The stablecoin scramble: Canada, UK, Switzerland

plus: Hong Kong crypto rules, different tariff turmoil, jobs, services, markets + more

“Do the difficult things while they are easy and do the great things while they are small.” – Lao Tzu ||

Hello everyone! Holy smokes, this news flow…

---

PUBLISHED IN PARTNERSHIP WITH: ✨ALLIUM✨

Allium provides vetted blockchain data to answer your hardest macro questions, like:
“How has the lending interest rate of USDC for Aave on Ethereum changed ahead of Fed rate cuts?”

Our data covers 100+ chains and is internally checked for accuracy every 5 minutes. We handle the pipelines and edge cases so you can uncover insights faster with a single, verified data source. Teams like Visa, Stripe, and Grayscale trust Allium to power mission-critical analyses and operations.

For more information: www.allium.so.

---

IN THIS NEWSLETTER:

• The stablecoin scramble: Canada, UK, Switzerland

• Size matters: Hong Kong relaxes crypto exchange rules

• A different type of tariff turmoil

• Macro-Crypto Bits: US payrolls, US services activity, market divergence

WHAT I’M WATCHING:

The stablecoin scramble: Canada, UK, Switzerland

Around this time last year, I started writing about how an overlooked impact of Donald Trump’s electoral victory would be the scramble from jurisdictions around the world to catch up to what would be a fast-tracked regulatory approval for the crypto industry in the US. Many key economies had been biding their time, figuring there was no hurry – some had crypto or at least stablecoin regulation in place, but more protective than supportive and no match for the engine of American innovation when it gets going.

And, for stablecoins, it got going.

We’re starting to see the scramble now – it’s taken longer than I expected, longer than it should have, but to be fair, some of those now moving have had plenty of other things to adjust to.