The Daily Peg

A round-up of stablecoin and CBDC news.

Industry News

Rain Valuation Nears $2 Billion After $250 Million Series C Fundraise
https://www.theblock.co/post/384910/rain-valuation-nears-2-billion-usd-series-c-250-million-raise?

Related:
https://finance.yahoo.com/news/stablecoin-firm-rain-boosts-valuation-144917276.html

Crypto Venture Tied to Trump Family Pursues US Charter for Stablecoin Trust Bank
https://finance.yahoo.com/news/crypto-venture-tied-trump-family-090505779.html

Analysis

Stablecoin Fungibility Paper Explores What Makes Stablecoins Truly “Money”
https://www.risk.net/node/7962875

Fintech Expert Patrick McConnell Provides Summary of the Above Paper
https://www.linkedin.com/posts/pjmcconnell_are-stablecoins-fungible-money-journal-activity-7407939425504206850-xCMX?

Federal Reserve Analysis: SVB Failure Exposed Stablecoin Fragilities
https://www.federalreserve.gov/econres/notes/feds-notes/in-the-shadow-of-bank-run-lessons-from-the-silicon-valley-bank-failure-and-its-impact-on-stablecoins-20251217.html

The Peg Highlights the Paper’s Key Points

The Peg@cashequivalence

New Fed paper analyzes the depegging of USDC during the SVB bank crisis and notes that though centralized exchanges tend to handle a higher volume of crypto-asset trading activity than decentralized exchanges during normal times; during the crisis, trading on DEXs rose

7:42 AM · Jan 11, 2026 · 12 Views

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1 Reply

The Peg@cashequivalence

Fed paper notes that during the SVB crisis the so-called "peg stability module" of the crypto-backed Dai token, issued by MakerDAO, became "an escape valve for USDC holders and triggered simultaneous selling pressures on both stablecoins".

7:46 AM · Jan 11, 2026 · 12 Views

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2 Replies

The Peg@cashequivalence

The paper also shows how PSM activity against secondary prices of USDC and Dai operated during the crisis:

7:47 AM · Jan 11, 2026 · 5 Views

The Peg@cashequivalence

The Fed paper concludes that the contagion also occurred because Dai also operated two additional PSMs accepting other stablecoins as collateral, USDP issued by Paxos and GUSD issued by Gemini: "The USDP and GUSD PSMs allowed for a one-to-one exchange between Dai and these

7:50 AM · Jan 11, 2026 · 6 Views

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The Peg@cashequivalence

From the conclusion: "The observable data shows the amount of cash Circle held as reserves in U.S. financial institutions fell from $11.5 billion on March 06, to just $3.7 billion on March 31, despite the official intervention and Circle's assurances.19 Forced liquidation of

7:52 AM · Jan 11, 2026 · 8 Views

Fed Study: Implications of Stablecoins for Banking and Credit Markets
https://www.federalreserve.gov/econres/notes/feds-notes/banks-in-the-age-of-stablecoins-implications-for-deposits-credit-and-financial-intermediation-20251217.html

The Peg Highlights the Paper’s Key Points

The Peg@cashequivalence

Another Fed paper considers the impact of stablecoins on deposits, credit and financial intermediation. "The proportion of uninsured wholesale deposits at banks―essentially unsecured debt― could increase substantially as stablecoin issuers place large reserves with select

7:56 AM · Jan 11, 2026 · 9 Views

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1 Reply

Stablecoins Could Reach $56T Valuation by 2030, Analysts Say
https://finance.yahoo.com/news/stablecoins-hit-56t-valuation-2030-090407498.html

Statecraft

Maduro’s Crypto-Backed Oil Deals Drag Tether Into Venezuelan Money Turmoil
The Wall Street Journal reports on how Venezuelan President Maduro’s oil deals have placed Tether at the heart of the country’s financial drama.
https://www.wsj.com/finance/currencies/maduros-crypto-backed-oil-deals-put-tether-at-center-of-venezuela-money-drama-3fc53b29

Report: UK-Registered Firms Moved Over $1B in Stablecoins Linked to IRGC
TRM Labs finds that two UK-registered companies transferred more than $1 billion in stablecoins associated with Iran’s Revolutionary Guard.
https://www.trmlabs.com/resources/blog/how-two-uk-registered-companies-moved-over-a-billion-in-stablecoins-for-the-irgc

Iran’s Revolutionary Guard Shifted $1B Through UK Crypto Exchanges
https://www.theblock.co/post/385006/irans-revolutionary-guard-moved-1-billion-through-uk-registered-crypto-exchanges-report-finds?

Ruble-Backed Stablecoin Outpaced Market Leaders Despite International Sanctions
https://www.coindesk.com/markets/2026/01/09/a-ruble-stablecoin-outpaced-market-leaders-last-year-despite-international-sanctions

Regional

Former Brazil Central Bank Official Joins Crypto Venture
https://finance.yahoo.com/news/former-brazil-central-bank-official-141432645.html

South Korea Plans to Pass Stablecoin Laws in Early 2026
https://finance.yahoo.com/news/korea-pass-stablecoin-laws-q1-091937495.html

Regulation

Banks Push Back Against Genius Act in Stablecoin Debate
https://finance.yahoo.com/news/genius-act-backlash-banks-push-222507031.html

Coinbase Pushes New Market Structure Bill as U.S. Crypto Regulation Debate Intensifies
https://www.theblock.co/post/385028/coinbase-market-structure-bill?

Sound of Da Police

Tether Freezes $182 Million USDT in Latest Enforcement Action
https://www.theblock.co/post/385051/tether-freezes-182-million-usdt?

Market Trends

Stablecoin Transactions Jump 72% in 2025
https://finance.yahoo.com/news/stablecoin-transactions-soared-72-2025-054951388.html

Stablecoins Facilitated Property Transactions Worth $500,000 to $2.5 million Across UK, France, and Malta Over the Past Year Through Lithuania-licensed Brighty
https://finance.yahoo.com/news/stablecoins-power-500k-2-5m-144859817.html

CBDCs

Coinbase CEO Defends China’s CBDC in Public Statement
https://finance.yahoo.com/news/coinbase-ceo-defends-china-cbdc-021915011.html

Open Letter Urges EU Lawmakers to Prioritize Public Interest in Digital Euro Design
https://www.ft.com/content/b0602271-cd43-4a6e-a96d-c8166a05d040
https://sustainablefinancelab.nl/wp-content/uploads/sites/506/2026/01/The-Digital-Euro-Let-te-public-interest-prevail.pdf

Deep Thoughts

Wall Street’s Crypto Debate Splits Between Bitcoin, Stablecoins, and Tokenized Cash
https://www.zerohedge.com/crypto/wall-streets-crypto-debate-over-banks-go-all-btc-stablecoins-tokenized-cash

FT Platforms Economists’ Open Letter Urging EU Lawmakers to Back the Digital Euro to Protect Eurozone Sovereignty

Izabella Kaminska@izakaminska

The FT just platformed an open letter by 68 economists urging EU parliamentarians "to back the digital euro" because otherwise the Eurozone would “lose control” of its own money and become more dependent on US companies were the project to fail. It describes these names as

8:34 AM · Jan 11, 2026 · 12K Views

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15 Replies · 13 Reposts · 70 Likes

Vitalik Buterin Warns Decentralized Stablecoins Still Face Three Major Unsolved Problems
https://www.theblock.co/post/385013/vitalik-buterin-says-decentralized-stablecoins-still-face-three-unsolved-problems?

Beyond Stablecoins

Tokenized Treasuries Surge 125%, Creating a Programmable Cash Loop Traditional Banks Are Scrambling to Copy
https://cryptoslate.com/tokenized-treasuries-skyrocketed-125-creating-a-specific-programmable-cash-loop-that-traditional-banks-are-now-scrambling-to-copy/