Dev and editor in chief of memecoinland.com. I am a seasoned memecoin trader and Solana OG. Follow me on twitter for more explicit content.
https://x.com/t_ok3n
Bitcoin’s (BTC) dominance has crested new highs as altcoins’ short-lived rally fizzles, according to data from Matrixport, a cryptocurrency financial services platform.
As of March 12, Bitcoin dominance — a measure of Bitcoin’s share of crypto’s overall market capitalization — stands at 61.2%, according to Matrixport. This is up from a cycle low of around 54% in December.
Rising BTC dominance is “clear evidence that the altcoin rally was short-lived,” Matrixport said in a post on the X platform.
“It lasted barely a month, from [US President Donald] Trump’s election in November to early December, when a stronger-than-expected U.S. jobs report shifted market focus toward a more hawkish Federal Reserve,” Matrixport said.
Bitcoin’s dominance typically wanes near the end of market cycles as capital rotates into altcoins — digital assets besides Bitcoin.
In January, the US Federal Reserve opted to hold interest rates steady instead of starting another round of cuts, citing healthy US jobs data.
The Fed’s hawkish tone dealt a blow to stocks and cryptocurrencies. Bitcoin’s spot price has dropped approximately 20% since the central bank’s Jan. 29 announcement. As of March 12, Bitcoin trades at roughly $82,750. It hit an all-time high of more than $109,000 in December.
Altcoins are even more sensitive to macroeconomic volatility than Bitcoin. “Savvy traders have rotated out of altcoins and into Bitcoin, which, despite its own decline, has significantly outperformed the broader crypto market,” Matrixport said.
The next leg of Bitcoin’s rally depends largely on whether the Fed opts to hike interest rates to stave off inflation, Matrixport noted.
On March 12, the February Consumer Price Index — a measure of US inflation — came in lower than expected at around 2.8%.
“This marks the first decline in both Headline and Core CPI since July 2024,” The Kobeissi Letter said in an X post. “Inflation is cooling down in the US.”
Data from the CME Group, a US derivatives exchange, indicates that markets overwhelmingly expect the Fed to hold rates steady at its next meeting in March.
The recent GENIUS stablecoin bill is merely a thinly veiled attempt to usher in central bank digital currency (CBDC) controls through privatized means, according to Jean Rausis, co-founder of the Smardex decentralized trading platform.
In a statement shared with Cointelegraph, Rausis said that the US government will punish stablecoin issuers that do not comply with the new regulatory framework, similar to the European Union Markets in Crypto-Assets (MiCA) regulations. The executive added:
“The government realizes that if they control stablecoins, they control financial transactions. Working with centralized stablecoin issuers means they can freeze funds anytime they want — essentially what a CBDC would allow. So, why bother creating a CBDC?”
“With stablecoins under the government’s control, the result is the same, with the false veneer of decentralization added as a bonus,” the executive continued.
Decentralized alternatives to centralized stablecoins, such as algorithmic stablecoins and synthetic dollars, will prove to be a valuable bulwark against this creeping government control over crypto, Rausis concluded.
Revamped GENIUS bill to include stricter provisions
The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, introduced by Tennessee Senator Bill Hagerty on Feb. 4, proposed a comprehensive framework for overcollateralized stablecoins such as Tether’s USDt (USDT) and Circle’s USDC (USDC).
The bill was revamped to include stricter Anti-Money Laundering, reserve requirements, liquidity provisions and sanctions checks on March 13.
These additional provisions will presumably give US-based stablecoin issuers an edge over their offshore counterparts.
During the recent White House Crypto Summit, US Treasury Secretary Scott Bessent said the US would use stablecoins to ensure US dollar hegemony in payments and protect its role as the global reserve currency.
Largest holders of US government debt. Source: Peter Ryan
Centralized stablecoin issuers rely on US bank deposits and short-term cash equivalents such as US Treasury bills to back their digital fiat tokens, which drives up demand for the US dollar and US debt instruments.
Stablecoin issuers collectively hold over $120 billion in US debt — making them the 18th-largest buyer of US government debt in the world.
Bitcoin (BTC) bounced from $76,606 on March 11, but the bulls could not sustain the price above $84,500 on March 12.
Nansen principal research analyst Aurelie Barthere told Cointelegraph that Bitcoin is in a macro correction in a bull market, with the next crucial level being “$71,000-$72,000, top of the pre-election trading range.”
Glassnode also projected a similar target in its March 11 market report. The onchain analytics firm said the recent sell-off had been triggered by the short-term holders who may have purchased near the peak in January. Glassnode added that Bitcoin could bottom out near $70,000 if selling persists.
It is not only the crypto markets; even the US stock market has been under pressure in the past few days. However, a silver lining for the bulls is that the US Dollar Index (DXY) has corrected from its multi-year high above 110 to under 104. Bitcoin generally moves in inverse correlation with the dollar, suggesting that a bottom may be around the corner.
Could Bitcoin retest the support at $76,606 or rise above $85,000? What are the important support and resistance levels to watch out for in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin broke below the $78,258 level on March 10 and fell to $76,606 on March 11, but the bears could not sustain the lower levels. This suggests solid buying by the bulls.
The relief rally is facing selling near the 20-day exponential moving average ($87,262), but a minor positive in favor of the bulls is that the relative strength index (RSI) is showing a positive divergence. Buyers will have to drive the price above the 20-day EMA to suggest that the correction could be ending. The BTC/USDT pair may then ascend to the 50-day simple moving average ($94,654).
On the downside, the bulls are expected to defend the $73,777 level with all their might because a break below it may sink the pair to $67,000.
Ether price analysis
Ether (ETH) fell below the $1,993 support on March 9 and extended the decline, reaching $1,754 on March 11.
The bulls are trying to start a recovery, which is expected to face significant resistance at the breakdown level of $2,111. If the price turns down sharply from $2,111, it will signal that the bears have flipped the level into resistance. That heightens the risk of a break below $1,754. The ETH/USDT pair may then slump to $1,500.
Conversely, a break above the 20-day EMA ($2,235) suggests that the markets have rejected the break below $2,111. The pair may then climb to $2,800, where the bears are expected to step in.
XRP price analysis
XRP (XRP) fell below the $2 support on March 11, but the bears could not sustain the lower levels, as seen from the long tail on the candlestick.
The bears are trying to stall the recovery at the 20-day EMA ($2.35). If the price continues lower, the possibility of a break below $2 increases. If that happens, the XRP/USDT pair will complete a bearish head-and-shoulders pattern. There is minor support at $1.77, but if the level cracks, the decline could extend to $1.28.
Contrary to this assumption, if the price breaks above the 20-day EMA, the pair could rise to the 50-day SMA ($2.58) and later to $3.
BNB price analysis
BNB (BNB) turned up from $507 on March 11, indicating that the bulls are aggressively defending the $500 to $460 support zone.
The relief rally is expected to face selling at the 20-day EMA ($592). If the price turns down sharply from the 20-day EMA, the bears will try to sink the BNB/USDT pair below $500. The pair may drop to $460 if they can pull it off.
Instead, if the price rises above the 20-day EMA, it will signal that the pair may remain inside the $460 to $745 range for a while longer. The bulls will be back in the driver’s seat on a break and close above the 50-day SMA ($628).
Solana price analysis
Solana (SOL) turned up from $112 on March 11, signaling that the bulls are fiercely defending the $110 support.
The RSI shows early signs of forming a positive divergence, indicating that the bearish momentum could weaken. The first sign of strength will be a break and close above the 20-day EMA ($145).
If the price turns down from the current level or the 20-day EMA, it suggests that every minor rally is being sold into. That increases the risk of a break below $110. The SOL/USDT pair could tumble to $98 and subsequently to $80.
Cardano price analysis
Cardano (ADA) rebounded off the uptrend line on March 11, suggesting that the bulls are trying to stop the decline.
The bears are unlikely to give up easily and are expected to sell at the moving averages. If the price turns down from the moving averages, it will signal selling on rallies. The bears will then try to strengthen their position by pulling the price below the uptrend line. If they do that, the ADA/USDT pair could drop to $0.60 and then to $0.50.
Contrary to this assumption, a break and close above the moving averages suggests that the bulls are back in the game. The pair may then rally to $1.02.
Dogecoin price analysis
Dogecoin (DOGE) continued its slide and reached the $0.14 support on March 11. The bulls are trying to defend the level but may face selling at higher levels.
If the price turns down from the 20-day EMA ($0.20), it will suggest that the sentiment remains negative and traders are selling on rallies. That increases the risk of a break below $0.14. The DOGE/USDT pair may descend to $0.10 if that happens.
On the contrary, a break and close above the 20-day EMA suggests that the bears are losing their grip. The pair could climb to the 50-day SMA ($0.25), which may pose a solid challenge again.
Pi price analysis
Pi (PI) is taking support at the 61.8% Fibonacci retracement level of $1.20, indicating buying at lower levels.
The relief rally is expected to face resistance at the 20-day EMA ($1.69) and then again at $2. If the price turns down from the overhead resistance, the PI/USDT pair could range between $2 and $1.20 for some time.
A break and close above $2 suggests that the correction may be over. The pair could rally to $2.40. Alternatively, a break and close below $1.20 could sink the pair to the 78.6% retracement level of $0.72.
UNUS SED LEO price analysis
UNUS SED LEO (LEO) has been consolidating just below the $10 level for several days, indicating that the bulls are holding on to their positions as they anticipate another leg higher.
The LEO/USD pair has formed an ascending triangle pattern, which will complete on a break and close above $10. If that happens, the pair could resume the uptrend toward the target objective of $12.04.
This positive view will be invalidated in the near term if the price turns down and breaks below the uptrend line. That will negate the bullish setup, starting a drop to $8.84 and later to $8.30.
Hedera price analysis
Hedera (HBAR) bounced off the $0.17 support on March 11, indicating that the bulls are aggressively defending the level.
The recovery is facing selling at the 20-day EMA ($0.22), as seen from the long wick on the candlestick. If the price continues lower, the bears will make one more attempt to sink the HBAR/USDT pair below $0.17. If they succeed, the pair could plunge to $0.12.
Contrarily, a break above the 20-day EMA suggests that the selling pressure is reducing. The pair could rise to the downtrend line, which is an important level to watch out for. If buyers push the price above the downtrend line, the pair could rally to $0.29.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Ethereum’s native token, Ether (ETH), dropped below $2,000 on March 10, and the altcoin has struggled to regain a position above the psychological level.
While Bitcoin (BTC) and XRP (XRP) exhibited minor recoveries over the past 24 hours, Ether prices failed to display bullish momentum in the charts.
The altcoin plummeted to a multi-year low of $1,752 on March 11. However, onchain data and technical analysis indicate that the price could drop an additional 15% in the coming weeks.
Ethereum dips below realized price after 2 years
The current price deviation below $2,000 carried onchain implications for the altcoin. According to Glassnode, a data analytics platform, ETH dropped below its realized price of $2,054 for the first time since February 2023.
Ethereum realized price and MVRV. Source: X.com
ETH realized price calculates the average price of each ETH last moved, representing the average cost basis of the total circulating supply. The current drop below the realized price indicates widespread unrealized loss for all ETH holders.
The market value to realized value (MVRV) ratio also dropped to 0.93, indicating a 7% average loss for all ETH holders across the network. However, it is important to note that the realized price reflects the weighted average of all historical transactions. Hence, it encompasses the cost basis of every ETH holder, not a specific timeframe like 2023 to 2025.
Ethereum’s TVL chart. Source: DefiLlama
Meanwhile, Ethereum’s total value locked (TVL) dropped to a six-month low of $45.6 billion on March 12, down 41% from its peak of $77 billion on Dec. 17, 2024.
Additionally, the total fees users paid to use Ethereum fell to $46.28 million—the lowest level since July 2020—further signaling weakening network engagement.
In a recent X post, Glassnode explained how Ethereum’s cost-basis distribution could be useful in identifying potential support levels for ETH. Based on a weekly outlook, Ether’s recent drop below $1,880 led to an accumulation of 600,000-700,000 ETH around $1,900. The post states,
“This suggests $1.9K could establish itself as a support if $ETH consolidates at current levels. Above spot, $2.2K (465K $ETH) is the potential next resistance. The supply gap between $1.9K and $2.2K remains thin, making a short-term move towards resistance plausible.”
Ethereum weekly analysis by Ninja. Source: X.com
At the same time, anonymous analyst Ninja believes that the floor price for Ethereum remains between $1,600 and $1,900.
The trader added that the above range is an “attractive region for commercial money” and set a high swing target at $2,500.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The Chicago Board Options BZX Exchange (Cboe) has submitted an application on behalf of asset manager Franklin Templeton to list a Solana (SOL) exchange-traded fund (ETF) in the United States.
According to the March 12 filing, Franklin Templeton’s proposed ETF will hold spot SOL, and the filing encouraged the Securities and Exchange Commission to allow the fund to stake its underlying crypto for additional rewards.
“Not staking the Fund’s SOL would amount to waiving the Fund’s right to free additional SOL, an act analogous to an equity ETP refusing dividends from the companies it holds,” the filing read.
Franklin Templeton registered a Solana trust on Feb. 10, joining the ranks of Grayscale, Bitwise, VanEck, 21Shares and Canary Capital, who have all applied to list Solana-based investment vehicles.
Former SEC Chair Gary Gensler’s resignation in January 2025 sparked a torrent of crypto ETF filings, including several Solana-based products from asset managers anticipating a more relaxed regulatory climate.
However, on March 11, the SEC announced it had delayed the decision on several altcoin ETFs, including applications for Solana, Litecoin (LTC), Dogecoin (DOGE) and XRP (XRP) products.
The financial regulator said it needed more time to evaluate the rule change approving the proposals.
According to Bloomberg ETF analyst James Seyffart, this extended deliberation was standard procedure, and he argued that this doesn’t affect the high likelihood of the ETF applications being approved.
The analyst added that the final approval deadline for these altcoin ETFs wasn’t until October 2025.
“I do think that it’s likely that ETFs and mutual funds will ultimately be built on blockchain just because it’s an incredibly efficient technology,” Johnson told Bloomberg in a Jan. 21 interview.
American asset manager Franklin Templeton has entered the growing XRP exchange-traded fund (ETF) race, becoming the latest firm to file for a spot XRP ETF in the United States.
Franklin Templeton’s XRP (XRP) ETF is designed to track the performance of the XRP price, with XRP holdings stored at Coinbase Custody Trust, according to an official filing with the US Securities and Exchange Commission on March 11.
Despite the growing XRP ETF filing frenzy, BlackRock — issuer of the largest spot Bitcoin (BTC) ETF — has yet to submit a filing for an XRP-based product.
Who has filed for an XRP ETF in the US?
As of March 12, nine companies have filed for XRP ETF products in the US, including major issuers like Bitwise, ProShares, 21Shares and others.
Asset manager ProShares joined the XRP ETF race in 2025 by filing for several XRP ETF products with the SEC on Jan. 17, including the ProShares XRP ETF and three additional XRP investment products.
Another XRP ETF filing came from the European crypto investment firm CoinShares in January, with Grayscale proposing to convert its XRP Trust into an XRP ETF trading on the New York Stock Exchange on Jan. 30.
Volatility Shares, a Florida-based financial services firm founded in 2019, also filed three XRP ETF products on March 7, including the Volatility Shares XRP ETF, the Volatility Shares 2x XRP ETF and the Volatility Shares -1x XRP ETF.
Other filings featuring XRP ETFs
Beyond dedicated XRP ETF filings, at least two asset managers have included XRP in broader crypto ETF products.
On Jan. 21, asset manager REX-Osprey filed for an “ETF Opportunities Trust,” which includes seven ETFs tracking assets including major coins such as XRP and Bitcoin, as well as memecoins like Bonk (BONK) and Official Trump (TRUMP).
Similarly, Tuttle Capital Management submitted an ETF opportunities trust filing, including 10 daily target ETFs, covering assets such as XRP and Melania (MELANIA).
ETF compositions in the ETF opportunities trusts by Tuttle Capital Management and REX-Osprey. Source: SEC
Aside from BlackRock, a number of crypto ETF providers have not yet filed for XRP ETFs, including Invesco, VanEck, ARK Invest, Fidelity Investments and Galaxy Digital.
The Web3 gaming industry is facing tighter investment conditions as capital flows become more selective, with investors prioritizing sustainable projects over hype-driven fundraising.
In February, Gunzilla Games Web3 director Theodore Agranat described blockchain gaming as a “game of musical chairs” in which the same capital cycles through different projects and “no new money” comes in. The executive also said users go from project to project to extract value. After that, they leave and search for the next project.
In the same month, the much-anticipated Web3 game Illuvium announced a 40% layoff, demonstrating the need for teams to go “super lean” in today’s market. Sky Mavis co-founder and CEO Trung Nguyen announced a similar move in October 2024, cutting 21% of its staff to optimize its budget for upcoming projects.
Despite these events, Web3 gaming professionals said that capital still exists, and explained some of the factors contributing to the industry-wide trend.
Investors no longer blindly throw their money at projects
Sky Mavis co-founder Jeffrey Zirlin told Cointelegraph that Web3 gaming is not uniquely struggling but rather experiencing the same capital constraints affecting the broader crypto industry.
The executive said Web3 gaming is not facing a unique challenge as the landscape is “tight across the board.”
Still, Zirlin pointed out exceptions. He cited Fableborne, a mobile Web3 game that was oversubscribed by 16,000% despite the market downturn, as demonstrating that “fresh capital was indeed flowing into Ronin,” the Sky Mavis blockchain network. He added:
“It’s not that investment has dried up entirely. It’s just that investors are no longer blindly throwing money at projects like they did with so-called ‘Axie killers’ that failed to deliver.”
“Axie killers” was a term used to describe gaming projects that claimed to be the next big Web3 game that would surpass Axie Infinity, Sky Mavis’ flagship Web3 game.
Meanwhile, The Sandbox co-founder and chief operating officer Sebastien Borget told Cointelegraph that the “game of musical chairs” description suggests a degree of randomness. Borget said he disagrees with this.
The executive said that while new capital is more limited and investors are more cautious, there is now less of the unpredictability previously fueled by hype cycles.
“The success of blockchain games increasingly depends on the ability to meet traditional gaming metrics. These include delivering compelling content and gameplay, fostering sustainable user acquisition, establishing a strong in-app economy and building a loyal user base,” he added.
Projects can’t just “slap NFTs” into a game and raise millions
Josh Gier, chief marketing officer of the gaming tournaments platform Coliseum, told Cointelegraph that the days of simply adding non-fungible tokens (NFTs) to a game and earning massive support from crypto investors are gone.
“Yes, the speculative phase of blockchain gaming, where projects could raise millions just by slapping NFTs onto a game, has cooled off. But that doesn’t mean capital has disappeared,” Gier said.
The executive said the capital is becoming more selective and flows toward projects with strong fundamentals and sustainable economies.
“Investors are showing interest in games that integrate Web3 elements in a way that enhances the player experience rather than focusing solely on financial incentives,” Gier added.
Vineet Budki, the CEO of venture firm Sigma Capital, said some core investors, like Animoca Brands, specifically focus on the blockchain gaming segment. He said that games take longer to build, unlike other niches, so gaming investments take longer to bear fruit.
Still, the executive said, raising Web3 gaming capital has become more complicated. “Gone are the times when you would make a video on gameplay, have attractive tokenomics and raise capital,” Budki said in a statement sent to Cointelegraph.
The executive said that teams building great games and having knowledge of the distribution process are the elements that can attract capital.
The US Securities and Exchange Commission has delayed its decision to approve several XRP, Solana, Litecoin and Dogecoin exchange-traded funds.
In a slew of filings on March 11, the agency said it has “designated a longer period” to decide on the proposed rule changes that would allow the ETFs to proceed.
Among the affected ETFs are Grayscale’s XRP (XRP) and Cboe BZX Exchange’s spot Solana (SOL) ETF filings, with the decisions on them pushed until May.
The SEC has delayed making a decision to approve several altcoin ETFs. Source: SEC
Bloomberg ETF analyst James Seyffart said in a March 11 X post that while the SEC just “punted on a bunch of altcoin ETF filings,” he didn’t see it as a cause for concern. “It’s expected, as this is standard procedure.”
He added that US President Donald Trump’s pick to chair the SEC, Paul Atkins, “hasn’t even been confirmed yet.”
“This doesn’t change our (relatively high) odds of approval. Also note that the final deadlines aren’t until October,” Seyffart said.
Fellow Bloomberg ETF analyst Eric Balchunas also chimed in, saying that “everything [is] delayed,” including ETFs featuring Ether (ETH) staking and in-kind redemptions.
Un early December, Trump picked pro-crypto businessman and former SEC Commissioner Atkins to be the agency’s next chair. However, congressional confirmation hearings are yet to be scheduled.
Gensler’s time at the SEC came with what the industry said was an aggressive regulatory stance toward crypto, with 100 crypto-related regulatory actions during his tenure from 2021 until his resignation on Jan. 20.
Since Gensler’s departure, a growing number of firms facing legal action from the regulator have had their cases dismissed, including crypto exchange Gemini on Feb. 26 and crypto trading firm Cumberland DRW on March 4.
Deutsche Boerse’s trading unit, Clearstream, is preparing to launch cryptocurrency custody and settlement services for institutional clients in 2025 amid increasing demand for regulated digital asset infrastructure.
The German exchange group plans to offer Bitcoin (BTC) and Ether (ETH) custody to its more than 2,500 institutional clients, with services expected to begin in April, according to a Bloomberg report on March 11.
Clearstream will provide these digital asset services through Crypto Finance AG, a Switzerland-based subsidiary in which Deutsche Boerse acquired a majority stake in 2021.
Deutsche Boerse’s trading unit also aims to launch support for other cryptocurrencies and diversified services such as staking, lending and brokerage capabilities.
“With this offering, we are creating a one-stop shop around custody, brokerage and settlement,” Jens Hachmeister, head of issuer services and new digital markets at Clearstream, told Bloomberg.
The move aligns with a growing institutional push toward regulated crypto services in Europe following the implementation of Markets in Crypto-Assets Regulation (MiCA), which went into full effect for crypto asset service providers on Dec. 30, 2024.
The institutional offering came nearly two months after Boerse Stuttgart Digital Custody became Germany’s first crypto asset service provider to receive a full license under MiCA, Cointelegraph reported on Jan. 17.
Boerse Stuttgart’s license was part of the firm’s efforts to become a regulated infrastructure provider for banks, brokers and asset managers.
While MiCA is widely viewed as a positive step for global crypto regulation, some industry experts worry about potential regulatory overreach that could impact retail investors and drive crypto firms out of Europe.
While the regulation is a significant step toward a more mature industry, it also seeks to identify the “weak points of control” in the crypto space, which could mean more scrutiny for retail investors and the end-users of crypto platforms, according to Dmitrij Radin, the founder of Zekret and chief technology officer of Fideum, a regulatory and blockchain infrastructure firm focused on institutions.
“Retail users will be way more obligated to provide information, data which will be screened. They will be accounted for. Most Europeans will see taxation,” Radin told Cointelegraph.
The regulation also raises the possibility of enforcement actions against blockchain protocols that fail to comply with MiCA standards. European governments may pursue legal cases against noncompliant platforms during the early implementation phase.
Other blockchain regulatory experts fear that MiCA will introduce consolidation among crypto firms with limited capital, leading to a potential crypto firm exodus to the Middle East due to more lenient regulations.
US lawmakers are set for a heated debate on stablecoin regulation, with key industry leaders expected to outline their vision for the future of digital asset oversight.
Charles Cascarilla, co-founder and CEO of stablecoin issuer Paxos, is scheduled to testify before the House Financial Services Committee, where he will urge lawmakers to establish “cross-jurisdictional reciprocity” in stablecoin regulations.
In his prepared testimony, Cascarilla flagged concerns about the existing hurdles in the adoption of Paxos’ Global Dollar (USDG) stablecoin due to it being issued via a regulated affiliate in Singapore.
“We fear that products like Paxos’ Global Dollar (USDG) stablecoin, issued by a regulated affiliate in Singapore, will languish while departments and agencies make their determinations,” Cascarilla wrote in his speech.
US must act to prevent regulatory stablecoin arbitrage
Cascarilla recommended US lawmakers strengthen the current “international reciprocity language” to include clearly defined, accelerated timelines for the US Treasury Department to designate overseas jurisdictions for stablecoin regulation.
“This timeframe would force swift action and prevent bureaucratic delays while guaranteeing thorough scrutiny of foreign regulatory regimes,” the executive said.
Cascarilla emphasized that potential delays in applying such action would be a major hurdle in the adoption and distribution of stablecoins like USDG in the US as well as cross-border operations.
“Reciprocity is not about lowering standards — it’s about raising them globally,” Cascarilla said, adding:
“By establishing a framework to recognize jurisdictions with comparable regulatory regimes — covering reserve requirements, AML measures and cybersecurity protocols — the United States can prevent regulatory arbitrage, where issuers exploit lax oversight abroad.”
Paxos stablecoins were deemed non-compliant in the EU
Cascarilla’s remarks come amid some Paxos-issued stablecoins facing compliance issues in the European Union following the enforcement of its crypto regulation framework, Markets in Crypto-Assets (MiCA).
Since the MiCA framework went into full force in December 2024, multiple crypto asset service providers in the EU — including Crypto.com and Coinbase — have announced the delistings of Paxos stablecoins, including Pax Dollar (PAX) and Pax Gold (PAXG).
While Paxos’ Cascarilla is now calling for the US to take urgent action in forcing a global framework for stablecoin issuers that are regulated outside of the US, some industry CEOs have urged all stablecoin firms to get regulated domestically instead.
“Whether you are an offshore company or based in Hong Kong, if you want to offer your US dollar stablecoin in the US, you should register in the US just like we have to go register everywhere else.”
