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Trump's crypto advisor: Stablecoins will drive global deposit inflows into the US banking system

Patrick Witt, Executive Director of the U.S. President's Digital Asset Advisory Committee, stated that stablecoins compliant with the GENIUS Act will bring deposit inflows to the U.S. banking system, rather than outflows as warned by the banking industry. He mentioned the huge global demand for the US dollar and the provision in the bill that prohibits stablecoin issuers from engaging in bank-like lending.

Trump advisor speaks out: Stablecoins may attract global capital flows into the U.S. banking system, and the impact of the "GENIUS Act" should not be underestimated

Trump's digital asset advisory team pointed out that stablecoins regulated under the GENIUS Act are expected to bring new capital inflows to the U.S. banking system, but the banking industry remains cautious about their potential deposit-raising schemes. Although the crypto industry believes regulation should focus on the use of funds, the yield mechanism of stablecoins remains a legislative point of contention. The White House is seeking to establish a new consensus on stablecoin policies.

Ghana Launches Crypto Regulatory Sandbox: 11 Crypto Companies Approved for Pilot Programs, Accelerating Market Expansion in Africa

Ghana Securities and Exchange Commission approves 11 crypto companies to join the regulatory sandbox, promoting the digital asset regulatory framework. Companies must comply with anti-money laundering and other regulations. The pilot period is 12 months, and compliant companies can apply for official licenses. This move will enhance market transparency, attract international companies, and accelerate the development of Africa's crypto market.

Iranian President proposes three conditions for ceasefire, a signal of diplomatic thaw?

Iranian President Ebrahim Raisi has for the first time proposed three major ceasefire conditions, demanding that the US and Israel recognize Iran's legitimate rights, compensate for war damages, and establish an international security mechanism. This contrasts with Trump's demand for "unconditional surrender." Raisi's stance may be a response to military pressure, indicating that Tehran is seeking a diplomatic solution.

The United States releases 172 million barrels of strategic oil! Iran warns oil prices could rise to $200

The U.S. Secretary of Energy announced plans to coordinate the release of 400 million barrels of oil to counter Iran's threats, with the release of 172 million barrels being the largest in history. Market reactions to this move are uncertain, and oil prices remain affected by the security situation in the Strait of Hormuz. At the same time, oil price fluctuations will impact the Bitcoin market, potentially increasing inflationary pressures and limiting liquidity. The United States plans to replenish the released oil within a year, which should not have a long-term impact on energy security.

Stablecoins are not insured by FDIC! The GENIUS Act clarifies the boundaries of bank deposits

FDIC Chairman Travis Hill in the summit stated that under the GENIUS Act, stablecoins are not protected by government deposit insurance and are classified as independent assets separate from bank deposits. Stablecoins rely on the reserves of the issuer rather than federal insurance. Additionally, tokenized deposits still enjoy FDIC protection as they are inherently considered bank liabilities. This policy has raised concerns within the banking industry that stablecoins might divert deposits.