Stablecoin

The House Financial Services Committee will meet Wednesday at 10:00 AM ET to examine how securities could be moved onto blockchain-based rails and whether current securities laws impede tokenized assets. Lawmakers are set to question witnesses from Nasdaq, DTCC, SIFMA, and the Blockchain Association while reviewing two draft bills tied to SEC-CFTC coordination and blockchain record-keeping for regulated firms.

Bernstein said Circle (CRCL) and Coinbase (COIN) remain the most direct ways to gain exposure to stablecoin growth, pointing to their shared USDC ecosystem. The firm argued that agentic machine payments could become an additional upside lever, though activity is still small, with Coinbase's x402 processing about $25 million over the past 30 days and Stripe's MPP seeing $5,000 in its first week.

ERC20 stablecoin usage expanded sharply, with active addresses rising from about 85,000 in March 2025 to nearly 600,000 in March 2026, pointing to more sustained on-chain participation. Data in the report also show a preference shift in supply growth, with USDC up $4.5 billion year-to-date while USDT supply fell by roughly $2 billion. Exchange reserves were reported at $65.37 billion, down 0.72% in 24 hours, alongside net outflows of over $485 million.

US lawmakers and White House officials agreed in principle on Friday to settle rules for yield on stablecoins, aiming to unblock broader crypto legislation in the Senate Banking Committee. The framework would still prohibit issuers from paying interest directly, while allowing platforms to offer regulated rewards tied to reserve-backed instruments, with caps linked to Treasury rates under discussion. The compromise is expected to be put into formal text before an April committee vote.

Banks are ramping up tests of tokenized deposits to move commercial bank money onto blockchain-based payment and settlement rails. The RWA.io report says these bank-issued liabilities are developing alongside stablecoins and CBDCs within an emerging onchain cash stack, with multiple pilots underway in Europe. It also notes the ECB's parallel work on digital euro infrastructure, including Pontes, which is scheduled to launch in Q3 2026.

TRON-related updates dated March 5–21 include Justin Sun's $10M SEC settlement, TRON DAO's March 17 entry into Mastercard's Crypto Partner Program, and reported network revenue topping $1M per day. TRX traded near $0.317, about 26% below its $0.43 December 2024 high, while holding a multi-month $0.27–$0.35 range. Analyst Crypto Patel pointed to a six-year ascending support line and outlined bullish targets if $0.25–$0.30 support remains intact.

Resolv’s dollar-pegged USR stablecoin depegged after an exploit let an attacker mint about 80 million unbacked USR and pull roughly $25 million. USR fell to $0.025 on Curve and later rebounded to around $0.85, while the attacker accumulated 11,409 ETH worth about $23.7 million and another address held about $1.1 million in wstUSR. Resolv Labs said it paused all protocol functions and that its collateral pool remains fully intact with no underlying assets lost.

Japan’s Financial Services Agency is considering moving XRP, BTC and 104 other crypto assets under "financial instruments" rules by 2027, while an influencer warned the change is only proposed and not in force yet. Separately, Resolv Labs reported a $25 million exploit tied to a 200,000 USDC trade that drove USR about 80% off its peg, as roughly 120 billion SHIB moved off centralized exchanges amid a 111% jump in $100K+ holder activity.

Resolv Labs said its collateral pool remained fully intact after a Sunday exploit disrupted USR’s issuance mechanism and knocked the stablecoin off its peg. The attacker minted 80 million unbacked USR, sending the price as low as $0.14 before it rebounded to $0.42 at the time of writing. Several DeFi protocols moved to limit exposure, while onchain tracking suggested most of the proceeds were swapped into ETH.

PayPal said Tuesday it will expand its dollar-backed stablecoin, PayPal USD (PYUSD), to 70 global markets to enable cross-border buying, holding and transfers with faster settlement and lower costs. The rollout spans Asia-Pacific, Europe and Latin America, including the United Kingdom, Singapore and the United States, and PayPal said PYUSD has surpassed $4 billion in circulation.