What has been happening this week in the world of blockchain and cryptocurrencies? Current events and background reports in our weekly review.
Selected articles of the week:
The Frankfurt-based joint venture Allunity has launched CHFAU, the first MiCAR-compliant Swiss franc stablecoin – backed by DWS Group, Flow Traders, and Galaxy Digital. The fact that a Swiss franc product originates from Germany has a regulatory explanation: since 2024, FINMA has required that the identity of all stablecoin holders be verified, including intermediary holders. No other major jurisdiction demands anything comparable, effectively making issuance from Switzerland impossible. Allunity instead leverages the EU framework and can distribute the token cross-border with a BaFin license. The Swiss Blockchain Federation criticizes FINMA’s requirements as anti-competitive. While the Federal Council is working on a legislative amendment, four industry associations and the Bankers Association have criticized the draft as too restrictive. The Crypto Valley is under increasing pressure to act.
Allunity launches CHFAU, the first MiCA-compliant Swiss franc stablecoin – issued from Frankfurt, not Switzerland.
Clarity Act as the key to a crypto recovery
US banking giant JPMorgan Chase forecasts a recovery in crypto markets in the second half of 2026 – provided the Clarity Act is passed by summer. In a research note, the bank described regulatory clarity as the single largest barrier to institutional capital. The forecast comes during a phase of significant market weakness: Bitcoin is trading approximately 50 percent below its all-time high of over 126,000 USD, and Ethereum has lost around 34 percent since the start of the year. In the Senate, two competing bills are currently blocking progress, with the question of stablecoin yields representing the biggest point of contention. The White House is actively mediating between the crypto industry and the banking lobby. As a midterm election year, the legislative window effectively closes after August – so the time pressure is considerable.
JPMorgan predicts a comprehensive crypto rally if the US crypto market structure law CLARITY Act passes by mid-2026.
Meta is not giving up on stablecoins
Meta is preparing the integration of stablecoin payments into Facebook, Instagram, and WhatsApp – four years after the failure of the Diem project. According to insiders, the company has sent a request for proposal to third-party providers, with Stripe considered the most likely partner. The contrast with 2019 is striking: instead of acting as an issuer itself, Meta is outsourcing the entire payment infrastructure to regulated partners. Stripe’s subsidiary Bridge received a conditional OCC approval for a National Trust Bank in February. The GENIUS Act, the first federal stablecoin law in the US, additionally provides the legal certainty that was still lacking during the Libra push. With over 3 billion users, Meta commands the largest user pool in the emerging competition among super-apps for crypto payments.
Meta plans a stablecoin comeback in the second half of 2026, four years after the failure of Diem (formerly Libra).
Deep problems in the DeFi sector
The DeFi lending protocol Aave faces a fundamental ownership question: who owns the economic value of a decentralized protocol when the brand and user interface reside with a private operator? In February, Aave Labs published the “Aave Will Win Framework,” which is intended to channel 100 percent of product revenues to the DAO. However, the devil is in the details – “revenues” are defined as gross inflows minus several deduction categories, the control of which remains with Aave Labs. Delegates also criticize the bundling of revenue alignment, V4 ratification, and a substantial funding request into an all-or-nothing vote. The case extends beyond Aave: most DeFi protocols tacitly rely on the same fragile division between DAO and private operator.
Aave’s governance drama is not about a single vote or a single fee stream, it is about a deeper dispute within the DeFi community.
Pi Network: 70 million users, 93 percent price decline
In addition: the smartphone mining project Pi Network counts over 70 million registered users, yet the PI token has lost approximately 93 percent of its value since its all-time high of 2.99 USD and has been fluctuating between 0.15 and 0.26 USD in early 2026. The criticism of the project is fundamental: all validators are operated centrally by the Core Team, and community nodes have no influence on consensus. The referral system, in which higher rewards are tied to the size of one’s personal network, resembles a multi-level marketing structure – Chinese authorities classified Pi as a pyramid scheme as early as 2023. Of the 70 million registrations, only 16 million have completed the mainnet migration. Fiat on- and off-ramps, a comprehensive whitepaper, and public smart contract audits are all missing. Nevertheless, the project continues to maintain notable retail attention.
Pi Network promises crypto mining via smartphone: 70 million users and scam allegations – an analysis of the controversial project.
