Stablecoin

On February 21, 2026, economist Nouriel Roubini labeled the GENIUS Act reckless and warned that uninsured stablecoins without a lender of last resort could face runs. On Wednesday, Bitcoin traded around 67,400 dollars, down 45 percent from its late-October high, as he dismissed it as a pseudo-asset and not an inflation hedge.

BNP Paribas Asset Management is piloting a tokenised share class of a French money market fund on Ethereum using the ERC-3643 standard, with regulated access for pre-approved investors. In parallel, the bank is helping lead Qivalis, a Euro stablecoin backed by segregated reserves and targeting a commercial rollout in the second half of 2026 across Ethereum, Polygon, and Base.

Russia's tax service says more than 5,500 crypto miners are now declaring their output, split between 1,500 companies and sole proprietors and 4,000 individuals. Mining was legalized by laws adopted in August and October 2024, and both registered operators and small-scale users must submit monthly reports via FNS accounts, with an online registration process available.

On February 21, 2026, the SEC’s Division of Trading and Markets updated guidance to permit broker-dealers to apply a 2% capital haircut to proprietary positions in qualifying payment stablecoins under Exchange Act Rule 15c3-1. Many firms had treated these assets with a 100% haircut; the change, subject to strict reserve, transparency and regulatory criteria, may enhance liquidity.

Binance launched a USD1 rewards initiative distributing 235 million WLFI tokens over four weekly airdrops between February 20, 2026 and March 20, 2026. Eligible users holding USD1 across Spot, Funding, Margin, or USDⓈ-M Futures accounts can earn weekly allocations, with Margin and Futures collateral balances receiving a 1.2x multiplier and a 0.01 USD1 minimum balance required.

On Feb. 5, 2026, the ECB held its deposit facility rate at 2.00% while advancing the digital euro. It estimates about €1.3 billion in development costs and plans a March 2026 call for payment providers, followed by a 12‑month pilot in H2 2027. FT also reports Christine Lagarde may exit before October 2027.

The SEC's Division of Trading and Markets issued guidance on Thursday allowing broker-dealers to apply a 2% haircut to proprietary positions in certain payment stablecoins. Commissioner Hester Peirce said the change could enable brokers to expand activities involving tokenized securities and other crypto assets. Industry voices added it may reduce friction by aligning treatment with money-market funds.

The Central Bank of Russia signaled that foreign crypto platforms can operate if they set up locally registered subsidiaries and comply with national rules. Under the forthcoming framework, transactions must go through regulated intermediaries, with administrative liability for using unlicensed services from July 1, 2027. First regulated crypto trades are expected by the end of 2026.

By February 20, 2026, Tether's USDT had fallen by about 1.5 billion dollars this month, after supply peaked near 187 billion dollars in early January and slipped below 184 billion on February 18. The pullback follows MiCA-related restrictions across Europe and exchange delistings, while USDC's supply has grown nearly 5 percent to roughly 75.7 billion dollars.

Ripple Labs has minted 20,000,000 new RLUSD tokens on the Ethereum network, adding to a series of recent issuance moves and burns. RLUSD’s circulating supply has climbed to 1.55 billion, an increase of over 2% in 24 hours, and the token has moved into the crypto top 50 by market capitalization. Ripple is pushing RLUSD growth through active treasury operations and new partnerships, including an integration-focused deal with Zand in the UAE.