Grayscale Launches Multi-Crypto ETF, HSBC Eyes Stablecoin License, and More Crypto Market Updates

Cryptocurrency markets experienced a slight downturn on March 12, 2026, with Bitcoin falling below $70,000. As of press time, Bitcoin (BTC) traded at $69,421.76, down 1.15%, while Ethereum (ETH) declined by 1.12% to $2,026.77. Amidst this market activity, several key developments are shaping the digital asset landscape.

Grayscale Launches First Multi-Crypto ETF

Grayscale Investments has launched the Grayscale CoinDesk Crypto 5 ETF (GDLC), marking a significant milestone as the first multi-crypto asset exchange-traded product (ETP) in the U.S. Market. The ETF began trading on the NYSE under the ticker GDLC on Friday. This fund bundles the five largest and most liquid digital assets: Bitcoin, Ethereum, XRP, Solana, and Cardano. These five tokens collectively represent over 90% of the total market capitalization of the digital asset class, according to Grayscale (CNBC).

The fund’s allocation is weighted as follows: approximately 72% Bitcoin, 17% Ethereum, 5.6% XRP, 4% Solana, and 1% Cardano (CoinCentral). Grayscale CEO Peter Mintzberg stated the launch “ushers in the age of crypto index investing” (CNBC).

Hong Kong Poised to Issue First Stablecoin Licenses

Reports indicate that Hong Kong is preparing to announce the first batch of stablecoin issuer licenses, with Standard Chartered, HSBC, and OSL Group among the potential recipients. According to The Sing Tao Daily, the list could be finalized and announced as early as next week, though it remains subject to change. The Hong Kong Monetary Authority (HKMA) has not commented on the reports. The framework for stablecoin licensing is expected to follow the Two Sessions, with fewer than four licenses initially issued.

VanEck Integrates Crypto ETFs into 401(k) Plans

VanEck is partnering with fintech platform Basic Capital to incorporate its digital asset ETFs into U.S. 401(k) retirement plans (CryptoNews). This collaboration will allow retirement savers to gain exposure to digital assets through ETFs, including VanEck’s spot Bitcoin ETF, spot Ethereum ETF, and the “On-Chain Economy” ETF. VanEck also launched a spot Avalanche ETF earlier this year.

Strive Increases Bitcoin Holdings and SATA Dividend

Publicly listed company Strive (ASST.US) has announced a 25-basis-point increase in its SATA preferred stock dividend to 12.75%, alongside a narrowing of the price range to $99-$101. The company has also increased its Bitcoin holdings to 13,311, and purchased $50 million worth of Strategy (MSTR.US) perpetual preferred shares STRC (CoinCentral).

FDIC Clarifies Stablecoin Insurance Status

Travis Hill, Chairman of the Federal Deposit Insurance Corporation (FDIC), has stated that stablecoin holders will not be eligible for any form of deposit insurance, including “pass-through insurance,” under the rules of the GENIUS Act (CryptoNews). The GENIUS Act explicitly distinguishes stablecoins from bank deposits, which are insured up to $250,000 by the U.S. Government. Stablecoins are required to maintain full reserves protected by the issuer.

SEC and CFTC Enhance Collaboration

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have signed a memorandum of understanding to enhance coordination and cooperation regarding crypto assets. The agencies aim to support legitimate innovation, uphold market integrity, and protect investors (CryptoNews). SEC Chairman Paul Atkins noted that past regulatory turf battles have stifled innovation, driving market participants to other jurisdictions.

Wells Fargo Files Cryptocurrency Trademark Application

Major U.S. Bank Wells Fargo &amp. Co (WFC.US) has filed a cryptocurrency-related trademark application for “WFUSD” with the United States Patent and Trademark Office. The filing indicates plans to offer services including cryptocurrency payment processing and asset tokenization (CryptoNews).

Ripple Initiates Share Repurchase Program

Ripple (XRP.CC) has initiated a share repurchase program of up to $750 million, valuing the company at approximately $50 billion (CryptoNews). The tender offer is open to investors and employees and is expected to conclude in April.

Mastercard Launches Global Crypto Partnership Program

Mastercard has launched a new global partnership program, enlisting over 85 digital asset companies, payment service providers, and financial institutions, including Circle, Binance, and Gemini. The initiative aims to integrate crypto payments with its network and promote stablecoins as an alternative to traditional payment rails (CryptoNews).

Coinbase Lobbies Against Bitcoin Tax Exemption

Cryptocurrency trading platform Coinbase (COIN.US) has allegedly been lobbying U.S. Lawmakers to oppose a tax exemption for small Bitcoin transactions, suggesting it be limited to stablecoins only. Bitcoin policy advocate Marty Bent disclosed that Coinbase argued “no one uses Bitcoin as currency” and that a tax exemption would be a “subsidy doomed to fail” (CryptoNews). The Bitcoin Policy Institute continues to advocate for exempting small Bitcoin transactions from capital gains taxes.