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U.S. Treasury adds PayPal, Venmo to national debt donations as bitcoin reserve bill stalls

The U.S. Treasury has added PayPal and Venmo payments to its Pay.gov form that allows the public to make voluntary donations to reduce the national debt. The program has operated since 1961, with about $67 million received since 1996 and around $30,000 in February 2026. Donations remain small compared with total U.S. debt of $39 trillion and monthly interest costs of about $88 billion. A proposed bitcoin reserve bill remains stuck in committee.

Crypto

Musk\'s X Money seen launching in April; CLARITY bill a variable

X, formerly Twitter, is preparing a payment service called X Money that could disrupt the U.S. payments market, analysts said. Mizuho Research analysts said the service could put direct pressure on PayPal and Venmo and is expected to launch in April. They warned that plans to integrate cryptocurrency payments and offer returns on user balances could face regulatory obstacles, including New York’s CRYPTO bill and discussions around the federal CLARITY bill.

Crypto

Who drives the stablecoin market: Issuance by Circle, distribution by Coinbase

Institutional finance payment infrastructure is shifting from correspondent banking-led structures to stablecoin networks, with key functions concentrated among a handful of firms. Stablecoin market capitalisation rose to $317.89 billion in April 2026 from about $125 billion in early 2024, while 2025 transfer volume reached $33 trillion. USDC led institutional payments. Issuance centres on Circle and Paxos, distribution on Coinbase and Wintermute, and custody on Fireblocks and exchange cold wallets.