However, despite the potential negative effects of President Trump’s tariff policy changes on the U.S. Dollar and its supremacy, continuous modifications to U.S. cryptocurrency policy and legislation could serve as a counterbalance. This perspective is backed by President Trump’s statements expressing his support for the growth of the crypto industry, made shortly before the previous month’s “Liberation Day” tariff increase announcement.

Although the White House has been relatively silent on crypto matters since tariff discussions took precedence, Binance CEO Richard Teng believes another wave of transformation for the crypto space is imminent. Teng opines that the forthcoming wave of proposed legislation may accelerate institutional adoption of Bitcoin and other cryptocurrency assets, potentially boosting prices.

While President Trump’s indications about new cryptocurrency-related policy changes and legislation may have been somewhat vague, Teng’s insights lend credibility to the optimistic outlook on further institutional adoption of Bitcoin and other digital currencies.

At the recent Token2049 conference, Teng shared his experiences from recent meetings with U.S. regulators and key government officials. He expressed confidence in the future of crypto in the U.S., stating, “The enthusiasm and optimism in the U.S. are very real. I believe the U.S. will introduce very enlightened, pro-industry, and smart regulations that support the industry while managing the risk simultaneously.”

Previously, pro-growth regulatory changes like the approval of spot Bitcoin ETFs have resulted in major financial institutions embracing crypto. Teng is of the view that clear regulatory guidelines will trigger another wave of institutional adoption, potentially offsetting the short-term fear and uncertainty currently plaguing the space.

Despite the focus on tariffs, it’s evident that the Trump administration still has a keen interest in cryptocurrency. Based on the President’s statements in March, it’s clear that a pro-crypto agenda is still a priority for Trump and his administration.

Trump, speaking at the Digital Asset Summit 2025, shared his vision for America’s role in promoting the growth of the crypto and blockchain economy. He stated that the industry could “improve our banking and payment system,” leading to “an explosion of economic growth.” He also highlighted how stablecoins pegged to the U.S. Dollar could help “expand the dominance” of the world’s primary reserve currency.

The bottom line is, while some of Trump’s statements may be taken with a pinch of skepticism, others should be considered seriously. Only time will reveal the impact of stablecoins on U.S. Dollar dominance, particularly in the face of potential shifts away from American hegemony due to tariff changes. However, given Richard Teng’s recent comments, the Trump administration appears poised to introduce another game-changer for the crypto industry later this year.

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0849 GMT – Yields on U.K. government bonds, or gilts, increase as higher-than-expected wage growth data in the U.K. raises projections for sustained elevated interest rates. Earnings growth averaged 4.8% excluding bonuses from July to September, beating the 4.7% forecast by economists in a WSJ survey. “We anticipate the BOE will maintain caution and keep rates unchanged in December, with cuts possibly resuming in February,” says ING economist James Smith. The 10-year and 2-year gilt yields both rose 3 basis points, reaching 4.451% and 4.449%, respectively, Tradeweb data indicates. (miriam.mukuru@wsj.com)

0849 GMT – Oil prices remain steady in early European trading after being pressured in the previous session due to disappointment over China’s economic stimulus efforts and a stronger U.S. dollar. Brent crude and WTI rise slightly by 0.1% to $71.93 and $68.14 per barrel, respectively. “The ongoing strength of the USD following the U.S. election is creating significant headwinds for oil and broader commodities,” ING analysts Warren Patterson and Ewa Manthey comment. Traders now await monthly oil-market reports from OPEC and the IEA, as any downward adjustments in demand-growth forecasts could dampen market sentiment. (giulia.petroni@wsj.com)

0828 GMT – The British pound weakens as data reveals that the U.K. unemployment rate rose higher than expected, and wage growth decelerated, although slightly less than forecasted. Unemployment increased to 4.3% over the three months leading up to September from 4% in the prior quarter. Excluding bonuses, average earnings rose by 4.8% annually, just above the expected 4.7%. “The higher unemployment rate might prompt markets to consider an increased likelihood of a BOE rate cut next month,” XTB’s Kathleen Brooks comments. GBP/USD falls to a three-month low of 1.2800 following the data, down from 1.2825 prior, according to FactSet. EUR/GBP also rises to 0.8303 from 0.8294. (renae.dyer@wsj.com)

0820 GMT – U.K. wage growth will likely remain elevated, keeping inflation high and prompting caution from the Bank of England, says ING economist James Smith. Although average weekly earnings eased somewhat over the July-September period, they are still elevated, Smith notes. Rising unemployment notwithstanding, regular pay may continue to increase at a rate of around 4% per year until mid-next year, he suggests. With both wage growth and services inflation stubbornly high, the BOE is expected to hold off on rate cuts in December, with the next potential cut coming in February. (joshua.kirby@wsj.com; @joshualeokirby)

0816 GMT – The Bank of England is expected to gradually reduce interest rates, bolstered by signs of a cooling labor market, according to Paul Dales from Capital Economics. Ongoing issues with the monthly labor force survey mean that the bank will likely downplay the rise in the unemployment rate to 4.3% from 4.0%. Instead, it will focus on declining payrolls—showing a fifth decrease in seven months—and fewer job vacancies. This outlook suggests that the BOE may skip a rate cut in December but could resume cuts in February. (edward.frankl@wsj.com)

0805 GMT – The dollar climbs to a four-month peak, driven by expectations of a Republican sweep securing both houses of Congress and the White House, UBS Global Wealth Management reports. “The anticipated ‘red sweep’ has reignited the ‘Trump trade,’ lifting equities, bond yields, and the dollar,” UBS analysts state. The so-called Trump trade is based on the idea that his proposed policies, such as trade tariffs, could boost inflation, causing the Federal Reserve to hold off on deep interest rate cuts. The DXY dollar index reaches a high of 105.824. (renae.dyer@wsj.com)

0747 GMT – Moderating U.K. wage growth is keeping the Bank of England on course for a gradual schedule of rate cuts, says Kyle Chapman from Ballinger Group. Wage growth, excluding bonuses, decreased to 4.8% in the quarter ending in September, down from 4.9% in the previous three months. Although the wage growth figures were slightly above expectations, they still support the case for further quarterly rate cuts, Chapman states. Indeed, the labor market appears poised for further easing, with the latest data marking the 28th consecutive report showing a decline in vacancies. (edward.frankl@wsj.com)

0744 GMT – China’s economic stimulus push since September is projected to drive growth to 5.0% for 2024 and 2025, according to DBS economists. Exports are likely to remain robust as global demand holds steady, though new U.S. tariffs could cut up to one percentage point from GDP growth, say economists Mo Ji and colleagues. Consumption is expected to stay muted due to falling property prices and higher unemployment. Key risks focus on the property market, where DBS sees strong stimulus measures on both demand and supply sides, such as inventory destocking, aiding in stabilization. With a weakened economy and trade tensions, comprehensive support measures are crucial, DBS notes, highlighting the need for effective, well-executed policy rather than sheer volume. (fabiana.negrinochoa@wsj.com)

0743 GMT – Thailand’s economy is set to strengthen, with growth expected to rise to 3.1% in 2025 from an estimated 2.6% in 2024, Fitch Ratings analysts say. A rebound in tourism, increased government spending, and higher private consumption are expected to support stronger growth. Analysts project that by 2025, tourism could return fully to pre-pandemic levels, supported by favorable policy measures. However, risks remain, including possible weakened global demand, geopolitical tensions, and uncertainty regarding the U.S. post-election trade strategy. (amanda.lee@wsj.com)

0727 GMT – The long-term trend in bond yields remains upward, according to KBC Bank analysts. Markets are pricing in increased fiscal stimulus globally, which contributes to growth and inflation. “These short-term, growth-focused measures come with a higher credit premium as well,” they add. Following the holiday, the 10-year U.S. Treasury yield holds steady at 4.34%, unchanged since Friday, according to Tradeweb. (emese.bartha@wsj.com)

0710 GMT – Bond market liquidity and volatility are expected to increase as the U.S. and France return from long weekends, reports Christoph Rieger from Commerzbank Research. In the Eurozone, investors are focusing on Germany’s ZEW business sentiment index, the first survey after recent political developments, which analysts expect to show positive shifts in both current and future outlooks. Germany’s 10-year Bund yield opens flat at 2.32%. (emese.bartha@wsj.com)

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