Fed Governor Notes Fading Crypto Euphoria; Chinese Exchanges Tighten Rules; Senators Query UAE Stake in WLFI

U.S. FDIC Chair: Under the GENIUS Act, stablecoins are "absolutely not" covered by deposit insurance

The Chairman of the FDIC in the United States emphasized that under the GENIUS Act, stablecoins (such as USDT, USDC) are not covered by FDIC deposit insurance to distinguish them from traditional bank deposits and prevent misleading investors. Additionally, although banks can issue stablecoins, they must adhere to strict reserve requirements.

Senate Banking Committee Leader: The "Chief Prosecutor" in the Powell case has been replaced

Senate Banking Committee Republican Leader Tim Scott stated that the chief prosecutor investigating Federal Reserve Chairman Powell has been replaced. The investigation involves the renovation project of the Federal Reserve headquarters building and Powell's testimony, against the backdrop of interest rate policy conflicts between the Federal Reserve and President Trump. Meanwhile, Wash's Federal Reserve Chair nomination has been stalled due to the ongoing investigation.

Fitch: Cooling labor market and slowing wage growth may lead the Federal Reserve to cut interest rates twice this year

Gate News Announcement, on March 11, Fitch Ratings stated on March 12 that a cooling labor market and slowing wage growth could lead the Federal Reserve to cut interest rates twice in 2026.

Is The Future Fed Setting Up For Another Shot At A CBDC?

A recent meeting between Senator Cynthia Lummis and Fed chair nominee Kevin Warsh reignited debates over a potential Central Bank Digital Currency (CBDC). While Lummis supports financial innovations, Warsh favors a wholesale CBDC, opposing retail ones due to privacy concerns.

Bank of Canada issues its first tokenized bond! "Issuance, Bidding, and Settlement" all managed on a single ledger

The Bank of Canada completed the "Project Samara" trial, successfully issuing 100 million CAD in tokenized government bonds, becoming the first case of bonds using distributed ledger technology. Participating institutions include multiple banks, aiming to improve financial market efficiency. The trial demonstrated that blockchain can shorten settlement times but requires overcoming regulatory challenges and exploring integration with existing systems. Financial institutions worldwide are increasingly concerned about tokenized assets, and Canada is also establishing a corresponding regulatory framework.

CME Data: 99.3% probability that the Federal Reserve will keep interest rates unchanged in March

Gate News Report, March 11 — Before the release of the CPI (Consumer Price Index), according to CME's "Federal Reserve Watch" data, the probability of the Federal Reserve cutting interest rates by 25 basis points by March is 0.7%, and the probability of holding rates steady is 99.3%. The probability of the Federal Reserve maintaining rates unchanged until April is 89.1%, with a 10.9% chance of a cumulative 25 basis point cut, and a 0.1% chance of a cumulative 50 basis point cut. By June, the probability of a cumulative 25 basis point rate cut is 33.1%.