US debt hits $40.25T as France approves tax on crypto-to-stablecoin swaps
- —US federal debt stood at $40.25 trillion on Oct. 5, per JEC
- —France passed crypto-to-stablecoin tax amendment 38-37
- —BIS: higher deposit rates curb stablecoin growth, USDC hit harder
- —$40.1 million liquidated in 24 hours, 60% longs
Why it matters: The French tax could set a precedent for the EU, while BIS data shows stablecoins competing directly with bank deposits.
Source: TokenPost