Headlines
▌Tether Hires One of the Big Four Accounting Firms to Complete Its First Full Audit
On March 24, according to official sources, as the largest company in the digital asset industry, Tether announced it has officially partnered with one of the Big Four accounting firms to complete its first comprehensive independent financial statement audit. This audit is expected to be one of the largest of its kind in financial market history. The audit covers a highly complex asset portfolio including digital assets, traditional reserves, and tokenized liabilities.
▌U.S. Offers Iran a Negotiation Plan with “15 Conditions”
On March 25, the U.S. government, through Pakistan, proposed a settlement plan with Iran containing 15 conditions, covering nuclear programs, missile capabilities, and regional issues. Reportedly, the main U.S. demands include: Iran dismantling existing nuclear capabilities, promising not to develop nuclear weapons, banning uranium enrichment on domestic soil, transferring approximately 60% of high-enriched uranium stockpiles, dismantling nuclear facilities such as Natanz, Isfahan, and Fordo, and allowing full IAEA inspections. Additionally, the U.S. demands Iran cease supporting regional allies with weapons, funding, and commands, restrict ballistic missile size and range for defensive purposes, and keep the Strait of Hormuz open. In exchange, Iran may receive full sanctions relief, U.S. support for civilian nuclear projects, and the removal of the “snapback” mechanism. It is understood that the U.S. is considering a one-month ceasefire to facilitate further negotiations on these terms. The plan is driven by advisors including Jared Kushner and Steve Witkoff under the Trump administration. (CCTV News)
Market Trends
As of press time, according to CoinGecko data:
BTC at $70,571.72, down 0.2% in 24h;
ETH at $2,156.95, up 0.5% in 24h;
BNB at $638.39, up 0.1% in 24h;
SOL at $90.92, down 0.4% in 24h;
DOGE at $0.09508, up 1.2% in 24h;
XRP at $1.42, down 1.0% in 24h;
TRX at $0.3062, down 0.3% in 24h;
WLFI at $0.1039, down 0.3% in 24h;
HYPE at $40.39, up 8.5% in 24h.
Policy Updates
▌Latest Draft of the CLARITY Act: Bans Earning from Holding Stablecoins
On March 24, according to CoinDesk, industry insiders saw the latest clause regarding stablecoin earnings in the revised Senate “Digital Asset Market Clarity Act” during a closed-door hearing on Capitol Hill in Washington. The initial impression is that the language is too narrow and unclear. The new clause, released last Friday by Senators Angela Alsobrooks and Thom Tillis, would prohibit earning solely from holding stablecoins, restrict practices equating such plans with bank deposits, and impose further limits on other activities. The specific mechanism for recognizing stablecoin rewards based on activity remains unclear. This compromise stems from lobbying battles between the crypto and banking industries: banks argue that stablecoin rewards should not resemble interest-bearing bank deposits, fearing such products could harm banking and suppress lending. The final compromise allows reward programs based on user activity with stablecoins but prohibits rewards based on balances. The closed-door hearing aims to push the Senate Banking Committee to schedule a hearing, a key step toward full Senate approval. Similar versions of the “Clarity Act” passed the House last year, and another version cleared the Senate Agriculture Committee. The bill still faces hurdles, including reaching consensus on DeFi regulation and adding provisions to prevent senior government officials from profiting personally from crypto, explicitly targeting President Trump.
▌Delaware Proposes New Law to Regulate Stablecoins as Banking
On March 24, two Delaware legislators are drafting rules to regulate stablecoins as part of a broader modernization of the state’s financial industry. A statement from the Delaware Senate Democratic Caucus announced that State Senator Spiros Moutsouvas and Representative Bill Bush have submitted the “Delaware Banking Modernization Act” (Senate Bill 16) and the “Delaware Payment Stablecoin Act” (Senate Bill 19). Governor Matt Moyer stated, “This legislative package sends a clear and strong signal: in Delaware, we are promoting financial inclusion and lowering barriers to entry, making it easier for residents to transfer, receive, and save money online.” Delaware has historically been friendly and proactive toward cryptocurrencies and blockchain. As early as 2016, former Governor Jack Markell launched the Delaware Blockchain Initiative to attract blockchain companies, and the state has made minor regulatory adjustments to support industry growth.
▌U.S. DOJ Admits Lack of Evidence in Powell Investigation
On March 25, according to The Washington Post, court records show that a senior deputy from the U.S. Department of Justice, Jenny Piro, admitted at a closed hearing this month that the DOJ has no evidence of misconduct in its criminal investigation into Federal Reserve Chair Jerome Powell regarding the costs of the Fed building renovation.
▌U.S. Engages Multiple Parties in Talks on U.S.-Iran Negotiations, Waiting for Iran’s Response
On March 25, the U.S. is discussing the possibility of high-level peace talks with Iran this week with several mediators but is still awaiting Tehran’s response. It is reported that the U.S. has proposed a 15-point ceasefire plan, with some key concessions from Iran, but no definitive agreement has been reached. Meanwhile, Pakistan, Egypt, and Turkey are acting as intermediaries, with Pakistan willing to host talks. Israel remains cautious, concerned that the U.S. might strike a deal with Iran without fully satisfying its security concerns. The U.S. continues diplomatic efforts while preparing military options, including deploying the 82nd Airborne Division to the Middle East. The White House states the situation remains “highly dynamic,” and if diplomacy fails, further strikes against Iran are possible. (CCTV News)
Blockchain Applications
▌Ethereum Foundation Launches Post-Quantum Security Resource Platform
On March 24, the Ethereum Foundation announced the launch of a post-quantum security resource platform to showcase Ethereum’s research progress and roadmap in this area. Led by the post-quantum and cryptography teams and supported by protocol architecture and coordination teams, the project has been ongoing for over 8 years. The platform covers impacts on protocol layers, full roadmaps, open-source code, and standards. Currently, more than 10 client teams are participating in network testing.
▌Morgan Stanley Plans to Support Tokenized Stock Trading on Alternative Trading Systems by Late 2026
On March 25, Amy Oldenburg, Morgan Stanley’s head of digital asset strategy, stated that Wall Street’s push into crypto is driven not by FOMO but by years of internal work on modernizing financial infrastructure. She said Morgan Stanley is expanding its digital asset strategy into trading, asset management, and infrastructure. Previously, the bank mainly offered Bitcoin exposure to high-net-worth clients and listed a spot Bitcoin ETF on its E*Trade platform, with recent filings for its own spot Bitcoin ETF. Oldenburg revealed that Morgan Stanley plans to support tokenized stock trading on its alternative trading system by late 2026, which already handles stocks, ETFs, and American Depositary Receipts. She emphasized that upgrading decades-old core banking systems, improving connectivity, and coordinating globally remain major challenges, despite rising interest in stablecoins and institutional crypto activities.
▌WSJ: NYSE Collaborates with Securitize to Develop Tokenized Securities Platform
On March 24, The Wall Street Journal reported that the New York Stock Exchange is working with Securitize to develop a platform for tokenized securities.
▌OpenAI CFO: Total Funding Reached $120 Billion
On March 25, OpenAI CFO Friel said in an interview on the “Crazy Money” program that, as part of its historic fundraising, the company is raising an additional $10 billion from investors. This brings OpenAI’s total funding to over $120 billion, surpassing its initial $100 billion target. OpenAI announced its first round of investment in late February, seen as possibly its last private funding before a major IPO. Microsoft has also participated in this round. Despite changes in the relationship with Microsoft, Friel called Microsoft a “great partner” and praised CEO Nadella’s early involvement. Participants include venture capital, private equity, mutual funds, and sovereign entities. “Wherever you look, people truly believe in this AI revolution and want to invest.”
Cryptocurrency
▌Circle Freezes USDC Balances in 16 Corporate Hot Wallets Due to Civil Case
On March 24, on-chain investigator ZachXBT posted that “Circle Internet Financial froze the USDC balances of 16 corporate hot wallets last night, involving multiple different businesses. I directly contacted one affected company, which said the freeze is due to an ongoing U.S. civil case, but details are undisclosed. My analysis shows these platforms and forex businesses appear unconnected. Crypto firms often use hot wallets for most user transactions. An analyst using basic tools can identify these wallets as operational wallets handling large volumes. Now, these companies’ operations are negatively impacted by decisions from Circle, lawyers, forensic agencies, and courts.”
▌Bloomberg Analyst: IBIT Achieves Net Inflows ‘Positive’ for the Year, BTC Investors More Resilient Than Gold Investors
Bloomberg senior ETF analyst Eric Balchunas posted on X that Bitcoin spot ETFs have seen $2.5 billion in net inflows this month, nearly offsetting outflows earlier in the year. Notably, BlackRock’s IBIT has turned positive for the year and ranks among the top two ETFs in year-to-date inflows. Despite Bitcoin’s 40% decline over the past six months and widespread negative sentiment, ETF funds remain surprisingly resilient. In contrast, a decade ago, when gold dropped 40% in the short term, about one-third of investors exited. Bitcoin investors’ holding behavior is notably more steadfast. (Eric Balchunas clarifies this is not disrespect toward gold investors, just an unusual situation for Bitcoin.)
▌BlackRock Transfers 7,552 ETH to Coinbase Prime Address
According to Arkham data, BlackRock transferred approximately 7,552 ETH (worth about $16.31 million) from its Ethereum ETF ETHA to a Coinbase Prime address, with further transfers possible.
▌Tom Lee: Ethereum Progress at 77%, “Mini Crypto Winter” Nearing End
On March 24, Tom Lee, chairman of Bitmine Immersion Technologies, said the “mini crypto winter” affecting Ethereum is ending. The firm recently bought $139 million worth of ETH, bringing its holdings closer to the 5% of total supply target. In a statement, Lee said that over the past three weeks, Bitmine has maintained high buying activity, expecting the prolonged Ethereum decline to end soon. After the market crash last October, Bitcoin fell from over $126,000, and Ethereum from $4,946 in August. Analysts have debated when a significant rebound will occur. Lee pointed out several positive catalysts, including progress on the “Clarity Act” in Congress and crypto market stability amid recent Iran turmoil. “Since the Iran conflict erupted, crypto assets, especially Ethereum, have outperformed the broader market, with ETH up 18%, outperforming stocks by 2,450 basis points.” He added, “This contrasts sharply with traditional safe-haven assets like gold, which fell over 15% during the same period. Crypto is proving itself as an excellent ‘wartime’ safe haven.”
▌Canadian Listed Fintech Company DELX Plans to Launch Bitcoin Treasury Strategy
On March 24, Canadian fintech company Delphx Capital Markets Inc (stock code $DELX) announced plans to launch a Bitcoin treasury strategy, purchasing $50 million worth of Bitcoin.
▌Coinbase Adds CHECK and SIGN to Token Listing Roadmap
On March 25, Coinbase announced it will add Checkmate (CHECK) and Sign (SIGN) to its token listing roadmap.
▌Coinbase to Launch Perle (PRL)
On March 25, Coinbase will list Perle (PRL).
▌Coinbase to Launch ICNT Spot Trading
On March 24, Coinbase will launch spot trading for Impossible Cloud Network (ICNT).
Economic Highlights
▌Iran Re-Reportedly Demands One-Time $2 Million “Transit Fee”
On March 24, sources revealed Iran has begun charging transit fees to some ships passing through the Strait of Hormuz, further demonstrating Iran’s control over this critical global maritime energy route. Reports indicate Iran is temporarily demanding up to $2 million per voyage, effectively setting an informal checkpoint in the strait. Iran’s official denies this (the Iranian embassy in India posted on social media on March 23 that claims of Iran charging $2 million are “baseless”). While mechanisms remain unclear and this does not appear to be a systematic policy, some ships have paid the fee. This shows Iran’s actual control over the Strait of Hormuz, through which about one-fifth of global oil and gas, along with large quantities of grains, metals, and other supplies, pass daily. As the Middle East conflict enters its fourth week, this underscores the urgent need for energy security among some consumers. (Jin10)
▌Iran Revolutionary Guard: All Ships Must Fully Coordinate with Our Authorities
According to Al Jazeera, Iran’s Revolutionary Guard Navy stated that the container ship “Celine” was forcibly expelled because it lacked a permit to pass through the Strait of Hormuz. The IRGC Navy emphasized that all vessels passing through the strait must fully coordinate with Iran’s maritime sovereignty authorities. (Jin10)
▌Poll Shows Trump Support at Lowest Since Re-Entering White House
On March 25, Reuters and Ipsos released a poll showing President Trump’s support has dropped from 40% last week to 36%, the lowest since his return to the White House. The decline is mainly attributed to rising oil prices and widespread dissatisfaction with U.S. actions against Iran. Only 25% of respondents approve of Trump’s handling of living costs, a key issue in his 2024 campaign. Support for military action against Iran stands at 35%, with 61% opposed. Despite this, Trump’s support within the Republican Party remains relatively stable, though dissatisfaction over his handling of economic issues has increased. (Xinhua News Agency)
▌Fed’s Goolsbee: Uncertain if Rate Cuts Are Possible Again
On March 25, Fed’s Goolsbee said that energy shocks could pose risks to the Fed’s dual mandate, creating a bad situation. It’s currently uncertain whether rate cuts are possible again, depending on how long the war continues.
▌Fed’s Barr: Rates May Need to Stay Stable for Some Time
On March 25, Fed Governor Barr said that to combat inflation well above the 2% target, policymakers might need to keep rates steady for a period. “While I hope that as tariffs’ impact on prices diminishes later this year, inflation will decline, I want to see continued evidence of falling prices in goods and services before considering further rate cuts, assuming the labor market remains stable.” Barr supported the Fed’s decision last week to hold the benchmark rate steady. He noted that the Middle East situation adds “additional risks.” Rising oil prices often quickly pass through to gasoline prices, which could be especially harmful to lower- and middle-income households.
▌Probability of No Rate Hike in April at 90.7%
According to CME’s “Fed Watch,” the probability of a 25 basis point rate hike in April is 9.3%, with a 90.7% chance of holding rates steady. The chance of a total 25 basis point increase by June is 17.1%, with an 80.2% chance of no change.
Gold Encyclopedia
▌Can Bitcoin Still Be Called “Digital Gold” Amid Geopolitical Crises?
In every geopolitical crisis, gold prices rise while Bitcoin crashes. After six tests, the label “digital gold” has never been substantiated by data. Countries hoard gold but exclude Bitcoin from reserves. For investors, Bitcoin has asymmetries: it drops with stocks but doesn’t rise with them. Three structural factors prevent Bitcoin from gaining safe-haven status: excess derivatives (market structure), dominance of leveraged traders (participant makeup), and lack of repeated behavioral records (behavioral accumulation).
Bitcoin is not a safe-haven asset, but it is a “crisis-useful asset” that can be effective when borders are closed or banks fail. If these three asymmetries diminish, Bitcoin might no longer be a copy of gold but a new “next-generation gold.” Intergenerational shifts and algorithmic adoption could accelerate this process.
