Introduction

This report provides an overview of Web3 policy developments and macroeconomic events in March 2025. It highlights major global economic and crypto market trends, including key economic data releases, policy shifts, and industry updates. From fluctuations in U.S. ADP employment figures to the Federal Reserve’s evolving monetary stance, and changes in crypto regulatory frameworks, each of these developments carries significant implications for both market participants and policymakers. By unpacking and analyzing these critical events, this report aims to offer readers deeper insight into the current economic climate and what it may signal for the road ahead.

Abstract

• March 3 – Donald Trump announced a push to establish a U.S. crypto reserve, designating BTC, ETH, SOL, XRP, and ADA as core reserve assets.
• March 5 – USDC became the first USD-pegged stablecoin officially approved in Japan.
• March 5 – U.S. February ADP employment unexpectedly fell to 77,000, well below expectations.
• March 10 – The Utah State Senate passed a Bitcoin bill, though provisions related to reserve investment were removed.
• March 12 – U.S. core CPI (YoY, unadjusted) for February came in at 3.1%, the lowest since April 2021.
• March 14 – U.S. March University of Michigan consumer expectations index came in far below forecasts; long-term inflation expectations (5–10 years) hit their highest level since 1993.
• March 19 – The Federal Reserve announced it would keep the federal funds rate steady within the 4.25%–4.5% target range.
• March 24 – The International Monetary Fund (IMF) formally defined crypto asset classifications, listing Bitcoin under the capital account category.
• March 27 – Wyoming announced plans to launch the WYST stablecoin token in July.

Timeline

Figure 1: Crypto Policy Timeline

Key Events

March 3 — Trump Announces Push to Establish U.S. Crypto Reserve, Making BTC, ETH, SOL, XRP, and ADA Core Assets

U.S. President Donald Trump announced on Truth Social that his executive order on digital assets would promote the establishment of a U.S. strategic cryptocurrency reserve, which will include XRP, SOL, and ADA. He also stated that BTC and ETH will be core assets of this reserve. Trump criticized the Biden administration for its crackdown on the crypto industry and pledged to make the United States a global cryptocurrency hub.

Following the announcement, market sentiment surged. Within 24 hours, SOL rose 20.1% to surpass 170 USDT, XRP surged 31.5% to break above 2.8 USDT, and ADA jumped 68% to exceed 1.1 USDT.

Trump’s stance underscores that cryptocurrencies have become a significant political issue in the U.S., with policy positions potentially having a direct market impact. His support may further drive regulatory relaxation for the crypto industry and attract increased capital inflows. However, the proposal still lacks concrete implementation details. While the market is currently driven by sentiment in the short term, its long-term impact remains to be seen.[1]

March 5 — USDC Becomes First Approved U.S. Dollar Stablecoin in Japan

SBI VC Trade, the virtual currency exchange under Japanese financial giant SBI Holdings, has been granted a license by Japan’s Financial Services Agency (JFSA) as an electronic payment service provider under the new payment framework, making it the first institution in Japan to receive such approval. At the end of 2023, SBI Holdings signed a partnership agreement with Circle to bring Circle’s USDC stablecoin to the Japanese market. With this new registration, SBI VC Trade plans to launch a beta version of its USDC-related services on March 12.[2]

This development signals growing recognition of cryptocurrency legitimacy within traditional financial systems. For Circle, this marks a major step in entering the Japanese market and is expected to significantly boost USDC’s adoption and influence in Asia. Japan’s fintech ecosystem also reflects a more open and inclusive regulatory stance toward crypto technologies.

March 5 — U.S. February ADP Employment Unexpectedly Drops to 77,000, Below Expectations

Data released by ADP Research shows that U.S. private sector employment increased by only 77,000 in February, falling short of the expected 140,000 and down from January’s revised figure of 183,000. The slowdown in hiring may be due to policy uncertainty and reduced consumer spending, leading to layoffs or slower recruitment last month. The ADP report and the recent rise in jobless claims suggest that the U.S. labor market is gradually cooling. Layoffs by federal contractors and similar firms have further exacerbated this trend.

The University of Michigan’s monthly survey reveals growing consumer concern about rising unemployment over the next year. Declining consumer confidence may further suppress spending, increasing the risk of an economic slowdown. The Federal Reserve closely monitors signs of labor market deterioration as it attempts to strike a balance between supporting employment and controlling inflation. The weak employment data undoubtedly adds complexity to the Fed’s decision-making process.[3]

March 10 — Utah Senate Passes Bitcoin Bill, Reserve Investment Clause Removed

The Utah State Senate recently passed HB230 — the “Blockchain and Digital Innovation Amendments” — with a vote of 19 in favor, 7 against, and 3 abstentions. A key highlight of the original bill was a provision allowing the state treasury to invest up to 5% of its funds in digital assets with a market cap exceeding $500 billion, effectively making Bitcoin the sole eligible asset. This would have positioned Utah as the first U.S. state to hold Bitcoin reserves. However, this forward-looking clause was removed during the legislative process. The House accepted the revised version with a 52–19–4 vote. The current version focuses primarily on legally safeguarding Utah residents’ basic rights in the crypto space, such as Bitcoin custody, mining, node operation, and staking.[4]

This amendment reflects the state legislature’s attempt to balance digital economic innovation with prudent risk management. While the original investment clause was groundbreaking, its removal highlights lawmakers’ concerns over the risks of direct exposure to highly volatile assets. Nonetheless, by clearly protecting individual rights, the bill still lays a solid legal foundation for the development of Utah’s crypto industry. It provides a model for other regions seeking to strike a balance between innovation and risk control.

March 12 — U.S. February Core CPI YoY Unadjusted at 3.1%, Lowest Since April 2021

U.S. inflation data for February fell below expectations, sending a significant signal to the global economy. According to the U.S. Bureau of Labor Statistics, the unadjusted core Consumer Price Index (CPI) rose 3.1% year-over-year in February—below the market forecast of 3.2% and marking the lowest level since April 2021. On a month-over-month seasonally adjusted basis, core CPI rose just 0.2%, a notable slowdown from January’s 0.4%. The simultaneous cooling of these two key indicators signals a breakthrough in inflation control for the world’s largest economy. In the short term, liquidity easing driven by rate cut expectations will support asset prices. In the medium term, attention will turn to the actual pace of Federal Reserve policy implementation and the evolution of regulatory frameworks. Over the long term, cryptocurrencies are expected to continue strengthening their role as a hedge against inflation amid the ongoing restructuring of the global monetary system.[5]

March 14 — U.S. March Consumer Expectations Drop Sharply, Long-Term Inflation Expectations Hit Highest Since 1993

On March 14, the University of Michigan released its preliminary March consumer sentiment survey, revealing that the U.S. consumer sentiment index fell from 67.8 to 57.9, marking a third consecutive monthly decline. One-year inflation expectations rose sharply to 4.9%, up from 4.3% in February, while 5–10 year inflation expectations hit their highest level since 1993. This suggests growing consumer concern over future price increases and economic stability, especially against the backdrop of Trump’s tariff policies and market volatility.

The decline in consumer confidence and the rise in inflation expectations have had multifaceted effects on the market. A sustained drop in consumer confidence could reduce future spending, potentially slowing economic growth. On the other hand, rising inflation expectations might reshape market outlooks for Federal Reserve policy, as investors worry that persistent inflation could prompt the Fed to tighten monetary policy further. Despite these concerns, U.S. stock markets saw a strong rebound on the same day, buoyed by optimism over the government averting a shutdown and a lack of new actions on Trump’s tariff agenda. The crypto market also responded positively, with Bitcoin rising 3.53%. However, this rebound may be short-lived. In the long term, Trump’s tariff policies have introduced significant uncertainty, negatively affecting investor sentiment. Markets are concerned these measures could disrupt global supply chains, raise production costs, intensify inflationary pressure, and potentially hamper global economic growth.[6]

March 19 — U.S. Federal Reserve Announces Interest Rates to Remain at 4.25%–4.5%

On March 19, the U.S. Federal Reserve (Fed) announced it would maintain the federal funds rate target range at 4.25% to 4.5%, in line with market expectations. The Fed reaffirmed its plan to implement two rate cuts in 2025 but revised its 2025 GDP growth forecast downward to 1.7% (previously 2.1%) and projected inflation to hover around 3%—above its 2% target. The Fed warned that tariff policies under the Trump administration could increase economic uncertainty and fuel inflationary pressures. Nonetheless, the Fed noted that adjustments in growth and inflation expectations somewhat offset each other, so its rate cut forecast remained unchanged. In response, the U.S. dollar market showed a muted reaction, while most crypto assets rebounded, reflecting a generally positive market interpretation of the Fed’s decision.[7]

March 24 — IMF Defines Crypto Asset Categories, Lists Bitcoin Under Capital Account

For the first time, the International Monetary Fund (IMF) introduced classification principles for digital assets in the updated Balance of Payments and International Investment Position Manual (BPM7). The IMF categorized Bitcoin, stablecoins, Ethereum, Solana, and other digital assets based on whether they carry liabilities or exhibit substitutability, and incorporated them into the official statistical framework. Bitcoin and similar tokens without backing liabilities are categorized as non-produced, non-financial assets and placed under the capital account. Stablecoins, due to their redemption obligations, may be considered financial instruments.

As a key pillar of the global economic system, the IMF oversees international monetary stability, promotes global trade, and provides economic policy guidance. Its BPM series is the authoritative reference for compiling balance of payments statistics, widely used by central banks, statistical agencies, and financial markets. By updating BPM7, the IMF aims to monitor better international transactions involving digital assets, enhance global financial stability analysis, and improve policy recommendations. National statistical agencies must adjust their data collection methods—e.g., treating Bitcoin as a capital account item or classifying mining services as exports. This may drive more resources into the blockchain sector and increase demand for related talent. For the digital asset industry, this move boosts legitimacy and could attract further investment. However, the IMF’s classification—Bitcoin as a capital account asset, stablecoins as financial instruments, ETH and SOL as equity-like assets, and mining as an export service—may affect regulatory frameworks, taxation, and cross-border investment, prompting more countries to develop related industries.[8]

March 27 — Wyoming Plans to Launch WYST Stablecoin in July

Wyoming is planning to launch its own stablecoin, the WYST token, in July 2025. This would be the first U.S. stablecoin issued by an official government entity and backed by fiat currency. The token’s value will be fully collateralized by U.S. Treasury securities, cash, and repurchase agreements, ensuring a capitalization rate of at least 102%. The state government aims to use interest income from the reserve assets to fund education and infrastructure projects. Currently, Wyoming is evaluating deployment and transaction options on blockchain platforms such as Solana, Ethereum, and Polygon.

The launch of the WYST token marks the first official entry of a U.S. local government into the cryptocurrency space, potentially laying the groundwork for stablecoin initiatives by other states or even federal entities. With fiat backing and a clear over-collateralization requirement, WYST may offer greater stability and regulatory compliance than existing stablecoins like USDT and USDC. This initiative could attract traditional institutional investors into the crypto market and promote the application of blockchain technology in public finance. However, the token’s success will hinge on market acceptance, support from exchanges, and competition with existing stablecoins. Additionally, if WYST is deployed on Solana, Ethereum, or Polygon, it could further stimulate the development of those blockchain ecosystems, creating a positive market impact.[9]

Conclusion

In March 2025, the global economic and financial landscape remained highly dynamic and complex. U.S. inflation data for February came in below expectations across the board, and the University of Michigan’s Consumer Sentiment Index dropped sharply from 67.8 to 57.9 in March—signaling a clear economic slowdown. In the crypto space, the International Monetary Fund (IMF) formally defined the classification of crypto assets, placing Bitcoin under the capital account category. Meanwhile, Donald Trump announced plans to establish a U.S. crypto reserve, naming BTC, ETH, SOL, XRP, and ADA as core reserve assets. Overall, March saw a wave of policy and regulatory developments broadly favorable to the crypto market. These events, deeply interconnected, not only influenced short-term market movements but also provided valuable indicators for formulating future economic policies and potential market direction.


References:

1. Techflow,https://www.techflowpost.com/article/detail_23958.html
2. Coindesk,https://www.coindesk.com/markets/2025/03/04/circle-s-usdc-to-be-first-usd-stablecoin-in-japan
3. MarketWatch,https://www.marketwatch.com/story/adp-says-just-77-000-private-jobs-created-in-february-as-businesses-navigate-trump-tariffs-13a3cd08
4. Cointelegraph,https://cointelegraph.com/news/utah-senate-passes-bitcoin-bill-but-removes-reserve-clause
5. CNBC,https://www.cnbc.com/2025/03/12/cpi-inflation-report-february-2025.html
6. Cryptocraft,https://www.cryptocraft.com/calendar?day=mar14.2025#graph=141259
7. SEC,https://www.sec.gov/Archives/edgar/data/2060703/000199937125002694/canarysui-s1_031725.htm
8. IMF,https://www.imf.org/-/media/Files/Data/Statistics/BPM6/draft-bpm7-wcv.ashx
9. STC,https://stabletoken.notion.site/

Gate Research
Gate Research is a comprehensive blockchain and crypto research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Click the Link to learn more

Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.