Crypto Update: Laser Digital US Charter, Stablecoins Hashrate Dip
Laser Digital, a Nomura-backed digital asset firm, has applied for a U.S. national bank trust charter, Standard Chartered cautioned that stablecoin adoption could reduce bank deposits—especially at regional lenders—and Bitcoin’s network hashrate declined over the weekend amid a widespread U.S. winter storm.
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Nomura’s Laser Digital files for U.S. national bank trust charter
Laser Digital has submitted an application to the Office of the Comptroller of the Currency (OCC) for a U.S. national bank trust charter, according to a Tuesday report by the Financial Times citing people familiar with the matter. The charter would enable federal-level operations without the need for individual state custody licenses.
The company intends to offer spot trading in digital assets but does not plan to accept customer deposits, the report said. OCC approval is a two-step process that begins with preliminary approval and is followed by final authorization once the applicant demonstrates adequate capital and operational readiness, which can take up to a year, according to the FT.
Founded in 2022 and headquartered in Switzerland, Laser Digital has obtained regulatory approvals in several jurisdictions, including Switzerland and Dubai.
Standard Chartered: Stablecoins could draw down bank deposits
Stablecoins present a material risk to bank deposits in the United States and globally, Standard Chartered analysts said in a report on Tuesday. Geoff Kendrick, the bank’s global head of digital assets research, wrote that the delay of the U.S. CLARITY Act—legislation that would prohibit interest on stablecoin holdings—serves as a reminder of the potential impact on banks.
“We estimate that US bank deposits will decrease by one-third of stablecoin market cap,” Kendrick said, referencing a $301.4 billion market for U.S. dollar-pegged stablecoins as tracked by CoinGecko. The assessment comes amid ongoing debate over the CLARITY Act, with Coinbase withdrawing support and Circle CEO Jeremy Allaire calling concerns about stablecoin-driven bank runs “totally absurd.”
The report emphasized net interest margin (NIM) income as a key metric, noting that deposit outflows tied to stablecoin adoption could pressure NIM. Kendrick said regional U.S. banks are more exposed than diversified and investment banks, identifying Huntington Bancshares, M&T Bank, Truist Financial and CFG Bank as most at risk.
US banks’ exposure to stablecoin yield risks. Source: Standard Chartered, Bloomberg
Bitcoin hashrate falls as U.S. winter storm disrupts power
Bitcoin’s network hashrate fell to a seven-month low over the weekend as a major winter storm brought snow and ice across the United States, prompting miners to reduce operations to support grid stability. AccuWeather reported Monday that the storm affected three dozen states, with widespread power outages impacting one million energy customers.
Data from CoinWarz shows the network hashrate began declining on Friday and reached 663 exahashes per second (EH/s) by Sunday—more than a 40% drop over two days. It has since recovered to around 854 EH/s as of Monday.
“Approximately 40% of global Bitcoin mining capacity has gone offline in the past 24 hours due to extreme winter weather,” said Abundant Mines, a Bitcoin miner based in Oregon. The United States accounts for the largest share of global Bitcoin mining power, with Hashrate Index estimating the country contributes nearly 38% of the network hashrate.
Source: Abundant Mines
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