutral from Sell, acknowledging its shift toward behaving like a crypto market proxy. Despite the upgrade, Engel maintains a low price target of $60, citing ongoing valuation concerns and competition. The move follows a similar revision by Mizuho's Dan Dolev and comes as USDC's supply has declined.
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Tether, the issuer of a major stablecoin, has made an undisclosed investment of up to $50 million in the cryptocurrency lending platform Ledn. The deal values Ledn at approximately $500 million, according to sources familiar with the transaction.
Ripple, the company behind XRP, revealed a $500 million investment at a $40 billion valuation from investors including Pantera Capital and Galaxy Digital. The firm also launched a pilot program with Mastercard, WebBank, and Gemini to test settling credit card transactions using its stablecoin RLUSD on the XRP Ledger. XRP's price surged initially but later declined over 5%.
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Kyrgyzstan has launched a new stablecoin pegged to its national currency, the som, and legally recognized its central bank digital currency, the digital som, for potential government payments. The moves, supported by cryptocurrency exchange Binance, aim to position the Central Asian nation as a regional crypto leader. Binance co-founder Changpeng Zhao, now an adviser to President Sadyr Japarov, confirmed the developments.