News Roundup — Coinbase Eyes Reentry to India

Major news stories this week;‍

1. Coinbase Eyes Reentry to India
2. Circle's USDC Hits Record Market Cap Over $56B as Stablecoin Demand Soars
3. Donald Trump Taps Ex-Bitfury Crypto Exec to Lead US Banking Regulator
4. Abu Dhabi Discloses $437M Stake in BlackRock Spot Bitcoin ETF
5. S. Korea to Allow Corporate Crypto-Fiat Conversion, Phased Rollout Announced
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Story Summaries;

1. Coinbase is working on reentering the Indian market after halting operations in 2022 due to regulatory challenges. The company is engaging with Indian authorities, including the Financial Intelligence Unit, to secure the necessary approvals for its relaunch. Despite the 30% tax on crypto income and other regulatory hurdles, India remains a key market for Coinbase, especially after the collapse of local exchange WazirX. Coinbase aims to comply with India’s regulations as it seeks to capitalize on the growing crypto ecosystem.
2. Circle's USDC stablecoin has reached a record market cap of over $56 billion, surpassing its 2022 peak and recovering from the 2023 banking crisis. Over the past months, USDC added $10.2 billion to its market cap, outpacing Tether's USDT, which grew by $4.2 billion during the same period. This growth, driven by increased Solana-based DeFi activity, signals a positive trend for the crypto market. As stablecoin expansion is often seen as a key indicator of investor demand and market health, this recent surge signals potential bullish momentum for the wider crypto market.
3. US President Donald Trump has nominated Jonathan Gould, a former Bitfury executive, to lead the Office of the Comptroller of the Currency (OCC). Gould, who has served in the OCC and BlackRock, is praised for his crypto industry experience and support for fair banking access for crypto firms. If confirmed, he would serve a five-year term overseeing national banks. His nomination follows other Trump picks with crypto ties, including Brian Quintenz for the Commodity Futures Trading Commission.
4. Abu Dhabi revealed a $436.9 million stake in BlackRock's iShares Bitcoin ETF (IBIT) as of December 31, 2024. The investment, made through Mubadala Investments, one of the UAE's sovereign wealth funds, was disclosed in a 13F filing with the U.S. Securities and Exchange Commission. Following the news, Bitcoin's price rose by 0.5%, reaching $97,400.
5. South Korea’s Financial Services Commission (FSC) will allow corporations to open real-name bank accounts for converting crypto to fiat currencies in a three-phase rollout. The first phase, for law enforcement, non-profits, and exchanges, will be completed by Q2 2025. The second phase will enable professional investment firms to engage in crypto activities later in 2025, under new regulations. The FSC aims for stable market growth while ensuring regulatory oversight, with further discussions ongoing.
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And that’s all for last week’s news! Wishing you a great week ahead!