BlockBeats will summarize key industry news from the week of May 19 to May 25 in this article, and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important News Review
Bitcoin Surpasses $110,000 on the 15th Anniversary of "Pizza Day," Setting a New Historical High and Becoming the Fifth Largest Asset Globally
On May 22, the 15th anniversary of "Bitcoin Pizza Day," Bitcoin broke through $110,000, setting a new historical high. This surge allowed Bitcoin to surpass Amazon again, becoming the fifth largest asset by market capitalization globally. "Bitcoin Pizza Day" marks the day of the first commercial transaction using Bitcoin. On May 22, 2010, programmer Laszlo Hanyecz from Florida bought two Papa John's pizzas for 10,000 Bitcoins, which was worth about $40 at the time. Fifteen years later, that Bitcoin is now valued at nearly $1 billion. In contrast, the current market capitalization of publicly traded Papa John's stock is only $1.655 billion. Related articles: “Bitcoin Surpasses $110,000 Again, Accelerating Structural Changes in Crypto Market Purchasing Power”, “Will BTC Enter a 'Ten Thousand Dollar Ladder' Rise? The Next Target is $160,000”, “Why is This Bull Market Different from Previous Ones? Six Charts Reveal the Driving Forces Behind Bitcoin's Rise”
The Protagonist of Bitcoin Pizza Day Once "Earned Thousands of Bitcoins Daily," Spending Nearly 100,000 BTC on Pizza in 2010
On May 22, Forbes reported that programmer Laszlo Hanyecz, who spent 10,000 Bitcoins to buy two Papa John's pizzas in 2010, was more "extravagant" with Bitcoin than the public believes. Hanyecz stated in a 2019 interview that he spent nearly 100,000 Bitcoins on pizza in 2010, which is now worth over $8.7 billion. He also provided his Bitcoin address as proof. Wallet records show that from April 10 to August 4, 2010, Laszlo transferred out over 79,000 Bitcoins. Hanyecz is an early Bitcoin developer who not only designed the first MacOS Bitcoin client but was also the first person to discover GPU mining, aside from Satoshi Nakamoto. Related articles: “The 'Madman' Who Bought Pizza with 10,000 Bitcoins Jokes: This is My Best Investment”
TRUMP Dinner Held This Thursday in Washington, Attended by Justin Sun, Ronin Co-Founder, Magic Eden Co-Founder, and Others
On May 23, the TRUMP dinner was held in Washington. Trump himself spoke at the event but did not present any new viewpoints. Although the TRUMP dinner prohibited live streaming or recording devices, some attendees still shared photos of the event on social media. In addition to Justin Sun (the largest holder of TRUMP tokens), Ronin Network co-founder Jihoz.ron, and Magic Eden co-founder and CEO Jack Lu also posted updates about their attendance on social media. According to community shares, the dinner menu included organic garden salad, with the main course being either filet mignon or pan-seared halibut, accompanied by garlic mashed potatoes and a vegetable platter. Related articles: “Transcript of Trump's Crypto Dinner: A Carefully Designed 'Performance' at the Intersection of Politics, Technology, and Capital”, “What Did Everyone Eat at Trump's Crypto Dinner?”, “U.S. President's Private Dinner with Crypto Giants Sparks Bipartisan Outrage: 'A Constitutional Shame'”, “Trump's Crypto Dinner: Average Spending Exceeds $1 Million, with 70% of Attendees Not Being Americans?”
Cetus Protocol Hacked for Over $260 Million, Successfully Freezing $160 Million but Raising Centralization Concerns
On May 22, Cetus Protocol, the largest on-chain liquidity protocol in the Sui ecosystem, suffered a hacker attack, causing multiple trading pairs to plummet temporarily and liquidity pool depth to drop sharply, with the CETUS token falling from $0.25 to $0.18. According to on-chain data monitoring, the attacker stole over $260 million in funds and has exchanged $61.47 million USDC and 1,770.5 SOL (approximately $315,000) for 23,244 ETH (worth about $61.6 million), subsequently transferring 20,000 ETH (worth about $53 million) to a new address. The Sui official quickly responded, stating they would assist in investigating the incident. Later that evening, Sui co-founder Adeniyi Abiodun announced that they had successfully frozen $160 million of the stolen assets and planned to return it to the Cetus liquidity pool. Currently, Cetus is working hard to track the remaining stolen funds. Related articles: “After Being Hacked for $260 Million, On-Chain Transactions Frozen, Sui's 'On-Chain Review' Raises Centralization Concerns”, “How Sui 'Frozen' the Hacker's Address: Is Decentralization a Lie?”
U.S. SEC Chairman: Will Draft Rules Related to Cryptocurrency, No Longer Fear Innovation in the Crypto Space
On May 19, SEC Chairman Paul Atkins stated during an SEC speech that the crypto market has long been in a regulatory gray area under the SEC. He has recently instructed the corporate finance department to enhance transparent communication and initiate the drafting of crypto rules, currently working to clear regulatory obstacles through statements. He hopes to allow registered institutions to custody and trade both securities and non-securities assets on the same platform, reducing costs for investors and accelerating the inclusion of non-securities under federal regulation. To this end, the SEC has requested budget adjustments from Congress to incorporate FinHub into the institutional framework to align with innovation trends.
U.S. Senate Passes Procedural Motion, GENIUS Stablecoin Bill Enters Formal Review Stage
On May 20, FOX Business reporter Eleanor Terrett reported that the U.S. Senate voted to pass the "cloture motion" to formally review the "GENIUS Act," with at least 15 Democratic senators changing their stance to vote in favor, including Cortez Masto, Adam Schiff, and Mark Warner. The bill will now enter a comprehensive review process; it has only passed the "cloture motion," and the bill itself has not yet been approved. The "GENIUS Act" will next enter the debate and amendment phase in the Senate. Related articles: “Breakdown of the GENIUS Stablecoin Act: Issuance Qualifications, Regulatory Red Lines, and Core Uses”, “Why You Shouldn't Underestimate the Significance of the U.S. Stablecoin GENIUS Act”, “GENIUS Stablecoin Act Advances Further, Trump Family Interests Become Focus of Senate Debate”, “Stablecoin Bill Ignites DeFi and RWA Sectors, Which Crypto Assets Might Benefit First?”
Binance Alpha Continues to Launch Multiple Airdrop and TGE Activities This Week, Alpha Points Consumption Mechanism Continues to Advance
Details are as follows:
May 19: Points ≥194 can receive 294 XTER, deducting 15 points;
May 20: Users with 193 points can receive 1,000 MERL, deducting 15 points;
May 21: Points ≥199 can receive 500 TGT, deducting 15 points;
May 22: Points ≥195 can participate in ALLO (RWA) TGE, consuming 15 points.
May 23: Points ≥190 can receive 180 SOON, deducting 15 points.
This Week's Popular Meme Review: Collaterize, LABUBU, B
On May 19, influenced by Solana co-founder Toly's retweet of the project on the 18th, the Solana ecosystem RWA project Collaterize's token COLLAT surpassed a market capitalization of $56 million, setting a new historical high. On the 22nd, the Solana ecosystem meme coin LABUBU's market capitalization exceeded $20 million, also reaching a historical high. According to related page information, LABUBU is based on the Labubu IP from Pop Mart, which is popular worldwide, with Thailand even holding a grand welcome ceremony for it. Related articles: “LABUBU Crosses into Crypto, Behind the Surge of the Eponymous Meme: IP Effect + Community Consensus”. On the same day, World Liberty Financial (WLFI) announced its support for the BUILDon project and purchased some B tokens. This purchase marks WLFI's first acquisition of a meme token. On that day, the market capitalization of B tokens peaked at over $300 million, setting a historical high. Related articles: “Behind the 40x Surge of BUILDon, Trump and CZ Unfold a $2 Billion 'Conspiracy' in Crypto”
Solana Labs Spin-off Anza Proposes Alpenglow Plan, Called "The Biggest Transformation of the Solana Core Protocol"
On May 20, The Block reported that Anza, a development studio spun off from Solana Labs, announced what they call "the biggest transformation of the Solana core protocol in history." According to the announcement, this high-throughput Layer 1 blockchain will welcome a newly designed underlying architecture named Alpenglow. In a white paper released on Monday, Anza's Quentin Kniep, Kobi Sliwinski, and Roger Wattenhofer wrote: "Alpenglow is not just a new consensus protocol; it is the biggest transformation of the Solana core protocol since its inception." This upgrade will replace Solana's existing TowerBFT proof-of-stake consensus mechanism and historical proof timestamp system with new components named Votor and Rotor. Related articles: “Planning a 'Revolution' in Solana's Consensus Mechanism, What is Anza?”
U.S. SEC Sues Unicoin and Its Three Executives, Accusing Them of False and Misleading Statements During Fundraising
On May 20, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Unicoin, a company based in New York City, and its three executives, accusing them of making false and misleading statements when selling "equity certificates" and common stock of Unicoin. The "equity certificates" allegedly grant investors the right to receive a cryptocurrency called Unicoin in the future. The SEC alleges that Unicoin promoted the equity certificates to the public through large-scale marketing, and that Unicoin and its executives misled over 5,000 investors into purchasing these certificates through false and misleading statements. Additionally, Unicoin is accused of selling the equity certificates to the public without registration, violating securities laws. Related articles: “SEC Accuses Unicoin of Over a Billion in Fraud, Are Regulatory Standards About to Change?”
Strategy and Its Executives Face Class Action Lawsuit, Accused of False Statements Regarding Bitcoin Investment Strategy
On May 19, according to documents filed by Strategy with the U.S. SEC, a class action lawsuit was filed against Strategy and its executives (including Michael J. Saylor, Phong Le, and Andrew Kang) in the U.S. District Court for the Eastern District of Virginia on May 16, 2025. The plaintiffs accuse the defendants of violating Section 10(b) and Section 20(a) of the Securities Exchange Act and related rules between April 30, 2024, and April 4, 2025, specifically including: making false and/or misleading statements regarding the expected profitability of the company's Bitcoin investment strategy; failing to disclose risks associated with Bitcoin volatility, and potential significant losses due to updates in accounting standards. The lawsuit seeks compensation for losses that investors may have suffered due to the aforementioned actions.
Blum Co-Founder and Former Binance Russia Executive Vladimir Smerkis Arrested in Moscow on Fraud Charges
On May 19, it was reported that Vladimir Smerkis, co-founder of the Telegram mini-app Blum (formerly the general manager of Binance Russia and the CIS), was arrested in Moscow on fraud charges. The Moscow Zamoskvoretsky Court determined that he was suspected of "large-scale fraud," with the specific amount involved not yet disclosed. The market speculates that it may involve The Token Fund and Tokenbox projects he operated in earlier years, which raised millions of dollars before disappearing. Blum's official X account has issued an urgent statement saying that Smerkis has resigned from his position as CMO and will no longer participate in project development or co-founder affairs, emphasizing that team operations remain unaffected and the airdrop plan will proceed as scheduled in Q2 2025. Blum was supported by Binance Labs' "Most Valuable Builder" accelerator.
Kraken to Launch Over 50 Tokenized Stocks and ETFs, Including Apple, Tesla, and More
On May 22, The Wall Street Journal reported that the cryptocurrency exchange Kraken will launch over 50 tokenized stocks and ETFs, including stocks of Apple, Tesla, and Nvidia, initially in Europe, Latin America, Africa, and Asia. Related articles: “You Can Now Buy Nvidia on Kraken, What's the Difference from Trading Stocks with a Broker?”, “Kraken 'Takes Over' FTX's Unfinished Path: Tokenization of Stocks, Targeting a Trillion-Dollar Market”
Ethereum Co-Founder Jeffrey Wilcke Transfers 100,000 ETH, Raising Market Concerns
On May 20, according to monitoring by Lookonchain, Ethereum co-founder Jeffrey Wilcke transferred the last 105,737 ETH (worth $262 million) from his address to Kraken, leading the community to suspect he might be liquidating his holdings. Subsequently, eight new wallets withdrew the 105,737 ETH from Kraken. It is possible that Jeffrey Wilcke did not intend to sell the ETH but merely transferred it to other wallets. However, Jeffrey Wilcke has been continuously transferring ETH to Kraken since 2016, having transferred a total of 394,000 ETH to Kraken for sale so far, at an average price of $1,295, totaling approximately $510 million.
Farcaster Verification Feature Launching Soon, Will Be Necessary for Weekly Rewards and Airdrop Participation
On May 20, official news announced that the Farcaster verification feature is about to launch. By connecting two social accounts (X, phone number, or GitHub) and holding at least $25 in the wallet, account verification can be completed. Verified accounts are less likely to be marked as spam accounts and will rank higher in posts, replies, and searches. Verification is also a prerequisite for receiving weekly rewards and participating in airdrops. Related articles: “Farcaster's New Darling, Is Noice the Next Degen?”
Virtuals Proxy Staking Launched, Staking Can Earn Points
On May 19, Virtuals Protocol officially announced that proxy staking has been launched. Staking has now become the standard way to earn points within the Virtuals ecosystem. After May 22, only staked proxy tokens will be eligible to earn points. Eligible contracts include: staking contracts issued by Virtuals; whitelist contracts with a 14-day unlock cooling period. The team will publicly confirm once the staking-specific qualifications take effect. Virgens can now stake their proxy tokens and start earning points. Related articles: “The Arbitrage Secret of Virtuals: How to Achieve Hundredfold Returns with the Launch?”
Coinbase Faces Lawsuit for Alleged Violations of Privacy Laws, While Cooperating with U.S. Justice Department in Investigation of Customer Data Theft Incident
On May 19, several Coinbase users from Illinois filed a class action lawsuit against the company, accusing it of violating the state's Biometric Information Privacy Act with its identity verification processes. On the 20th, it was reported that Coinbase is cooperating with law enforcement to investigate a recent hacking incident. This attack resulted in the theft of customer data, with the attackers demanding a ransom of $20 million in Bitcoin. Coinbase confirmed that it has begun assisting federal agencies in the investigation following the disclosure of the incident and shared a statement from Chief Legal Officer Paul Grewal. Coinbase previously stated that the hacking incident involved criminals bribing employees and contractors in India to obtain customer data. Related articles: “The Troubling 'Insider' and Coinbase's Five Months of 'Deafening Silence'”, “$COIN Joins the S&P 500, But Coinbase Can't Celebrate”
Cardano Founder Denies Allegations of Misappropriating $600 Million, Promises to Release Audit Report
On May 19, Cardano founder Charles Hoskinson responded to community allegations regarding the misappropriation of approximately $600 million worth of ADA tokens, promising to release an audit report. The controversy centers around a transfer record of 318 million ADA (currently valued at about $229 million) during the Allegra hard fork in 2021, with NFT artist Masato Alexander accusing Hoskinson of manipulating the ledger using the genesis key. Hoskinson clarified in a tweet on May 6 that the vast majority of ADA has been redeemed by the original purchasers, and the remaining portion has been donated to the Intersect organization.
Blackstone Makes First Bet on Bitcoin, Holding $1.08 Million in IBIT
On May 21, Blackstone appears to have finally ventured into Bitcoin, as the "world's largest alternative asset management firm" managing over $1 trillion in assets has purchased just over $1 million in BlackRock's spot Bitcoin ETF (IBIT), which has a fund size exceeding $60 billion. According to filings released on Tuesday, Blackstone held this asset in its portfolio as of the end of the fiscal quarter on March 30. This marks Blackstone's first public disclosure of investments related to cryptocurrency.
Solana Mobile's Second Phone Seeker to Ship on August 4, Launching Native Token SKR
On May 21, Solana Mobile announced on social media that its second phone, Seeker, will begin shipping on August 4, 2025. At the same time, the Solana Mobile ecosystem will introduce a native token, SKR, to incentivize developers and users to participate in the construction of the mobile Web3 ecosystem.
Hong Kong Legislative Council Passes Stablecoin Bill in Third Reading, Compliance Applications Open at Year-End
On May 21, Hong Kong Legislative Council member Wu Jiezhuang tweeted that the Legislative Council has passed the Stablecoin Bill in its third reading, and institutions are expected to apply to the Monetary Authority to become compliant stablecoin issuers by the end of this year. Wu welcomed global companies to apply in Hong Kong and emphasized that developing application scenarios and releasing stablecoin interest will be key focuses moving forward. Related articles: “What New Insights Does Hong Kong's Stablecoin Bill Bring After the U.S. GENIUS?”, “Web3 Lawyer Interpretation: What Impact Will Hong Kong's Passed 'Stablecoin Bill' Have on China's Crypto Circle?”
Blockchain Game Ember Sword Shuts Down Due to Lack of Funds, Previously Raised $203 Million Through NFT Sales
On May 23, Decrypt reported that the Ethereum-based MMORPG Ember Sword announced its closure, with developer Brightstar Studios stating it was forced to stop development due to an inability to secure the necessary funds to continue operations. The game rose to prominence during the 2021 metaverse craze, attracting $203 million through NFT land sales. The game had received $2 million in funding from notable investors, including game streamer Dr. Disrespect and The Sandbox co-founder Sebastien Borget, and had hired industry veterans like former World of Warcraft chief designer Rob Pardo as advisors. Related articles: “2025 Blockchain Game 'Battle Royale': 17 Web3 Games Shut Down, Who is Killing Blockchain Gaming?”
Movement's Internal Conflict Continues, Advisor Reveals Former Co-Founder Used Front Running to Obtain 60 Million MOVE Airdrop
On May 22, Movement's "shadow advisor" Sam Thapaliya revealed that former co-founder Cooper Scanlon obtained 60 million MOVE tokens through front running airdrops. Sam stated that Cooper insisted on distributing the highest proportion of token airdrop shares to a group of 75,000 wallets while instructing to raise the gas fees for claiming the airdrop, causing the vast majority of retail investors to never claim the airdrop. Sam accused that he had invested a significant amount of time and effort over the past three years without receiving any compensation. However, Sam is not without fault; previous business memos show that Movement Labs signed agreements with two "shadow advisors" (including Sam Thapaliya) promising up to 10% of the MOVE token supply (valued at over $50 million). Advisor Sam Thapaliya claims the agreement has not been terminated and is seeking legal avenues to reclaim 2.5% of the total supply of tokens. Related articles: “Three Years of Hard Work with No Income, Movement's Behind-the-Scenes Advisor Drops Bombshell”, “Behind the Movement Turmoil: A Detailed Analysis of the Game Between Project Parties, Market Makers, and VCs”
Wuhan Police Crack Down on New Type of Virtual Currency Fraud Using "Coin Cutting" Technique, Successfully Recovering 200,000 Yuan
On May 21, it was reported that the police in Qingshan District, Wuhan, recently cracked a virtual currency trading fraud case using the "coin cutting" technique. Suspects Ye and Li falsely claimed they had not received the virtual currency after the victim, Mr. Liu, transferred it, attempting to refuse payment of 200,000 yuan. After technical verification and evidence presentation by the Cybersecurity Team, the two ultimately confessed to the fraud, and they have been criminally detained, with all involved funds recovered. It was introduced that "coin cutting" is a new type of virtual currency fraud technique, where the receiving party falsely claims not to have received the virtual currency after the transfer, thereby refusing to fulfill payment obligations to defraud the other party's assets.
Hangzhou Police Uncover Cryptocurrency Ransom Case Targeting Enterprises, Involving Over 300,000 Yuan
On May 19, Xinhua News reported that the Hangzhou Intermediate People's Court recently sentenced a special extortion case, where an engineer originally engaged in cybersecurity used a Trojan virus to hack into an enterprise's network system, demanding cryptocurrency as "ransom." By the end of 2023, the head of the technical department of a medical institution in Hangzhou received calls from various departments reporting that the system could not log in normally. After verification, it was found that a total of 89 servers were non-operational, completely paralyzing the business. Statistics showed that three victimized enterprises spent over 330,000 yuan to purchase cryptocurrency from third parties to restore normal operations. After the suspect was apprehended, he admitted to extorting using the Trojan virus. Recently, four defendants were sentenced to prison terms ranging from three to seven and a half years, along with fines. This judgment has now taken effect.
Shenzhen Printer Company Procolored's Official Driver Found to Carry Backdoor, Hacker Steals 9.3 Bitcoins
On May 19, according to BlueDot, it was reported that the Shenzhen printer company Procolored was found to provide official drivers that carried backdoor programs used to steal cryptocurrency, with data showing that hackers stole 9.3 Bitcoins. The infection occurred because Procolored used USB drives to transfer these drivers, and after being infected with the backdoor program, they uploaded it to cloud storage for global users to download.
This Week's Major Financing: Slash, True Markets, Catena Labs, Roxom Global, World
On May 20, fintech startup Slash completed a $41 million Series B funding round, led by Goodwater Capital. Slash allows businesses to exchange between fiat and cryptocurrency assets and manage their various cryptocurrency holdings. On the same day, Solana crypto trading app True Markets completed a $11 million Series A funding round, with participation from PayPal Ventures, Variant, and others. The company currently has 10 full-time employees and focuses on a centralized matching engine for institutional users, recently launching real-time trading features for customers. On the 20th, Circle co-founder Sean Neville's newly established Catena Labs completed an $18 million seed funding round, led by a16z Crypto, aiming to build an AI-native bank. Catena Labs has developed an open-source protocol to standardize AI payments and digital identity verification processes. Related article: “a16z Leads Catena Labs' $18 Million Seed Round, Crypto Industry Bets on Stablecoin AI Payments”
On the 22nd, it was reported that Roxom Global is building a securities trading platform priced in Bitcoin, as well as a media network focused on Bitcoin content that operates around the clock. Roxom has raised $7.9 million for its trading platform project and secured $10 million in funding for RoxomTV through a private financing round. On the 22nd, according to official news, World Foundation's subsidiary World Assets Ltd. sold $135 million worth of WLD tokens at market price to early project supporters a16z and Bain Capital Crypto. Following this news, WLD briefly rose by 11.35%.
This Week's Popular Articles
“The Troubling 'Insider' and Coinbase's Five Months of 'Deafening Silence'”
In a recent user data leak incident, Coinbase was reported to have known as early as the end of 2024 that internal personnel were selling user identity data to fraud gangs, resulting in tens of millions of dollars being stolen, but the relevant information was not officially disclosed until May 2025. Although the company claimed externally that there was "unknown leakage," various signs indicate that it was already aware and modified user agreements at critical points to block the path for class action lawsuits. The community and security experts' repeated warnings were ignored, and a large number of user feedback was systematically overlooked. The low cost of outsourced customer service combined with high-risk management failures constituted the core of the vulnerabilities, while Coinbase executives enjoyed high salaries and tight security. Despite the far-reaching impact of the incident, which involved notable figures including Sequoia Capital partners, the U.S. regulatory system has limited penalties for similar leaks. Coinbase, with its market capitalization, compliance packaging, and political lobbying, may pass through this painlessly and continue to maintain its leading position in the industry.
“You Can Now Buy Nvidia on Kraken; What's the Difference from Trading Stocks with Brokers?”
With the advancement of the stablecoin bill, Trump's rise to power, and Coinbase's inclusion in the S&P 500, the crypto industry is experiencing an explosion in tokenized securities. Institutions like Kraken, Ondo, and Securitize are launching on-chain stocks and RWA platforms, with Solana, Base, and Ethereum becoming core issuance chains. Traditional brokers like Robinhood and Futu are also accelerating their entry, launching deposit, cross-border trading, and on-chain U.S. stock plans. For traditional high-net-worth users, compliant broker platforms offer greater trust advantages. Meanwhile, stablecoins are forming a closed loop as a medium of exchange in payments, settlements, and asset connections, becoming a new infrastructure for the financial system. Although regulation has not yet fully materialized, the on-chain "Nasdaq" is taking shape, and the integration of crypto and traditional finance is entering the fast lane.
“After Listing on Nasdaq, Amber Group Launched a 'Memecoin'”
After Amber Group's subsidiary listed on Nasdaq, it launched the AI Agent project MIA, giving it an official identity and a token-driven economic model, becoming the first AI virtual being to serve as an ambassador for a publicly listed company. The token issuance of MIA adopted a unique AICO model, emphasizing price support and community consensus to promote the long-term growth of the AI Agent. At the same time, Amber is leveraging this project to strengthen the "AI + Crypto" capital narrative, attempting to replicate or even surpass MicroStrategy's "coin-stock linkage" path, reshaping the market's perception of its valuation system and exploring a new paradigm of transformation from traditional asset management companies to high-valuation AI enterprises.
“Trading Memes with Visa: A 'Crypto Undercover' in the Payment Giant's Management”
The meme coin PAYAI on Solana unexpectedly gained popularity due to the attention of Visa's crypto head Cuy Sheffield, but what is truly noteworthy is the Visa crypto strategy driven by Sheffield. This key figure, who has grown from a marginal product manager to the helm of Visa Crypto, is leading Visa's transformation from a traditional payment intermediary to a backbone node of an on-chain credit and settlement network. Since 2019, Visa has been gradually advancing its layout in stablecoin settlements, on-chain payments, and asset tokenization, and in 2025, it joined the stablecoin alliance USDG, promoting system-level implementations like cross-border real-time settlement, anti-inflation cards in Latin America, and VTAP. Visa is not attempting to become a crypto-native company but is actively reshaping its role at the institutional and structural levels, using stablecoins as a foundation to build global standards and trusted pathways for on-chain finance. This is a subtle yet profound systemic evolution.
“Crypto Companies Flooding into U.S. Stocks: Has the Investment Logic in the Crypto Space Changed?”
In 2025, the U.S. is witnessing a wave of crypto companies going public, with Coinbase set to be included in the S&P 500, and companies like Antalpha, Amber, and American Bitcoin are successively IPO-ing or merging into Nasdaq, igniting investor enthusiasm. Behind this is the Trump administration's support for crypto and a relaxed regulatory environment, with Wall Street giants like Morgan Stanley and Bank of America accelerating their layouts, marking the crypto industry’s transition from the fringe to the mainstream. Bitwise predicts that this year will be the "Year of Crypto IPOs," with Circle, Kraken, and others also preparing to go public. Despite the existence of valuation bubbles and regulatory risks, this trend is driving the deep integration of crypto assets and traditional finance, reshaping the capital market landscape.
“Pharos, Deeply Collaborating with Ant Chain, is About to Launch; How Should We Engage?”
Pharos is a new public chain focused on RWA, with a core team largely from Ant Group, and has jointly developed the DTVM virtual machine with Ant Chain, attracting widespread attention. The project has completed $8 million in financing and set aside $20 million to incentivize the developer ecosystem. Users can participate in daily signing, swapping, staking, and transfer tasks through the testnet, with clear and simple processes. Currently, the core of Pharos's popularity lies in the resources and endorsement brought by its "Ant system" background, and its future potential depends on whether it can truly open up high-quality RWA asset on-chain pathways.
“USD1 Makes a Big Move: The Price Surge Tells You Who is the Hottest 'Trump Concept' Target?”
With Bitcoin reaching an all-time high and the GENIUS bill progressing smoothly, the stablecoin USD1, backed by the Trump family, has rapidly gained popularity, with its market capitalization soaring to $2.1 billion and officially listed on Binance. Its backer, World Liberty Financial (WLFI), is driving the surge of concept coins related to USD1, such as BUILDon, LISTA, and STO, through large investments and ecological layouts, sparking significant market attention on the new narrative of "dollar hot money + Trump crypto label," making it the hottest sector with the most Alpha potential.
“Arthur Hayes: Why I Insist on Betting on ETH When the Market is Discussing SOL?”
Arthur Hayes believes that U.S. fiscal policy is continuously releasing liquidity, which will drive Bitcoin prices up, with a potential surge to $200,000 this year and reaching $1 million before 2028. He expects that after Bitcoin breaks $110,000, the altcoin market will begin in the third quarter, but he is not optimistic about older projects lacking fundamentals. He allocates 20% to gold to hedge against global debt devaluation risks and believes that ETH will outperform SOL in the next bull market. Despite receiving a pardon from Trump, he reminds the market not to overestimate politicians' priorities regarding crypto and to remain patient for policy implementation.
Abraxas Capital is becoming one of the most active institutions in the Ethereum ecosystem, accumulating over 270,000 ETH in a short period, heavily investing in LST assets and deeply participating in DeFi protocols like Aave. The core fund behind it, HEKA Funds, was one of Tether's main clients but has recently faced scrutiny over unusual fund flows and lack of transparency regarding its identity. Overall, the institution is shifting its strategy from arbitrage to exploring long-term returns within the Ethereum ecosystem, highlighting the asset allocation transformation under the financialization trend in the crypto market.
“AI in Crypto: After the Meme Frenzy, Is It a Mess or a Rebirth?”
Since ChatGPT ignited the AI boom, the exploration of AI in the Web3 space has gone through five waves, transitioning from meme hype to real-world applications: from the emotional hype generated by projects like Fetch.AI and TURBO, to the rise of projects like GOAT, AI16z, and Zerebro that carry narratives of agency and platform-building visions. Now, the fifth wave is focusing on AI tools and platforms with more practical use cases, such as Zerebro's Agent Launchpad, Metis's high-performance AI chain Hyperion, and the data value chain LazAI, marking a shift in the "AI + Web3" track from storytelling to practical implementation. Although there is still a lot of hype and uncertainty, the ecosystem is gradually maturing.
“Progress on the Stablecoin Bill: Why Has FRAX Become the Biggest Winner?”
After the U.S. Senate passed the GENIUS Act, Frax Finance emerged as the biggest beneficiary of market discussions, with its token FXS (which has risen over 100% this month) being favored due to the founder's deep involvement in the legislative process and the product's transformation into a compliant fully-collateralized stablecoin, frxUSD, which is expected to be among the first to obtain regulatory approval. Frax is also building a stablecoin ecosystem consisting of frxUSD, FraxNet, and Fraxtal, and is restructuring the token's functionality to FRAX, enhancing its competitiveness in the future compliant stablecoin landscape.
“What is the Controversial Bitcoin Improvement Proposal BIP-177 and What Are Its Implications?”
The BIP-177 proposal has reignited discussions on Bitcoin unit reform, aiming to change the display unit of Bitcoin from the decimal form of BTC to the integer form of "bitcoins," with the goal of simplifying user cognition, reducing "unit fear," and enhancing accessibility. While it does not change the total supply, it effectively increases the display. Supporters believe this will help promote adoption and lower psychological barriers, while opponents worry it may weaken "Satoshi culture," cause confusion, and even damage the brand perception of Bitcoin's high value. This reform appears more like a "showcase project" during a bull market.
“Are ETFs Outdated? Wall Street is Betting on 'Tokenized Stocks'”
Stock tokenization is rapidly emerging as a bridge connecting traditional finance and the crypto world, anchoring real company shares as on-chain tokens, enabling around-the-clock trading, instant settlement, and lower investment thresholds. The entry of institutions like Coinbase, Citigroup, and JPMorgan marks the transition of this model from concept to reality. For crypto users, stock tokens are not only asset allocation tools but also provide new hedging pathways; for traditional capital, they represent a new channel into the on-chain market. With the regulatory landscape becoming clearer, stock tokenization is expected to become the next breakout point in crypto finance.
“Analyzing the Mechanism and Risks of the PT Leverage Yield Flywheel of AAVE, Pendle, and Ethena”
Recently, a "PT leverage mining" strategy has emerged in the DeFi space, combining Ethena's sUSDe, Pendle's PT fixed income certificates, and AAVE lending to cyclically amplify leverage and earn interest rate spreads. Some whales have participated with leverage as high as 9 times, but this strategy is not without risks. The core issue lies in the discount rate risk of PT assets; if interest rates structurally rise or oracle prices fluctuate dramatically, it could trigger large-scale liquidations. Therefore, it is essential to rationally assess leverage multiples and dynamically control risk exposure.
“Bitcoin Becomes the New Favorite of Corporate Finance: Why Is Everyone Following Strategy?”
Companies are transforming Bitcoin from a speculative asset into a core financial strategic tool. The representative company Strategy holds over 560,000 BTC and has launched the "42/42 Plan," aiming to raise $84 billion to promote the construction of a Bitcoin financial system. Its financial metrics are fully BTC-oriented, even attempting to use Bitcoin as collateral for corporate debt, striving to create a new credit market framework based on digital assets, leading Bitcoin from hoarding to mainstream financial standards.
In 2025, the total market capitalization of stablecoins surpassed $245 billion, becoming a core track in the crypto market, with fierce competition gradually spreading from currencies to public chain ecosystems. Ethereum maintains a significant share with USDC, but USDT's share has declined, being surpassed by Tron; Tron has become the largest issuance chain for USDT due to its low fees and efficiency, bolstered by Trump projects. Solana achieved 600% growth due to high TPS; BSC experienced explosive growth thanks to zero gas fees and USD1; newcomers like Base and Hyperliquid are rapidly growing, while Aptos and Sui saw surges of 24x and 230x, respectively, becoming dark horses. Although TON has surged rapidly due to its association with Telegram, it lacks momentum. Stablecoins have become key indicators for measuring on-chain activity, ecosystem health, and capital accumulation, with competition among public chains entering a heated phase, reshaping the new landscape.
“Solana REV Explodes: Is Chain Value Really Underestimated?”
REV (Real Economic Value) measures the total fees paid by users on chain exchanges and is seen as a representative of overall monetary demand for the blockchain. Although Solana's current REV is several times that of Ethereum and has led in multiple periods, REV cannot be directly equated to the value of the chain's native token. The FDV/REV ratio has a similar significance to price-to-earnings ratios, but blockchains are fundamentally different from companies, and tokens cannot be compared to equity. REV can only be viewed as one dimension to observe the chain's activity and potential value capture, rather than the sole basis for price assessment.
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