BlockBeats will compile the industry's key news content for the week of 5.19-5.25 in this article and recommend in-depth articles to help readers better understand the market and learn about industry trends.

Important News Review

Bitcoin Breaks $110,000 on the 15th Anniversary of "Pizza Day," Setting a New All-Time High and Becoming the Fifth-Largest Asset Globally

On May 22, the 15th anniversary of "Bitcoin Pizza Day," Bitcoin surpassed $110,000, reaching a new all-time high. This surge once again propelled Bitcoin past Amazon to become the fifth-largest asset globally. "Bitcoin Pizza Day" marks the day of the first commercial Bitcoin transaction. On May 22, 2010, Florida-based programmer Laszlo Hanyecz used 10,000 bitcoins to buy two Papa John's pizzas, valued at about $40 at the time. Fifteen years later, the value of these bitcoins has risen to nearly $1.1 billion. In contrast, the market capitalization of Papa John's Pizza, a publicly traded company, is currently only $1.655 billion. Related Readings: "Bitcoin Breaks $110,000, Setting New All-Time High as Crypto Market's Purchasing Power Structure Shifts Accelerates", "BTC to Enter 'Ten-Thousand Stairs' Rally? Next Target is $160,000", "Why Is This Bull Market Different? Six Charts Reveal Bitcoin's Rally Drivers"

Main Character of Bitcoin Pizza Day Once "Earned Thousands of Bitcoins a Day," Spent Nearly 100,000 BTC on Pizza in 2010

On May 22, according to Forbes, Laszlo Hanyecz, the programmer who spent 10,000 bitcoins in 2010 to buy two Papa John's pizzas, was even more "extravagant" with Bitcoin than the public believed. Hanyecz stated in an interview in 2019 that he spent nearly 100,000 bitcoins in total on pizza in 2010, now worth over $8.7 billion. He provided his Bitcoin address as proof. Wallet records show that from April 10 to August 4, 2010, Laszlo transferred 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 after Satoshi Nakamoto to discover GPU mining. Related Reading: "The 'Idiot' Who Bought Pizza with 10,000 Bitcoins Jokingly Says: This Is My Best Investment"

TRUMP Banquet Held in Washington, Justin Sun, Ronin Co-founder, Magic Eden Co-founder Attended

On May 23, the TRUMP Banquet was held in Washington. Donald Trump himself delivered a speech at the event, but did not express any new views. Although live broadcasting or carrying recording devices was prohibited at this TRUMP Banquet, some attendees still posted photos of the banquet on social media. In addition to Justin Sun (the top holder of TRUMP Token), attendees such as Ronin Network co-founder Jihoz.ron and Magic Eden co-founder and CEO Jack Lu also shared updates on their participation in the banquet on social media. According to community sharing, the banquet menu included an organic garden salad, with the choice of either filet mignon or pan-seared halibut as the main course, served with garlic mashed potatoes and a vegetable medley. Related reads: "Trump's Crypto Banquet Live: Carefully Crafted 'Performance,' Intersection of Politics, Technology, and Capital", "Trump's Crypto Banquet, What Did Everyone Eat?", "US President's Private Banquet with Crypto Whales, Bipartisan Congress Rages Against 'Constitutional Shame'", "Trump's Crypto Banquet: Per Capita Spending Exceeds a Million Dollars, 70% of Participants Are Not Americans?"

Cetus Protocol Hacked for Over $260 Million, Successfully Freezes $160 Million But Raises Centralization Concerns

On May 22, the Cetus Protocol, the largest on-chain liquidity protocol in the Sui ecosystem, was hit by a hacker attack. Several trading pairs experienced sharp declines for a short period, liquidity pool depths plummeted, and the CETUS token dropped from $0.25 to $0.18 at one point. According to on-chain data monitoring, the attacker stole over $260 million and exchanged 61.47 million USDC and 1770.5 SOL tokens (approximately $315,000) for 23,244 ETH (worth about $61.6 million), then transferred 20,000 ETH (valued at around $53 million) to a new address. The Sui team promptly responded to assist in investigating the incident. Later that day, Sui's co-founder Adeniyi Abiodun stated that $160 million of the stolen assets had been successfully frozen and planned to return them to the Cetus liquidity pool. Currently, Cetus is actively tracking the remaining stolen funds. Related reads: "After Being Hacked for $260 Million, On-chain Transactions Frozen, Sui's 'On-chain Review' Raises Centralization Concerns", "How Did Sui 'Freeze' Hackers' Addresses, Is Decentralization a Lie?"

SEC Chairman: Will Draft Rule Proposals Related to Cryptocurrency, No Longer Fearful of Innovation in the Cryptocurrency 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 for the SEC. He has recently instructed the company's finance department to enhance transparent communication and has initiated the drafting of cryptocurrency rules. At the current stage, regulatory barriers are also being cleared through statements in the hopes of allowing registered entities to custody and trade both securities and non-securities on the same platform, reducing investor costs and expediting non-securities' inclusion in federal regulation. To this end, the SEC has requested a budget adjustment from Congress to incorporate FinHub into the institutional framework to align with the trend of innovation.

U.S. Senate Passes Procedural Motion, GENIUS Stablecoin Bill Enters Formal Deliberation Stage

On May 20, FOX Business reporter Eleanor Terrett reported that the U.S. Senate voted to proceed with the formal deliberation of the "GENIUS Bill" through a "cloture motion," with at least 15 Democratic senators changing their stance to vote in favor, including Cortez Masto, Adam Schiff, Mark Warner, and others. The bill will now enter a full deliberation process, having only passed the "cloture motion" and not the bill itself. The "GENIUS Bill" will proceed to the debate and amendment stage in the Senate. Related Reads: "GENIUS Stablecoin Bill Demystified: Issuance Eligibility, Regulatory Boundaries, and Core Use Cases Fully Explained", "Why You Shouldn't Underestimate the Significance of the U.S. Stablecoin GENIUS Bill?", "Further Progress in Stablecoin Bill, Trump Family Interests Becoming a Focus of Senate Debate", "Stablecoin Bill Ignites the DeFi and RWA Sectors, Which Crypto Assets Could Benefit First?"

Binance Alpha Continues to Launch Multiple Airdrops and TGE Events This Week, Alpha Point Consumption Mechanism Continues to Advance

Details are as follows:

May 19: Users with a score ≥194 can claim 294 XTER, with a deduction of 15 points;

May 20: Users with a score of 193 can claim 1000 MERL with a deduction of 15 points;

May 21: Users with a score ≥199 can claim 500 TGT with a deduction of 15 points;

May 22: Users with a score ≥195 can participate in the ALLO (RWA) TGE, consuming 15 points;

May 23: Users with a score ≥190 can claim 180 SOON with a deduction of 15 points.

Weekly Popular Meme Recap: Collaterize, LABUBU, B

On May 19, possibly influenced by a retweet from Solana co-founder Toly on the 18th, the market cap of the Solana ecosystem RWA project Collaterize's token COLLAT surpassed $56 million, reaching an all-time high. On the 22nd, the market cap of the Solana ecosystem meme coin LABUBU surpassed $20 million, also hitting an all-time high. According to related sources, LABUBU, based on the popular bubble mart toy IP Labubu, is well-received globally, with Thailand even holding a grand welcoming ceremony for it. Related Reading: "LABUBU Crosses Over to Crypto, Surge of Same-name Meme: IP Effect + Community Consensus" On the same day, World Liberty Financial (WLFI) announced support for the BUILDon project and purchased some B tokens. This purchase marks WLFI's first acquisition of meme tokens. On that day, the market cap of the B token hit a record high exceeding $300 million. Related Reading: "Behind the 40x Surge of BUILDon, Trump and CZ's $20 Billion Coin Speculation Scheme"

Solana Labs Spinoff Company Anza Proposes Alpenglow Plan, Dubbed "Biggest Overhaul of Solana Core Protocol"

On May 20, according to The Block, Anza, a development studio spun off from Solana Labs, announced what they call the "biggest overhaul of the Solana core protocol in history." According to the announcement, this high-throughput Layer 1 blockchain will undergo a completely redesigned underlying architecture named Alpenglow. Anza's Quentin Kniep, Kobi Sliwinski, and Roger Wattenhofer wrote in a whitepaper released on Monday, "Alpenglow is not only a new consensus protocol but also the biggest overhaul of the Solana core protocol to date." This upgrade will introduce new components named Votor and Rotor to replace Solana's existing TowerBFT proof-of-stake consensus mechanism and Historical Proof Timestamp system. Related Reading: "Plotting a 'Revolutionary' Solana Consensus Mechanism, Who is Anza?"

SEC Sues Unicoin and Its Three Executives, Alleging False and Misleading Statements During Fundraising

On May 20, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against New York City-based Unicoin and its three executives, accusing them of making false and misleading statements during the sale of "equity certificates" and Unicoin company common stock. The "equity certificates" were purported to grant investors the right to receive future cryptographic assets named Unicoin. The SEC alleges that Unicoin promoted the equity certificates to the public through a large-scale marketing campaign and that Unicoin and its executives made false and misleading statements resulting in over 5,000 investors purchasing these equity certificates. Additionally, Unicoin is accused of selling the equity certificates to the public without registration, violating securities regulations. Read more: "SEC Sues Unicoin for Over $100 Million Fraud, Are Regulatory Standards Changing Again?"

Strategy and Its Executives Face Class-Action Lawsuit, Accused of False Statements Regarding Bitcoin Investment Strategy

On May 19, according to filings submitted to the SEC by Strategy, a collective lawsuit was filed in the Eastern District of Virginia federal court against Strategy and its executives (including Michael J. Saylor, Phong Le, and Andrew Kang) 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. Specific allegations include making false and/or misleading statements about the company's Bitcoin investment strategy's expected profitability, failing to disclose risks associated with Bitcoin volatility, and significant losses that could result from updates to accounting standards. The lawsuit seeks compensation for investors who may have suffered losses due to the aforementioned actions.

Blum Ventures Co-Founder and Former Binance Russia Executive Vladimir Smerkis Arrested in Moscow on Fraud Charges

On May 19, it was reported that Telegram mini-app Blum Ventures co-founder Vladimir Smerkis (former Binance Russia and CIS Regional Manager) was arrested in Moscow on fraud charges. The Zamoskvoretsky District Court of Moscow ruled that he is suspected of "grand fraud," with the specific amount involved not yet disclosed. Market speculation suggests it may be related to The Token Fund and Tokenbox projects he was involved in previously, which raised millions of dollars before disappearing. The official Blum handle X has issued an emergency statement indicating Smerkis has resigned from the CMO position, will no longer be involved in project development or co-founder affairs, and stressed that team operations are unaffected, with the airdrop plan continuing as scheduled in Q2 2025. Blum had previously received support from the Binance Labs "Most Valuable Builder" accelerator.

Kraken to Launch Over 50 Tokenized Stocks and ETFs, Including Apple, Tesla, and More

On May 22, according to The Wall Street Journal, the cryptocurrency exchange platform Kraken will launch over 50 tokenized stocks and ETFs, including Apple, Tesla, and Nvidia stocks, initially available in Europe, Latin America, Africa, and Asia. Related reads: "Kraken Now Offers Nvidia Trading, How Is It Different from Stock Trading?", "Kraken Taking Over from FTX: The Unfinished Road Ahead – Stock Tokenization Aims for Trillion-Dollar Market"

Ethereum Co-Founder Jeffrey Wilcke Moves 100,000 ETH, Sparking Market Concerns

On May 20, as reported by LookIntoChain, Ethereum co-founder Jeffrey Wilcke moved the last 105,737 ETH from his address (worth $262 million) to Kraken, raising suspicions in the community of a possible sell-off. Subsequently, 8 new wallets extracted the 105,737 ETH from Kraken. It is possible that Jeffrey Wilcke did not intend to sell the ETH but only transferred it to other wallets. However, Jeffrey Wilcke has been continuously moving ETH to Kraken since 2016, having transferred a total of 394,000 ETH to Kraken for sale to date. With an average price of $1,295, the total cash-out amount is approximately $510 million.

Farcaster Verification Feature Set to Go Live, Becoming a Prerequisite for Weekly Rewards and Airdrop Participation

On May 20, according to official announcements, the Farcaster verification feature is set to go live. By linking two social accounts (X, phone number, or GitHub) and holding at least $25 in the wallet, users can complete account verification. A verified account is less likely to be considered a spam account and will rank higher in dynamics, replies, and searches. Verification is also a prerequisite for receiving weekly rewards and participating in airdrops. Related read: "Farcaster Community's New Darling, Is Noice the Next Degen?"

Virtuals Agency Staking Launched, Stakers Can Earn Points

On May 19, Virtuals Protocol officially announced the launch of Agency Staking. Staking has now become the standard way to earn points in the Virtuals ecosystem. Starting from May 22, only staked agency tokens are eligible to earn points. The eligible contracts include: the staking contract issued by Virtuals; whitelisted contracts with a 14-day unlock cooldown period. The team will publicly confirm the staking eligibility once it is in effect. Virgens can now stake their agency tokens and start earning points. Related reading: "Virtuals Arbitrage Code: How to Earn Hundredfold Returns with the Genesis Launch?"

Coinbase Faces Lawsuit Alleging Privacy Law Violation and Collaborates with U.S. Department of Justice to Investigate Customer Data Breach by Hackers

On May 19, several Coinbase users from Illinois filed a collective lawsuit against it, alleging that its identity check violated the state's Biometric Information Privacy Act. On the 20th, it was reported that Coinbase is cooperating with law enforcement to investigate the recent hack. This attack led to the theft of customer data, with the attackers demanding $20 million worth of Bitcoin as ransom. Coinbase confirmed that it has begun assisting federal agencies in the investigation post the disclosure of the incident and shared a statement from Chief Legal Officer Paul Grewal. Coinbase previously stated that the hack involved malicious actors bribing employees and contractors in India to obtain customer data. Related reading: "The Haunting 'Mole' and 5 Months of 'Turning a Deaf Ear' at Coinbase", "$COIN Enters S&P 500, but Coinbase Is Not Celebrating"

Cardano Founder Denies $600 Million Embezzlement Allegation, Commits to Releasing Audit Report

On May 19, Cardano founder Charles Hoskinson responded to community allegations of embezzling about $600 million worth of ADA tokens, committing to releasing an audit report. The controversy revolves around a transfer record of 318 million ADA (currently worth around $229 million) during the 2021 Allegra hard fork, with NFT artist Masato Alexander accusing Hoskinson of using the genesis key to manipulate the ledger. Hoskinson clarified in a tweet on May 6 that the majority of ADA has been redeemed by the original purchaser, and the remaining portion has been donated to the Intersect organization.

Blackstone Group Makes First Bet on Bitcoin, Holding $1.08 Million Worth of IBIT

On May 21, the Blackstone Group seemed to finally dip its toes into Bitcoin. As the “world's largest alternative asset manager” with over $1 trillion in assets under management, the Blackstone Group only purchased slightly over $1 million of the Bitwise Bitcoin ETF (IBIT), which has an AUM of over $60 billion. According to a filing disclosed on Tuesday, Blackstone held this asset in its investment portfolio as of the end of the fiscal quarter on March 30. This marks Blackstone's first public disclosure of an investment in a cryptocurrency-related asset.

Solana Mobile's Second Phone Seeker to Ship on August 4, Introducing Native Token SKR

On May 21, Solana Mobile officially announced on social media that its second phone, Seeker, will begin shipping on August 4, 2025. Additionally, the Solana Mobile ecosystem will introduce the native token SKR to incentivize developers and users to participate in the mobile Web3 ecosystem development.

Hong Kong Legislative Council Passes Third Reading of "Stablecoin Bill," Compliance Issuance Possible by Year-End

On May 21, Hong Kong Legislative Council member Wu Jiezhuang tweeted that the Hong Kong Legislative Council has passed the third reading of the "Stablecoin Bill," and it is expected that institutions can apply to the HKMA to become compliant stablecoin issuers by the end of this year. Wu Jiezhuang welcomed global companies to apply in Hong Kong and emphasized that developing use cases and unlocking stablecoin interest would be the focus going forward. Related Readings: "Following the US GENIUS, what are the new highlights of the stablecoin bill passed in Hong Kong?", "Web3 Lawyer's Interpretation: Hong Kong's "Stablecoin Bill," what impact will it have on the Chinese crypto community?"

Blockchain Game Ember Sword Shuts Down Due to Lack of Funds, Raised $203 Million Through NFT Sales

On May 23, according to Decrypt, the Ethereum-based large-scale multiplayer online role-playing game Ember Sword announced its closure. Developer Bright Star Studios stated that it had to stop development as it was unable to secure the necessary funds to continue operations. The game rose to prominence during the 2021 metaverse boom, attracting $203 million in funding through NFT land sales. The game had previously received a $2 million investment from notable investors such as gaming personality Dr. Disrespect, The Sandbox co-founder Sebastien Borget, and enlisted industry veterans like former World of Warcraft Chief Designer Rob Pardo as advisors. Related Reading: "2025 Blockchain Game 'Battle Royale': 17 Web3 Games Cease Operation, Who Is Killing Blockchain Gaming?"

Movement Continues to "Cross-Snipe", Advisor Exposes Former Co-Founder's Insider Trading to Receive 60 Million MOVE Airdrop

On May 22nd, Movement's "shadow advisor" Sam Thapaliya revealed that former co-founder Cooper Scanlon engaged in insider trading to receive 60 million Move tokens through an airdrop scheme. Sam stated that Cooper insisted on distributing the highest proportion of airdrop tokens to a group of 75,000 wallets, while instructing to raise the gas fees for claiming the airdrop, resulting in the majority of retail holders never being able to claim the airdrop. Sam complained that despite dedicating a significant amount of time and effort over the past three years, he had not received any compensation to date. However, Sam is also not without fault, as two previous business memos revealed that Movement Labs had signed agreements with two "shadow advisors" (including Sam Thapaliya), committing to provide up to 10% of the MOVE token supply (worth over $50 million). Advisor Sam Thapaliya claimed that the agreements have not been terminated and is currently seeking legal recourse to recover the promised 2.5% of the total token supply. Related Reading: "No Income for Three Years, Explosive Revelations from Movement's Behind-the-Scenes Advisor", "Behind the Movement Controversy: An In-depth Analysis of the Project Team, Liquidity Providers, VCs' Game and Breakthrough"

Chinese Wuhan Police Bust "Chopping" Coin New Type of Virtual Currency Fraud Case, Successfully Recover 200,000 Yuan

On May 21st, according to reports, the Qing Shan District Police in Wuhan recently cracked down on a virtual currency trading scam case using the "chopping" coin method. Suspects Ye and Li falsely claimed that they did not receive the virtual currency transferred by victim Mr. Liu after which he attempted to refuse to pay back 200,000 yuan in Renminbi. After technical verification and evidence presentation by the Cybersecurity Brigade, the two eventually confessed to the fraud facts, have been criminally detained, and all the funds involved have been recovered. It is reported that "chopping" coin is a new type of virtual currency fraud method, where after completing a virtual currency transaction, the receiving party falsely claims not to have received it, thereby refusing to fulfill the payment obligation, with the aim of fraudulently obtaining the other party's assets.

Hangzhou Cracks Down on an Enterprise-targeted Cryptocurrency Ransom Case, Involving Over 300,000 Yuan

On May 19th, according to Xinhua News, the People's Court of Shangcheng District in Hangzhou, Zhejiang Province, recently sentenced a special extortion case in the first instance where an engineer originally engaged in cybersecurity work used a Trojan virus to "black out" the enterprise's network system and demanded cryptocurrency as "ransom." At the end of 2023, the head of the technology department of a medical institution in Hangzhou received calls from various departments reporting that the system could not be accessed normally. After verification, a total of 89 servers in the company were unable to operate, causing a complete paralysis of the business. It was found that in order to resume normal operations, three victimized companies spent a total of over 330,000 yuan to purchase cryptocurrency from a third party and pay it to the perpetrators. After the suspects were apprehended, they admitted to the crime of extortion using a Trojan virus. Recently, four defendants were sentenced to imprisonment ranging from three years to seven years and six months in the first instance, and fines were imposed. The judgment is currently in effect.

Shenzhen Printer Company Procolored's Official Driver Found to Contain Backdoor, Hacker Steals 9.3 Bitcoins

On May 19, according to Lanqiao.com, China's Shenzhen printer company Procolored was found to have its official driver contain a backdoor used to steal cryptocurrency. Data shows that hackers stole a total of 9.3 bitcoins. The infection occurred because Procolored used USB drives to transfer these drivers, and after being infected with the backdoor, Procolored then uploaded them to a cloud drive for global users to download.

Major Fundings This Week: 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 enterprises to exchange between fiat and crypto assets and manage their various cryptocurrency assets. On the 20th, Solana-based crypto trading app True Markets closed a $11 million Series A funding round with investments from PayPal Ventures, Variant, among others. The company currently has 10 full-time employees and offers a centralized matching engine for institutional users, recently launching real-time trading features for customers. On the 20th, Catena Labs, founded by Circle co-founder Sean Neville, raised $18 million in seed funding, led by a16z Crypto. The aim is to build an AI-native bank. Catena Labs has developed an open-source protocol that standardizes AI payments and digital identity verification processes. Related article: "a16z Leads $18M Seed Round for Catena Labs, Crypto Industry Bets on Stablecoin AI Payment"

On the 22nd, it was reported that Roxom Global is building a Bitcoin-denominated securities trading platform and a 24/7 Bitcoin-focused content media network. Roxom has raised $7.9 million in investment for its trading platform project and also secured $10 million for RoxomTV through a private financing round. On the 22nd, according to official news, World Foundation subsidiary World Assets Ltd. sold $135 million worth of WLD tokens to early backers a16z and Bain Capital Crypto at market price. In response to this news, WLD surged temporarily by 11.35%.

Top Articles of the Week

"The Haunting 'Mole' and 5-Month 'Deaf-Mute' Act of Coinbase"

In a recent user data breach incident, Coinbase was exposed to have had insider personnel selling user identity data to fraudsters as early as the end of 2024, resulting in the theft of tens of millions of dollars, but it wasn't until May 2025 that the relevant information was formally disclosed. Despite the company publicly claiming "unknown breach circumstances," various signs indicate that it was already aware and modified user agreements at key points in time to block the collective lawsuit route. Community and security experts' multiple warnings were ignored, and a large number of user feedback was systematically disregarded. The core vulnerability was the combination of low-cost outsourced customer service and high-risk management oversights, while Coinbase executives enjoyed high salaries and tight security. Despite the far-reaching impact of the event, involving prominent figures including a Sequoia Capital partner, the U.S. regulatory system has limited penalties for such leaks. Coinbase, with its market value, regulatory packaging, and political lobbying, may smoothly pass through without pain and continue to sit firmly at the industry's helm.

"You Can Now Buy NVIDIA on Kraken, How Is It Different from Stock Trading on Brokerages?"

With the advancement of the stablecoin bill, the Trump administration taking office, and Coinbase's inclusion in the S&P 500, the crypto industry is experiencing a surge in security tokenization. Institutions such as Kraken, Ondo, and Securitize have successively launched on-chain stock and RWA platforms, with Solana, Base, and Ethereum as core issuance chains. Traditional brokerages such as Robinhood and Futu have also accelerated their entry, launching deposit services, cross-border trading, and on-chain U.S. stock plans. For traditional high-net-worth users, compliant brokerage platforms have a more trusted advantage. Stablecoins, as a means of trading, have formed a closed loop in payment, clearing, and asset docking, becoming the new infrastructure of the financial system. Although regulation has not yet fully landed, 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 Released a 'Memecoin' on a Whim"

After Amber Group's subsidiary listed on Nasdaq, it launched the AI Agent project MIA and endowed it with an official identity and a token-driven economic model, becoming the first AI virtual person to serve as a corporate ambassador for a listed company. The issuance of MIA's token adopted a unique AICO model, emphasizing price support and community consensus to drive the long-term growth of the AI Agent. At the same time, Amber used this project to strengthen the "AI+Crypto" capital narrative, attempting to replicate and even surpass MicroStrategy's "coin-stock link" path, reshape the market's perception of its valuation system, and explore a new paradigm shift from a traditional asset management company to a high-valuation AI enterprise.

"Visa Executive With Meme Stock Hype Turns Out to Be 'Crypto Sleeper Agent'"

The meme coin PAYAI on Solana went viral due to the attention of Visa's Head of Crypto, Cuy Sheffield, but what is truly worth noting is the Visa Crypto strategy driven by Sheffield. This key figure, who evolved from a fringe product manager to leading Visa Crypto, is spearheading Visa's transformation from a traditional payment intermediary to a key player in on-chain credit and settlement networks. Since 2019, Visa has been gradually advancing initiatives such as stablecoin settlements, on-chain payments, asset tokenization, and more, culminating in joining the USDG stablecoin alliance in 2025 and promoting cross-border real-time settlements, a Latin America anti-inflation card, VTAP, and other systemic implementations. Visa is not trying to become a native crypto company but is actively reshaping its role at the institutional and architectural levels, using stablecoins as a foundation to construct a global standard and trusted path for on-chain finance. This is a subtle yet profound systemic evolution.

"Cryptocurrency Companies Flocking to U.S. Stock Market: Has Crypto Investment Logic Changed?"

In 2025, the United States witnessed a wave of cryptocurrency companies going public, with Coinbase set to join the S&P 500, and companies like Antalpha, Amber, and American Bitcoin going public or SPAC listing on Nasdaq, igniting investor enthusiasm. Behind this trend is the Trump administration's support for crypto, a lenient regulatory environment, and Wall Street giants such as J.P. Morgan and Bank of America accelerating their crypto strategies, signaling that the crypto industry is transitioning from the periphery to the mainstream. Bitwise predicts this year to be the "Year of Crypto IPOs," with companies like Circle and Kraken also preparing to go public. Despite concerns about valuation bubbles and regulatory risks, this fervor is driving deep integration between crypto assets and traditional finance, reshaping the landscape of the capital markets.

"Pharos, Deeply Collaborating with AntChain, Set to Launch: How to Get Involved?"

Pharos is a new public chain focusing on Real World Assets (RWA), with a core team mostly from Ant Group and jointly developing the DTVM virtual machine with AntChain, garnering widespread attention. The project has raised $8 million and allocated $20 million to incentivize the developer ecosystem. Users can participate in interactive tasks such as daily signing, swapping, staking, and transfers on the testnet, following a clear and simple process. The current buzz around Pharos is mainly due to its "Ant Group" background, bringing resources and endorsement, and its future potential depends on whether it can truly establish a high-quality RWA asset on-chain channel.

"USD1 Makes a Big Move: Which Coin Is the Hottest 'Trump Concept' Play Based on Its Surge?"

Amid Bitcoin hitting a new all-time high and positive developments regarding the GENIUS Act, the Trump-endorsed stablecoin USD1 has quickly gained popularity, with a market capitalization surging to $2.1 billion and being officially listed on Binance. The underlying organization, World Liberty Financial (WLFI), through large investments and ecosystem development, has driven the skyrocketing prices of concept coins related to USD1 such as BUILDon, LISTA, and STO, sparking high market attention to the new narrative of "USD Hot Money + Trump Crypto Label" and becoming the hottest sector with the most Alpha potential.

"Arthur Hayes: Why Am I Betting on ETH When the Market Is All About SOL?"

Arthur Hayes believes that the U.S. fiscal policy continues to release liquidity, which will drive Bitcoin's rise, with a potential to reach $200,000 this year and $1 million by 2028. He predicts that after Bitcoin breaks $110,000, the altcoin market will start its season 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 future bull market. Despite receiving a pardon from Trump, he warns that the market should not overestimate politicians' prioritization of crypto and emphasizes the need for patience to see policies implemented.

"Rumors of 'Whale' Swaps Abound: Who Is the Mysterious New Ethereum Whale Abraxas Capital?"

Abraxas Capital is becoming one of the most active institutions in the Ethereum ecosystem, raising over 270,000 ETH in the short term, heavily investing in LST assets, and deeply engaging in DeFi protocols like Aave. Its core fund, HEKA Funds, was once one of Tether's main clients, but recently faced scrutiny for alleged abnormal fund flows and lack of transparency regarding its identity. Overall, the institution is shifting its strategy from arbitrage to long-term yield exploration within the Ethereum ecosystem, highlighting an asset allocation transformation amid the financialization trend in the crypto market.

"AI in Crypto: Is it All Chaos or a Rebirth After the Meme Frenzy?"

Since the explosion of ChatGPT in AI, the Web3 sector's exploration of AI has experienced a five-wave transition from meme hype to real-world applications: from the emotional hype sparked by projects like Fetch.AI and TURBO to projects like GOAT, AI16z, and Zerebro that have seen consecutive explosions in popularity with a narrative of agency and platform-building vision. Today, the fifth wave of hype is focusing on AI tools and platforms with more practical use cases, such as Zerebro's Agent Launchpad, Metis' high-performance AI chain Hyperion, and the data value chain LazAI, marking a shift in the "AI + Web3" track from storytelling to practical implementation. While still accompanied by a great deal of hype and uncertainty, the ecosystem is gradually maturing.

"Stablecoin Legislation Makes Progress, Why Did FRAX Become the Biggest Winner?"

After the U.S. Senate passed the "GENIUS Act," Frax Finance emerged as the biggest beneficiary of the market's attention. Its token FXS (with a monthly growth rate of over 100%) is highly regarded for its 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 the first to obtain regulatory approval. Frax is also building a stablecoin ecosystem consisting of frxUSD, FraxNet, and Fraxtal and is reconfiguring the token's functionality as FRAX to strengthen its competitiveness in the future landscape of compliant stablecoins.

"What Is the Controversial Bitcoin Improvement Proposal BIP-177 and What Impact Does It Have?"

BIP-177 has reignited the discussion on Bitcoin's unit reform. The proposal aims to change Bitcoin's display unit 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. Although it does not change the total supply, it essentially makes the display "more." Supporters believe this will help promote Bitcoin and reduce psychological barriers, while opponents are concerned that it may weaken the "satoshi culture," create confusion, and even damage Bitcoin's high-value brand awareness. This reform, in the midst of a bull market, seems more like a "facade engineering" endeavor.

"ETF Outdated? Wall Street is Betting on 'Stocks on Chain'"

The tokenization of stocks is rapidly emerging as a bridge between traditional finance and the crypto world. By anchoring real-world company stocks as on-chain tokens, it brings 24/7 trading, instant settlement, and a lower barrier to entry for investment. The involvement of institutions such as Coinbase, Citi, and JPMorgan signifies this model's transition from concept to reality. For crypto users, stock tokens are not only asset allocation tools but also provide a new path for hedging; for traditional capital, it is a new channel to enter the on-chain market. Against the backdrop of increasingly clear regulations, stock tokenization is expected to be the next breakout point for crypto finance.

"Analyzing the Mechanism and Risks of AAVE, Pendle, Ethena's PT Leverage Yield Farming Flywheel"

A recent trend in the DeFi community is a "PT leverage mining" strategy, combining Ethena's sUSDe, Pendle's PT Fixed Yield Certificates, and AAVE lending to earn spread income through leverage amplification. Some whales have participated with leverage as high as 9x, but this strategy is not without risk. The key lies in the discount rate risk of PT assets. Once the interest rate structure rises significantly or the oracle price undergoes drastic changes, it may trigger a large-scale liquidation. Therefore, it is necessary to rationally assess the leverage ratio and dynamically control risk exposure.

"Bitcoin Becomes the Darling of Corporate Finance, Why Is Everyone Eager to Emulate Strategy?"

Companies are transforming Bitcoin from a speculative asset into a core financial strategic tool. The iconic company Strategy holds over 560,000 BTC and has launched the "42/42 Plan," aiming to raise $84 billion to drive the development of the Bitcoin financial system. Its financial metrics are fully denominated in BTC, even attempting to use Bitcoin as corporate debt collateral, striving to create a new credit market framework based on digital assets, leading Bitcoin from hoarding to mainstream financial standard.

"A Comprehensive Overview of 12 Public Chain Stablecoin Ecosystems: SUI Growing the Fastest, USDT TRON's Circulation Exceeds Ethereum's"

By 2025, the total market value of stablecoins surpassed $245 billion, becoming a core track in the crypto market, where intense competition gradually shifted from coin types to public chain ecosystems. Ethereum held its ground relying on USDC, but saw a decline in USDT share, which was overtaken by Tron; Tron became the largest issuance chain for USDT due to low fees and high efficiency, receiving endorsement from the Trump project; Solana achieved a 600% growth based on its high TPS; BSC saw explosive growth thanks to zero gas fees and $1 USD peg; New players like Base and Hyperliquid grew rapidly, with Aptos and Sui experiencing 24x and 230x surges, becoming dark horses; Although TON saw rapid growth initially leveraging Telegram, it lacked momentum later on. Stablecoins have become a key indicator measuring on-chain activity, ecosystem health, and capital accumulation. The competition between public chains has entered a fierce stage, with a new landscape taking shape.

"Solana REV Surge: Is Chain Value Truly Underestimated?"

REV (Real Economic Value) measures the total fees users pay for on-chain transactions, serving as a representative of the overall cryptocurrency demand on the blockchain. Although Solana's current REV is several times that of Ethereum's and has been in a leading position in multiple periods, REV cannot be directly equated to the native token value of the chain. While the FDV/REV ratio holds a similar meaning to a Price-to-Earnings ratio, blockchains differ fundamentally from companies, and tokens cannot be compared to equities. REV can only serve as one dimension to observe the chain's activity level and potential value capture, rather than being the sole basis for price evaluation.

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