According to the analytics department of the Fixygen.ua project, the passage of a U.S. law on the structure of the digital asset market, the finalization of stablecoin regulations, and the further expansion of banks’ access to cryptocurrency transactions could be the key government decisions capable of positively impacting the cryptocurrency market in the second half of 2026.
Analysts at JPMorgan, Citigroup, and Bitwise cite the passage of the U.S. Digital Asset Market CLARITY Act as the most significant potential development. The bill aims to delineate the authority of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as well as establish federal regulations for cryptocurrency exchanges and token issuers.
JPMorgan analysts, led by Nikolaos Panigirtzoglou, previously noted that the passage of legislation regarding the structure of the crypto market could serve as a positive catalyst for digital assets in the second half of 2026. The law has the potential to reduce legal risks and facilitate participation in the sector by banks, asset management firms, and other institutional investors.
Citi strategist Alex Saunders also believes that regulatory changes will stimulate the further adoption of cryptocurrencies and an influx of capital. However, the bank warned that the window for passing the law in 2026 is narrowing. The delay in considering the CLARITY Act has already become one of the reasons for Citi’s downward revision of its forecasts for Bitcoin and Ethereum.
Bitwise Chief Investment Officer Matt Hogan expects a sharp improvement in market sentiment if a version of the CLARITY Act acceptable to the cryptocurrency industry is passed. In his view, the lack of a final decision maintains uncertainty and is causing institutional investors to postpone investments.
As of the end of July, the bill had made progress in the Senate, but it requires the support of some Democrats for final passage. Controversial issues include rewards for stablecoin holders, anti-money laundering requirements, regulation of decentralized platforms, and restrictions on high-ranking politicians’ involvement in cryptocurrency projects.
A second potential catalyst could be the publication of the final implementing rules for the GENIUS Act, which was signed into law in the U.S. in July 2025.
The law established a federal regulatory framework for payment stablecoins, but a number of provisions require additional regulations from the Department of the Treasury, banking regulators, and financial monitoring agencies.
On April 1, 2026, the U.S. Treasury Department presented the first draft of regulations defining the conditions under which state-level regulation of issuers can be considered comparable to the federal system. A week later, FinCEN and OFAC proposed requirements regarding anti-money laundering and sanctions compliance.
The publication of the final rules could allow banks and payment companies to launch their own stablecoins more quickly, as well as increase demand for blockchain infrastructure, tokenized assets, and digital asset custody services.
Bitwise notes that the volume of tokenized real-world assets has grown by 50.3% since the beginning of 2026, reaching $32.89 billion. In terms of transaction volume, stablecoin transactions are already 2.3 times higher than those of the Visa payment system.
Ethereum, Solana, and other networks actively used for issuing digital dollars, tokenizing assets, and international settlements stand to benefit most from the completion of stablecoin regulation.
A third potential positive development will be further clarification of the legal status of certain cryptoassets and staking transactions.
On March 17, 2026, the SEC and CFTC issued a joint interpretation stating that most cryptoassets are not securities in and of themselves. The document also clarifies the application of the law to mining, staking, airdrops, and inverse tokens.
The next positive step for the market could be formal rules that allow cryptocurrency companies to determine in advance whether a specific token falls under the jurisdiction of the SEC or the CFTC.
Another catalyst could be the further approval of exchange-traded funds that utilize staking. Such products allow investors not only to gain price exposure to cryptocurrencies but also to participate in the revenue generated from transaction validation.
By 2026, exchange-traded products featuring staking of Solana, Avalanche, Ethereum, and other tokens had already appeared in the U.S. The expansion of such authorizations could increase institutional demand, primarily for cryptocurrencies that operate on a Proof-of-Stake mechanism.
A fourth potentially positive development could be the CFTC’s authorization for regulated U.S. platforms to organize spot trading in digital assets.
The CFTC’s Crypto Sprint program is scheduled to run through August 2026 and aims to develop regulated spot trading of crypto assets, enable the use of stablecoins and tokenized assets as collateral, and adapt infrastructure to support 24/7 trading and blockchain-based settlements.
The emergence of regulated spot trading platforms could attract brokers, banks, and professional managers to the market, who are currently constrained by internal rules or counterparty requirements.
This could also reduce U.S. investors’ dependence on foreign trading platforms and increase the liquidity of Bitcoin, Ethereum, and other assets that the CFTC officially classifies as digital commodities.
Analysts consider the further lifting of regulatory restrictions on banks to be a fifth potential catalyst.
The U.S. Office of the Comptroller of the Currency has already confirmed that national banks may provide crypto-asset custody services, buy and sell them on behalf of clients, and engage third-party sub-custodians.
The next step could be broader harmonization of regulations by the Federal Reserve System, the Federal Deposit Insurance Corporation, and state banking regulators.
The issuance of new banking licenses to companies working with digital assets, the launch of cryptocurrency custody services by major banks, and the provision of access to trading through traditional banking apps would send a positive signal to the market.
Such decisions could reduce operational risks for institutional investors and create additional channels for capital inflows into cryptocurrency funds.
Further support for the market could come from the convergence of digital asset regulations between the U.S., the U.K., and the European Union.
On July 14, 2026, the U.S. Department of the Treasury and the UK Treasury presented recommendations on the development of cross-border transactions involving digital assets. The parties separately supported the expansion of international circulation of private stablecoins and the reduction of regulatory barriers between the two financial markets.
A positive development could be the mutual recognition of licenses or reserve requirements for stablecoins, which would facilitate the use of digital dollars and pounds in international settlements.
In the European Union, the MiCA regulation has already established a unified licensing system for cryptocurrency companies. Granting licenses to large international banks and exchanges could boost confidence among institutional clients and accelerate the development of a legal market for digital assets.
However, the most important regulatory factor for the market in the coming months remains the fate of the CLARITY Act. Its passage could reduce the likelihood of legal disputes with regulators and open the U.S. market to a greater number of institutional products.
However, a positive outcome is not guaranteed. Excessively strict requirements for DeFi, stablecoins, or software developers could limit the growth of certain market segments.
Furthermore, even favorable legislation cannot eliminate the impact of interest rates, geopolitics, liquidity, and investor activity. Bitwise notes that in the second quarter of 2026, the index of the largest crypto assets fell by 15.4%, and U.S. spot Bitcoin ETFs recorded a record quarterly outflow of funds.
At the time of writing, Bitcoin was trading at around $63,400, and Ethereum at around $1,625. Thus, the most positive scenario for the crypto market would be the simultaneous passage of the CLARITY Act, the finalization of regulations for stablecoins, and the expansion of banks’ access to digital assets. These decisions have the potential to reduce regulatory uncertainty, but their impact will depend on the final wording of the regulations and the state of global financial markets.
According to Fixygen, the cryptocurrency market ended the week with a partial recovery after Bitcoin fell below the psychological threshold of $60,000, however, the main topics for the industry remained outflows from ETFs, major banks revising their forecasts, intensifying regulatory competition surrounding stablecoins, and miners shifting to the AI data center sector.
At the time of writing, Bitcoin was trading around $62,440, while Ethereum was trading around $1,625. Earlier in the week, BTC fell below $60,000 amid weak demand from institutional investors, outflows from exchange-traded funds, and persistent geopolitical risks.
Data on U.S. spot Bitcoin ETFs served as a key negative signal. According to CoinDesk, citing SoSoValue, the funds recorded $4.5 billion in net outflows in June—the worst month since the launch of such products in January 2024. The previous record low was $3.48 billion in February 2025.
Against this backdrop, Citigroup lowered its 12-month price forecast for Bitcoin from $112,000 to $82,000, and for Ether from $3,175,000 to $2,240,000. The bank attributed the revision to waning investor interest, outflows from ETFs, and a lack of rapid progress in U.S. crypto regulation. Citi also lowered its expectations for net inflows into Bitcoin ETFs from $10 billion to zero.
The week’s regulatory agenda focused primarily on stablecoins. In the UK, the FCA eased its final requirements for stablecoin issuers, lowering the proposed capital reserve from 2% to 1% of the issuance volume. The final rules are set to bring the crypto-asset sector fully under FCA supervision starting in October 2027.
This is an important signal for the global market: jurisdictions are beginning to compete not only for crypto exchanges but also for tokenized payment infrastructure. Following increased U.S. scrutiny of dollar-pegged stablecoins, the UK is attempting to make its own regulations more proportionate so as not to lose companies working with payment tokens.
Another trend of the week is the continued expansion of Bitcoin miners into the AI and data center sectors. Reuters reported that the Hunt and Crow families—both American billionaire families—along with Nasdaq-listed company Empery Digital, have signed an agreement for a $230 million industrial facility with a capacity of 150 MW and plan to convert it into a hyperscale data center. The parties also signed a non-binding letter of intent for a $1 billion lease with a cloud computing company.
Another telling example is Ionic Digital, a company that positions itself as both a Bitcoin miner and an AI infrastructure company, which has filed for a direct listing on Nasdaq. This confirms structural changes in the sector: for some miners, the key asset is no longer so much hash rate as access to electricity, land, substations, and permits for data centers.
For miners, this diversification has been a response to the deteriorating economics of Bitcoin mining following the halving, high network difficulty, and falling BTC prices. Reuters previously noted that crypto miners are increasingly using large energy facilities for artificial intelligence (AI) computing, as mining profitability remains volatile and demand for AI data centers is growing rapidly.
The week also demonstrated a shift in investor sentiment. Following a strong first half of the year for AI-related stocks, part of the market began looking for opportunities to rotate back into Bitcoin after a deep correction. CoinDesk noted that a loss of momentum in the segment of stocks for companies involved in memory and semiconductor manufacturing could raise the question of returning some capital to BTC; however, traders are not yet showing full confidence in the sustainability of the rebound.
From a practical standpoint, the market situation looks like this: Bitcoin has recovered above $60,000 but has not received sufficiently strong institutional validation via ETFs. Ethereum remains under pressure from weaker network activity and lower forecasts, while stablecoins and AI data centers are becoming the most dynamic segments of the crypto infrastructure.
In the coming weeks, key factors for the market will remain the dynamics of inflows and outflows in spot ETFs, macroeconomic expectations regarding U.S. interest rates, regulatory signals regarding stablecoins, and Bitcoin’s ability to consolidate above $60,000. If outflows from ETFs continue, the market may revert to a defensive scenario. If, on the other hand, institutional demand stabilizes, July could be a month of technical recovery following a weak June.
On Thursday, an official ceremony was held at the presidential administration in Bishkek, attended by the head of state, Sadyr Zhaparov. During the event, participants symbolically pressed the launch button, after which 50 million USDKG tokens were released into circulation on the Tron network, each of which corresponds to one US dollar and is fully backed by gold reserves.
According to the report, USDKG is designed as a transparent, secure, and stable digital currency that combines the reliability of gold with the efficiency of blockchain technology. The launch of the stablecoin should strengthen Kyrgyzstan’s position in the global financial ecosystem and lay the foundation for the development of Web3 infrastructure and decentralized services through which government agencies and businesses will be able to interact based on blockchain solutions.
The presidential administration notes that the new instrument is designed to increase the country’s investment attractiveness by creating conditions for capital inflows and technological partnerships. The authorities expect that the availability of a stablecoin backed by real assets will strengthen confidence in financial innovations and demonstrate the possibility of combining digital tools with material support in the interests of sustainable economic development.
The issuer of USDKG is JSC “Virtual Asset Issuer” with 100% state participation. The ceremony was attended by Kyrgyzstan’s Minister of Finance Almaz Baketaev and the company’s CEO Biibolot Mamitov, as well as representatives of the Gold Dollar project, who are involved in the technical and international aspects of the stablecoin’s implementation. In official materials, the project is positioned as the world’s first state-owned stablecoin backed by physical gold and pegged to the US dollar.
Japanese startup JPYC has launched the world’s first stablecoin pegged to the yen, Reuters reports.
The stablecoin is also called JPYC and can be fully converted into yen. It is backed by internal cash reserves and Japanese government bonds.
The company intends to issue JPYC worth 10 trillion yen ($66 billion) over three years and ensure widespread use of this cryptocurrency abroad.
To stimulate its circulation, JPYC does not plan to charge transaction fees at the initial stage. It will generate income from interest payments on government bonds.
“We hope to stimulate innovation by enabling startups to pay low fees for transactions and settlements,” Chief Executive Officer Noritaka Okabe told reporters.
Blockchain-based stablecoins are usually pegged to fiat currencies, allowing for faster and cheaper payments.
More than 99% of stablecoins in the world are pegged to the US dollar, according to the Bank for International Settlements (BIS).
Nikkei reported in October that Japan’s three largest banks — Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group — would jointly issue their own stablecoins.
In September, nine European banks, including UniCredit and Raiffeisen, announced similar plans.
Kazakhstan has introduced its own cryptocurrency, the Evo stablecoin (KZTE), issued with the support of the international payment system Mastercard. The new digital asset is pegged to the national currency at a ratio of 1 to 1 with the tenge, which ensures its stability and transparency.
According to the developers, Evo will become a universal tool for cashless payments and online transactions both within the country and abroad. In the future, the coin may take the place of a full-fledged means of payment, integrated into the financial system of Kazakhstan and supported by leading banks and fintech companies.
Experts note that the launch of KZTE reflects Kazakhstan’s desire to strengthen its position in the field of digital finance and accelerate the introduction of blockchain technologies into the economy.
Source: https://www.fixygen.ua/news/20250924/kazahstan-zapustiv-natsionalniy-steyblkoin.html
Since the beginning of 2025, companies operating in the stablecoin segment have attracted investments totaling $621.8 million, which is seven times more than the result for the whole of 2024 ($84 million), according to data from Defi Llama.
The largest round was financed by Hong Kong-based OSL Group, which received $300 million in July for international expansion.
“There is a real buzz around stablecoins right now, and this hype is entirely justified,” said Anna Shtebl, CEO of the Confirmo payment platform.
Experts attribute the growing interest to breakthroughs in the regulatory sphere. The decisive factor was the passage of the GENIUS Act in the US, which, according to MNEE CEO Ron Tarter, gave “the green light to corporate America, legalizing the industry.”
Against this backdrop, the market capitalization of stablecoins exceeded a record $297 billion. Coinbase predicts that by 2028, the figure will reach $1 trillion.
Another indicator was the IPO of issuer Circle in June: the company raised $1 billion, and its shares are now trading at $144, according to Yahoo Finance. Taking into account the financing of Circle and Figure Technologies, which Defi Llama attributes to the CeFi and RWA sectors, the total amount of funds raised exceeded $2.4 billion.
Market leaders Circle and Tether are facing increasing pressure. Fintech giant Stripe and major Wall Street players have announced their own “stablecoins.” Societe Generale’s crypto division (SG-FORGE) introduced the USDCV token, and JPMorgan confirmed the launch of the JPMD coin on the Base blockchain. According to the WSJ, Bank of America, Wells Fargo, and Citigroup are also considering creating their own digital assets.
“Institutional investors see stablecoins as the building blocks of digital finance,” said Zerion co-founder Evgeny Yurtaev.
In August, a number of banking associations criticized the GENIUS Act, saying it gives crypto companies an unfair advantage, particularly through the ability to pay interest to stablecoin holders. Banking lobbyists estimate that this could cause an outflow of more than $6 trillion in deposits.
Coinbase called these concerns a “myth.” The company’s policy director, Faryar Shiraz, noted that banks are trying to preserve their profits from transaction fees, which bring in about $187 billion annually.
Earlier, Standard Chartered analysts reported that the bank’s customers are increasingly preferring stablecoins over Bitcoin.
