Welcome to This Week in Crypto, where we break down the biggest stories shaping the future of cryptocurrency. From fast food to state Bitcoin reserves, crypto is making headlines in unexpected places.
Here’s a quick look at what’s new:
- New Hampshire makes crypto history: It’s the first U.S. state to legally allow government investment in Bitcoin.
- Bitcoin hits the drive-thru: Steak ‘n Shake will begin accepting Bitcoin at all U.S. locations starting May 16th.
- USD1 stablecoin explodes in growth: Backed by World Liberty Financial, it’s already one of the largest stablecoins by market cap.
Let’s dig into each story and explore what they mean for crypto!
New Hampshire Becomes First U.S. State to Approve State Bitcoin Reserve
New Hampshire has become the first U.S. state to legally allow its government to invest in cryptocurrency. On May 6th, Governor Kelly Ayotte signed House Bill 302, which gives the state treasury permission to invest in digital assets like Bitcoin, as well as precious metals. This move sets New Hampshire apart from other states, including Arizona and Florida, which recently failed to pass similar measures.
- House Bill 302 only permits investment in cryptocurrencies with a market cap over $500 billion, excluding smaller coins and memecoins.
- The law was passed by both the New Hampshire Senate and House and marks a step toward building a state-level crypto reserve.
- Arizona’s similar bill was vetoed, and Florida withdrew its crypto proposals, making New Hampshire the first to succeed.
This legislation comes as national conversations heat up around crypto reserves, with President Trump and Republican lawmakers proposing a federal Bitcoin reserve. As federal and state leaders explore crypto strategies, New Hampshire is now leading the way in turning policy into law.
Steak ‘n Shake to Accept Bitcoin at All U.S. Locations
Steak ‘n Shake is officially joining the crypto movement. Starting May 16th, the American fast food chain will accept Bitcoin payments at all of its U.S. locations. This marks one of the first full-scale Bitcoin payment rollouts by a major restaurant brand.
- Over 100 million Steak ‘n Shake customers will be able to pay for their meals in Bitcoin.
- The company first teased the idea in March, building excitement with crypto-themed marketing.
- While other chains have tested crypto payments in limited trials, Steak ‘n Shake is launching it nationwide.
This launch will be a major test of Bitcoin’s speed and usability in a fast-paced retail setting. With this move, Steak ‘n Shake is betting on Bitcoin becoming more than just a trend.
New Stablecoin USD1 Becomes a Top Stablecoin in Two Months
A new stablecoin called USD1 has quickly climbed the ranks to become one of the largest stablecoins in the world. Launched in early March by World Liberty Financial, USD1’s market cap has surged from $128 million to over $2 billion in just a few weeks. Most of the growth has been fueled by activity on the BNB Chain and international interest.
- USD1’s supply is nearly all issued on Binance-backed BNB Chain, with over 99% of its circulation based there.
- The token’s market cap now stands at $2.2 billion, surpassing competitors like PayPal USD and Tether Gold.
- A community vote is underway to decide on a potential airdrop for USD1 holders, while most investor interest appears to come from outside the U.S.
USD1’s market cap still trails far behind major stablecoins like Tether (USDt) at $149 billion and USDC at $61 billion. Its future will depend on continued adoption, utility, and global support.
