View moreIn This Week’s Recap:
- DeFi Reporting Rule Overturned
- Stablecoins Set For Surge
- OM Crash Sparks Controversy
- Showcasing the Future, Together
- Hot Topics
The Big Idea
DeFi Reporting Rule Overturned
The IRS’s controversial DeFi broker rule, which would’ve required decentralized finance platforms to report user transactions like traditional financial institutions, has officially been struck down — a huge win for the crypto space. The rule was slated to take effect in 2027 and had raised major concerns around innovation, privacy, and the IRS’s ability to even handle that volume of data. With this reversal, it marks the first time a crypto-related bill has made it into U.S. law. At the same time, Cardano’s Charles Hoskinson is pushing for more collaboration in crypto, warning that unless projects stop competing at each other’s expense and start working together, they’ll struggle to hold their ground against massive tech players moving into Web3.
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Crypto News
Stablecoins Set for Surge
Standard Chartered says the stablecoin market could hit $2 trillion by the end of 2028, jumping from $230 billion today. The key driver? The Genius Act, a U.S. bill expected to pass soon, which would legitimize stablecoins and open the door for a massive supply increase. The bank says this growth could push stablecoin issuers to buy up $1.6 trillion in U.S. Treasuries over the next four years — enough to cover all new T-bill issuance during the current administration. That demand would also help strengthen the dollar’s global position. Standard Chartered expects more projects to follow Circle’s lead by holding most of their reserves in short-term Treasuries, a trend already seen with major issuers like Tether.
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CEX, Rugs, Block and Roll
OM Crash Sparks Controversy
MANTRA’s recent $5.4 billion drop in market value was a dramatic moment for the crypto world, but it also highlighted some important dynamics around token supply and market behavior. The OM token fell sharply after a wave of liquidations hit, but the root cause seemed to be the highly concentrated token supply — about 90% of OM was held in a single wallet, which meant the market was extremely sensitive to sell-offs. Leading up to the crash, several large wallets moved over $200 million worth of OM to exchanges, sparking concern, especially with rumors of discounted OTC sales circulating. Even though OM had seen strong growth and held up while broader markets dipped, its thin liquidity and centralized ownership made it vulnerable when momentum shifted.
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BankSocial Corner
Showcasing the Future, Together
BankSocial has been on the road, engaging with credit unions, their members, and the broader financial world at events like Google Cloud Next, Financial Brand, and the NACUSO Conference. At NACUSO, we proudly highlighted a standout team from the Converge Accelerator — not just as innovators, but as active collaborators. Their solution is now being integrated into the BankSocial ecosystem, reinforcing our commitment to turning grassroots innovation into real-world impact for credit unions, their members, and the world beyond.
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While anyone can access the BankSocial ecosystem, certain features including the exchange require Verifiied®- our simple KYC solution. Login to My.BankSocial.io and start the process now.
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Hot Topics
What’s on everyone’s mind?
DeFi lending continues to rapidly grow. The BankSocial DAO is one example of a platform that continues to innovate in the DeFi lending space. To learn more, click here.
Hedera has introduced a new fee model where relay operators won’t pay any fees for successful Ethereum transactions, only for failed ones. This makes it easier for operators to offer services without worrying about unnecessary costs, while still keeping the network secure.
Top policymakers are finally getting on board with crypto going mainstream — and they’re starting to agree that a stablecoin legal framework is a good idea. Guess it’s not just a trend after all.
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All The Love and All The Power!
was originally published in BankSocial News on Medium, where people are continuing the conversation by highlighting and responding to this story.
