Firi Weekly: No Crypto Bill in April

Clarity Act Faces Further Delay:
- The crypto industry will have to wait until at least May for progress on the U.S. Clarity Act. Passage odds for 2026 have fallen from as high as 82% in February to currently 50%, mainly due to disagreements over stablecoin rewards. This is negative for the sector, as the bill could provide clearer rules and support broader crypto adoption.
Western Union Prepares Stablecoin Launch:
- Western Union, the major U.S. money transfer firm, says its dollar-denominated stablecoin is on track for launch in May on Solana. The goal is to speed up transfers between Western Union and its partners, while reducing dependence on slower legacy banking systems, rather than targeting retail users at launch.
Major Firms Keep Accumulating Crypto:
- Despite weak price momentum in the crypto market, corporate buying continued during April. Strategy bought 56,235 bitcoins, bringing its total holdings to 818,334 bitcoins, while Bitmine added 346,304 Ether and lifted its total holdings to 5.08 million Ether.
European Investors Want Crypto Access:
- A Boerse Stuttgart Digital survey of 6,000 European investors found that 25% already own crypto, while 35% would consider switching banks for better crypto investment options. This helps explain why European banks are moving to offer crypto trading.

Last Week’s Big Three

Stablecoin Rewards Stall the Clarity Act: The highly anticipated U.S. Clarity Act has seen little progress in recent weeks. The bill is expected to establish a regulatory framework for the crypto industry in the United States. Among other things, it could give clients of crypto firms stronger protections, provide crypto companies with more room to operate under a clearer regulatory environment, and make it easier for traditional financial institutions to engage more deeply with crypto.

The Clarity Act has been expected for some time, but it has still not passed. The main obstacle appears to be stablecoin rewards. U.S. banks reportedly do not want the Clarity Act to allow interest or other rewards on stablecoins, as they fear customers could move money from bank deposits into stablecoins. Crypto firms, meanwhile, want the option to pay rewards on stablecoins.

A month or two ago, it looked likely that the bill could arrive sometime in April. It now seems clear that the earliest possible timing is May, if it arrives at all. Speaking at a crypto event over the weekend, U.S. President Donald Trump defended the bill and warned bankers against obstructing the proposed legislation. Even so, markets now price a 50% chance that the Clarity Act passes during 2026, down from as high as 82% at one point in February. If it does not arrive before the summer, passage looks less likely this year, especially with the U.S. midterm elections later this year.

Western Union Turns to Solana for Partner Transfers: Western Union, the major U.S. money transfer company, said during its first-quarter earnings call last week that its upcoming stablecoin remains on track to launch in May. The company first announced the stablecoin in October last year. It will be denominated in U.S. dollars and initially issued on Solana.

Western Union’s stablecoin is not aimed at regular consumers at launch. Instead, it is designed to support money transfers between Western Union and its partners, rather than relying on the legacy banking system, where transfers can take days and systems are often closed on weekends. Western Union may also be able to reduce the amount of capital tied up in its system if stablecoin adoption increases.

Bank Crypto Access Gains Traction in Europe: Boerse Stuttgart Digital, the digital assets subsidiary of major traditional German exchange Boerse Stuttgart, published a survey last week covering 6,000 participants in Germany, Italy, Spain, and France. The survey found that one in four investors had already invested in crypto. Nearly one in five investors also expect their bank to offer crypto access within the next three years. In addition, 35% of respondents across these European countries said they could imagine changing banks if another institution offered better crypto investment opportunities.

This points to meaningful demand for crypto access in these European markets, including through traditional banks. It is likely one reason why many European banks are starting to look at offering crypto services.

Behind the Charts

Chart 1: Total Stablecoin Supply

The total stablecoin supply increased by around 50% last year. This year, however, growth has been more muted so far, rising nearly 4% from about $308.2 billion to $320.4 billion.

That said, much of this year’s increase has been driven by interest-bearing stablecoins, even though these products are far less widely available than traditional stablecoins and are generally not available to U.S. residents. As a result, the market will likely view it as a missed opportunity and as negative for crypto if these products are not allowed in the U.S. under the Clarity Act going forward.

Chart 2: Strategy and BitMine Cumulative Holdings

The two largest corporate holders of Bitcoin and Ethereum, respectively, Strategy, previously MicroStrategy, and Bitmine, have acquired significant amounts of crypto in recent weeks, even though crypto price performance has been weak. These companies are also known as digital asset treasury firms, or DAT firms, meaning companies that hold crypto assets as a core part of their strategy and investor appeal.

So far in April, Strategy has acquired an additional 56,235 bitcoins, bringing its total holdings to 818,334 bitcoins, worth about $63.6 billion. Bitmine, meanwhile, acquired 346,304 Ether during April, lifting its total holdings to 5.08 million Ether, worth about $11.9 billion.

A Number to Remember

$79.500 per Bitcoin

Bitcoin reached a nearly two-month high of $79,500 last week before moving lower again.

On Our Radar

On our radar for the week ahead:

Fed Decision in Focus: On Wednesday, April 29, the Federal Reserve, the U.S. central bank, will decide where to set U.S. dollar interest rates. For now, the market is fully pricing in that the Fed will keep rates unchanged, so the decision itself is not expected to be especially surprising. The more important market driver may be what Fed officials say about inflation and the broader economy.
Clarity Act Progress Watch: We are about to enter May, which means positive news on the U.S. Clarity Act will need to arrive soon if the bill is to pass before the summer. We are watching this closely, as it may affect the market going forward.
Middle East Developments: Although we have not covered it in this week’s Firi Weekly, developments in the Middle East remain important for all markets, including crypto. There has been less news from the region than before, but the conflict remains a key factor to monitor.

Mads Eberhardt

Written 29/04/2026

Should not be considered financial advice. Crypto may involve high risk.