Crypto Market Watches US Stablecoin Rule Comment Deadline, May Jobs Data

The crypto market is focused this week on the US stablecoin regulatory timeline and labor-market data. As stablecoin legislation moves into the implementation stage, US employment figures will serve as a key test for the Federal Reserve’s policy path.

CoinDesk reported on June 1 that the US comment period on stablecoin rules related to the GENIUS Act will close this week. That marks the point at which a federal stablecoin framework begins shifting beyond statutory language into operating rules for issuers.

The main issues in the comment process include who can issue stablecoins, reserve-asset requirements and whether yield-bearing stablecoins should be allowed. Banks have pushed in recent months for a slower regulatory rollout, and debate over yield-bearing stablecoins has also influenced discussions around the Clarity Act, CoinDesk reported.

The Senate is scheduled to resume discussions on the Clarity Act on June 3. CoinDesk said lawmakers may again consider combining provisions related to the Commodity Futures Trading Commission and updates to the GENIUS Act into a single legislative framework. The target date is a signing in August.

The stablecoin market continues to grow. CoinDesk reported that Samara Cohen, BlackRock’s chief investment officer of ETF and index investments, described stablecoins as “a bridge between traditional finance and digital liquidity.” Stablecoin supply reached a record $322 billion at the end of May.

The macroeconomic calendar could also drive market volatility. This week’s releases include Institute for Supply Management manufacturing and services purchasing managers indexes, Job Openings and Labor Turnover Survey data, ADP private payrolls, weekly initial jobless claims and May nonfarm payrolls. CoinDesk said the data may offer further clues on the Fed’s next policy move.

The key event is May US nonfarm payrolls, due on June 5. The market forecast calls for an increase of 96,000, down from the prior reading of 115,000. The unemployment rate is projected to hold at 4.3%, while average hourly earnings are expected to rise 0.3% from a month earlier.

Token events are also on the calendar. Sui will unlock $12.88 million of tokens on June 1, equal to 0.36% of circulating supply. Ethena is scheduled to unlock $15.17 million of tokens on June 5, or 2.07% of circulating supply. Hyperliquid is set to unlock $673 million of tokens on June 6, equivalent to 2.54% of circulating supply.

Markets are watching how policy developments and macroeconomic data combine to shape crypto prices this week. Stablecoin regulatory discussions could lift expectations for broader adoption in mainstream finance, while stronger labor data may revive concerns over higher interest rates.