Citigroup: Stablecoin Incentive Cap May Temporarily Reduce USDC Circulation, but Does Not Impact Circle Core Revenue
On March 26, CoinDesk reported that Wall Street giant Citigroup said the proposed stablecoin incentive limits in the latest U.S. market structure bill would create a hurdle for Circle (CRCL) — but not a fundamental threat to its investment case.
Citigroup analyst Peter Christiansen noted the bill bans earning rewards from passive stablecoin balance holding, though it allows reward programs tied to trading or payment activity. Since Circle has passed most of its reserve income to distribution partners including Coinbase, a broader ban on third-party rewards wouldn’t directly hit Circle’s net revenue. However, weaker USDC holding incentives could temporarily weigh on the stablecoin’s circulation and secondary market liquidity, the analyst predicted.
Citigroup keeps a High Risk rating on Circle stock, with a $243 price target — while the stock traded around $100 at press time. Circle’s shares tumbled ~20% on Tuesday on news of the bill.
Bernstein, meanwhile, said in a Wednesday r
9 minutes ago
Bitunix Analyst: Energy Control, Monetary Tightening, and Escalation Mismatch, Liquidity Shift to Squeeze Range
**March 26**
Global markets are navigating three concurrent key trends:
1. **U.S. Energy & Supply Chain Moves**: The U.S. has relaxed E15 gasoline restrictions and accelerated reliance on Venezuela for oil and gold—part of efforts to cap energy prices and rebuild supply chain dominance.
2. **Japan Rates & Bond Selloff**: Japan’s rate hike bets are surging, driving a global bond selloff. Markets are repricing inflation and the monetary tightening path.
3. **Escalating Middle East Tensions**: Tensions haven’t eased—military escalation continues under “negotiation” guise. U.S. troop reinforcements and Iran’s strong response amplify risks to energy transport and strait control.
This mix of *energy caps + liquidity tightening + geopolitical risk* undercuts the existing pricing framework:
- Energy is politically intervened;
- Rate markets lost loose policy expectations;
- Safe-haven gold sees physical mobilization (not just paper trades)—funds shift from financial to tang
9 minutes ago
A whale has bought an additional 100 BTC, accumulating a total of 1046 BTC over the past 6 months
On March 26th, LookOnChain monitoring shows that the whale wallet bc1pvu purchased an additional 100 BTC (valued at $6.99 million) 5 hours ago.
Over the past 6 months, this whale has accumulated 1,046 BTC (worth $72.78 million) at an average price of $92,258, currently holding an unrealized loss of $23.72 million.
9 minutes ago
The Kingdom of Bhutan's Holding at Peak Declined by 66%, Creating Continued Selling Pressure on the Market
March 26 — A report from Decrypt reveals the Kingdom of Bhutan transferred 519.707 bitcoins (roughly $36.75 million) to an external address on Wednesday, continuing its bitcoin sell-off trend that began in 2026.
On-chain data shows Bhutan’s royal government currently holds 4,453 bitcoins, worth roughly $315 million — a 66% drop from its peak of nearly 13,000 bitcoins at the end of 2024. Total outflows since the start of the year have topped $150 million.
Bhutan’s sell-off pace is accelerating: January and February transfers ranged from $5 million to $15 million each, while March transfers have jumped to $35 million–$45 million apiece. Wednesday’s transfer destination aligns with typical exchange deposit patterns, though the exact recipient remains unconfirmed.
Unlike most nations that accumulate bitcoin via purchases, Bhutan’s holdings stem from mining operations powered by its abundant hydroelectric resources. In December 2025, Bhutan committed to using up to 10,000 bitcoins
9 minutes ago
Iran has officially responded to the "15-point plan": deeming the U.S. negotiation statement as a mere "third deception."
March 26 – Iran has officially submitted its response to the U.S.’s 15-point proposal through intermediaries, per Iran’s Tasnim News Agency. Sources note the reply was sent last night, and Tehran is now awaiting a U.S. response.
Key demands in Iran’s response include:
- An end to hostile terrorist acts;
- Establishing objective conditions to prevent future wars;
- Clear guarantees on war reparations and compensation;
- A synchronized ceasefire across all regional frontlines and among all combatant resistance groups.
Sources also stressed Iran’s sovereignty over the Strait of Hormuz is a natural, legal right—critical to ensuring the other party upholds its commitments—and that this right must be recognized.
Iran has labeled U.S. negotiation statements a “third deception” scheme with three core goals:
- Deceiving the international community with a fabricated peace gesture;
- Driving down global oil prices;
- Buying time for an aggressive U.S. ground invasion from s
9 minutes ago