Today in crypto, the IRS head of digital assets division has resigned, Coinbase forecasts that the US dollar-backed stablecoin market will eclipse $1 trillion in three years. Meanwhile, the European Union is reportedly exploring Ethereum and Solana for its digital euro central bank digital currency (CBDC).
IRS crypto boss Trish Turner resigns just 3 months into the role
Trish Turner has resigned as head of the United States Internal Revenue Service’s (IRS) digital assets division after roughly three months in the role.
“After more than 20 years with the IRS, I have closed an extraordinary chapter of my career with deep appreciation for those who shaped my journey and made the work so meaningful,” Turner said in a LinkedIn post on Friday.
“Together, we navigated complex challenges, built lasting programs, and laid the groundwork for the IRS’s digital asset strategy as it shifted from niche to mainstream,” Turner added.
Turner did not say in her post where she will go next, but explained she looks “forward to continuing this mission from a new vantage point and to building bridges between industry and regulators.”
Bloomberg Tax reported on Friday that Turner told the publication during an interview that she will become the tax director at the crypto tax firm Crypto Tax Girl. On the same day, Crypto Tax Girl founder Laura Walter said in a LinkedIn post that Turner will join the firm.
A trillion-dollar stablecoin market is brewing
The US dollar-pegged stablecoin market is projected to reach $1.2 trillion by 2028, driven by comprehensive US regulations and growing recognition of the asset’s utility, according to new research from Coinbase.
The cryptocurrency exchange noted that as stablecoins continue to expand, the US Treasury market will need to grow as well, since issuers rely on short-term T-Bills to back their collateral. Coinbase also downplayed concerns that this expansion would cause a sharp drop in Treasury yields.
“We think the forecast doesn’t require unrealistically large or permanent rate dislocations to materialize; instead, it relies on incremental, policy-enabled adoption compounding over time,” Coinbase said.
A key catalyst for US stablecoins will be the GENIUS Act, a recently passed regulatory framework designed, in part, to reinforce the dollar’s role as the world’s reserve currency through stablecoin adoption. The law is scheduled to take effect in January 2027.
EU exploring Ethereum, Solana for digital euro launch: FT
The European Union is reportedly exploring major public blockchain networks including Ethereum and Solana in connection with its digital euro design.
The European Central Bank (ECB) is considering running a digital euro on a public blockchain like Ethereum rather than a private one, the Financial Times reported on Friday, citing people familiar with the matter.
Unlike a private blockchain, where data is limited to authorized entities, public blockchains like Ethereum or Solana are open to everyone.
If confirmed, the EU’s exploration of public blockchains would represent a significant milestone in the digital euro’s development, given that the ECB has not yet finalized the technology framework for the project.
The use of a public blockchain is “definitely something that [EU officials are] taking more seriously now,” one of the people involved in the digital euro discussions told the FT.
Another person said a digital euro in a private form would look “much more like what the Chinese central bank is doing than what private companies in the US are doing.”
The person specifically referred to China’s central bank digital currency (CBDC), deployed privately, as opposed to public-run stablecoins developed by companies like Circle.