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:
In 2021, Tether still paid USD 41 million to the CFTC – for misleading statements about its own reserves. For years, the company was seen as an opaque offshore issuer. Now it has engaged two Big Four firms at once. KPMG is conducting the first full audit of USDT reserves worth USD 184 billion. PwC is separately preparing internal systems and controls. Until now, Tether relied on quarterly attestations by BDO Italia. These, however, only provided point-in-time snapshots without any review of internal control systems. S&P Global still gave Tether a “weak” rating in 2025. Nevertheless, USDT now controls 60% of the stablecoin market. Its 2025 annual profit exceeded USD 10 billion.
Tether hires a Big Four accounting firm for the first full audit of its USDT reserves totaling over $184 billion.
Banking lobby and Coinbase jointly stall the US crypto law
Coinbase rejected the CLARITY Act on March 25 for the second time within three months. At the same time, American banking associations are pushing for a ban on passive stablecoin yields. Their argument: such yields could draw deposits away from the traditional banking system. Two sides with entirely different motives are thus blocking the same bill. Coinbase is protecting its USD 1.35 billion business from USDC reserve income. The banking lobby is protecting its deposit base. The bipartisan Tillis-Alsobrooks compromise is therefore failing on both fronts. Meanwhile, other industry players such as Ripple, a16z, and Kraken support the bill. The informal deadline remains May 2026 – after that, midterm campaigning is likely to crowd out any crypto legislation.
Coinbase blocks the CLARITY Act again – stablecoin yield provisions threaten the crypto exchange’s $1.35 billion USDC business.
USD 14 trillion: US retirement savings could open up to crypto
The White House completed its review of a proposed rule on March 24. The rule would enable cryptocurrencies and other alternative investments in 401(k) plans. Nearly USD 14 trillion sits in this system. Over 90 million Americans currently have no access to alternative investments. The centerpiece is a regulatory safe harbor. It protects employers from lawsuits if they include crypto assets in their plans. Just one percent of the market would equal USD 140 billion – more than the total net inflows into US Bitcoin spot ETFs since January 2024. The basis is Trump’s executive order from August 2025. After a public comment period of 30 to 90 days, the Department of Labor can issue the final rule.
The White House completed its review of a DOL rule that would allow crypto and alternative investments in US 401(k) plans – a $14T market.
Data over narrative: Bitcoin beats gold in the geopolitical stress test
Bitcoin gained roughly 11% since the Iran war began in late February. Gold lost about 15% over the same period. A new JPMorgan report by Managing Director Nikolaos Panigirtzoglou backs up with data – for the first time – what was long considered an unproven thesis among institutions: Bitcoin as a geopolitical hedge. Capital flows confirm the picture. Gold ETFs recorded outflows of roughly USD 11 billion in the first three weeks of March. Bitcoin funds, by contrast, posted net inflows. Gold was still trading at a record high of around USD 5’500 per ounce in January 2026 – currently it stands at about USD 4’450. On the CME futures market, Bitcoin positions remained stable. Gold and silver futures, on the other hand, saw massive position unwinds. According to Panigirtzoglou, gold’s market breadth has now fallen below that of Bitcoin.
JPMorgan: Bitcoin outperforms gold and silver since the Iran war. Gold ETFs lose $11 billion, while Bitcoin funds post inflows.
Australia’s third-largest pension fund ventures into direct crypto access
It is not just in the US that retirement savings are opening up to crypto. Hostplus, Australia’s third-largest pension fund, plans to offer its 2.2 million members direct cryptocurrency trading from July 2026. The fund manages around AUD 150 billion (USD 105 billion). This would make Hostplus the first major APRA-regulated pension fund in the country with such an offering. Previous initiatives were limited to indirect exposure via futures. Demand is there: around 25% of Australians want to invest in crypto through their pension fund, according to industry reports. Self-managed pension funds already held AUD 1.7 billion in cryptocurrencies in 2025 – seven times more than in 2021. Australia’s superannuation system totals AUD 4.5 trillion.
Australia’s third-largest pension fund Hostplus plans a crypto offering for 2.2 million members starting in July 2026.
