TRON Industry Weekly Report: Non-Farm Payrolls "Surprise" Triggers Stagflation Concerns, Comprehensive Analysis of the Strategy Engine Bitway for Converting On-Chain Assets into Sustainable Income

I. Outlook

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1. Summary of Macroeconomic Changes and Future Predictions

The core change in the macro environment this week is that geopolitical risks have re-emerged as the main theme in the market. The escalation of the situation in the Middle East has driven oil prices sharply higher, raising concerns about energy supply and secondary inflation risks. At the same time, European inflation data exceeded expectations, and signs of cooling in U.S. employment data have created a contradictory situation of "slowing growth + ongoing inflation pressure" in the global economy. Against this backdrop, market expectations for a rate cut by the Federal Reserve have been significantly delayed, leading to a decline in global financial market risk appetite, increased volatility in stock markets, while safe-haven assets like energy and gold have relatively strengthened.

Looking ahead to the coming week, the key variables for the market remain oil prices, inflation expectations, and interest rate paths. If oil prices continue to remain high or even break through key levels, inflation concerns may further strengthen, suppressing the performance of risk assets; conversely, if geopolitical risks ease, the market may re-trade the logic of an economic soft landing.

2. Market Movements and Warnings in the Crypto Industry

This week, the overall crypto market exhibited a "rise followed by a fall" structural trend. At the beginning of March, Bitcoin rebounded from around $65,000 to above $70,000, briefly touching $73,000, mainly driven by the return of institutional funds and positive policy expectations, such as the U.S. advancing legislation on crypto regulation and institutions continuously increasing their BTC holdings, boosting market confidence. However, the market was subsequently affected by geopolitical tensions, miner sell-offs, and some liquidation pressures, leading to significant volatility and triggering hundreds of millions of dollars in leveraged liquidations, with prices once again falling to above $67,000.

Overall, the short-term market may continue to oscillate within the $60,000 - $72,000 range, awaiting further clarity on macro liquidity and regulatory policies.

3. Industry and Sector Hotspots

A brief analysis of a total financing of $13.5 million, led by GSR and Selini—Fogo, a Layer 1 blockchain compatible with Solana SVM, designed for ultra-fast transactions. Led by Tron and Yzi Labs, with participation from HTX Ventures and Hashkey—Bitway, a strategy engine that converts on-chain assets into sustainable yields. Additionally, Cork, a programmable risk layer for on-chain assets, led by Road and CSX, with follow-on investments from BitGo and Gate.

II. Market Hotspot Sectors and Potential Projects of the Week

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1. Overview of Potential Projects

1.1. A Brief Analysis of a Total Financing of $13.5 Million, Led by GSR and Selini—Fogo, a Layer 1 Blockchain Compatible with Solana SVM, Designed for Ultra-Fast Transactions

Introduction

Fogo is a next-generation Layer 1 blockchain built for speed, fairness, and performance. It runs on the same virtual machine (SVM) as Solana, meaning developers and users can seamlessly migrate their familiar Solana applications to Fogo while enjoying faster execution speeds and a smoother user experience.

From its inception, Fogo has been designed with traders and DeFi users as its core target—making everything instant and naturally operational.

With a block time of 40 milliseconds and a final confirmation time of 1.3 seconds, the transaction experience on Fogo is nearly real-time:
No delays, no waiting, and no missed opportunities.

Core Mechanism Overview

The Fogo protocol introduces a series of architectural innovations that work in synergy to significantly enhance the system's throughput and latency performance.

Inheritance of Solana Foundation Architecture

Fogo is built on the proven blockchain architecture of Solana, inheriting its core technological components, including:

• Proof of History (PoH): Provides cryptographic timestamps for the entire network, achieving global clock synchronization.

• Tower BFT: A consensus mechanism for rapid finality and fork selection.

• Turbine: An efficient block propagation protocol for quickly distributing blocks across the network.

• Solana Virtual Machine (SVM): The execution environment responsible for processing transactions and smart contracts.

• Leader Rotation: A deterministic scheduling mechanism for rotating block producers.

Compatibility Strategy

Fogo maintains full compatibility at the SVM execution layer, ensuring that existing Solana programs, development tools, and infrastructure can migrate seamlessly without any modifications.

On this basis, the protocol retains all core network and consensus components while performing performance-oriented deep optimizations.

This compatibility strategy allows Fogo to continuously benefit from upstream improvements in the Solana ecosystem while providing developers and users with a clear, low-cost migration path.

Unified Client Implementation

Traditional blockchain networks are often limited by client diversity bottlenecks:
While multi-client implementations theoretically enhance security, in practice, network performance is often dragged down by the slowest client, and the system must maintain compatibility across different implementations and optimization levels.

Fogo addresses this issue by adopting a single-standard client. This client is based on the high-performance Solana-compatible implementation Firedancer developed by Jump Crypto.

Firedancer significantly enhances transaction processing throughput through the following technologies:

• Highly optimized parallel processing architecture.

• Advanced memory management techniques.

• Extensive use of SIMD instruction sets.

• A complete C language rewrite of the network stack.

In the early stages of the network, Fogo will be deployed in a Frankendancer (hybrid implementation) form, gradually transitioning to a complete Firedancer client once development is complete.

Performance Impact

By uniformly adopting the most performant client implementation, Fogo eliminates the compatibility overhead that limits the performance ceiling of other networks.

In Fogo's high-performance operating environment, the protocol naturally forms economic incentives that encourage validators to adopt the optimal client implementation—running slower clients will result in missed block production opportunities and reduced earnings.

Multi-Local Consensus

Zone-Based Architecture

Fogo implements an innovative multi-local consensus system: validators operate in environments that are physically close to each other to maximize performance while maintaining decentralization advantages.

Zone refers to the geographical area where validators co-locate, ideally within a single data center. In this environment, the network latency between validators approaches hardware limits, achieving consensus block times of less than 100 milliseconds.

Dynamic Zone Rotation

Fogo maintains decentralization through a cross-epoch zone rotation mechanism, which brings the following advantages:

• Jurisdictional decentralization: Avoids control by a single country or regulatory body.

• Infrastructure resilience: Defends against regional failures, natural disasters, or infrastructure disruptions.

• Strategic optimization capability: Reliable deployment of price-sensitive financial information sources.

The selection of zones is completed through on-chain voting, requiring validators to reach a supermajority consensus on the deployment location for future epochs. The predetermined mechanism ensures that validators have ample time to deploy secure and reliable infrastructure within the selected zone.

Curated Validator Set

Fogo adopts a curated validator set model to ensure sustained high-performance operation and prevent slow nodes from dragging down the entire network.

Validators must meet the following two requirements:

• Minimum staking threshold to maintain economic security.

• Validator set approval to ensure necessary operational and performance capabilities.

This model is based on a realistic judgment: even a small number of underperforming validators can prevent the network from reaching its physical performance limits.

Network Quality Control

The curated validator set allows the protocol to enforce some constraints at the social layer that are difficult to fully encode into protocol rules but are crucial for network health, including:

• Preventing MEV abuse: Expelling validators engaged in harmful value extraction activities.

• Maintaining performance standards: Removing nodes that consistently underperform.

• Ensuring network stability: Preventing actions that disrupt consensus or block propagation stability.

This governance mechanism aligns the long-term incentives of validators with the overall health of the network while still maintaining a level of decentralization comparable to traditional PoS networks—in the latter, two-thirds of the staking weight already has a decisive impact on the protocol.

Tron Commentary

Fogo is a high-performance Layer 1 blockchain designed with speed and transaction experience as core goals. By being fully compatible with Solana's SVM, utilizing a unified high-performance client Firedancer, and implementing a multi-local consensus (Zone) architecture, it achieves a block time of 40ms and approximately 1.3 seconds of finality, providing a near real-time trading experience, particularly suitable for high-frequency trading and DeFi scenarios. Its advantages include extremely low latency, the ability to directly migrate from the mature Solana ecosystem, and avoiding performance drag from under-resourced nodes through a curated validator set.

However, corresponding disadvantages are also evident: high entry and operational requirements for validators, and the high degree of uniformity in client and topology somewhat weakens traditional notions of client diversity and openness of node participation. Additionally, the co-location of zones and governance relies more heavily on social layer coordination, raising higher demands for long-term decentralization narratives.

1.2. Interpretation of a Total Financing of $6.98 Million, Led by Tron and Yzi Labs, with Participation from HTX Ventures and Hashkey—Bitway, a Strategy Engine that Converts On-Chain Assets into Sustainable Yields

Introduction

Bitway is building a critical infrastructure layer that connects on-chain liquidity with global financial markets. It serves as a set of on-chain strategy infrastructure that enables digital capital to flow seamlessly into a transparent, risk-controlled strategy system covering traditional finance (TradFi) and decentralized finance (DeFi).

By combining on-chain transparency with off-chain execution efficiency, Bitway allows anyone, anywhere, to access institutional-grade financial strategies, transforming previously idle digital assets into efficiently operating, continuously generating capital.

Workflow Overview

As a DeTraFi (DeFi × TradFi) product, Bitway Earn aims to continuously introduce diversified sources of income and make them available to global users. At the current stage, Bitway Earn offers a market-neutral trading strategy that is executed solely on the Binance exchange, providing users with delta-neutral returns.

Strategy Introduction: Bitway Binance Market Neutral Strategy

User Staking Process

Users deposit on-chain assets (such as USDT or USDC) into Bitway's staking vault deployed on the BNB Chain and receive corresponding vault certificate tokens (e.g., bwUSDT). This token represents the user's share of assets in the vault and the accumulated returns over time.

Most of the assets deposited by users will be transferred to secure custody accounts, including:

• Multi-signature wallets.

• Regulated centralized exchanges.

• Third-party professional custodians.

This ensures institutional-level asset security.

At the same time, the vault will retain a small portion of liquidity on-chain to support user redemption needs. Users can unstake through two methods:

• Normal Unstake: Typically completed within about 7 days.

• Flash Unstake: Completed instantly.

Capital Operation and Yield Settlement

Staked assets will be deployed into market-neutral strategies to optimize returns through non-directional trading. All returns generated by the strategy will be periodically settled and returned to the staking vault, allowing users to unstake their assets at any time while also receiving the accumulated returns.

Architecture Analysis

Bitcoin Compatibility Layer

Bitway Ledger is designed for native compatibility with Bitcoin, aiming to provide a seamless, low-friction user experience:

• Bitcoin Address Compatibility:
  Natively supports Bech32 / Bech32m address formats, allowing users to directly interact with Bitway Ledger using Bitcoin mainnet's Taproot or Native SegWit addresses without creating new wallets or managing multiple address systems.

• Bitcoin Wallet Compatibility:
  All Bitway Ledger transactions can be directly signed through mainstream Bitcoin wallets, including OKX Wallet, Unisat, and hardware wallets like Ledger.

• Built-in Bitcoin Light Client:
  Bitway Ledger includes an SPV (Simplified Payment Verification) client that can verify Bitcoin mainnet transactions with 6 confirmations on-chain.

Oracle++ (Decentralized DLC Oracle System)

In a DLC-based lending system, oracles need to cryptographically sign events to support the automatic liquidation of BTC collateral. Oracle++ is a decentralized oracle system designed by Bitway, consisting of the following two parts:

Data Provider Network (DPN)

• Composed of Bitway validators.

• Core Responsibilities:

  • Synchronizing Bitcoin block headers through a weighted voting mechanism (requires ≥ 2/3 voting power).

  • Aggregating price data from multiple mainstream exchanges, calculating a weighted average based on validators' voting power.

• Securely introducing off-chain data into on-chain consensus through Cosmos Vote Extensions (ABCI++).

Event Signature Network (ESN)

• Specifically designed for DLC scenarios.

• Based on FROST threshold Schnorr signatures.

  • 15-of-21 threshold.

  • 21 signers randomly selected from the top 50 active validators.

• Utilizing Distributed Key Generation (DKG).

  • Each event generates a one-time signature key and nonce.

  • Private keys are never held by a single point but exist only in secret sharing form.

• Allows up to 1/3 of signers to be offline while still completing event proofs.

Event Types

• Price Event:
  Through a numerical compression mechanism, continuous price ranges are mapped to discrete ranges, enabling continuous, verifiable tracking of prices like BTC/USD.

• Date Event:
  Maintains a 365-day rolling event calendar aligned with maximum loan terms, automatically updating.

• Loan Event:
  Initialized when a loan is created, used to cryptographically bind Bitcoin mainnet DLC with Bitway Ledger state for non-custodial collateral redemption.

Event Attestation

When an event matures, the ESN generates a threshold signature and publishes the result on-chain, allowing DLC participants to deterministically unlock CET through an adapter signature mechanism.

Trustless Relayer

The trustless relayer achieves automatic cross-chain interaction between Bitcoin and Bitway Ledger through cryptographic state verification:

• Listening for 6 confirmations of Bitcoin blocks.

• Only processing transactions related to predefined vault addresses.

• Core verification mechanisms:

  • Merkle inclusion proof.

  • Stateless transaction validity checks.

The relayer has two key attributes:

• Permissionless: Anyone can run it, fully open-source.

• Verifiable: Each relay must include an SPV proof, allowing Bitway Ledger to independently verify transaction authenticity and finality.

Native BTC Collateral Lending System

1. Participating Roles

• Borrower: Uses native BTC as collateral to obtain loans.

• Liquidity Provider (LP): Provides funds to the lending contract and earns returns.

• DCM (Distributed Collateral Manager):

  • Composed of a multi-party threshold signature network.

  • Jointly signs Bitcoin 2-of-2 multi-sign transactions with the lending contract and borrower.

  • Responsible for managing liquidated assets during liquidation.

• Lending Contract:

  • Deployed on Bitway Ledger.

  • Automatically manages lending pool logic.

  • Does not directly hold private keys but entrusts DCM to perform signing operations.

Tron Commentary

Bitway is designed with native Bitcoin compatibility as its core goal, constructing a verifiable, non-custodial Bitcoin financial infrastructure aimed at stablecoin and yield scenarios through its own L1 (Bitway Ledger), DLC-driven BTC collateral lending, decentralized Oracle++, and trustless cross-chain relayer. Its advantages include maximizing the reuse of Bitcoin addresses and wallet systems, avoiding the trust assumptions of traditional bridges, and introducing institutional-grade strategies and risk management on-chain.

However, the corresponding disadvantages include a higher complexity in system architecture, a strong dependency on the collaboration of validators, oracles, and DCM, and a high reliance on the long-term stable operation of multiple components for security and user experience. Additionally, the execution capability limitations of the Bitcoin ecosystem itself also slow the application expansion speed compared to general-purpose high-performance L1.

2. Detailed Explanation of Key Projects of the Week

2.1. Detailed Explanation of a Total Financing of $5.5 Million, Led by Road and CSX, with Follow-On Investments from BitGo and Gate—Cork, a Programmable Risk Layer for On-Chain Assets

Introduction

Cork introduces a new "tokenized risk" primitive as a programmable risk layer for on-chain assets, applicable to treasury tokens, yield-bearing stablecoins, and liquid (re)staked tokens.
The core primitive of Cork enables asset managers and issuers to create customized swap markets, thereby enhancing the redemption liquidity, risk transparency, and overall market confidence of their on-chain assets.

With support from a16z crypto, OrangeDAO, Road Capital, BitGo, G-20, and Steakhouse Financial, Cork is building the risk infrastructure necessary to bring institutional capital into on-chain credit markets.

Architecture Overview

1. Cork Pool Mechanism

Cork Pool is the core financial infrastructure of the Cork protocol, designed to transform the previously hidden, non-directly tradable liquidity risks and de-pegging risks of on-chain assets into a market that can be priced, hedged, and arbitraged. It is built around a pair of assets: a highly liquid, low-risk collateral asset (Collateral Asset, CA), and a reference asset (Reference Asset, REF) that is more fragile in terms of liquidity, credit, or structure.

1. Risk Segmentation: Principal vs. Risk Exposure

When users deposit CA into the Cork Pool, the system mints and returns two types of tokens:

• Cork Principal Token (cPT)
  Represents ownership of the CA principal and its ongoing returns while bearing the risk of REF depreciating or de-pegging relative to CA. cPT holders can obtain risk premiums by selling cST; if REF remains stable and there is no large-scale redemption pressure, cPT holders can earn additional returns.

• Cork Swap Token (cST)
  A swap option that can be executed before maturity, allowing holders to exchange REF + cST 1:1 for CA. cST provides deterministic redemption liquidity for REF, holding significant value during liquidity crises or de-pegging scenarios, with its price reflecting market expectations of REF risk.

The segmentation of cPT and cST allows risks to be detached from the principal and traded separately, which is the core innovation of Cork Pool.

2. Exchange Rate: Anti-Arbitrage Yield Alignment Mechanism

Since CA and REF are often interest-bearing or derivative assets, Cork Pool introduces an Exchange Rate to dynamically adjust the exchange relationship between the two.
The exchange rate is continuously adjusted based on the yield differences between CA and REF to ensure:

• The additional yield of CA is not extracted through arbitrage by exercising options.

• cPT holders can continuously accumulate their entitled returns within the pool.

Economically, the Exchange Rate allows Cork Pool to support complex asset forms like stETH, wstETH, sDAI, and LRT without sacrificing security.

3. Liquidity Inheritance and Redemption Assurance

Through the existence of cST, REF effectively inherits the liquidity of CA:
Regardless of the depth of REF in the secondary market, cST guarantees its exchange for CA within the Cork Pool according to the agreed relationship.

This feature is particularly critical for treasuries, bridges, and lending protocols:

• Provides early redemption in scenarios of high utilization and low available liquidity.

• Addresses extreme concentrated redemption risks without reducing capital efficiency.

• Significantly enhances user confidence in the system's robustness.

4. Market Pricing of De-Pegging Risks

When REF de-pegs from CA, cST rapidly accumulates value, with its price essentially reflecting market expectations of the probability and magnitude of further de-pegging.
This makes cST a tool similar to on-chain CDS (Credit Default Swaps):

• Provides highly leveraged upside when risks occur.

• When risks do not occur, the risk premium belongs to cPT holders.

From a system perspective, de-pegging risks are externalized for the first time as a continuous, observable market price signal.

5. Repurchase Mechanism: Automatic Stabilization and Arbitrage Loop

When a swap is executed, and REF and cST enter the Cork Pool, the repurchase mechanism allows market participants to repurchase these assets using CA (minus fees that decrease over time).
This design:

• Provides a risk-free correction path for arbitrageurs.

• Automatically pulls the prices of cPT / cST back to reasonable ranges.

• Creates additional profits for the system during temporary de-pegging and recovery of REF.

Arbitrage behavior thus becomes an endogenous force maintaining the healthy operation of the Cork Pool.

6. System-Level Significance

Cork Pool is not just a single product but a primitive for risk infrastructure:

• For issuers: Enhances the redeemability and institutional acceptability of assets.

• For LPs: Earns risk premiums while assuming clear risks.

• For the DeFi market: Transforms "black-box risks" into priceable, hedgeable, and governable financial structures.

2. Swap Token (cST)

Cork Swap Token (cST) is a tokenized risk tool used to price, hedge, and trade various risks contained in the Reference Asset (REF). It transforms previously scattered, hidden DeFi risks (such as liquidity, duration, de-pegging, or credit risks) into a standardized, composable on-chain financial primitive.

Working Mechanism of Swap Token

In Cork, each market is built around a pair of assets:

• Reference Asset (REF):
  Assets that may have liquidity shortages, long redemption cycles, or credit/de-pegging risks (such as RWA funds, Vault Tokens, re-staked assets, etc.).

• Collateral Asset (CA):
  Highly liquid, low-risk collateral assets (such as sUSDS, ETH, stablecoins, etc.).

Swap Token (cST) grants holders a right:
At any time before maturity, holders can use

cST + Reference Asset → Collateral Asset

to instantaneously exchange REF for CA according to pre-agreed rules. Financially, cST is akin to an on-chain, executable liquidity/credit swap tool.

Core Value: Addressing Duration Risk

A key application of the Swap Token is to hedge against duration and liquidity mismatch risks.

In DeFi, many assets (especially RWAs):

• Have long redemption cycles (e.g., over 30-40 days).

• Have limited secondary market liquidity.

• Are difficult to use as collateral or participate in leveraged strategies.

By treating such assets as Reference Assets and introducing liquidity-rich Collateral Assets, Cork Pool can:

• Provide immediate liquidity for assets that are not redeemable instantly through cST.

• Allow these assets to safely access lending markets, Vaults, bridges, and other DeFi components.

• Significantly reduce duration risk without sacrificing capital efficiency.

Main Application Scenarios of Swap Token

1. Looping and Leverage

• Building looping strategies on low liquidity assets like Vaults and RWAs.

• cST serves as a liquidity buffer, reducing liquidation and run risks.

2. Duration Risk Management

• Common duration mismatches in assets/liabilities in Vaults, cross-chain bridges, and yield strategies.

• cST provides a more capital-efficient liquidity insurance layer.

3. De-Pegging Risk

• Temporary or permanent de-pegging of assets like stablecoins, LSTs/LRTs.

• cST can serve as a complete hedging tool.

4. Credit Risk

• Assets with credit exposure (such as credit funds, certain stablecoins).

• cST externalizes credit risk into a tradable price signal.

Principal Token (cPT)

Cork Principal Token (cPT) is the core token for risk underwriting and returns in the Cork protocol, representing proportional ownership of the principal in the Cork Pool.
Liquidity providers (LPs / underwriters) deposit collateral assets (Collateral Asset) while minting Principal Tokens + Swap Tokens, and earn fixed risk premiums by selling Swap Tokens to underwrite the risks of the Reference Asset.

Working Mechanism of Principal Token

In a Cork Pool:

1. Users deposit Collateral Assets (CA).

2. Mint and receive:

   • Principal Token (cPT).

   • Swap Token (cST).

3. Users can choose to:

   • Sell cST to lock in fixed risk premiums.

   • Hold cPT until maturity.

Maturity Settlement Logic

• If the Swap Token is not exercised,
  cPT holders retrieve the original CA + accumulated returns.

• If the Swap Token is exercised,
  cPT holders may receive:

  • A portion of CA.

  • A portion of REF (which may carry de-pegging or duration risks).

Thus, cPT holders are ultimately exposed to the combined risk performance of CA and REF.

Reversibility and Risk Management

At any time before maturity:

Principal Token + Swap Token = Collateral Asset

This design allows underwriters to:

• Close positions at any time.

• Actively manage risk exposures.

• Exit strategies during market fluctuations.

Sources of Returns for Principal Token

The returns of cPT are multi-layered, possessing institutional-level appeal:

1. Native returns from collateral assets
   Such as returns generated by sUSDS, wstETH, etc.

2. Swap Token premium (core return)
   The price paid by Swap Token holders for risk hedging.

3. Protocol fee sharing (depending on Pool configuration)
   Including swap exercise fees, repurchase fees, etc.

4. Incentive mechanisms
   Token incentives from Cork or partners.

5. Rehypothecation / Combinatorial Returns
   cPT can serve as high-quality collateral, combined with lending, Vaults, and other DeFi components to amplify returns.

Tron Commentary

Cork tokenizes and segments the previously hidden, difficult-to-manage liquidity, duration, de-pegging, and credit risks of on-chain assets through Principal Token (cPT) and Swap Token (cST), constructing a priceable, hedgeable, and arbitrageable on-chain risk infrastructure. Its core advantages lie in significantly enhancing the redemption liquidity and institutional usability of yield-bearing stablecoins, Vault Tokens, RWAs, and forming self-healing market stability through endogenous arbitrage and repurchase mechanisms.

However, its disadvantages are also clear: the protocol structure and economic mechanisms are relatively complex, requiring a high level of risk understanding and market-making depth from participants, and in extreme, long-term failure scenarios of reference asset risks, Principal Token holders may bear tail losses, making them highly sensitive to risk pricing and governance parameter settings.

III. Industry Data Analysis

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1. Overall Market Performance

1.1. Spot BTC vs ETH Price Trends

BTC

ETH

2. Summary of Hot Sectors

IV. Macroeconomic Data Review and Key Data Release Points for Next Week

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Macroeconomic Review (3.1---3.8)

• U.S. February non-farm payrolls -92,000, unemployment rate rises to 4.4%.

• Middle East conflict escalates, Brent crude oil surpasses $90/barrel.

• Global markets reprice inflation risks.

Next Week's Focus (3.9---3.15)

• 3/10 China CPI, PPI.

• 3/11 U.S. CPI.

• 3/12 U.S. PPI.

• 3/13 U.S. PCE.

V. Regulatory Policies

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United States

2026/03/02 --- OCC releases proposed rules for the implementation of the GENIUS Act regarding stablecoins.
The Office of the Comptroller of the Currency (OCC) has published proposed rules in the Federal Register, officially initiating the public consultation for the implementation details of the GENIUS Act under OCC jurisdiction. The document clarifies that this rule establishes a specific regulatory framework for the issuance of payment stablecoins and related activities, with comments due by 2026/05/01. This means that U.S. stablecoin regulation has moved from the "legislation passed" phase to the "details implemented" phase, with subsequent focus shifting to reserves, redemptions, compliance, audits, and ongoing regulatory requirements.

European Union

2026/03/06 --- ESMA updates the interim MiCA central register.
The European Securities and Markets Authority (ESMA) has updated the "Last update" of the Interim MiCA Register on the MiCA webpage to 2026/03/06. This register covers five categories of key information: general crypto asset white papers, ART issuers, EMT issuers, authorized CASPs, and non-compliant entities. ESMA also states that this register will be updated weekly until it is officially integrated into its IT system in mid-2026. For the industry, this represents that MiCA has further transitioned from the "rule text" phase to the operational phase of "unified directory, unified disclosure, unified enforcement base."