US credit markets have never been healthier, yet Bitcoin finds itself starved of fresh capital—a paradox that encapsulates crypto’s current predicament. The New York Federal Reserve’s high-yield distress index has plunged to 0.06 points, the lowest reading in the metric’s history. The index measures stress levels in the junk bond market by tracking liquidity conditions,
Coinbase CEO Brian Armstrong is pointing to China as a model for US stablecoin policy. The timing raises questions about his motives. Armstrong’s defense of China’s central bank digital currency interest payments comes as his company fights to preserve a key revenue stream under threat from the US banking lobby. The GENIUS Act, passed last