Texas Moves to Hold Bitcoin in Treasury, U.S. Banks Eye Joint Stablecoin

This week, the cryptocurrency world witnessed several pivotal developments, with regulatory advancements and significant events shaping the industry's future. Texas took a major step towards becoming the third U.S. state to officially hold Bitcoin in its treasury, as Senate Bill 21 passed its second reading with a majority vote. This move has sparked considerable excitement within the cryptocurrency community, as the U.S. government explores alternative methods to fund its new bitcoin strategic reserve.

In the decentralized finance (DeFi) sector, enhanced liquidity continues to drive market efficiency, stability, and predictability. Platforms like THENA’s V3.3 upgrade exemplify how modular, composable systems can address volatility and inefficiencies, enabling arbitrage and optimizing capital use. This advancement is crucial for the DeFi ecosystem, as it reduces fragmentation and enhances overall market performance.

Cryptocurrency exchange Kraken is preparing to launch tokenized versions of major tech stocks, including Apple, Tesla, and Nvidia. This initiative represents a significant step in integrating traditional financial markets with blockchain technology, potentially opening new avenues for investment and innovation.

In the business sector, major U.S. commercial banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are reportedly in early discussions about launching a joint stablecoin. This collaboration could revolutionize the stablecoin market, providing a more stable and widely accepted digital asset backed by traditional financial institutions.

In the Web3 space, President Donald Trump hosted a memecoin gala attended by industry insiders. While many attendees remained anonymous, several high-profile guests made appearances, highlighting the growing interest in memecoins and their potential impact on the broader cryptocurrency market.

Bubblemaps, a Web3 data visualization service, expanded its offerings to the BNB Chain. This move aims to enhance token transparency and on-chain visibility for users, providing valuable insights into the blockchain ecosystem.

On the security front, the U.S. Department of Justice (DOJ) launched a criminal investigation into a recent cyberattack against Coinbase. The breach exposed sensitive internal documents and limited customer data, prompting the DOJ to take action against the perpetrator. The investigation comes as the attacker continues to launder millions in stolen cryptocurrency and mock blockchain investigator ZachXBT.

Regulatory developments also made headlines this week. The Senate voted 66-32 to advance the GENIUS Act, legislation aimed at regulating stablecoins. This move represents a significant step towards establishing a clear regulatory framework for stablecoins, which are digital assets pegged to fiat currencies like the U.S. dollar.

Additionally, Jeremy Jordan-Jones faces multiple federal charges for allegedly defrauding investors with a sham blockchain firm. The dissolution of the government task force investigating the $250 million Libra crypto scandal has further deepened public distrust and harmed accountability efforts.