Trump Backs Stablecoins Amid Market Turmoil and Corporate Shift: The Week of March 10th
President Trump has endorsed stablecoin regulations and ordered the creation of a US Bitcoin reserve, signaling strong government interest in digital assets. This aligns with a growing “stablecoin gold rush,” as major banks and fintechs, including Bank of America, Standard Chartered, and PayPal, aim to enter the space.
Meanwhile, economic uncertainty persists as inflation concerns and Trump’s tariff plans shake markets, causing significant stock declines. The tariffs, set to impose a 25% tax on Mexican imports, could severely impact the celebrity-backed tequila industry. In the corporate world, rebranding missteps continue to highlight the risks of deviating too far from a company’s core identity.
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Trump endorses stablecoins after creating US Bitcoin reserve: President Trump pledged to support legislative efforts to form a regulatory framework for stablecoins on Friday, after ordering the creation of a US strategic Bitcoin Reserve and a separate stockpile of other digital assets. “I also want to express my strong support for the efforts of lawmakers in Congress as they work on bills to provide regulatory certainty for dollar-backed stablecoins and the digital assets market,” Trump said during a gathering of crypto executives at the White House. “They’re working very hard on that.”
Banks and fintechs join ‘stablecoin gold rush’: Some of the world’s largest banks and fintechs are rushing to launch their own stablecoins, aiming to grab a slice of a cross-border payments market they expect will be redrawn by cryptocurrencies. Last month Bank of America signalled it was open to issuing its own coin, joining established payments providers such as Standard Chartered, PayPal, Revolut and Stripe in targeting a business dominated by cryptocurrency groups Tether and Circle.
Inflation in center focus amid tariff fears: Stocks sank last week as a lack of clarity around President Trump’s tariff plans and what they could mean for the economy’s overall trajectory gripped markets. For the week, the S&P 500 fell more than 3%, while the Dow Jones Industrial Average slid more than 2%, or about 1,000 points.
Celebrity tequila braces for Trump’s tariff burn: What do Matthew McConaughey, Dwayne “The Rock” Johnson and Kendall Jenner have in common? In the past five years, they’ve all used their megastardom to add to a growing lineup of celebrity tequilas—an already crowded category that now risks getting slammed by President Trump’s incoming tariffs. Trump’s tariffs, which now look set to go into effect on April 2, will include a 25% tax on all imports from Mexico. Tequila is uniquely exposed because the US’s southern neighbor produces it exclusively, primarily in the state of Jalisco.
When corporate rebranding goes wrong: Corporate rebrands can be critical to signifying a strategy shift but they also come with risks when companies veer too far from their purpose. Aberdeen’s vowel-dropping rebrand was just the latest example of a company reversing course after a new name failed to lift its performance or its reputation with customers.
We hope you have a productive week! Check out more insights from the Vested team here.
