Patrick Witt, Executive Director of the U.S. President's Digital Asset Advisory Committee, stated that stablecoins compliant with the GENIUS Act will bring deposit inflows to the U.S. banking system, rather than outflows as warned by the banking industry. He mentioned the huge global demand for the US dollar and the provision in the bill that prohibits stablecoin issuers from engaging in bank-like lending.

The Central Bank of Georgia's new regulations allow registered companies to issue stablecoins pegged to the legal currency, fully backed by reserve assets, and users can redeem them at face value. Issuers must register and undergo audits, meet capital requirements, and redemption requests must be processed within the specified timeframe.

The European Central Bank announced the Appia roadmap on March 12, aiming to build a tokenized wholesale financial market anchored to central bank money. The plan will go live in 2026, with an open consultation launched and feedback welcomed to support the advancement of the digital euro project.

Gate News Report, March 12 — U.S. major bank Wells Fargo has filed a cryptocurrency-related trademark application with the United States Patent and Trademark Office for the name WFUSD. According to the application documents, WFUSD will provide cryptocurrency payment processing, digital asset trading execution, and asset tokenization software services. The name suggests that it may be a deposit token or stablecoin. Previously in 2019, Wells Fargo disclosed plans to pilot an internal settlement service called "Wells Fargo Digital Cash" on its proprietary distributed ledger platform.

Deputy Governor of the Bank of England Sarah Breeden stated that regulators may adjust their strict stance on the cap for stablecoin holdings in response to opposition from the digital asset industry. She acknowledged that implementing the cap faces technical difficulties and is reviewing feedback, with plans to finalize regulations by the end of the year.

Gate News Announcement: On March 11, the crypto financial services provider and the first federally chartered crypto bank in the United States, Anchorage Digital, is making a strategic investment in security infrastructure company Immunefi and purchasing the company's native token IMU.

The European Central Bank released the Appia strategic roadmap on March 11, aiming to build a European tokenized financial market anchored by central bank currency. The core component, Pontes, is scheduled to go live in 2026, facilitating interconnection with TARGET payment services. Public consultation runs until April 22, and the digital euro pilot is expected to launch in 2027.

Gate News Report, March 11 — Bank of England Deputy Governor Briden stated that they will review whether the 60:40 reserve ratio for stablecoins is too conservative.

Gate News Report, March 11 — Gold prices declined in early trading but remained around $5200 per ounce as investors digest mixed signals from the Middle East conflict. On the previous trading day, gold prices rose due to a softer dollar and falling oil prices easing inflation concerns. ANZ Bank analysts stated, "However, ongoing developments continue to cast a shadow over the prospect of a rate cut in the United States. This has led investors to continue withdrawing gold from gold ETFs (Exchange-Traded Funds)." Traders are currently awaiting the release of U.S. inflation data tonight to seek more clues about the interest rate outlook.

National People's Congress Deputy Fu Xiguo submitted a proposal recommending to accelerate the revision of the "People's Bank of China Law," clarifying the legal status of digital RMB and the central bank's core responsibilities to ensure its circulation security and the rights of financial consumers. At the same time, legal regulations should be established to address counterfeiting and tampering behaviors.