The Blockchain Bulletin May 13:  Stablecoins May Hit $2T by 2028, Says Bessent

Hey folks! Welcome once again to our Blockchain Bulletin Report, where we uncover and unravel the latest insights that have popped up in the market in the past 24 hours. Brace yourself for a thrilling ride through yesterday’s most vital stories in the crypto world. From billion-dollar SEC setbacks to trillion-dollar projections, this newsletter uncovers high-stakes developments that are reshaping regulation, markets, and the future of digital assets. Whether you’re a trader, builder, or investor, this is where insight meets action.

The Treasury secretary predicted a massive stablecoin surge backed by dollar assets during a Senate hearing on Wednesday. U.S. Treasury Secretary Scott Bessent projected that the market for dollar-backed stablecoins could exceed $2 trillion in under three years. He said the GENIUS Act will help grow a stablecoin system backed by U.S. treasuries and T-bills.

Bessent added that such regulated products would reinforce global demand for the dollar. “I think that $2 trillion is a very reasonable number,” he stated, suggesting that global adoption could drive even greater growth.

Another significant development that happened in the stablecoin market is the partnership of blockchain infrastructure firm Conduit and Brazil’s Braza Group to revolutionize cross-border payments through stablecoin-based FX swaps. The new service allows users to convert Brazilian real to USD or EUR in real-time, avoiding the traditional three-day settlement period. Braza’s BBRL stablecoin, pegged to the Brazilian real and launched in February 2025, powers these transactions. 

DeFi Development Pulls $1B Filing Over SEC Compliance Issue

In a move that’s left many stunned, DeFi Development Corp., formerly Janover, has withdrawn its $1 billion Form S-3 filing with the U.S. Securities and Exchange Commission. The decision came after the SEC determined the company was ineligible due to a missing report on internal controls in its Form 10-K. The registration, filed on April 25, 2025, was meant to raise capital, some of which was intended for purchasing Solana (SOL) tokens. Although the firm confirmed that no securities were sold, the withdrawal highlights how crucial regulatory compliance remains in crypto capital formation. Investors are now left wondering how many other Web3 ventures might face similar barriers.

Senators Sound Alarm Over Meta’s Stablecoin Plans

U.S. Senators Elizabeth Warren and Richard Blumenthal have publicly urged Meta CEO Mark Zuckerberg to halt the company’s renewed exploration of stablecoins. In a formal letter, the senators referenced Meta’s failed Libra and Diem projects and warned that any such revival could jeopardize financial privacy and increase centralized control over global payments. Meta has reportedly held discussions with crypto firms and recruited a fintech executive to steer the initiative. Lawmakers fear such moves could give Meta disproportionate influence over the financial lives of its 3.5 billion users.

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Institutional Moves

 A joint report from Gemini and Glassnode has revealed that centralized entities—governments, ETFs, exchanges, and public companies—now hold 30.9% of Bitcoin’s circulating supply. That equates to 6.1 million BTC, valued at around $668 billion. This accumulation marks a clear transformation from Bitcoin’s peer-to-peer beginnings into an asset embraced by large treasuries. 

The U.S. Securities and Exchange Commission has postponed its ruling on Grayscale’s proposed Hedera (HBAR) spot ETF. With no new deadline set, the delay is part of a broader trend of prudence regarding exchange-traded products based on cryptocurrency. Among the institutions, Grayscale, a major player in the ETF market with Bitcoin and Ethereum funds already approved, now finds itself in competition with Canary Capital, which has filed a similar application. Industry observers remain watchful, waiting for a regulatory green light that could open institutional floodgates for HBAR.

Market Overview

Bitcoin (BTC) is trading at $103,921.78 after sliding 3.52% in the past 24 hours, with its market cap now at $2.06 trillion, according to CoinMarketCap. So contrary to the price drop, the volume has increased to $66.95 billion, registering a gain of 28.55%, where the market activity was pretty high during the decline. The price of Ethereum dropped by 9.17% to $2,501.73, pulling down the market cap to $302.01 billion. Its 24-hour volume has been lifted by 28.36% to $37.25 billion.

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