Autor Cointelegraph by Amin Haqshanas

The European Central Bank warned EU finance ministers on Friday that proposals to expand euro stablecoin issuance could weaken bank lending and complicate monetary policy, according to three sources cited by Reuters.The pushback came in response to a policy paper prepared by Brussels-based think tank Bruegel, whose authors presented their proposals at the two-day informal meeting of the Economic and Financial Affairs Council in Nicosia, Cyprus. The paper called for easing liquidity requirements for stablecoin issuers and potentially granting them access to ECB funding, arguing that these measures were necessary if the euro stablecoin market was to compete with dollar-backed rivals.Europeans conduct 38% of global stablecoin transactions, yet euro-denominated tokens account for just 0.3% of total supply, per the policy paper. Circle’s EURC (EURC), the largest euro stablecoin, ranks only 12th globally, according to CoinMarketCap.Top euro stablecoins. Source: CoinMarketCapThe question at the heart of the Nicosia meeting was whether Europe wants to close that gap badly enough to extend central bank-style support to stablecoin issuers. However, the ECB’s answer, for now, appears to be no.Related: MiCA Made Euro Stablecoins Safe but Too Small, Report SaysEuro stablecoins could destabilize banksECB President Christine Lagarde led the resistance, warning that stablecoin issuance makes bank deposits less stable by transferring buyers’ funds to issuers’ accounts, according to Reuters. At scale, policymakers fear this accelerates disintermediation, raises bank funding costs and erodes the ECB’s ability to manage interest rates.Several central bankers at the meeting also openly questioned the Bruegel proposal to position the ECB as a lender of last resort for stablecoin firms, an arrangement currently reserved for regulated banks, per the report.In a speech at the Banco de España LatAm Economic Forum in Spain earlier this month, Lagarde argued that euro stablecoins could generate additional demand for euro-area safe assets but warned that the trade-offs, including financial stability risks, redemption pressures and weaker monetary policy transmission, outweigh the benefits.Instead of stablecoins, Lagarde pointed to tokenized financial infrastructure anchored by central bank money as Europe’s preferred path, citing the Eurosystem’s Pontes project for wholesale settlement and the Appia roadmap for interoperable tokenized finance.Related: European Banks Back MiCA Euro Stablecoin to Rival Dollar TokensEU central bankers shrug off digital dollarization fearsThe Bruegel authors warned that stricter EU rules compared to the US risked accelerating digital dollarization, pushing activity outside the bloc. However, central bankers at the meeting largely dismissed that concern, with several calling instead for restrictions on European redemptions of both US and EU-issued stablecoins to guard against reserve runs, according to the Reuters report.  The debate comes as the EU reviews its Markets in Crypto-Assets (MiCA) regulation, which requires stablecoin issuers to hold large reserves in liquid assets, in contrast to the lighter-touch US GENIUS Act.Market Moves: Why is Ethereum Foundation selling? BTC futures warning signs

The Securities and Exchange Commission has approved Nasdaq’s proposal to list cash-settled Bitcoin index options on the Philadelphia Stock Exchange.The options are European-style contracts tied to the Nasdaq Bitcoin Index, a benchmark that tracks one one-hundredth of the CME CF Bitcoin Real Time Index, which updates with data from major cryptocurrency exchanges every 200 milliseconds. The approval was granted on an accelerated basis and published Friday on the SEC’s website.The new contracts are cash-settled, meaning holders receive the difference between the Bitcoin spot price and the strike price at expiration. Unlike options on spot Bitcoin ETFs, there is no physical Bitcoin involved and no risk of early assignment, offering traders an alternative way to bet on the price of the cryptocurrency.Source: SECThe contracts will trade under the ticker QBTC on Phlx, with a minimum increment of $0.01 and a position limit of 24,000 contracts per side, equivalent to roughly 0.12% of Bitcoin’s outstanding supply, the SEC noted in its order.Related: $1.26B Bitcoin ETF outflows spark ‘contrarian’ buy signal: SantimentCFTC approval still neededDespite the SEC green light, the options cannot begin trading until the Commodity Futures Trading Commission grants its own exemptive relief due to Bitcoin’s classification as a commodity, which falls under the CFTC’s jurisdiction.CME Group, which has offered Bitcoin futures options since 2020, filed a comment letter in October last year arguing the contracts fall under CFTC’s exclusive jurisdiction. In the filing, the SEC noted that Section 717 of the Dodd-Frank Act is not limited to “novel derivative products” and allows for concurrent jurisdiction between the SEC and CFTC when the latter grants exemptive relief.“The concept of shared jurisdiction between the Commission and the CFTC is not new,” the SEC wrote in the filing, citing existing examples such as mixed swaps and security futures.Related: Nasdaq and S&P 500 Closed At Record Highs as Tech Stocks RalliedSEC grows more crypto-friendlyThe SEC, under Chairman Paul Atkins, is moving toward a more crypto-friendly regulatory posture. Atkins has moved to drop several high-profile enforcement cases against crypto firms that were initiated under the previous administration, and has publicly called for clearer regulatory frameworks that encourage innovation rather than stifle it.As Cointelegraph reported, the agency is preparing an “innovation exemption” that would allow blockchain-based tokenized trading of public company shares on decentralized crypto platforms, even without the consent of the companies being tracked.Magazine: Guide to the top and emerging global crypto hubs — Mid-2026

IG Europe has partnered with Bitpanda to offer crypto for European investors, using the Austrian exchange’s infrastructure for liquidity, trading connectivity and market data.IG’s push to bring spot crypto trading to its European client base comes after launching the service in the United Kingdom in 2025. The new expansion has no confirmed timeline.“This partnership broadens our product offering across Europe, giving experienced investors access to a wider range of asset classes with the quality and security they demand,” said Esteve Jane, managing director of IG Europe, which is regulated by BaFin in Germany.IG Group is a London-listed FTSE 100 trading platform with 1.3 million clients globally.The Bitpanda deal allows IG to offer crypto services to clients across the bloc without building the infrastructure itself. It also comes as MiCA has raised the compliance bar for offering crypto services, with stringent requirements around capital, governance, risk management and custody, making partnerships like this a faster route to market.Related: Bitpanda targets banks with Vision Chain tokenization platformIG Group sees minimal crypto revenueIG Group reported 331.2 million British pounds ($444.5 million) in revenue for the first quarter of the year, with spot crypto contributing just $3.2 million, less than 1% of the figure.Despite the small revenue, IG Group has been expanding its crypto push. The company acquired Australian crypto exchange Independent Reserve, enabling the launch of spot crypto to IG’s clients in Australia in March. In 2025, it also obtained its Markets in Crypto-Assets Regulation (MiCA) license in Germany.IG Group shares are up 2.7% today. Source: Yahoo! FinanceMeanwhile, in October, IG sold the futures exchange Small Exchange to Kraken as part of a separate collaboration with the global crypto exchange.Related: Bitget taps ex-Bitpanda legal chief Oliver Stauber to build Vienna MiCA hubBitpanda expands offeringsAs Cointelegraph reported, Bitpanda is building Vision Chain, an Ethereum layer-2 designed to let European banks and fintechs issue and trade tokenized stocks, bonds and funds under MiCA and MiFID II compliance.The company has also been expanding beyond crypto. It recently added support for thousands of equities and exchange-traded funds as part of a move toward becoming a full-stack financial platform, and launched in the UK earlier this year. The Vienna-based exchange is eyeing a potential public listing this year.Big Questions: Is China hoarding gold so yuan becomes global reserve instead of USD?

Singapore’s central bank has pulled the crypto payment license of Bsquared Technology Pte. Ltd., stripping the firm of its right to provide digital payment token services after uncovering a series of breaches.In a Wednesday announcement, the Monetary Authority of Singapore (MAS) said it revoked Bsquared’s Major Payment Institution Licence after an on-site inspection found weaknesses in the company’s risk management practices and conflict-of-interest policies, as well as failures to comply with the regulator’s outsourcing guidelines.MAS said Bsquared provided false or misleading information on multiple occasions, from its initial license application through the inspection itself.Bsquared, also known as BSQ, obtained its license 16 months ago after receiving approval to offer digital payment token services under Singapore’s Payment Services Act 2019.Related: Singapore’s OCBC launches tokenized gold fund on Ethereum and SolanaMAS orders Bsquared to submit a closure certificateThe company is required to submit a closure certificate from its auditors confirming that all customer funds have been returned to their recipients. Bsquared told MAS it held no outstanding customer assets. “MAS takes a serious view of the breaches committed by BSQ, and is reviewing the responsibilities of key officers of BSQ,” the central bank added.MAS revokes Bsquared’s license. Source: MASMAS has granted 37 digital payment token services licenses so far, and revocations remain uncommon. Last year, MAS rejected an application from AmazingTech, the operator of Tokenize Xchange, and the Commercial Affairs Department subsequently launched a probe into the company.Related: Crypto dispute over Resupply exploit lands in Singapore harassment courtSingapore pushes deeper into digital asset infrastructureSingapore has built a reputation as one of Asia’s leading crypto hubs, home to regional offices of Coinbase and Ripple, as well as the global headquarters of Crypto.com.The city-state is also cementing its position as a leading hub for integrating traditional finance with digital assets. Last month, Singapore Gulf Bank launched a service allowing institutional clients to mint and redeem stablecoins directly from their bank accounts via the Solana blockchain, enabling 24/7 settlement between fiat and digital assets.Magazine: Guide to the top and emerging global crypto hubs — Mid-2026

Bitcoin miner Canaan reported a net loss of $88.7 million for the first quarter of 2026, as falling Bitcoin (BTC) prices squeezed margins and triggered a significant inventory write-down.The company posted total revenue of $62.7 million for the quarter ending March 31, a sharp decline from the $196.3 million it recorded in the previous quarter, according to a Tuesday press release.Industrial mining equipment remained the company’s primary revenue driver at $39.6 million, though sales tumbled 75% from the prior quarter. Self-mining contributed $19.1 million, while the home mining segment brought in $2.7 million, a category that more than doubled year-on-year.Source: Canaan“Although average Bitcoin prices and hashprice declined significantly quarter-over-quarter, our bitcoin production experienced a comparatively smaller decrease, reflecting the resilience of our mining operations and continued hashrate deployment,” Jin (James) Cheng, chief financial officer of Canaan, said.A $25 million inventory write-down weighed on the quarter’s gross loss of $23 million, while loss from operations reached $54.3 million.Related: Bitcoin turns risk on as stocks hit new highs and miner profits rise: Is $85K BTC next?Canaan’s self-mining hashrate surges 66%Canaan expanded its self-mining footprint to 11 exahashes per second of installed computing power, a 66% jump from a year earlier. The company held 1,808 Bitcoin on its balance sheet as of March 31, valued at approximately $121 million.In the quarter, Canaan also completed the acquisition of Cipher Mining’s 49% stake in three West Texas joint venture projects totaling roughly 4.4 EH/s in hashrate capacity and 120 megawatts of power. The deal, closed through a share issuance rather than cash, gives Canaan access to power rates below three cents per kilowatt-hour on the ERCOT grid.Looking ahead, Canaan guided Q2 revenues between $35 million and $45 million, a further sequential decline.Canaan shares closed down 3.54% at $0.4827 on Monday, shedding a further 7.71% in pre-market trading to $0.4455, according to Yahoo Finance.Related: Hut 8 refinances Bitcoin-backed loan with $200M FalconX dealMajor miners report losses in Q1Across the sector, major miners including Riot Platforms, Core Scientific, CleanSpark and TeraWulf all reported widening losses in Q1. MARA topped the group with a $1.3 billion net loss, roughly $1 billion of it tied to non-cash mark-to-market adjustments on its Bitcoin holdings.As mining margins compress, a growing number of miners are pivoting toward AI and high-performance computing as an alternative revenue stream. On Monday, HIVE Digital Technologies announced plans to build a 320-megawatt AI data center campus near Toronto, capable of supporting more than 100,000 GPUs at full build-out.Magazine: Guide to the top and emerging global crypto hubs — Mid-2026