The Daily: Cloudflare joins stablecoin race with NET Dollar plans, US Senate sets hearing on crypto taxation, and more

Cloudflare makes a major move into the cryptocurrency space by announcing plans to launch NET Dollar, a new stablecoin that could reshape the digital asset landscape. This development positions the web infrastructure giant as a serious competitor in the rapidly expanding stablecoin market, currently dominated by USDT and USDC.

Meanwhile, the US Senate has scheduled crucial hearings on cryptocurrency taxation, signaling increased regulatory scrutiny for Bitcoin, Ethereum, and other digital assets. These discussions could significantly impact DeFi protocols, crypto trading, and blockchain-based investments across the United States.

The cryptocurrency market continues evolving as traditional tech companies explore blockchain integration and stablecoin development. Cloudflare's entry into crypto represents growing institutional adoption, potentially driving new investment flows into digital assets. The Senate's focus on crypto taxation frameworks suggests lawmakers are preparing comprehensive regulations for the booming cryptocurrency sector.

These developments highlight the ongoing maturation of the crypto ecosystem, with major corporations recognizing the value of blockchain technology and stablecoins. Market participants should monitor both Cloudflare's NET Dollar progress and emerging US tax policies, as these factors could influence Bitcoin prices and broader cryptocurrency market dynamics in coming months.