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Blockworks

A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks.

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The Breakdown

Tether has officially launched its US-compliant stablecoin, USAT, a Genius Act–aligned, Treasury-backed token designed to operate squarely inside the American regulatory perimeter, giving the company a powerful hedge as global rules harden and tokenization accelerates. But the bigger story may be what comes next: Tether’s rapid accumulation of gold, now rivaling central banks and openly framed by CEO Paolo Ardoino as preparation for a fractured monetary order where gold-backed alternatives to the dollar emerge. The episode explores why USAT is less about replacing USDT than expanding optionality, how Tether is positioning itself as a quasi-sovereign financial actor straddling competing systems, and why dire warnings about stablecoin yield draining bank deposits look far less destabilizing when set against the scale of the global financial system.

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 Breakdown: https://twitter.com/BreakdownBW

Tether Goes Fully American and Doubles Down on Gold

As Washington digs out from a winter storm, there are signs that the long-stalled crypto market structure bill may be inching forward again, with behind-the-scenes negotiations aiming to revive a bipartisan path in the Senate Agriculture Committee. The episode unpacks the competing narratives around whether talks are truly back on track, the political tradeoffs shaping the next markup, and why stablecoin yield remains the most stubborn blocker. It also looks at how pressure is building from outside Washington, from Coinbase and Bloomberg’s Neil Ferguson pushing back on banking-lobby arguments, to new yield-bearing products from Bitwise and BlackRock that could make parts of the debate obsolete, before closing with a look at how Bitcoin miners’ grid-balancing role showed up during the latest round of extreme winter weather.

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 Breakdown: https://twitter.com/BreakdownBW

Market Structure Thaw as Stablecoin Fight Intensifies

A crypto-native deep dive into the systems, incentives, and power structures shaping the industry. Hosted by David C.

The Breakdown with David Canellis | Teaser

Bitcoin stumbles through another Sunday-night slide as gold rips to historic highs, pulling attention and liquidity away from crypto and fueling talk of a speculative metals mania layered on top of genuine macro fear. This episode digs into why gold’s breakout is happening now, how ETF outflows, loss realization, and shaken conviction are weighing on Bitcoin, and why the growing contrast between physical metal liquidity and Bitcoin’s always-on exit may ultimately reinforce the long-term thesis even as short-term sentiment stays ugly.

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 Breakdown: https://twitter.com/BreakdownBW

Gold Mania and a Bitcoin Stall

Brian Armstrong takes Bitcoin to the World Economic Forum as Davos wrestles with the visible unraveling of the old global order, putting the Bitcoin standard, stablecoin yield, and crypto market structure squarely in front of central bankers and political leaders. This episode walks through Armstrong’s exchanges with European officials, Trump and the White House weighing in on legislation, growing pressure to strike a deal on market structure, and why the real fight now centers on stablecoin yield and DeFi protections as the industry pushes to get a bill across the finish line.

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 Breakdown: https://twitter.com/BreakdownBW

Bitcoin Meets Davos

Markets are selling off across the board as stocks, bonds, and the dollar all fall together, signaling something bigger than a routine drawdown. This episode unpacks why the latest crash feels like a true regime shift, tying together the Japanese bond market shock, escalating trade and geopolitical conflict, and explicit declarations from global leaders that the post–Cold War rules-based order is breaking down. From Greenland to Davos to Tokyo, the common thread is uncertainty about what comes next—and what it means for risk assets, rates, and the global financial system.

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 NLW: https://twitter.com/nlw

 Breakdown: https://twitter.com/BreakdownBW

The Macro Market Crash and the End of the Old Order

Today’s episode digs into the deepening market structure fallout in Washington, tracing how Coinbase’s withdrawal from the bill triggered White House anger, exposed fractures across the crypto lobby, and reignited bipartisan resistance in the Senate, particularly around DeFi liability and stablecoin yield. The episode explores why stablecoin yield has become the central fault line between banks and crypto, with banks warning of deposit flight while critics argue the real issue is banks protecting profits at the expense of consumers, leaving the bill stuck between irreconcilable interests. The result is a pessimistic moment for crypto legislation, where momentum still exists but the path forward increasingly looks like it will require one side to cave—or the effort to collapse entirely.

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 Breakdown: https://twitter.com/BreakdownBW

The Stablecoin Yield Standoff

Bitcoin finally delivered a jolt of life, surging to $96,000 in its biggest move of 2026 and breaking a long stretch of boredom for crypto markets. The episode unpacks why this rally may matter less for its specific catalysts and more for what it signals about liquidity, positioning, and market psychology, with reactions ranging from technical optimism to deep skepticism. It also digs into new data from Wintermute and Bitwise that suggest crypto’s market structure is maturing, liquidity is concentrating in the majors, and financial advisors are more committed than ever, even after volatility. Whether this move has legs or fizzles out, it marks a notable shift in tone for Bitcoin and the broader crypto market.

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 Breakdown: https://twitter.com/BreakdownBW

Bitcoin Wakes Up

Bitcoin has spent the opening weeks of 2026 trading sideways, but beneath the surface a second phase of institutional adoption is taking shape. This episode unpacks why Morgan Stanley’s move toward a Bitcoin ETF matters, how this “round two” differs from the first era of arm’s-length distribution via ETFs, and why structured products signal deeper strategic intent from Wall Street. The conversation then turns to the fragile state of U.S. market structure legislation, the fight over stablecoin yield, and why regulatory clarity is now the gating factor for the next wave of adoption. Finally, the episode explores the growing influence of ratings agencies on Bitcoin-linked products and what that means for institutional demand as the window for a true inflection point rapidly narrows.

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 Breakdown: https://twitter.com/BreakdownBW

Phase Two of Institutional Bitcoin Adoption

A seismic escalation in the clash between the White House and the Federal Reserve as reports emerge that Fed Chair Jerome Powell is under criminal investigation, raising unprecedented questions about central bank independence, the credibility of US institutions, and the future of the dollar. This episode breaks down what the investigation is actually about, why Powell is framing it as political retaliation, how lawmakers and markets are reacting, and what a direct assault on Fed autonomy could mean for equities, bonds, gold, Bitcoin, and America’s position at the center of the global financial system.

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 Breakdown: https://twitter.com/BreakdownBW

Powell Under Prosecution and the End of Fed Independence

At this point, markets are racing to figure out what they believe the recent spate of U.S. bank failures means for monetary policy. Will the Federal Reserve stay the course? Will it be forced to pivot on raising interest rates? NLW brings you the debate as well as how the latest CPI inflation data affects the discussion.

The Banking System Broke; Will That Force a Fed Pivot?

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