Stablecoin

On Wednesday, Senate Banking Committee Chairman Tim Scott postponed a planned Thursday markup of a broad crypto market structure bill after Coinbase CEO Brian Armstrong retracted the exchange's backing for the latest draft. The legislation would classify crypto tokens, shift spot market oversight to the CFTC, and limit interest-like rewards on stablecoin holdings, while talks continue over disclosure rules and industry concerns.

Global Settlement Network announced a pilot to tokenize eight government-contracted water treatment sites in Jakarta, according to a Wednesday statement. The plan aims to raise up to $35 million for upgrades and to test rupiah‑stablecoin settlement rails, with a target to scale to $200 million in tokenized assets across Southeast Asia over the next 12 months.

Coinbase CEO Brian Armstrong stated on Wednesday that the exchange cannot back the latest US Senate crypto bill in its current form, arguing it would be worse than existing rules. He warned the draft could amount to a ban on tokenized equities, restrict DeFi and privacy, weaken the CFTC relative to the SEC, and curb stablecoin rewards, just as lawmakers prepare for a key Senate Banking Committee phase.

The Senate Banking Committee pulled its planned markup and vote on a comprehensive crypto bill after support eroded midweek. Chair Tim Scott announced the postponement Wednesday night; Coinbase withdrew backing, citing treatment of stablecoin yield, tokenized equities and DeFi. A new hearing date has not been set.

On January 15, 2026, multiple crypto firms including Ripple, Circle, a16z and the Digital Chamber voiced support for Senate Republicans' crypto market structure bill, while Coinbase and its CEO Brian Armstrong opposed it. The bill centers on regulatory clarity for DeFi and stablecoins such as USDC, which is priced at $1.00 with a $75.78 billion market cap and $19.84 billion in 24-hour volume, and industry participants are calling for amendments to balance innovation with oversight.

US Senator Cynthia Lummis reportedly expects the Senate Banking Committee to postpone its markup of the CLARITY Act after Coinbase withdrew its backing over DeFi and stablecoin reward provisions. Coinbase CEO Brian Armstrong said the current draft, which ends stablecoin rewards and raises concerns about tokenized stocks and financial privacy, would be worse than existing rules and could materially affect the firm's revenue.

Coinbase CEO Brian Armstrong has publicly opposed the current draft of a U.S. cryptocurrency bill scheduled for a vote by the Senate Banking Committee, arguing it is worse than the existing regulatory framework. He raised concerns over privacy, DeFi oversight, stablecoin yields and the balance of authority between the CFTC and SEC, while USDC trades at $1.00 with a $75.75 billion market cap and $20.17 billion in 24-hour volume. The broader crypto industry remains split, with some stakeholders favoring further amendments to address divisive provisions.

On 15 January 2026, Pakistan began testing World Liberty Financial's USD1 stablecoin as a regulated option for cross-border transactions, running in parallel with its planned digital rupee. The initiative comes as the country advances broader digital finance reforms, including a central bank digital currency pilot, draft crypto regulation and preliminary approvals for major exchanges. Officials and critics are debating whether rapid adoption of tokenized assets and stablecoins could heighten volatility and affect perceptions of Pakistan's sovereign risk.

On January 15, 2026, Coinbase CEO Brian Armstrong said the company has withdrawn support for the US Senate's crypto market structure bill after a 48-hour review of the Banking Committee draft. According to his post on X, the text would ban tokenized equities, constrain DeFi, expand SEC authority, weaken CFTC oversight, and curb stablecoin rewards.

On January 13, Polygon Labs said it signed an agreement to acquire Coinme and Sequence for over $250 million. The deal targets stablecoin payments and cross-border settlement, leveraging Coinme's 48-state licenses and 50,000 fiat-to-crypto locations plus Sequence's enterprise wallets and cross-chain tech. Meanwhile, POL fell from $0.18 to $0.15 before rebounding to $0.16.