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According to BBX data, yesterday the compliant stablecoin infrastructure and traditional institutional crypto layout advanced simultaneously, with the following core dynamics:OSL Group (HKEX: 863) announced on April 14 that its compliant enterprise-grade stablecoin USDGO has been online for about two months, with a circulation scale reaching $130 million; Goldman Sachs' stablecoin reserve fund STBXX officially joined the reserve asset system, alongside BlackRock's tokenized fund BUIDL as underlying support; the original ecological alliance GO Alliance was simultaneously upgraded to the global industry alliance Stable Alliance.Deutsche Börse Group (XETRA: DB1) announced on April 14 through an official announcement that it acquired $200 million in secondary market shares of Kraken's parent company Payward, Inc., obtaining approximately 1.5% fully diluted ownership; Bloomberg estimates the corresponding valuation of Kraken to be about $13.3 billion, down from $20 billion during the equity transfer in November 2025; the transaction is expected to be completed in Q2 2026, aiming to bridge traditional finance and digital asset institutional channels.Capital B (Euronext Growth Paris: ALCPB) recently purchased 37 BTC (average price approximately €60,892), raising its total holdings to 2,925 BTC, with a total cost of €269.4 million, YTD BTC Yield 1.25%; Blockstream and UTXO Management's debt-to-equity conversion was completed simultaneously, adding a total of 36,613,919 shares.

According to market news, Deutsche Börse invested $200 million in the cryptocurrency trading platform Kraken.

According to Jinshi reports, Deutsche Bank expects the European Central Bank to raise interest rates by 25 basis points in April and June.

According to Jinshi, Deutsche Bank stated that the risks of artificial intelligence in the U.S. stock market are undermining the dollar's safe-haven status.

Members of the Governing Council of the European Central Bank and President of the Deutsche Bundesbank, Joachim Nagel, stated in a speech at the American Chamber of Commerce in Germany that the introduction of euro-denominated stablecoins could provide low-cost cross-border payment services for individuals and businesses, while addressing the dollarization risks posed by dollar stablecoins.Joachim Nagel pointed out that if domestic currencies are replaced by dollar stablecoins, it would be equivalent to the dollarization of the relevant economies, which could severely undermine the effectiveness of domestic monetary policy and European sovereignty. Currently, the European Central Bank is assessing the possibility of using distributed ledger technology for non-central bank currencies, including tokenized deposits and euro stablecoins, and plans to launch a digital euro by 2029. In addition, the European Central Bank is also developing a wholesale CBDC to allow participants in financial markets to execute programmable transactions.

According to Jinshi News, Deutsche Bank analyst Michael Pfister stated in a report that the U.S. non-farm payroll data exceeded expectations, prompting the market to lower its expectations for a Federal Reserve rate cut, with the dollar remaining at a high level. However, U.S. President Trump has called for further rate cuts, which has somewhat restrained a larger increase in the dollar. He pointed out that Trump's statements contradict traditional economic theory and may suggest that the Federal Reserve's future rate cuts could exceed current market expectations.

Deutsche Bank stated in a report on Wednesday that the recent decline in Bitcoin is more due to a slow erosion of confidence among institutions and regulators, rather than a single macro shock.The bank believes that three forces are putting pressure on the asset: ongoing institutional capital outflows, the breakdown of traditional market relationships for Bitcoin, and a weakening of regulatory momentum that previously supported liquidity and volatility compression. The report noted that U.S. Bitcoin spot ETFs have recorded significant capital outflows since October, with over $7 billion flowing out in November, about $2 billion in December, and over $3 billion in January. The correlation between Bitcoin and stocks and gold has weakened, and its narrative as "digital gold" has been affected, with gold rising over 60% this year while Bitcoin has fallen 6.5%. Additionally, amid the controversy in Congress over stablecoin provisions, bipartisan efforts on the digital asset market CLARITY Act have stalled. Deutsche Bank's survey shows that the cryptocurrency adoption rate among U.S. consumers has dropped from around 17% in mid-2025 to about 12%. Furthermore, Citi pointed out in a report on Tuesday that as inflows slow and resistance increases, Bitcoin's trading price is below the key ETF cost level and is approaching its pre-election price bottom.

Cryptocurrency custody service provider Copper is in preliminary talks for a potential public listing. According to insiders, Goldman Sachs, Citigroup, and Deutsche Bank may be involved in the listing process, with the final decision depending on the

According to Jinshi News, Christoph Balz, an economist at Commerzbank, pointed out in a report that given the current favorable economic and labor market conditions, the Federal Reserve is not in a hurry to cut interest rates further.Although job growth remains weak, the unemployment rate has shown signs of stabilization, indicating that monetary policy is no longer restrictive, and the current interest rate level is closer to the upper end of the neutral rate range. Balz stated that Powell may end his chairmanship in May, and the Federal Reserve may not decide to cut interest rates again during this period.

Deutsche Bank has initiated coverage on Coinbase (ticker symbol COIN) with a "Buy" rating and a target price of $340, which implies about a 40% upside from current levels, stating that the cryptocurrency exchange is further advancing towards what it describes as a "universal exchange."

According to CNBC, the "Everything Exchange" strategy of the largest U.S. cryptocurrency exchange, Coinbase, has received positive evaluations from Deutsche Bank analysts and is considered an important engine for driving the company's future growth.The strategy aims to transform Coinbase from a traditional spot trading platform into a one-stop trading platform that covers derivatives, lending, DeFi services, and global market expansion. This includes not only expanding the product line but also enhancing globalization and institutional services.Analysts believe that this comprehensive strategy will help Coinbase enhance revenue diversity and market competitiveness, achieving sustainable growth across multiple business areas and providing support for long-term fundamentals. Previously, it was reported that Coinbase CEO: the company team is intensively advancing the "Everything Exchange" project in New York.

The US dollar index recovered the losses after the non-farm payroll data was released. Antje Praefcke, an analyst at Commerzbank, stated in a report that although the dollar initially fell due to the data, the market "did not really follow the trend that the Federal Reserve might cut rates again as early as January next year."The threshold for another rate cut seems to have increased, so the dollar regained some ground. (Jin Shi)

According to Jinshi News, Volkmar Baur from Deutsche Bank stated in a report that if Hassert (a popular candidate for the next Federal Reserve chair) insists on pushing for interest rate cuts regardless of the economic fundamentals, the dollar may come under pressure. Baur pointed out that data shows the labor market is only cooling slowly, which does not support Hassert's view on rate cuts. He believes that Hassert may not abandon the push for rate cuts due to the facts, and the dollar may pay the price for this.

According to Jinshi News, the dollar fell today as the market awaits the Federal Reserve's policy decision to be announced this week, with widespread expectations that this meeting will result in another rate cut.Deutsche Bank analysts stated that the Federal Reserve may announce a third and final rate cut of 25 basis points for 2025 on Wednesday, and this rate decision is not expected to receive unanimous approval. Analysts noted that Chairman Powell's press conference and accompanying statement will be crucial, and it is anticipated that Powell will emphasize that the threshold for further rate cuts in early 2026 is very high.

According to Jin Ten, Deutsche Bank analyst Antje Praefcke pointed out that if the next Federal Reserve chair responds to President Trump’s calls for interest rate cuts while inflation remains high, the dollar may face downward pressure. Praefcke believes that the expected nominee, White House National Economic Council Director Hassett, is a loyal supporter of Trump, which increases the likelihood of Fed rate cuts. She stated that if the Fed cannot effectively curb inflation risks, it will have a negative impact on the currency.

Deutsche Börse will integrate the euro stablecoin EURAU issued by AllUnity, further expanding its digital asset strategy. The two parties have signed a Memorandum of Understanding (MoU), but the launch date for the new feature has not yet been announced. Previously, Deutsche Börse has collaborated with Circle's Euro Coin (EURC) and Societe Generale-Forge's EUR CoinVertible (EURCV) from the on-chain division of Société Générale.According to an announcement on November 26, Deutsche Börse plans to incorporate EURAU into its financial market infrastructure, initially providing custody services for institutional clients through its central securities depository Clearstream. The announcement also revealed plans to "integrate the euro stablecoin into the entire service portfolio" in the future.This will bring the stablecoin into a large and expanding market. According to data from the World Federation of Exchanges (WFE), Deutsche Börse's domestic stock market has a market capitalization of approximately $2.23 trillion, with 474 listed companies.

Bitcoin has experienced its worst week of the year, dropping over 30% from last month's peak.Deutsche Bank analysts pointed out the following five main reasons: market risk aversion, hawkish signals from the Federal Reserve (a rate cut in December is not guaranteed), stagnation in cryptocurrency regulation and the slowdown in the progress of the U.S. Senate's "Digital Asset Market Transparency Act," outflow of institutional funds (large investors are withdrawing their capital), and long-term holders taking profits, with early holders cashing out their gains.

According to Jin Ten, Thu Lan Nguyen from Commerzbank stated in a report that if the delayed data supports further rate cuts, the potential end of the U.S. government shutdown may be unfavorable for the dollar. She pointed out that the dollar has recently risen due to the absence of official data during the shutdown, which supports the view that the Federal Reserve should pause further rate cuts. Nguyen believes that the recent decline in rate cut expectations is unreasonable and sees it more as another argument for a weaker dollar.

According to Jin Ten, Deutsche Bank expects the Federal Reserve to begin expanding its balance sheet in the first quarter.