The House Financial Services Committee voted yesterday to advance five banking-related bills covering topics from stablecoins to the formation of new banks. Before the hearing, the American Bankers Association (ABA) provided statements for the record on four of the proposed bills.

More drama in cryptoland, and once again, a stablecoin is involved. Tron founder, Justin Sun, recently took to X to call First Digital Trust, issuer of the FDUSD stablecoin, “already insolvent.”

It’s now harder to get that sweet USDT if you’re in the European Union.Binance announced yesterday the suspension of USDT trading for customers in the European Union. The move follows similar actions by other exchanges, including Kraken, Coinbase, and Crypto.com.

Driven by demand from DeFi and international transactions, there is growing demand for fiat-backed stablecoins like Tether and USDC. As part of their commitment to meet this growing market demand, USDC parent group Circle announced their partnership with Intercontinental Exchange (ICE) to develop stablecoin-backed financial products.