[News Brief] Apr 22, morning | U.S. Senator Submits Amendment to Stablecoin Bill Banning Use of Cryptocurrency as Legal Tender

U.S. Senator Submits Amendment to Stablecoin Bill Banning Use of Cryptocurrency as Legal Tender

According to PANews, U.S. Senator Jack Reed submitted an amendment ahead of deliberations on a stablecoin bill that would explicitly prohibit the use of cryptocurrency as legal tender.

The amendment also includes a provision banning the use of crypto assets for tax payments. Senator Elizabeth Warren submitted more than 40 amendments, including one that would prevent the Federal Reserve from granting master accounts to crypto companies.

A separate amendment jointly submitted by Senator Reed and Senator Smith proposes adding provisions to the bill that would limit yields on bank-issued stablecoins. These amendments are interpreted as part of a broader move to restrict the use of cryptocurrencies as public means of payment during the stablecoin bill review process.

Charles Schwab Gradually Opens Crypto Accounts to Retail Clients

Charles Schwab has begun gradually opening cryptocurrency accounts to retail clients.

According to ODaily, the first group of clients can directly trade Bitcoin and Ethereum on the Schwab platform and manage them alongside traditional investment products such as stocks.

Charles Schwab is a major U.S. traditional financial firm, and this service rollout is seen as a measure to expand retail investors’ access to cryptocurrencies.

Wells Fargo Expands Spot Bitcoin and Ethereum ETF Holdings in Q1

Wells Fargo increased its holdings of spot Bitcoin and Ethereum ETFs in the first quarter, according to filings submitted to the U.S. Securities and Exchange Commission, ODaily reported.

Wells Fargo raised its holdings of the BlackRock iShares Ethereum Trust ETF from 672,600 shares to 1.1 million shares, an increase of 63.5%. It also expanded its holdings of the Bitwise Ethereum ETF from 186,800 shares to 257,000 shares, up 37%.

Although spot Ethereum ETFs recorded approximately $769 million in net outflows in the first quarter and Ethereum prices declined, Wells Fargo held around $21.5 million worth of Ethereum ETFs. Of that amount, about $17.6 million was in BlackRock’s product.

For Bitcoin ETFs, the bank increased its holdings in the Bitwise Bitcoin ETF and the Grayscale Bitcoin Mini Trust by about 24% and 41%, respectively. Its holdings in the BlackRock iShares Bitcoin Trust were the largest, at about $250 million.

Wells Fargo also adjusted its holdings in crypto-related stocks. It reduced its stake in Galaxy Digital from 2.5 million shares to 78,600 shares, down about 97%, while increasing its stake in Strategy from 322,700 shares to about 726,000 shares, up 125%.

Square, a Block Subsidiary, Automatically Enables Bitcoin Payments for About 1 Million U.S. Merchants

Square, the payments company under Block, has automatically enabled Bitcoin payment functionality for about 1 million merchants in the United States, PANews reported, citing Bitcoin Magazine.

With this feature, customers can pay with Bitcoin via the Lightning Network, while merchants receive settlement in U.S. dollars. Currency conversion is handled by the system in real time.

The feature has been applied by default to eligible U.S. merchants since March 30. Block said that during peak periods, new merchants are activating the feature at a rate of one every eight seconds.

Miles Suter, Block’s head of Bitcoin product management, said Bitcoin needs to circulate as an actual means of payment, adding that if it remains idle, its value as person-to-person cash weakens.

U.S. Spot Solana ETFs See $19.069 Million in Daily Net Inflows

U.S. spot Solana (SOL) ETFs recorded $19.069 million in net inflows in a single day, led by the Bitwise Solana Staking ETF.

According to PANews, citing SoSoValue data, total net inflows into U.S. spot SOL ETFs reached $19.069 million on May 12 (U.S. Eastern Time).

By product, the Bitwise Solana Staking ETF (BSOL) led with $15.9772 million in net inflows. BSOL’s cumulative net inflows stood at $899 million.

The Fidelity Solana Fund ETF (FSOL) recorded net inflows of $3.0918 million, bringing cumulative net inflows to $168 million.

As of the time of reporting, total net assets of U.S. spot SOL ETFs stood at $1.057 billion, with SOL net assets accounting for 1.93%, while cumulative net inflows reached $1.103 billion.

U.S. Spot XRP ETFs Record $5.309 Million in Daily Net Inflows

U.S. spot XRP ETFs saw total net inflows of $5.3098 million on May 12 (U.S. Eastern Time).

PANews, citing SoSoValue data, reported that total net assets in spot XRP ETFs stood at $1.161 billion, while cumulative net inflows reached $1.356 billion.

By product, the Bitwise XRP ETF posted the largest inflow at $4.1867 million, followed by the 21Shares XRP ETF with $1.1231 million.

JPMorgan Plans to Launch Ethereum-Based Tokenized Money Market Fund

JPMorgan plans to launch an Ethereum-based tokenized money market fund, according to Watcher.Guru.

The product is part of the broader trend of tokenizing traditional financial assets for issuance and trading on blockchain networks. Global financial firms have already been expanding tokenization initiatives across payments, bonds, and funds.

BlackRock Files New Tokenized Fund Structure With the SEC

According to ODaily, asset manager BlackRock has filed a new tokenized fund structure with the U.S. Securities and Exchange Commission. BlackRock again selected Securitize as the provider of the underlying technology and issuance infrastructure.

According to the filing, the fund will record ownership on blockchain and integrate with a regulated transfer agent and investor access system. Securitize Transfer Agent will manage official registration and ownership records of fund shares across multiple public blockchains.

The filing is a follow-up move after the expansion of BlackRock’s first tokenized fund, BUIDL. Since launching in 2024, BUIDL has grown to approximately $2.3 billion, while the real-world asset (RWA) tokenization market has surpassed $30 billion.

Bitcoin Breaks Above $81,000

PANews reported on the 13th, citing OKX market data, that Bitcoin (BTC) had risen above $81,000.

At the time of reporting, Bitcoin was trading at $81,013.40, up 0.85% over the past 24 hours.

More Than 3 Million ETH Withdrawn From Binance Since Early May

Analytics firm Arabixchain said that more than 3 million ETH have been withdrawn from Binance since early May.

Arabixchain analyzed that such exchange outflows could ease sell pressure in the spot market. A decline in exchange-held supply is generally interpreted as a reduction in immediately sellable inventory.

Source: PANews · Cointelegraph