The Daily Peg
Stablecoin velocity surges, and Tether parts with the HSBC gold traders it hired just months ago.
Industry news
Tether Cuts Ties With Senior Gold Traders Months After High-Profile Hiring From HSBC
https://www.bloomberg.com/news/articles/2026-03-31/tether-cuts-top-gold-traders-months-after-hiring-them-from-hsbc
Analysis
Standard Chartered Flags Surging Stablecoin Velocity As New Use Cases Emerge
TLDR: In a new report, Standard Chartered finds stablecoin velocity has doubled due to AI payments and TradFi replacement, but is still likely to support a $2 trillion market cap by 2028 as growth remains additive rather than substitutive.
Regulation
Bank Of China Hong Kong To Upgrade Digital Yuan Wallet After Mainland Policy Shift To Allow Interest On Currency
https://www.caixinglobal.com/2026-03-31/boc-hong-kong-pushes-digital-yuan-wallet-upgrade-after-policy-shift-102429249.html?
Senate Sets April Markup For CLARITY Act As Window For Crypto Legislation Narrows
Final CLARITY Act Text Expected Imminently With Key Focus On Stablecoin Yield Rules
Deep thoughts
Omnia Newsletter: Delaware Is Positioning Itself As Premier Jurisdiction For Stablecoin Issuers With New Licensing Regime
“Delaware introduced the Delaware Payment Stablecoins Act, establishing a licensing framework for stablecoin issuers that is consistent with the GENIUS Act, which allows state-licensed issuers with stablecoin market cap under $10 billion to operate nationally under state supervision. Delaware is playing a familiar game: the same corporate law advantage that made it home to 68% of Fortune 500 incorporations is now being positioned to attract stablecoin issuers seeking fast, predictable, well-understood licensing. Florida got there first with SB 314, but Delaware's credibility as a financial law jurisdiction is different in kind — issuers know Delaware courts, Delaware regulatory precedent, and Delaware legal counsel in ways they don't know Tallahassee's. What's taking shape is a digital equivalent of the state/federal charter duality that has defined U.S. banking since the National Bank Act of 1864: multiple paths to legitimacy, each with different cost and speed tradeoffs, all operating under a common federal floor. For banks considering stablecoin issuance, the state path is becoming a more concrete option by the month.”
Omnia’s Stablecoin Banker, March 31
Circle Co-Founder Tells Currency of Power Podcast That Stablecoins Are Just The Beginning Of A Broader Financial Transformation
“Many people simply want to hold value they can trust and use in their own economies, and they cannot. It could be a lack of liquidity, inflation, or local currency problems. One of the reasons stablecoins largely mean dollar stablecoins rather than other currencies is that many people abroad want to hold dollars. They are not asking for stablecoins — they are asking for dollars, but they cannot open an account at a US bank. The best way for them to access dollars, whether as individuals or businesses, is through stablecoins.”
Sean Neville, Circle Co-Founder, Currency of Power
CBDCs
Norges Bank Explores Liquidity Implications Of CBDC Design In New Research Memo
https://www.norges-bank.no/en/news-events/publications/Staff-Memo/2026/staff-memo-1-2026-cbdc-liquidity/
Monetary system
World Gold Council Launches HQLA Platform To Position Gold As Core Banking Liquidity Asset
https://hqla.gold/