Bullish/Neutral for US Stablecoin Yields: The GENIUS Act’s ban on reserve rehypothecation structurally protects, rather than threatens, the core profitability of stablecoin issuers. By mandating reserves be held in yield-bearing safe-haven assets and explicitly prohibiting interest payouts to users, issuers legally capture 100% of the risk-free yield, securing their net interest margins. Bullish for EU Institutional Activity: The ECB’s formal endorsement of MiCA-compliant e

Sentiment: Divergent (Bullish for TradFi integration, Bearish for highly leveraged retail derivatives). Institutional Pathways Clear: Exemptive orders in the US create immediate, legal avenues for Tokenisation-as-a-Service (TaaS) and 24/7 settlement of traditional securities. Capital Rule Deferrals Provide Breathing Room: APAC jurisdictions are delaying punitive capital requirements for unbacked cryptoassets, maintaining the status quo for prime brokerage margins through 2