Aug 19 — Stablecoins, ETF outflows, and TradFi convergence

• Treasury proposed rules to implement the GENIUS Act's stablecoin issuer framework — setting the regulatory perimeter for who can mint dollar-pegged tokens in the US for the first time. • Spot Bitcoin ETFs saw $389.7M in outflows between Aug 10–14, the largest weekly bleed in six weeks — coinciding with BTC's worst weekly performance since June, signaling institutional risk-off. • Citi will launch bitcoin custody for institutional clients later this year under its Custody+ platform — removing a key operational barrier for large allocators and deepening TradFi's crypto integration.