US Congressional hearing pushes forward with security tokenization; Iran sets five conditions for ceasefire.

Headline

▌US House Hearings Advance Securities Tokenization, SEC Proposes Innovation Exemption Program

On March 26, the US House Financial Services Committee held a hearing on securities tokenization. Republican Representative Andy Barr stated that securities tokenization is "undoubtedly imminent" and that regulatory modernization is imperative. The SEC has previously approved the DTCC to tokenize highly liquid assets on designated blockchains and recently approved Nasdaq to support tokenized stock trading. SEC Chairman Paul Atkins stated that he will solicit comments on an innovation exemption program to establish a regulatory sandbox for on-chain assets. Some Democratic lawmakers expressed concerns about the exemption program, believing it could create a two-tier market.

▌Iran sets five conditions for ceasefire, saying "accept conditions first, then negotiate"

According to Press TV, a news television station controlled by the Iranian government, Iranian government officials issued a statement saying that Iran has responded negatively to the US proposal and insists that the war will only end on Iran's own terms and timetable. This official, familiar with the details of the Iranian government, stated that Iran will not allow Trump to decide when the war ends. He also emphasized Tehran's determination to continue its defense and inflict "heavy blows" on the enemy until its demands are met. The official outlined five specific conditions for Iran to agree to end the war, including: ① A complete cessation of the enemy's "aggression and assassination" activities. ② The establishment of a concrete mechanism to ensure that war will not be imposed on Iran again. ③ Guarantee and clearly define the payment of compensation and repair costs for war losses. ④ An end to the war on all fronts and within the scope of all participating resistance organizations throughout the region. ⑤ International recognition and guarantee of Iran's sovereign right to exercise jurisdiction over the Strait of Hormuz.

▌Bloomberg ETF Analyst: Morgan Stanley Bitcoin ETF MSBT Receives Official Listing Announcement from NYSE

On March 26, Eric Balchunas, Senior ETF Analyst at Bloomberg, published an article on the X platform stating that the Morgan Stanley Bitcoin ETF MSBT has received an official listing announcement from the New York Stock Exchange (NYSE), which usually means an imminent listing.

▌Federal Reserve Governor Milan: Very Optimistic About Stablecoins

On March 26, Federal Reserve Governor Milan stated that he is very optimistic about stablecoins and will invest more funds into the dollar ecosystem.

**HyperEVM Ecosystem Stablecoin Market Cap Surpasses $1 Billion** March 25th news: "The total market capitalization of stablecoins on the HyperEVM network has officially surpassed the $1 billion mark, with Circle's USDC dominating and becoming the core driving force behind this growth." **Bitwise: Latest Draft of the CLARITY Act Causes Circle to Plunge 20%; Future Market Cap Review** Bitwise Chief Investment Officer Matt Hougan wrote that, based on conservative assumptions and even considering the recent concerns raised by the latest draft of the CLARITY Act, he predicts Circle's value will reach $75 billion by 2030. To date, interest income has not been the primary driver of stablecoin growth. Currently, the vast majority of stablecoins do not generate interest when held. Stablecoins have gained rapid popularity because they enable efficient and reliable global transfer of funds—for trade settlements, as loan collateral, as an alternative to unstable fiat currencies, and many other applications. Convenience is a core advantage of currencies, and this is precisely what stablecoins excel at. Currently, the average annualized interest rate for a typical US savings account is around 0.60%, and for a demand deposit account, it's only 0.07%. People don't deposit money in these accounts for interest. If the global financial system is increasingly migrating to the blockchain, I expect stablecoins to play an increasingly important role in this transformation, regardless of whether they offer interest. Based on my simple estimate—a market size of $1.9 trillion, a 25% market share, and a 0.8% profit margin—Circle's revenue will reach $3.8 billion by 2030, excluding distribution costs and other expenses. Currently, the company's actual operating expenses are relatively low ($144 million in 2025), meaning that even if these expenses double or triple by 2030, approximately $2.7 billion of revenue would still be net profit after taxes. Based on the current average price-to-earnings ratio (28) of the S&P 500, Circle's market capitalization would reach $75 billion. According to Arkham data, BlackRock transferred a total of 11,780 ETH, worth approximately $25.75 million, to the Coinbase Prime address through its Ethereum exchange-traded fund ETHA; and approximately 634 BTC, worth approximately $45.35 million, to the Coinbase Prime address through its Bitcoin exchange-traded fund IBIT. **14.16 Billion USD in Bitcoin Options Expire This Friday, Maximum Threat Price Locked in at $75,000** March 25th news: "This Friday at 4 PM, 199,000 Bitcoin options will expire on the Deribit exchange, with a notional total value of $14.16 billion. Current data shows the maximum pain price is $75,000, and the put/call ratio is 0.63." **Strategy to Launch Dedicated Bitcoin Security Program** March 25th news: Strategy will launch a dedicated Bitcoin security program, aiming to collaborate with global cybersecurity, cryptocurrency, and Bitcoin experts to strengthen the security, resilience, and credibility of the Bitcoin network. The company is seeking a Director of Bitcoin Security to lead this initiative. This role will involve serving as an in-house expert on protocols, cryptography, and asset custody, as well as a key external liaison for the industry. The position will comprehensively build Strategy's Bitcoin security framework, covering threat modeling, key management, multi-signature custody solution design, and wallet architecture, with a focus on institutional-grade resilience and asset recoverability. Strategy states that the initiative will bring together exchanges, custodians, asset managers, service providers, and core developers to address emerging threats, security vulnerabilities, and establish industry best practices. The initiative will also include internal training, executive consulting, and ongoing industry collaboration, driving large-scale improvements in Bitcoin security through regular meetings and public progress updates.

▌Bitmine Officially Launches Institutional-Grade Ethereum Staking Platform MAVAN

Nasdaq-listed Ethereum treasury company Bitmine announced the official launch of its institutional-grade Ethereum staking platform, MAVAN (Made in America Validator Network), designed to provide institutions with a highly secure, high-performance, and resilient staking infrastructure. MAVAN combines US-based validator nodes with a globally distributed architecture, meeting the needs of institutions requiring compliant local infrastructure while also supporting global client access. Initially designed to support Bitmine's own Ethereum asset allocation, the platform will be opened to institutional investors, custodians, and ecosystem partners in the future. As of March 24, 2026, Bitmine has staked approximately 3.1426 million ETH (approximately $6.8 billion).

▌Coinbase Adds MEZO to Asset Listing Roadmap

On March 25th, Coinbase announced the addition of Mezo (MEZO) to its asset listing roadmap.

▌USDC Treasury Mints 250 Million New USDC on Solana Chain

According to Whale Alert monitoring, at 22:03:54 Beijing time yesterday, the USDC Treasury minted 250 million new USDC on the Solana chain.

**Important Economic Developments** **▌US Interior Secretary: Brings Back $100 Million Worth of Physical Gold During Visit to Venezuela** **US Interior Secretary Bergham: During my visit to Venezuela, I brought back $100 million worth of physical gold.** **▌Analysis: Asian Stocks Expected to Rise, Market Focuses on US-Iran Talks** **On March 26, following gains in US stocks and bonds, Asian stocks are expected to rise slightly on Thursday as traders assess the feasibility of a ceasefire negotiation between the US and Iran. Japanese and Australian stock index futures rose, while Hong Kong stock index futures fell slightly. US stock index futures were largely unchanged after the S&P 500 rose for the second time this week, gaining 0.5% on Wednesday; the technology-heavy Nasdaq 100 rose 0.7%.** The index of Chinese companies listed in the US rose 1.9%.

▌The probability of the Fed keeping interest rates unchanged in April is 94.8%

On March 26, according to CME's "FedWatch": the probability of the Fed raising interest rates by 25 basis points in April is 5.2%, and the probability of keeping interest rates unchanged is 94.8%. The probability of the Fed raising interest rates by a cumulative 25 basis points by June is 11.7%, the probability of raising interest rates by a cumulative 50 basis points is 0.4%, and the probability of keeping interest rates unchanged is 87.9%.

Golden Encyclopedia

▌Can Bitcoin still be called "digital gold" under geopolitical crises?

Every time there is a geopolitical crisis, the price of gold rises, and the price of Bitcoin plummets. After six tests, the claim of "digital gold" has never been confirmed by data.

Countries hoard gold but exclude Bitcoin from their reserves. For investors, Bitcoin exhibits an asymmetry: it falls with stocks but doesn't rise with them. Three structural asymmetries prevent Bitcoin from achieving safe-haven status: an overabundance of derivatives (market structure), the dominance of leveraged traders (participant composition), and a lack of repeatable behavioral records (behavioral accumulation). Bitcoin is not a safe-haven asset, but it is a "crisis-useful asset," capable of functioning when borders are closed and banks fail. If these three asymmetries narrow, Bitcoin may no longer be a replica of gold but a completely new "next-generation gold." Generational shifts and the widespread adoption of algorithms are key factors that could accelerate this process.