The Daily: Tether launches ‘Made in America’ USAT stablecoin, what gold’s surge and Clarity Act limbo mean for crypto, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Tuesday! Bitcoin remains stuck below $90,000 as analysts warn cautious positioning and macro uncertainty are keeping risk appetite muted ahead of the Fed’s latest interest rate decision on Wednesday.

In today’s newsletter, Tether USDT launches its regulated USAT stablecoin, silver surpasses bitcoin’s post-2017 gains, we examine what gold’s surge and Clarity Act limbo mean for crypto markets, and more.

Meanwhile, an Ethereum whale wallet moved $397 million in ETH to Gemini this week after nine years of dormancy.

P.S. Don’t forget to check out The Funding, a biweekly rundown of crypto VC trends. It’s a great read — and just like The Daily, it’s free to subscribe!

Tether officially launches ‘Made in America’ USAT stablecoin as mass TradFi adoption looms

Tether, the world’s largest stablecoin issuer, officially launched its USAT stablecoin, marking its first federally regulated, U.S.-focused dollar-backed token aimed at reentering the American market.

• The rollout follows Congress’s passage of the GENIUS Act, which established a federal framework for stablecoin issuance in the United States.
• USAT is issued through the federally regulated Anchorage Digital Bank, with Cantor Fitzgerald serving as reserve custodian and preferred primary dealer.
• Former White House crypto policy advisor Bo Hines is leading the firm’s U.S. push as CEO of Tether’s USAT unit.
• Tether positioned USAT as a compliant alternative to USDT, which is not issued under a U.S. federal regulatory framework and is not directly available to U.S. users through Tether, despite being widely traded and used on exchanges and decentralized platforms.
• The launch comes as traditional financial institutions accelerate stablecoin adoption, with major exchanges and payment platforms supporting USAT on debut.

Gold’s surge above $5,000 and Clarity Act limbo frame contrasting futures for crypto markets, Bitwise CIO says

Bitwise CIO Matt Hougan said gold’s surge above $5,000 reflects deepening institutional distrust in fiat systems, a backdrop that could ultimately strengthen crypto’s core value proposition.

• Hougan argued that self-custody and censorship resistance are becoming increasingly more tangible as governments and central banks reassess reliance on sovereign-controlled assets.
• However, he warned that fading odds for passage of the Clarity Act could push crypto into a multi-year “show me” phase driven by real-world utility rather than expectations.
• Hougan said approval of workable U.S. crypto legislation could spark a sharp market rally, but failure would likely lead to a slower, adoption-led path forward.

Silver overtakes bitcoin’s post-2017 gains as price hits new highs

Not to be outshone by gold’s record rally, silver surged past $115 an ounce on Monday, overtaking bitcoin’s gains since the 2017 cycle peak.

• Silver-linked ETFs saw explosive trading activity, with the iShares Silver Trust posting more than $32 billion in turnover, the highest volume of any security globally on the day.
• Analysts said momentum trading and psychological price milestones amplified the metals rally, with retail participation and AI-driven industrial demand adding fuel.
• Bitcoin lagged the surge as risk-off sentiment deepened, with spot bitcoin ETFs recording $1.7 billion in outflows over five straight sessions and prices struggling to regain momentum.

Crypto payments network Mesh hits unicorn status after $75 million Series C led by Dragonfly

Mesh has raised $75 million in a Series C round led by Dragonfly Capital, pushing the crypto payments network startup to a $1 billion valuation and unicorn status.

• The funding round included stablecoin-settled capital, which Mesh said demonstrates blockchain-native payment settlement at an institutional scale.
• Mesh plans to use the fresh capital to expand globally, with a focus on Latin America, Asia, and Europe, while accelerating product development.
• The company said its unified crypto payments layer now reaches more than 900 million users through integrations across exchanges, wallets, and financial services platforms.

Standard Chartered warns stablecoins could drain $500 billion from U.S. bank deposits by 2028

Standard Chartered warns that accelerating stablecoin adoption could pull up to $500 billion from U.S. bank deposits by 2028, framing the shift as a growing structural threat to traditional banking.

• The bank’s global head of digital assets research, Geoffrey Kendrick, said U.S. regional lenders face the greatest risk due to their heavy reliance on deposit-driven net interest margin income, while diversified banks face more moderate exposure, and investment banks appear least exposed.
• Regulatory uncertainty and rising blockchain-based payments could further accelerate deposit migration once crypto market structure and stablecoin rules are finalized, he said.

In the next 24 hours

• U.S. mortgage data are released at 7 a.m. ET on Wednesday. The U.S. Federal Reserve’s latest interest rate decision is due at 2 p.m. No change is forecast.
• U.S. President Trump is scheduled to speak at 8:30 a.m. A U.S. FOMC press conference follows at 2:30 p.m.
• Jupiter is among the crypto projects set for token unlocks.
• WallStreetBets Live 2026 gets underway in Miami.

Never miss a beat with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.

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