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The collapse of the algorithmic stablecoin UST accelerated a 'flight to quality', increasing demand for stablecoins backed by transparent and liquid reserves like U.S. Treasuries.

The New York Department of Financial Services (NYDFS) issued landmark guidance for USD-backed stablecoins, establishing rules for reserves, redeemability, and attestations.

USDC briefly lost its peg following the disclosure of its reserve exposure to the failed Silicon Valley Bank, highlighting risks from the traditional banking system.

The GENIUS Act was proposed to create a federal framework for payment stablecoins, mandating 1:1 backing with high-quality liquid assets like short-term T-bills.

Citrea, a Bitcoin ZK-rollup, announced the launch of ctUSD, a native U.S. Treasury-backed stablecoin for the Bitcoin ecosystem, issued by MoonPay.

US Treasury Backed Stablecoins was founded and officially launched.