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Banks Don't Want to Kill Stablecoins — Just Yours
Published 2 months, 2 weeks ago
Description
Wells Fargo is lobbying to kill stablecoin yield while quietly filing a trademark for their own stablecoin — and they're not the only bank playing both sides. Plus, Kraken becomes the first crypto company with a Federal Reserve master account, and the guy who stole $40M from the US government's seized crypto finally gets arrested.
In this episode of Good For Bitcoin, Brandon and Kate discuss:
- Bitcoin hits $73K amid extreme fear — and the 20 millionth Bitcoin has officially been mined, leaving just 1 million left over the next 114 years
- Bitcoin treasury roundup: Strategy buys nearly 18,000 BTC (now holding 738,731), Pomp's ProCap Financial adds 450 BTC, Strive reveals 179 BTC purchase plus a $50M STRK investment, and Capital B and SmarterWeb make smaller buys
- USDCX is coming to Allbridge, unlocking bridging from Ethereum, Solana, Base, BSC, Tron, Sui, and more into the Stacks ecosystem
- "Lick" has been licked — the man who allegedly stole $40M in crypto from a US government seizure wallet is finally arrested after ZachXBT's investigation forced the FBI's hand
- The Clarity Act stablecoin battle: 40+ banking associations are spending millions to kill stablecoin yield, the ABA rejected the White House compromise, and the clock is ticking before midterm gridlock kills the bill
- Kraken becomes the first digital asset bank to receive a Federal Reserve master account, gaining direct Fedwire access and reducing dependency on correspondent banks
- Quick headlines: NYSE parent ICE invests in OKX at a $25B valuation, Wells Fargo files a WFUSD stablecoin trademark while lobbying against crypto yield, an Aave user fat-fingers a $50M swap and loses nearly everything, and Babylon sees a 50% TVL drop as $1.64B in locked BTC exits
Chapters:
- (00:00:00) Intro — BTC at $73K & the 20 Millionth Bitcoin
- (00:04:10) Bitcoin Treasury Roundup
- (00:08:14) USDCX Comes to Allbridge
- (00:10:17) "Lick" Gets Arrested — $40M Government Crypto Theft
- (00:13:29) The Clarity Act & the Stablecoin Yield Battle
- (00:19:55) Kraken Gets a Federal Reserve Master Account
- (00:23:18) Quick Headlines
Hosts:
- Brandon Marshall — @marshallmixing
- Kate Parkman — @katemparkman
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