U.S. Senate passes housing bill containing a four-year ban on a Federal Reserve CBDC, advancing efforts to formally block a digital dollar despite limited Fed development

$314B of on-chain dollars already exists, led by USDT at $186B and USDC at $74.6B, so freezing a Fed CBDC mostly locks in the private-issuer model DeFi already runs on. The next fight is tokenized deposits: JPMorgan, BofA, Citi and Wells are lining up a 2027 bank-run network, and if that gets 24/7 settlement plus regulatory comfort while stablecoin yield gets squeezed, Circle/Tether keep crypto rails but banks keep the corporate balance sheets.

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