Bitcoin as a strategic reserve, Philippines adopts USD, and Circle pioneers EU stablecoin license

The crypto markets had another negative week. Bitcoin (BTC) fell 7.8%, while ether (ETH) fell 12.8%, which led the Nasdaq Crypto Index ™ (NCI ™) to decline by 9.1%. Short-term price drops are not uncommon in the midst of recovery phases and our mid-to-long term outlook for digital assets remains strong.

Philippines adopts Tether’s USDT for social security payments

Tether, the largest stablecoin issuer, has enabled citizens in the Philippines to pay their Social Security System (SSS) contributions using USDT. The initiative underscores the growing importance of blockchain-based technologies for everyday use cases.

Former President Trump suggests Bitcoin can protect the dollar

His support for Bitcoin included highlighting its geopolitical significance and suggesting that anti-Bitcoin policies would benefit adversaries like China and Russia. Discussions about classifying Bitcoin as a strategic reserve asset are gaining traction, aiming to hedge against inflation by linking the dollar to disinflationary assets. This could enhance Bitcoin’s adoption and attract institutional investors and even sovereign states, further driving long-term demand for the leading cryptocurrency.

Circle celebrates stablecoin first in EU

The company has secured the first stablecoin license under the EU’s new MiCA regulatory framework, marking a significant milestone in stablecoin adoption. This achievement positions Circle ahead in compliance with comprehensive regulations, enhancing USDC’s acceptance in Europe.