What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events, as well as interesting background reports, summarized in our weekly review.
Selected articles of the week:
Stablecoins have become the key bridge between the traditional and digital financial systems – with a market volume of over USD 250 billion and strong annual growth. Until now, unclear US regulation had slowed their momentum. The clearly passed GENIUS Act aims to change that: with a bipartisan vote of 68 to 30, the US Senate paved the way. The bill now moves to the House of Representatives before the President signs it as the final step. This positions the US at the forefront of stablecoin regulation – while the EU and Switzerland fall behind despite years of preparatory work.
Senate approves GENIUS Act for stablecoins – 1:1 backing, transparent reserves + investor protection – key step toward crypto legitimacy.
Wall Street doesn’t take long to respond
Just one day after the GENIUS Act was passed, the long-established bank JPMorgan Chase announced a new pilot project. The financial giant is testing a digital token called “JPMD,” which represents dollar deposits on a 1:1 basis – similar to stablecoins, but backed exclusively by bank deposits. According to the bank, JPMD is therefore a superior alternative to stablecoins. In the pilot project, a fixed amount of the token will be transferred to Coinbase’s Base network. The aim is to test its use for international and decentralized applications by institutional investors.
JPMorgan tests deposit token JPMD on Coinbase’s Base blockchain – bank deposits directly on public chain, interest-bearing & scalable.
Crypto Valley falling behind
Between 2015 and 2019, Crypto Valley played a leading role thanks to clear guidelines and political cooperation. After that, it became rather quiet. Switzerland gradually lost relevance as a hub for blockchain companies. To counter this trend, the Swiss Blockchain Federation (SBF) invited 30 industry representatives to the Federal Palace. After a tour led by Zug Council of States member Matthias Michel, Federal Councillor Guy Parmelin gave a speech, pledging the Federal Council’s support for the industry. The goal is to strengthen Switzerland’s position as a leading blockchain hub over the long term. A particular focus is on legislation for stablecoins and adjustments to the FinTech license.
According to Federal Councillor Guy Parmelin, it is a key concern of the highest Swiss authority to position Switzerland as a leading blockchain hub.
Tokenized stock trading
US crypto exchange Coinbase is seeking SEC approval to offer trading of tokenized stocks. If granted, it would be the second platform after Kraken to do so – and the first in the US. Tokenized stocks transfer traditional securities into digital tokens based on blockchain technology. Investors do not hold direct shares but rather a token that represents ownership rights. According to Coinbase CLO Paul Grewal, the model offers 24/7 trading, faster settlement, and lower costs – if the SEC gives the green light.
Coinbase seeks SEC approval for tokenized stocks – 24/7 stock trading via blockchain could fundamentally disrupt the TradFi model.
Crypto conflict between Israel and Iran
In addition: Iranian crypto exchange Nobitex was the target of a cyberattack this week, resulting in the theft of around USD 100 million in cryptocurrencies. The pro-Israeli hacker group Gonjeshke Darande, also known as “Predatory Sparrow,” claimed responsibility. Blockchain analysis revealed that the stolen funds were sent to so-called “burner addresses” to permanently destroy them. The attack appears to have been politically motivated rather than financially. The incident shook the crypto community and led to nationwide internet and phone disruptions, as the Iranian government worked to fend off further attacks. The events highlight the growing role of cyberattacks in geopolitical conflicts and the high vulnerability of critical infrastructure in the digital age.
Pro-Israeli hackers steal 100M USD in Nobitex hack – politically motivated cyberattack on Iranian crypto exchange.
