What BlackRock, Coinbase & the U.S. Treasury are really telling us

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Market-moving headlines 🔥

💰 Tokenized Treasuries surge past $6B — Led by BlackRock and Superstate

Investors poured $1B into tokenized treasuries in April, pushing the sector’s total value locked (TVL) to $6.15B — a 78% rebound from January’s local low.

The biggest driver? BlackRock’s BUIDL fund, which absorbed $621M in inflows over the past month and now commands 41.5% of the entire market. Its TVL has jumped 303% since January, reaching $2.56B.

Superstate’s USTB is also surging. It added $292M in 30 days — an 81% growth rate — and is now closing in on Franklin Templeton’s BENJI, the current #2.

BUIDL expands, but power stays on Ethereum

Despite launching on Aptos, Arbitrum, Avalanche, OP Mainnet, Polygon, and Solana, over 95% of BUIDL’s assets remain on Ethereum. However, concerns linger: 4 wallets control nearly 80% of BUIDL’s supply, raising decentralization questions.

The bigger picture:

• Tokenized treasuries are becoming a go-to gateway for institutions entering crypto.

• BUIDL’s rise mirrors BlackRock CEO Larry Fink’s vision of tokenization as a tool for “democratizing finance.”

• Yet with control concentrated and growth uneven across chains, the sector’s next challenge is scaling trust — not just TVL.

→ Read the full breakdown: who’s winning in tokenized treasuries, and what comes next.

⚖️ Cryptopolitan Policy watch:

Coinbase calls for end to staking lawsuits

Coinbase is pushing back against what it calls “unfounded” lawsuits over its staking program.

After the SEC dropped its case last month, the exchange’s VP of Legal, Paul VanGrack, called on 5 states to do the same:

• California

• Maryland

• Wisconsin

• New Jersey

• Washington

So far, 5 states have already dropped their lawsuits — including Illinois and South Carolina. But in the remaining ones, cease-and-desist orders are still live, blocking staking services.

What Coinbase argues:

• Over $90M in rewards lost for residents in 4 states

• Consumers forced to look elsewhere, often with less oversight

• Staking ban applied only to Coinbase, creating unfair competition

Coinbase says the bans are “emergency-style” measures typically reserved for Ponzi schemes — not for compliant, established firms.

With the US moving toward clearer crypto rules, Coinbase wants state regulators to stop sending mixed signals. It’s also suing the FDIC and pressing for crypto-holding permissions for SEC staff — part of a wider effort to force institutional understanding of digital assets.

→ Full story: Inside Coinbase’s $90M fight for staking rights

🛰️ Crypto Core

Industry insights from deep inside the protocol layer.

⚙️ Mining Bitcoin, building power plants: Can green energy keep up?

The average person doesn't think about where Bitcoin comes from. But miners do — and they’re doing it in some of the most remote, power-hungry corners of the world.

In 2024, the industry is facing a paradox: Bitcoin mining is greener than ever — but also riskier than ever.

Over 52% of the network now runs on sustainable energy. That’s no small feat for an industry once vilified as an environmental villain. Today’s mining operations rely more on hydropower and wind than coal. Even nuclear energy is quietly powering over 9% of the global hashrate.

But there’s a catch: the costs are still crushing.

🔌 Electricity makes up 80% of miners’ operating costs, and prices are rising.
📉 Over half of mining firms say energy costs and upcoming regulations are their biggest threats.
📦 Hardware bottlenecks and logistics delays? Still slowing things down.

To support miners, the US Government has stepped up

The U.S. Commerce Department just launched a Bitcoin Mining Investment Accelerator. 

That’s not just bullish — it’s a new kind of mining frontier. Energy + infrastructure + crypto = national interest?

Still, skeptics point out that nearly 47% of Bitcoin’s energy comes from fossil fuels, and the emissions problem hasn’t vanished — just shifted.

The next battle for Bitcoin may not be on price charts, but on power grids.

→ Read the full breakdown: why miners are turning to renewables, and why that may not be enough

📉 Cryptopolitan Market Pulse

The U.S Treasury’s $514B borrowing bombshell

The U.S. Treasury just quadrupled its borrowing estimate for Q2 — from $123B to $514B — as the debt ceiling fight drags on with no solution in sight. The root cause? A huge cash shortfall. Instead of the expected $850B, the Treasury ended March with just $406B in reserves.

Officials say the borrowing spike could’ve been $53B lower had Congress acted sooner. And even now, the Treasury is still holding onto the hopeful $850B cash target for June — a risky bet given the political gridlock.

While Wall Street scrambles to make sense of these new numbers, economists like Lou Crandall believe Trump’s fresh tariff revenues might soften the blow. But uncertainty reigns. Some analysts are even questioning whether the Treasury might need to shrink its massive cash buffer strategy.

With July-September borrowing projected at another $554B, the pressure is mounting. Whether or not Congress budges will determine how deep this borrowing hole gets — and how long the global markets stay on edge.

🔗 What’s next for the bond market and U.S. economy?

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