Weekly Highlights
Coinbase Forecasts a $1.2 Trillion Stablecoin Market by 2028
According to Coinbase, the total value of US dollar-pegged stablecoins is expected to reach $1.2 trillion by 2028, driven by anticipated comprehensive cryptocurrency regulations in the US.
To meet the demand from stablecoin issuers, Coinbase estimates that the US Treasury would need to issue approximately $5.3 billion weekly over the next three years. These Treasury bills are commonly used as collateral for digital fiat tokens.
This issuance may lead to a slight and temporary decline of around 4.5 basis points in three-month Treasury yields, countering predictions that stablecoin demand would significantly lower interest rates on US government debt. Coinbase commented in a market report:
“We believe this forecast does not rely on excessively large or permanent rate changes; rather, it is based on gradual, policy-supported adoption over time.”
Analysis Links Kanye West YZY Wallet to $21M LIBRA Scheme
An investigation by analyst Dethective has connected a wallet responsible for purchasing the Kanye West-themed YZY token to several wallets linked to the LIBRA token, indicating the operator profited by tens of millions through insider information.
Dethective detailed in a series of posts that the YZY sniper wallet acquired $250,000 worth of tokens at just $0.20 each, significantly below typical market prices. Within moments, it generated over $1 million in profit, which was moved to a treasury wallet.
Glassnode Suggests Bitcoin’s Four-Year Cycle May Still Hold
Despite speculation that rising institutional interest might disrupt the historical four-year halving cycle of Bitcoin, onchain analytics firm Glassnode believes the pattern may still be intact.
In a report, Glassnode noted that current profit-taking behavior among long-term Bitcoin holders resembles previous market euphorias, reinforcing the idea that the Bitcoin cycle may be further advanced than commonly thought.
As demand continues to weaken—with recent capital inflows signaling fatigue—spot Bitcoin exchange-traded funds have experienced approximately $975 million in outflows over the past four trading days.
Harvard Economist Reflects on Past Bitcoin Predictions
Harvard economist Kenneth Rogoff, who once claimed Bitcoin was more likely to crash to $100 than reach $100,000, acknowledged considerable changes in the past seven years but still seems hesitant about Bitcoin’s future.
Rogoff referred to his earlier statements and admitted, “What did I miss?” on social media, reminding followers of his forecast made during a CNBC segment in March 2018.
Philippines Proposes 10,000 Bitcoin Strategic Reserve
The Philippine Congress is considering a bill that aims to establish a strategic reserve of 10,000 Bitcoin, positioning the country among Southeast Asia’s early adopters of Bitcoin as a strategic asset.
Spearheaded by Representative Migz Villafuerte, the proposed “Strategic Bitcoin Reserve Act” mandates the Banko Sentral ng Pilipinas (BSP) to purchase 2,000 Bitcoin annually over five years, totaling an investment of approximately $1.1 billion based on current prices. The assets would be placed in a trust for a minimum of 20 years.
