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Welcome to the Lorenzo Letter, your weekly update on stablecoins, DeFi, tokenization, crypto legislation, and more.
In This Issue:
FDIC Says Stablecoins Won’t Receive Deposit InsuranceMastercard Launches Global Crypto Partner ProgramBlackRock Launches Staked Ethereum ETFResearch Spotlight - The Impact of Rising Private Credit Risk on DeFi Lending
FDIC Says Stablecoins Won’t Receive Deposit Insurance
FDIC Chairman Travis Hill said stablecoin holders will not qualify for federal deposit insurance under the GENIUS Act, including through pass-through insurance structures tied to reserves held at insured banks. The agency is preparing a rule to make clear that stablecoins remain outside the FDIC safety net as implementation of the new federal framework moves forward.
Hill drew a clear line between stablecoins and tokenized deposits. While stablecoins issued by nonbanks would not receive deposit protection, tokenized bank deposits recorded on blockchain rails would still be treated as traditional deposits and remain eligible for standard FDIC coverage up to $250,000.
The comments come as banks grow more vocal about stablecoin competition. Jefferies analysts said rising adoption could reduce U.S. bank core deposits by 3% to 5% over the next five years, while banking groups continue pushing regulators to limit stablecoin-based yield products as agencies finalize GENIUS Act rules.
Full Story:
https://www.triana.media/fdic-says-stablecoins-wont-receive-deposit-insurance
Mastercard Launches Global Crypto Partner Program
Mastercard has launched a new Crypto Partner Program designed to accelerate real-world digital asset payment use cases, bringing together more than 85 companies across crypto, fintech, and banking. Participants include major industry players such as Binance, Ripple, PayPal, Circle, Gemini, Crypto.com, and Bybit, along with infrastructure providers like MoonPay, Paxos, Anchorage Digital, and Nexo.
The initiative focuses on practical blockchain payment applications, including cross-border transfers, B2B payments, payouts, and settlement infrastructure. Mastercard says the program will allow partners to work directly with its product teams to develop technologies that integrate digital assets into the company’s global payments network.
The program builds on Mastercard’s expanding digital asset strategy, which includes its Start Path blockchain accelerator, the Engage fintech partnership platform, and a growing number of crypto-linked payment cards that allow users to spend digital assets anywhere Mastercard is accepted.
Full Story:

https://lorenzo-protocol.ghost.io/mastercard-launches-global-crypto-partner-program/
BlackRock Launches Staked Ethereum ETF
BlackRock has launched the iShares Staked Ethereum Trust ETF (ETHB), a new Nasdaq-listed fund that provides exposure to ether while generating staking rewards. The product holds spot ETH and stakes a portion of the assets on the Ethereum network, allowing investors to access both price exposure and yield through a traditional brokerage-traded ETF.
The fund expands BlackRock’s crypto lineup alongside the iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA), which track asset prices but do not include staking. ETHB introduces staking for the first time within the firm’s ETF suite and carries a 0.25% sponsor fee, temporarily reduced to 0.12% for the first $2.5 billion in assets during its first year.
The launch reflects growing institutional demand for income-generating crypto products as investors increasingly evaluate digital assets using frameworks similar to traditional yield-bearing investments.
BlackRock’s entry also intensifies competition in the emerging staking ETF category, where issuers such as Grayscale, 21Shares, and REX-Osprey have begun exploring similar structures as crypto ETFs continue gaining traction with institutional investors.
Full Story:
https://www.triana.media/blackrock-launches-staked-ethereum-etf
Research Highlight — The Impact of Rising Private Credit Risk on DeFi Lending
As private credit continues expanding globally, new research explores how rising defaults and liquidity pressures in traditional lending markets could ripple into DeFi. With more on-chain protocols integrating real-world credit exposure and structured yield products, shifts in the off-chain credit cycle may increasingly influence how DeFi lending markets behave.
This report examines how different lending architectures, from overcollateralized protocols like Aave and Compound to institutional credit platforms such as Maple and emerging unsecured credit systems like 3Jane, may respond if private credit risk intensifies.
It also highlights how a deterioration in traditional credit markets could reshape risk pricing, capital flows, and protocol resilience across the on-chain lending ecosystem.
Read:

https://lorenzo-protocol.ghost.io/the-impact-of-rising-private-credit-risk-on-defi-lending/

Binance founder CZ said he is less confident in Bitcoin’s supercycle thesis as prices slide and accusations of Binance-driven FUD resurface.

Changpeng “CZ” Zhao is dialing back his confidence in Bitcoin’s long-hyped supercycle thesis as prices slide and parts of the crypto community point fingers at Binance for recent market turmoil.
Speaking in a Broadcast on Binance Square earlier this month, Zhao said he has become “less confident” that Bitcoin is entering a supercycle, a theory that suggests the asset could break free from its historic four-year halving-driven pattern.
“A couple of weeks ago I was pretty positive about the bitcoin super cycle, but right now, given all the FUD and all the emotions that have been stirred up in the community, I’m less confident about it now, to be frank,” Zhao said in the broadcast.
Bitcoin has fallen sharply in recent days, dropping more than 10% over the past week and slipping below the closely watched $80,000 level. The sell-off has fueled renewed fears of a broader crypto downturn, with traders bracing for heightened volatility and potential liquidation-driven moves.
Total Crypto Market Cap | 1D
Zhao said global geopolitical uncertainty and growing market anxiety are compounding the pressure.
“The more FUD you kick up and the more you get the community all riled up, it does have negative effects,” he said, adding that the current environment makes near-term price direction difficult to predict. While Zhao said a supercycle remains possible, he put the odds at roughly 50%.
The comments come as Binance faces renewed scrutiny over its alleged role in October’s crypto flash crash, which triggered one of the largest liquidation cascades in the market’s history. Around $19 billion in leveraged positions were wiped out during the episode, leaving a lasting impact on liquidity.
Several industry figures have publicly questioned Binance’s involvement.
Ark Invest CEO Cathie Wood attributed recent Bitcoin weakness to what she described as a Binance software glitch, while OKX founder Star Xu suggested that a Binance-linked stablecoin yield campaign helped trigger the liquidation cascade and caused “real and lasting damage to the industry.”
Zhao has pushed back forcefully against those claims. In a post on X this week (https://x.com/cz_binance/status/2018389099883680254), he dismissed what he called “pretty imaginative FUD” accusing him and Binance of intentionally dumping Bitcoin to spark the sell-off.
He denied reports that Binance sold $1 billion worth of BTC, saying the funds in question belonged to users trading on the platform. He also addressed speculation that his comments on the supercycle had single-handedly derailed long-term bullish sentiment.
"I said 'I am less confident" than before... That's all," Zhao wrote, referring to his remarks about being less confident. “I assume I would also have the power to snap it back then?”
Zhao also defended Binance’s plan to convert its $1 billion Secure Asset Fund for Users from stablecoins into Bitcoin over a 30-day period, rejecting claims that the slow execution was evidence of market manipulation.
"Also, you think $1b over 30 days is going to make a difference for BTC's $1.7 trillion market cap? That's 1/1700/30 = ... anyway, you do the math. It's a gesture. Will it help with confidence, your call."

Been fighting a cold, 38.9C a couple of hours ago. First time getting sick after prison. This issue kept its airspace in my head for the last few days, even through the fever.
Our industry should be able to completely eradicate this type of poison attacks, and protect our users.

All wallets should simply check if a receiving address is a “poison address”, and block the user. This is a blockchain query.
Further, security alliances in the industry should maintain a real-time blacklist of these addresses, so that wallets can check before sending a transaction.
Binance Wallet already does this. A user would get a warning like below if they try to send to a poison address.

Lastly, wallets should not even display these spam transactions anywhere. If the value of the tx is small, just filter it out.
Protect users.