Source: Cointelegraph
Original: “Weekly Review and Outlook | FTX Launches $5 Billion Asset Return; 0x Acquires Flood; Mastercard Partners with MoonPay to Launch Stablecoin Payment Card”
Important News Review
FTX's second asset distribution will begin on May 30, distributing over $5 billion.
FTX's parent company, FTX Trading Ltd., will launch the second phase of its bankruptcy restructuring plan on May 30, distributing over $5 billion to creditors through BitGo and Kraken. Eligible creditors will receive funds within 1 to 3 business days starting from May 30.
Since the end of 2022, the price of Bitcoin (BTC) has risen by over 400%, from around $20,000 to over $100,000 at the time of this article's publication. According to the recovery plan, it is expected that 98% of creditors will receive at least 118% of their initial claim value, paid in cash.
0x Acquires Competitor Flood to Expand DEX Aggregator Market Share
Decentralized trading infrastructure company 0x announced the acquisition of aggregator competitor Flood, marking its first acquisition since its establishment in 2017. The deal aims to enhance trading efficiency and optimize quotes by leveraging Flood's self-developed aggregation software and development team, competing for market share on Ethereum and Solana. Currently, the total market capitalization of aggregators is approximately $2.3 billion, with intense market competition.
Mastercard to Partner with MoonPay to Launch New Stablecoin Payment Card
Mastercard has partnered with crypto payment company MoonPay to launch stablecoin payment card services for 150 million merchants worldwide. This service is based on the technology framework of Iron, a stablecoin payment company acquired by MoonPay in March this year, which will automatically convert transactions into fiat currency.
Stock and cryptocurrency trading platform eToro Goes Public on Nasdaq, Raising Nearly $310 Million
Robinhood's competitor, the online brokerage for cryptocurrency and stock trading, eToro, raised approximately $310 million in its initial public offering (IPO) in the U.S., pricing above the previously advertised range. The company issued 6 million shares at a price of $52 per share, valuing the company at $4.2 billion.
DeFi Development Corp. Invests $23.6 Million to Increase SOL Holdings
Nasdaq-listed DeFi Development Corp. purchased 172,670 Solana (SOL) tokens at an average price of $136.81, totaling approximately $23.6 million. This is the company's largest acquisition of SOL tokens to date and marks its 10th purchase under its digital asset treasury strategy. Following this transaction, the company now holds a total of 595,988 SOL tokens, valued at approximately $102.7 million, including staking rewards.
China Reduces Tariffs on U.S. Imports from 34% to 10%
Starting from May 14, China adjusted the additional tariff rates specified in the Tax Commission Announcement No. 2025/4, reducing the tariff on U.S. imports from 34% to 10%, and suspending the implementation of a 24% additional tariff on U.S. goods for 90 days.
China also ceased the implementation of the additional tariff measures specified in Tax Commission Announcement No. 2025/5 and Tax Commission Announcement No. 2025/6 from the same date.
Dubai to Collaborate with Crypto.com to Allow Cryptocurrency Payments for Government Service Fees
The Dubai government has signed a cooperation agreement with the crypto platform Crypto.com, allowing residents and businesses to use cryptocurrency to pay for government service fees. The plan relies on Crypto.com's technological infrastructure to enable instant conversion of digital assets to dirhams and transfer to government accounts. Amna Mohammed Lootah, Director of the Dubai Digital Payment System Regulatory Authority, stated that the goal is to achieve over 90% cashless transactions in the public and private sectors by 2026.
Next Week Highlights
DeFi Development to Conduct 1-for-7 Stock Split to Promote SOL Strategy
The board of DeFi Development Corp. has previously approved a 1-for-7 stock split of its common stock. This split will increase the outstanding shares from approximately 2 million to 14 million, with each shareholder receiving an additional 6 shares on May 19. If approved by Nasdaq, trading will resume on May 20 adjusted for the split.
Related: Stablecoin Bill Passed in the Northern Mariana Islands, House Overturns Previous Veto
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