Solana stablecoins have been ‘stickier than anticipated’

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When Donald Trump paired his Solana memecoin with USDC, the Solana network’s stablecoin supply predictably shot upwards — creating 306 days of supply growth over a long weekend, as we put it in this newsletter.

Although much of this supply growth stemmed from a memecoin that had about 48 hours of relevance, Solana’s stablecoin supply is still near its all-time high. On February 11, Solana had $12.4 billion in stables. Today, it has $12.1 billion.

“Definitely it has been stickier than anticipated,” Blockworks Research analyst Carlos Gonzalez Campo said of Solana’s stablecoin…

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More Deputy Attorney General, Less New York Attorney General

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On Monday, Deputy Attorney General (DAG) Blanche published a memo entitled “Ending Regulation By Prosecution” in which he stated that the U.S. Department of Justice will stop its crackdown on bitcoin and crypto mixers.

Here’s the exact language he used in the memo:

“…the Justice Department will stop participating in regulation by prosecution in this space. Specifically, the Department will no longer target virtual currency exchanges, mixing and tumbling services, and offline wallets for the acts of their end users or unwitting violations of regulations…”

The following day, New York Attorney General (NYAG) James co-authored a letter in which she called…

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Rough dollar performance and Treasury market selloff close out a tumultuous week

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

It’s been quite a week. 

We had Manic Monday and then Blink Wednesday, followed by what I’ll dub “That Didn’t Last Long Thursday.” Sadly, today’s not shaping up to be Fun Friday. 

The good news: If you bought the S&P 500 when the president told you to, you’re still in the green. For now, at least. 

The bad news: everything else. Not to be dramatic. 

The dollar is slipping: The DXY is down 3.7% today from Wednesday and the euro is at a three-year high against USD. 

Treasury markets are still selling off — worse now than the Tuesday night meltdown that…

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Why Is Gold Outperforming Bitcoin?

Bitcoin BTC/USD and gold are parting ways in 2025, with the two assets following sharply different trajectories amid rising geopolitical tensions and shifting macroeconomic conditions.

What Happened: Gold has surged past $3,160/oz, driven by central bank accumulation, a pivot away from the U.S. dollar, and its enduring reputation as a safe-haven asset.

The metal’s stability has become a magnet for investors amid ongoing global instability and fears of a slowdown.

Bitcoin, on the other hand, has faltered.

After briefly climbing above $80,000 earlier this year, it slipped to $77,000 in April, marking its lowest level of 2025 so far.

The digital asset’s struggle is largely…

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Fusaka fork takes shape as Pectra enters final stretch

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With the Pectra fork now scheduled for May 7, Ethereum core developers have begun to shift their focus toward defining the next major upgrade: Fusaka. During yesterday’s All Core Devs call, the teams aligned on Pectra client release deadlines and began CFI’ing (considering for inclusion) a new set of EIPs for Fusaka.

Client releases for Pectra are expected by late next week, followed by a public announcement around April 22–23. Barring any last-minute issues, nodes will simply need to upgrade in time for the fork on May 7.

One proposal that didn’t make the cut: a small change to…

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