BitcoinKE

Wall Street bank, JPMorgan, has said stablecoins are likely to maintain their dominance over tokenized money market funds despite the latter offering yield, citing regulatory constraints that continue to limit broader adoption of tokenized funds within crypto markets.
In a report, JPMorgan estimated tokenized money market funds account for only about 5% of the overall stablecoin market. The bank said stablecoins remain the preferred instrument across
crypto trading,
collateral management,
payments, and
liquidity operations
because they function more seamlessly across centralized exchanges and decentralized finance protocols.

EXPERT OPINION | Stablecoins Could Be ‘The ChatGPT Moment of Crypto,’ Says Ripple CEO

The analysts, led by Nikolaos Panigirtzoglou, said tokenized money market funds face a ‘structural regulatory disadvantage’ because they are classified as securities, subjecting them to
registration,
disclosure, and
transfer restrictions
that do not apply to most stablecoins.
JPMorgan said that without major regulatory reforms, tokenized funds are unlikely to grow beyond 10% to 15% of the stablecoin market as a result.

“We doubt that tokenized money market funds would grow beyond 10%-15% or so of the stablecoin universe, unless there is a regulatory change that reduces the structural disadvantage arising from tokenized money market funds classified as securities,” the analysts said.

INSTITUTIONAL | JPMorgan to Launch a Tokenized Money Market Fund Supporting Stablecoin Issuers Under GENIUS Act

The report comes as large financial institutions intensify efforts to tokenize traditional assets such as Treasury bills and money market funds. In early May 2026, JPMorgan filed plans for an on-chain Treasury money market fund designed in part to serve as a reserve asset vehicle for stablecoin issuers under proposed U.S. legislation.
Asset managers, including BlackRock and Janus Henderson, have also expanded tokenized fund offerings with new infrastructure aimed at enabling near-instant redemptions into stablecoins.

INSTITUTIONAL | World’s Largest Asset Manager Deepening its Involvement into On-Chain Fund Offerings
The move comes as the market for tokenized real-world assets has grown sharply over the past year (~200% YoY) driven by increasing interest from traditional financial firms.… pic.twitter.com/ZkUvFBhwMj
— BitKE (@BitcoinKE) May 9, 2026
JPMorgan said tokenized money market funds are expected to still grow faster than stablecoins because of their yield-bearing nature, particularly among institutional investors seeking on-chain settlement combined with traditional investor protections. However, the bank warned that
regulatory uncertainty,
liquidity concerns, and
counterparty risks
continue to weigh on adoption and will not fundamentally change the balance between the two markets.

REGULATION | U.S Regulators Set a Precedent Saying Capital Treatment for Tokenized Securities is ‘Technology Neutral’

Analysts have described recent regulatory developments, such as:
a streamlined process for issuing on-chain money market funds, and
allowing institutional investors to use on-chain money market funds as off-exchange trading collateral
as only ‘marginal’ improvements that are unlikely to change the broader picture.
Stablecoins, by contrast, have increasingly become the core settlement layer of the crypto economy with their role expanding beyond trading into cross-border payments and treasury management.
Industry executives speaking at recent crypto conferences have described stablecoins as a key bridge between traditional finance and digital assets.


BITCOIN | America’s Largest Bank Says Bitcoin Dominance as Institutional Crypto Asset is Unlikey to Change




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Der Blockchain-Inspektor ZachXBT hat einen vermuteten Sicherheitsvorfall bei der Krypto-Preisprognoseplattform Polymarket markiert, bei dem mehr als $520.000 aus zwei Smart Contracts auf der Polygon-Blockchain abgezogen wurden, laut veröffentlichten On-Chain-Daten.


Der Exploit zielte angeblich auf zwei Verträge ab, die mit der Belohnungsinfrastruktur von Polymarket verbunden sind, wobei die gestohlenen Gelder auf eine von Angreifern kontrollierte Wallet zurückverfolgt wurden.
Die Entwickler von Polymarket sagten später, dass der Vorfall von einem kompromittierten privaten Schlüssel herrührte, der mit einer internen Betriebs-Wallet verknüpft war, die für die Auszahlung von Belohnungen verwendet wurde, und fügte hinzu, dass die Kerninfrastruktur der Plattform, die Benutzerbestände und die Marktabwicklungen nicht betroffen waren.

Ethereum infrastructure startup, Syndicate Labs, said it is winding down operations after five years citing a sharp contraction in the market for blockchain rollups as activity and capital consolidate around a handful of dominant Ethereum scaling networks.
Syndicate Labs raised $20 million in a Series A funding round led by Andreessen Horowitz (a16z) in 2021 as investor enthusiasm surged around Ethereum scaling technologies. Demand however has increasingly shifted toward highly customized chains developed by consulting teams rather than reusable infrastructure frameworks.
The company, which built infrastructure for customizable Ethereum appchains and smart sequencers, said in a statement that ‘the rollup market has fundamentally shifted,’ adding that for every new rollup launching, several others were quietly shutting down.

According to the company:
“The rollup market has shrunk dramatically. For every new rollup spinning up, several more are quietly shutting down.
The market has shifted away from our technology, making it impossible to wait out these market conditions. EVM rollups are no longer the standard. Instead, custom chains are being built by consulting teams from scratch, with very little reusable tech or network value.”

EXPERT OPINION | Why Purpose-Built Blockchains Are on the Rise

The shutdown underscores growing pressure across the crypto infrastructure sector amid a prolonged market downturn that has forced multiple decentralized finance firms and blockchain startups to close in 2026.
Recent closures have included
Balancer Labs,
Step Finance and
Polynomial.

REALITY CHECK | One of the Longest Running DeFi Protocol Firms is Shutting Down

According to blockchain analytics platform, L2Beat, the total value secured across Ethereum layer-2 rollups has fallen roughly 36% from its October 2026 peak above $50 billion, with smaller networks suffering the steepest declines as liquidity migrated toward dominant chains such as Arbitrum One, Base, and OP Mainnet.

According to one analyst:
“Syndicate’s shutdown shows that the rollup infrastructure market has consolidated around a few dominant Layer-2 networks like Base and Arbitrum, which now absorb most of the users and liquidity.
The move also points to a clear shift where projects prefer subnets or existing infrastructure over building new L2s.”

Syndicate Labs said its decision was unrelated to a recent exploit involving its Commons Bridge which resulted in the theft of about 18.5 million SYND tokens valued at roughly $330,000 at the time. The company said affected users had been reimbursed from treasury reserves.
The project’s SYND token fell sharply following the announcement and is now down more than 99% from its 2025 peak, according to market data cited by industry reports.
The closure comes at a ttime when many companies are also resetting and cutting staff and roles tied to older workflows while focussing on AI and institutions with Jack Dorsey’s Block and Coinbase being the latest examples.

DeFi | Another DeFi App Shutting Down Amidst Market Pressures



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Harvard University’s endowment fund sold its entire position in BlackRock’s spot Ethereum exchange-traded fund in the first quarter, exiting the investment just months after disclosing the stake, according to a regulatory filing.
The filing showed Harvard Management Company fully divested its holdings in the BlackRock iShares Ethereum Trust ETF, a position previously valued at roughly $87 million. The endowment also reduced its exposure to BlackRock’s iShares Bitcoin Trust by about 43% during the quarter.
The move comes amid a difficult period for Ether, the native token of the Ethereum Foundation ecosystem, which has struggled to regain momentum after falling sharply (50%) from highs reached in 2025.
The Ethereum ecosystem has also faced leadership turbulence following several high-profile departures from the Ethereum Foundation in 2026.

Ethereum Foundation Sees 8 High-Profile Departures in 2026 So Far

Harvard had emerged as one of the largest institutional holders of spot crypto ETFs among U.S. universities after disclosing significant exposure to BlackRock’s Bitcoin and Ethereum products in 2025. At its peak in Q3 2025, the university’s Bitcoin ETF holdings were valued at more than $440 million, according to prior filings.
The latest filing marks the third consecutive quarter in which the value of Harvard’s crypto-related holdings declined reflecting both portfolio reductions and broader weakness across digital asset markets.
Harvard is funded, in part, by an endowment.
The endowment includes thousands of philanthropic gifts donated since Harvard’s early history, many of which were given to support specific aspects of Harvard’s teaching and research work. Together, these gifts form a permanent source of funding that connects scholars and learners from many diverse backgrounds with opportunities at Harvard, now and into the future.
As of 2025 fiscal year, the size of the fund is $56.9 billion.

INSTITUTIONAL | Crypto ETFs by the World’s Largest Asset Manager Generated Just $42 Million in Q1 2026




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Das Krypto-Finanzdienstleistungsunternehmen Blockchain.com hat vertraulich Unterlagen bei der US-Börsenaufsichtsbehörde SEC für einen potenziellen Börsengang eingereicht, um sich einer wachsenden Liste von Digital-Asset-Firmen anzuschließen, die beabsichtigen, die öffentlichen Märkte zu erschließen, während die Stimmung im Krypto-Sektor sich verbessert.
Das Unternehmen erklärte, dass es eine Entwurf-Anmeldung auf dem Formular S-1 bei der SEC eingereicht hat, die es ihm ermöglicht, den regulatorischen Prüfungsprozess zu beginnen, bevor es die finanziellen Details im Zusammenhang mit dem Angebot öffentlich macht. Die Bedingungen des IPO, einschließlich der Anzahl der Aktien und der Preisspanne, sind noch nicht festgelegt worden.

More than three dozen European banks have lined up behind a single Euro stablecoin project as executives and policymakers grow increasingly concerned about the dominance of the U.S. dollar in the crypto market.


Amsterdam-based Qivalis had already secured backing from some of Europe’s largest lenders, including:
BNP Paribas,
ING, and
UniCredit,
for its stablecoin, which has yet to launch.

STABLECOINS | A Euro Stablecoin is Coming in H2 2026
The project lead, who is also the former Head of @Coinbase in #Germany, has said the project aims to provide a #EUROPEAN ALTERNATIVE to dollar-denominated #stablecoins and support real-time cross-border corporate #payments…
— BitKE (@BitcoinKE) March 3, 2026
The addition of another 25 banks, among them:
ABN Amro,
Intesa Sanpaolo, and
Rabobank
brings the total number of supporting lenders to 37 making the Qivalis initiative Europe’s largest stablecoin project by number of backers.

INSTITUTIONAL | Italy’s Biggest Bank More Than Doubles Exposure to Crypto Assets in Q1 2026

Stablecoins are digital tokens typically pegged to sovereign currencies and are widely used by traders to move funds in and out of cryptocurrencies.
Traditional banks are increasingly exploring stablecoins as a way to speed up and reduce the cost of back-office operations such as settlement, collateral management, and payments.
Qivalis is betting that launching its stablecoin with a critical mass of banks, along with their existing customers and payment networks, will help drive adoption and make the token more competitive with existing euro-denominated stablecoins.
European bankers have become increasingly concerned about the dominance of dollar-backed stablecoins and the growing influence of crypto firms in areas traditionally controlled by banks.

STABLECOINS | Europe Should Develop More Euro-Backed Stablecoins to Counter Dollar-Pegged Assets, Says French Finance Minister

Of the roughly $320 billion in stablecoins currently in circulation, almost all are denominated in U.S. dollars, with issuance dominated by Tether’s USDT and Circle’s USDC.
Christine Lagarde, President of the European Central Bank (ECB), said in May 2026 that the rising use of dollar-backed stablecoins in Europe posed a ‘legitimate concern that risks entrenching dollar dependency.’ Another senior official at the European Central Bank warned in 2025 that the growth of dollar stablecoins could weaken the ECB’s control over monetary policy.

STABLECOINS | The European Central Bank Warns Increased Stablecoin Use May Weaken Monetary Policy Flows

Jan-Oliver Sell, chief executive of Qivalis, told the Financial Times that ‘the European sovereignty angle’ was important, adding that the geopolitical environment was making it ‘attractive for people to think about an alternative to the U.S. dollar.’
Several euro-denominated stablecoins already exist though adoption has remained limited compared with their dollar rivals.
Circle’s EURC token is currently the largest euro stablecoin with a market capitalization of about $450 million, according to CoinMarketCap data, while its dollar-backed stablecoin has a market capitalization of roughly $77 billion.
Société Générale became the first major bank to launch its own stablecoin, Forge, in 2023, but the token has only about $123 million in circulation.
Another euro stablecoin, Eurite, has roughly $60 million in trading volume.

STABLECOINS | Spain Leads European Retail Market for This Euro Stablecoin in Q1 2026
This latest statistic comes 2 months after the European Central Bank warned that increased #dominance and use of #dollar-pegged #stablecoins is likely to #import foreign #monetary conditions…
— BitKE (@BitcoinKE) April 30, 2026
Sell said Qivalis is also in discussions with several non-European banks operating in countries that receive significant remittance flows from Europe about joining the consortium.
“We’re not competing with payments in Europe because payments in Europe work,” Sell said, adding that stablecoins would instead be used for cross-border transfers and immediate, or “atomic,” settlement.

Qivalis has applied for a license from the Dutch central bank and expects approval in the second half of the year.
“We are looking to be operationally ready by the time the licence comes so we can go live ASAP,” Sell said.


STABLECOINS | Financial Institutions and Corporate Treasury Teams Driving Stablecoin Adoption in Europe




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Trump Media-linked Truth Social has withdrawn plans for a spot bitcoin exchange-traded fund, underscoring how brutal the competition has become in a market now dominated by Wall Street giants willing to slash fees to win scale.
The proposed ETF, backed by Yorkville America Digital, was pulled this week after the issuer said it would shift focus toward products structured under the Investment Company Act of 1940 rather than traditional spot bitcoin commodity-trust vehicles.
However, analysts and market participants said the decision reflected a harsher reality: late entrants are struggling to survive in an increasingly commoditized Bitcoin ETF market.
The withdrawal highlights what has effectively become the next phase of the Bitcoin ETF wars – a battle no longer centered on regulatory approval but on fees, distribution power, and scale.

INSTITUTIONAL | World’s Largest Wealth Management Firm is Entering the Bitcoin ETF Race with Ultra-Low Fees

Since U.S. regulators approved spot Bitcoin ETFs in early 2024, asset managers have aggressively cut fees in a race for investor inflows.
That pressure intensified in 2026 after Morgan Stanley launched its MSBT Bitcoin ETF with a management fee of 14 basis points undercutting many rivals and directly challenging BlackRock’s dominant IBIT fund.

INSTITUTIONAL | Morgan Stanley’s Bitcoin ETF (MSBT) Debut Ranks it Among Top 1% ETF Launches

BlackRock’s IBIT has amassed roughly $62.65 billion in assets, giving it the scale to sustain lower fees while maintaining profitability.
By contrast, Yorkville’s Truth Social-branded ETF platform reportedly managed less than $50 million in assets in early 2026, far below the level needed to compete in a fee-compressed market.
Industry analysts said the economics have become unforgiving for smaller issuers offering undifferentiated bitcoin exposure. When a fund tracks the Bitcoin price, it delivers the same economic result whether it is a Fidelity, BlackRock, or Trump ETF. When commoditized, competition boils down to three things:
fees
liquidity
distribution

“A spot bitcoin ETF charging 14 basis points needs over $7 billion in assets to generate meaningful annual revenue,” says one report, highlighting how scale has become essential for survival.

Without a differentiated exposure, it is difficult to defend a higher fee.


Bloomberg ETF analyst, James Seyffart, said the regulatory explanation offered by Yorkville was unlikely to be the main reason behind the withdrawal noting that the structural differences between ’33 Act and ’40 Act products were already well understood across the industry.
The collapse of Truth Social’s ETF ambitions mirrors a broader consolidation trend sweeping the crypto investment industry where dominant firms with deep distribution networks are increasingly squeezing out smaller challengers.
Morgan Stanley alone has roughly 16,000 financial advisers overseeing nearly $7 trillion in client assets giving it a distribution advantage few crypto-native issuers can match.
Analysts have compared the current Bitcoin ETF landscape to the decades-long fee wars that transformed the traditional index fund industry where only the largest players ultimately survived while weaker entrants disappeared or were absorbed.
The previous ease of launching spot Bitcoin ETFs is over and only an ETF with a different wrapper will prove successful.


CASE STUDY | How This Wall Street Bank is Leveraging its Brand, Pricing, Distribution Network for its Bitcoin ETF



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Die in London notierte Handelsplattform IG Group plant, ihre Krypto-Handelsdienste in Europa durch eine Partnerschaft mit dem österreichischen Krypto-Broker Bitpanda auszubauen, während traditionelle Finanzunternehmen ihren Vorstoß in digitale Vermögenswerte im Rahmen des neuen MiCA-Regulierungsrahmens der EU vertiefen.
IG, das 2025 den Krypto-Handel im Vereinigten Königreich gestartet hat, sagte, dass Bitpanda die Infrastruktur bereitstellen wird, einschließlich
Liquidität,
Handelskonnektivität und
Verwahrungssupport
für die europäische Einführung.
Die Unternehmen gaben keinen Zeitplan für den Start oder finanzielle Bedingungen bekannt.

Das südafrikanische Finanzministerium hat eine Pressemitteilung veröffentlicht, in der es bekannt gibt, dass die Frist für öffentliche Kommentare zu den Entwürfen der Kapitalflussmanagement-Regulierungen 2026, früher bekannt als die Devisenregulierungen von 1961, verlängert wird.
Die Aussage hat offenbart, dass die meisten Bedenken, die seit der Veröffentlichung der Entwurfsregulierungen am 17. April 2026 eingegangen sind, ‚die Behandlung, den Besitz und den Handel mit Krypto-Assets betreffen, insbesondere die potenziellen Beschränkungen für grenzüberschreitende Transaktionen.‘

Elon Musk’s SpaceX disclosed holding nearly 19,000 bitcoin worth about $1.4 billion in a long-awaited IPO filing revealing a far larger cryptocurrency position than previously estimated and underscoring the growing role of digital assets on corporate balance sheets.
The rocket and satellite company said in its prospectus that it held 18,712 bitcoin as of the end of the first quarter, with a fair value of roughly $1.29 billion at the time. At current market prices, the holdings are valued at around $1.45 billion.
The disclosure makes SpaceX one of the world’s largest known corporate bitcoin holders, surpassing crypto exchange Coinbase’s treasury holdings and trailing only a handful of publicly traded firms such as Strategy and Tesla.

MILESTONE | Strategy Surpasses 800, 000 Bitcoins After a Record Purchase

The filing comes as SpaceX prepares for what could become one of the largest public offerings in history, with media reports valuing the company at more than $1.5 trillion.
SpaceX said it acquired the bitcoin at a total cost basis of about $661 million, implying an average purchase price of roughly $35,300 per token.


The company had long been rumored to hold bitcoin, though estimates from blockchain analytics firms had placed its stash closer to 8,000 BTC. The IPO filing marks the first official confirmation of the company’s crypto treasury position.
The disclosure also highlights billionaire Elon Musk’s continued ties to the cryptocurrency sector. In 2021, Tesla purchased $1.5 billion worth of bitcoin and briefly accepted the token as payment for vehicles before later selling most of its holdings.
Investor interest in crypto-related corporate treasuries has surged over the past year as bitcoin prices rallied and new accounting rules allowed companies to report digital assets at fair market value rather than at impairment-only valuations.
Bitcoin traded near record highs above $77,000 as of this writing boosting the value of corporate holdings across the sector.


BITCOIN | America’s Largest Bank Says Bitcoin Dominance as Institutional Crypto Asset is Unlikey to Change




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The U.S. Federal Reserve has proposed creating a new class of limited payment accounts that would give fintech and crypto firms restricted access to the central bank’s payment infrastructure marking the latest shift in Washington’s approach to digital asset companies seeking banking services.
The proposal would allow eligible firms to access Federal Reserve payment rails and transfer funds directly through the system but without many of the privileges granted to traditional banks. The accounts would not provide access to intraday credit, interest on reserves or the Fed’s discount window, according to the proposal.

REGULATION | Why U.S Banks Want the Ban on Stablecoin Yields Extended to 3rd Party Entities

Firms with diverse business models can use such accounts to clear and settle payments to increase speed and reduce their costs, but without master-account status.
The move builds on an idea first floated last year by Federal Reserve Governor, Christopher Waller, for so-called ‘skinny’ master accounts aimed at firms that do not require the full suite of banking services.
Crypto firms and fintech companies have long pushed for access to Fed master accounts arguing that direct access to payment rails would reduce settlement costs and improve transaction speeds. Traditional banks have opposed such efforts citing concerns about regulatory oversight and financial stability risks tied to firms that lack federal deposit insurance.
The proposal comes weeks after crypto exchange, Kraken, became the first crypto-linked firm to secure a limited Federal Reserve master account through the Kansas City Fed, a development analysts said could pave the way for additional approvals across the sector.

INSTITUTIONAL | Kraken Says its ‘80% Ready to Go Public’ as it Moves to Restructure Operations and Profile

The Fed said the proposal would not alter the legal eligibility requirements for account holders and noted that regional reserve banks would pause pending applications from non-traditional firms while the framework is reviewed.
The announcement also follows an executive order signed this week by U.S. President Donald Trump directing financial regulators and the Federal Reserve to review policies that may restrict fintech and crypto firms from accessing payment systems.
Federal Reserve Governor, Michael Barr, dissented from the proposal warning that expanding access without stronger safeguards could increase risks tied to illicit finance and regulatory arbitrage.


INSTITUTIONAL | The Industry Has Entered a New Phase of Mainstream Adoption, Say Crypto, Fintech Executives at Consensus Miami 2026




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Checker, ein Startup für Stablecoin-Infrastruktur, das Werkzeuge für Finanzinstitutionen entwickelt, hat in einer Finanzierungsrunde 8 Millionen Dollar gesammelt, angeführt von
Galaxy Ventures,
Al Mada Ventures und
Framework Ventures.
Zusätzliche Investoren sind:
Lateinamerikanische Finanzfirmen
Bitso und
Airtm,
Investoren mit Fokus auf Afrika
DFS Lab
Asiatische Investoren
Onigiri Capital,
SNZ Capital und
Velocity,
neben Angel-Investoren von Firmen wie:
Stripe,
Tala,
Flutterwave,
Mesh,
ComplyAdvantage und
Superstate.
Checker sagte, dass es eine einzige API bietet, die es Banken, Fintechs und anderen Finanzinstitutionen ermöglicht, auf Folgendes zuzugreifen:

JPMorgan has said Ethereum and the broader altcoin market are unlikely to close the performance gap with bitcoin unless the crypto industry sees a significant revival in network activity and real-world blockchain adoption, according to a research note.
The bank said ether has continued to lag bitcoin both in price performance and institutional investor flows since the crypto market de-leveraging event in October 2025, highlighting weaker demand across decentralized finance and alternative blockchain ecosystems.

MILESTONE | Crypto Markets Record the Largest Single-Day Liquidation Event in History

Since the October 2025 liquidation event, spot Bitcoin ETFs have clawed back about two‑thirds of their outflows versus only about one‑third for spot ETH ETFs with CME futures data showing institutional bitcoin exposure nearly restored while ETH futures remain well below prior levels.
Analysts at the Wall Street lender said that while Ethereum’s upcoming technical upgrades could improve scalability and lower transaction costs, previous network improvements have failed to generate a meaningful increase in on-chain activity or user adoption.

“Altcoins remain constrained by weak liquidity, shallow market depth and fading investor confidence,” JPMorgan said, adding that repeated protocol exploits, slowing DeFi growth and limited mainstream use cases continue to weigh on the sector.

INSTITUTIONAL | ‘DeFi Exploits, Limited Growth Are Holding Back Institutional Adoption,’ Says America’s Largest Bank

The comments come as bitcoin continues to dominate crypto market inflows during a period of macro-economic uncertainty and rising global interest rates. The bank highlighted spot ETFs as the clearest sign of this dominance saying altcoins ‘may continue to underperform Bitcoin (BTC)’ unless there is ‘meaningful improvement’ in network activity, decentralized finance (DeFi) adoption and real‑world applications.
JPMorgan’s assessment reflects a broader debate within the crypto industry over whether alternative blockchain networks can generate sustained economic activity beyond speculation and token trading.
The report also noted that institutional investors continue to favor bitcoin due to its perceived role as a macro hedge and store of value while many altcoin ecosystems have struggled to rebuild momentum following
a series of hacks,
declining token incentives, and
reduced venture capital funding
over the past year.

EXPERT OPINION | Crypto Has Split into 4 Major Segments @Bitwise CEO says the crypto market has effectively split into four major segments:
stablecoins and payments, Bitcoin as a macro asset, tokenization and on-chain finance, and blockchain infrastructure.
Bitwise CEO:… pic.twitter.com/fNtxmpOBgD
— BitKE (@BitcoinKE) May 17, 2026
Ethereum supporters argue the network is positioning itself for long-term adoption through scaling upgrades, tokenization infrastructure, and enterprise blockchain applications. At the Consensus 2026 conference, several Ethereum ecosystem participants said market demand would eventually ‘catch up’ with the network’s technological development.
JPMorgan however says upgrades alone will not rescue ETH’s relative trade.
Unless Ethereum can reignite on‑chain activity and demonstrate that those flows translate into fee revenue and token demand, JPMorgan expects Bitcoin to keep leading both on price performance and in capturing the next leg of institutional inflows.

INSTITUTIONAL | Morgan Stanley’s Bitcoin ETF (MSBT) Debut Ranks it Among Top 1% ETF Launches



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Solana memecoin launchpad platform, Pump.fun, generated more than a third of all application revenue on the Solana blockchain in the first quarter, underscoring how speculative retail trading continues to shape activity across crypto networks even as memecoin enthusiasm cools, according to a Q1 2026 report blockchain research firm, Messari.
Pump.fun brought in roughly $124.7 million in revenue during the quarter, accounting for about 36% of the $342.2 million generated by Solana-based applications overall, the report showed.
Interestingly, revenue at the platform rose 17% quarter-on-quarter despite a broader slowdown in memecoin trading activity.

2025 RECAP | 2025 Was the Deadliest Year on Record for Crypto Projects – Over Half Died Fueled By MemeCoins

The figures highlight a growing concentration of economic activity around a handful of speculative applications on public blockchains, particularly on Solana, where memecoin issuance and trading have become major drivers of transaction fees, liquidity flows, and retail participation.
The development offers a case study into how crypto ecosystems are increasingly dependent on attention-driven applications to sustain user growth and revenue generation. While decentralized finance and tokenization narratives continue to mature, speculative trading infrastructure remains one of the largest monetization engines in crypto.
Messari’s report showed Solana launchpads generated around $144 million in Q1 revenue, or roughly 42% of all application revenue on the network. Pump.fun remained the dominant player within that segment benefiting from its simplified token creation model and deep retail network effects.
The platform’s rise also reflects a broader shift in crypto market structure where consumer-facing applications, rather than base-layer blockchains themselves, increasingly capture the bulk of value creation. Similar trends have emerged across
stablecoin payments,
perpetual futures trading, and
token launch infrastructure.

STABLECOINS | Binance Dominates Over 60% of All Centralized Stablecoin Liquidity

Still, analysts say the model remains cyclical and highly dependent on retail speculation.
Pump.fun’s growth comes after several months of declining memecoin activity following the sector’s explosive rally in late 2025. Earlier reports showed the platform’s revenues had previously fallen sharply as speculative appetite weakened and traders rotated into other crypto sectors.
Even so, the platform has continued expanding its ecosystem. Pump.fun surpassed $1 billion in cumulative revenue earlier this year and has hinted at possible multi-chain expansion beyond Solana, according to industry reports.
The case also highlights one of the defining tensions in crypto markets: whether ecosystems built heavily around speculative trading can evolve into more sustainable financial infrastructure.
While memecoin-driven platforms generate significant revenue and user activity, critics argue that reliance on speculative flows leaves networks vulnerable to sharp downturns in sentiment and liquidity. Analysts have also raised concerns around insider trading, token manipulation, and sustainability as competition between launchpads intensifies.
For Solana, however, the strategy has so far helped maintain one of the most active onchain retail ecosystems in crypto even amid declining asset prices and lower DeFi activity during the quarter.


REPORT | USDT Stablecoin Dominates the Crypto Lending Market with Over 73% Market Share



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Der Betreiber von Bitcoin-ATMs, Bitcoin Depot, hat Insolvenz nach Chapter 11 angemeldet und sein Netzwerk von über 9.000 Krypto-Kiosken geschlossen. Dies markiert einen der größten Zusammenbrüche in der Bitcoin-ATM-Branche, während die Regulierungsbehörden die Überprüfung von Betrug und Compliance-Fehlern verstärken.


Das in Atlanta ansässige Unternehmen, das 2016 gegründet wurde, gab bekannt, dass es mit einem 'geordneten Rückzug' seiner Aktivitäten begonnen hat, nachdem alle Optionen evaluiert wurden, und dass es beabsichtigt, seine Vermögenswerte durch gerichtlich überwachte Verfahren in Texas zu verkaufen. Geschäftsführer Alex Holmes erklärte, dass das Geschäftsmodell des Unternehmens angesichts der aktuellen Umstände 'nicht mehr tragfähig' sei.

Die nigerianische Polizei hat fünf Inspektoren wegen mutmaßlicher Beteiligung an Entführungen, bewaffnetem Raub, Erpressung und Korruption im Bundesstaat Rivers entlassen, während die Behörden ihre Bemühungen verstärken, kriminelle Aktivitäten einzudämmen und das öffentliche Vertrauen in die Strafverfolgung wiederherzustellen.
Die Beamten wurden nach internen Disziplinarverfahren entlassen, nachdem Ermittler aufgedeckt hatten, was die Polizei als ein kriminelles Syndikat beschrieb, an dem aktive Beamte in Port Harcourt und Umgebung beteiligt waren, laut Aussagen, die von nigerianischen Medien berichtet wurden. Die Staatsanwaltschaft wird voraussichtlich innerhalb von 30 Tagen Anklage erheben.

A decentralized finance (DeFi) exchange has become the first on-chain trading platform to offer perpetual futures tied to individual U.S. equities using live Nasdaq price data, marking another step in the growing convergence between traditional finance and crypto markets.
The platform, Ostium, said it had launched equity perpetual contracts tracking major U.S. stocks, allowing global crypto traders to gain leveraged exposure to equities around the clock without directly holding the underlying shares. The products are powered by Nasdaq’s market data feeds, according to reports.
As per the Ostium website, has already processed over $50 billion in cumulative volume across over 26,000 traders since its 2024 debut.


The move highlights how decentralized exchanges are increasingly trying to replicate and offer 24/7 exposure to traditional financial market infrastructure on-chain expanding beyond cryptocurrencies into tokenized real-world assets such as stocks, bonds, and commodities.
Perpetual futures, widely used in crypto markets, allow traders to speculate on asset prices without expiration dates. Bringing those instruments to equities has long faced a major hurdle: reliable on-chain price discovery and settlement mechanisms tied to regulated financial markets.
That challenge has become central to the broader tokenization industry, where banks, exchanges and blockchain firms are racing to bring traditional assets on-chain while ensuring that tokenized products accurately reflect off-chain market prices.
According to analysis published by BitKE, one of the biggest obstacles facing tokenized finance is the lack of unified standards for pricing, accounting and reconciliation between on-chain assets and traditional financial systems.

EDITORIAL | Why Accounting and Price Discovery Remain the Biggest Hurdles to Capital Markets Tokenization

Equity perps now reportedly account for nearly 20% of the RWA perps market activity of over $75 billion, as per recent stats, with these products helping in price discovery as per recent Stork data.

“Pre-IPO perps in CBRS (Cerebras Systems) priced the stock almost perfectly in hours ahead of its opening trades on the Nasdaq,” Stork Labs said.

Equity perps are now nearly 20% of the #RWA perps markets, continuing growth that just two weeks ago crossed 10% for the first time since January 2026.@StorkOracle @RWAwatchlist_ #EquityPerps #OnChainPerps pic.twitter.com/eGpog8UCmL
— BitKE (@BitcoinKE) May 19, 2026
The report noted that as tokenized equities and funds begin interacting more directly with public blockchains, firms are grappling with questions around valuation accuracy, liquidity fragmentation and how to maintain synchronized pricing across both traditional exchanges and decentralized markets.
Industry participants have warned that without trusted data infrastructure, tokenized assets risk trading at persistent premiums or discounts to their real-world counterparts, undermining institutional confidence in the sector.
The launch also comes amid rising institutional interest in tokenized financial products. Major firms including JPMorgan Chase, Nasdaq and crypto exchange, Kraken, have recently expanded efforts around tokenized stocks, on-chain funds, and blockchain-based market infrastructure.

INTRODUCING | The Largest Bank in the United States Launches On-Chain Yield Fund on #Ethereum
The latest development won’t spell the end of #stablecoins or a #DeFi triumph. Instead, settlement rails will stay public and transparent, but the instruments running on them will… pic.twitter.com/JgZ7VZCZ3X
— BitKE (@BitcoinKE) December 18, 2025

Analysts say the emergence of equity perpetuals on decentralized venues could further blur the lines between crypto-native trading and traditional capital markets particularly as traders seek 24-hour access to global assets outside conventional brokerage systems.
The market for tokenized real-world assets has grown rapidly over the past two years with estimates cited by major financial institutions placing the sector at roughly $30 billion in on-chain value, spanning tokenized treasuries, funds, commodities and private credit instruments.

EXPERT OPINION | Tokenization Alone Will Not Fix Illiquid Assets, Say Industry Experts



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Minnesota Governor, Tim Walz, has signed a bill allowing state-chartered banks and credit unions to offer cryptocurrency custody services adding the state to a growing list of U.S. jurisdictions opening the door for traditional financial institutions to handle digital assets.
The legislation, known as HF 3709, permits banks and credit unions in the state to provide virtual-currency custody services beginning Aug. 1, 2026, according to the Minnesota Legislature and reports from crypto news outlets.
Under the law, institutions must maintain written policies covering risk management, internal controls, and cybersecurity before launching custody operations. They are also required to notify the Minnesota Commissioner of Commerce at least 60 days before beginning such services. Client assets must remain segregated from the institution’s own holdings.
State Representative, Bernie Perryman, one of the bill’s sponsors, said the measure was designed to ensure Minnesota-based financial institutions can ‘evolve alongside their customers’ instead of forcing residents to rely on offshore or unregulated crypto firms.
The move comes as U.S. regulators and banks increasingly revisit digital asset services following easing federal restrictions on crypto-related banking activities. The Office of the Comptroller of the Currency (OCC) earlier clarified that nationally chartered banks could engage in crypto custody activities provided they maintain appropriate risk controls.

REGULATION | The Office of the Comptroller of the Currency (OCC) Clears National Banks to Act as Intermediaries in Crypto Transactions

Traditional lenders have also been re-entering the sector. U.S. Bancorp, headquartered in Minneapolis, revived its institutional bitcoin custody service in 2025 after suspending it during a period of tighter regulatory scrutiny.
Some traditional lenders however have been opposed to OCC’s move to grant national bank charters to crypto and fintech firms.
The Bank Policy Institute (BPI), a lobbying group representing some of the largest U.S. banks, is considering legal action against the U.S. Office of the Comptroller of the Currency (OCC) arguing that the OCC has reinterpreted federal licensing rules in a way that could allow crypto companies to enter the U.S. banking system without the same level of oversight applied to traditional banks.

REGULATION | U.S. Banking Lobby Weighs Lawsuit Against OCC Over Crypto Trust Charters
The lobby group argues that the OCC has reinterpreted federal #licensing rules in a way that could #allow crypto companies to enter the U.S. #banking system #without the same level of… pic.twitter.com/Jtp5RZsLq2
— BitKE (@BitcoinKE) March 10, 2026
Minnesota’s crypto custody approval comes alongside tougher rules elsewhere in the state’s digital asset market. The state recently passed separate legislation banning crypto ATMs and kiosks, citing concerns over fraud and money laundering.

REGULATION | Morgan Stanley, a Top 10 U.S Bank, Files for a Bank Charter to Custody and Trade Crypto



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Tether, the issuer of USDT, the world’s most widely used stablecoin, has announced an investment in cross-border payments platform, LemFi, to expand stablecoin-powered remittance services across emerging markets as Tether pushes deeper into real-world financial infrastructure.
The investment will support the integration of Tether’s USDt stablecoin into LemFi’s remittance network which serves diaspora communities sending money between Europe, North America, Africa and Asia.
By leveraging Tether’s deep liquidity and LemFi’s established presence across emerging markets, the two companies are setting a new standard for faster, more inclusive remittances, designed for today’s interconnected world.

REGULATION | LemFi Granted Legal Approval to Offer Remittance Services in Kenya – Boasts Zero Transfer Fees
LemFi boasts no transfer fees, supports multiple currencies, and allows for international money transfers without the need for a bank account, allowing immigrants and… pic.twitter.com/LMaPW6pn00
— BitKE (@BitcoinKE) April 5, 2024
Financial terms of the deal were not disclosed.
The partnership aims to reduce the cost and settlement times of cross-border transfers via on-chain payments instead of traditional banking rails such as SWIFT.
Founded in 2020, LemFi has grown rapidly among migrant users seeking cheaper international money transfers and multi-currency accounts. The company recently surpassed 1 million users and processes more than $1 billion in monthly transaction volume, according to company statements.

Commenting on the milestone, Ridwan Olalere, CEO and Co-Founder, LemFi, said:
“Tether’s investment is a significant milestone for us at LemFi, but more importantly, it is a validation of the direction we are heading. We have always believed that the financial system should work equally well for everyone, regardless of where they live or where they are sending money.
Integrating USD₮ into our infrastructure brings us closer to that reality, enabling faster, cheaper, and more reliable financial services for the millions of people who depend on us every day.”

REPORT | Stablecoins Could Reshape African Payments But Face Infrastructure, Regulatory Hurdles, Says Onafriq Report

Tether CEO, Paolo Ardoino, said the investment aligns with the company’s strategy of expanding financial access through stablecoin infrastructure.
“At Tether, our goal is to promote financial inclusion, and we are committed to working with platforms building scalable financial solutions that address the real needs of our 585 million users globally.
Our investment in LemFi reflects our shared vision on how money moves across borders, prioritizing speed, cost, and transparency. By supporting LemFi’s growth and innovation roadmap, we are helping bring the benefits of a stable digital asset to more people who rely on remittances in their daily lives.”

STABLECOINS | Stablecoins Becoming Vital Financial Tools in Africa as Remittances Surpass Aid, Says Former UN Under-Secretary General

Africa’s fintech sector is increasingly embracing stablecoins as it seeks to streamline cross-border payments, overcome currency volatility, and offer faster, cheaper alternatives to traditional remittance and settlement channels.
Stablecoins are gaining traction as fintech players look to bypass unreliable correspondent banking systems. In recent months, firms like PayStack, Flutterwave, and Onafriq (formerly MFS Africa) have ramped up their use of stablecoins to facilitate international payments and settlements across the continent.

Flutterwave, PayStack, Onafriq: Why Africa’s Fintech Sector is Turning to Stablecoins

The move comes as stablecoin issuers increasingly position digital dollars as a tool for remittances and payments in regions with high transfer costs and limited banking access. Africa remains one of the world’s most expensive remittance corridors, according to World Bank data.

REPORT | Sub-Saharan Africa Remains the Most Expensive Region for Sending Remittances, Says Latest World Bank Research



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Die Hana Financial Group aus Südkorea erwirbt einen Anteil von 6,55 % am Betreiber der Krypto-Börse Dunamu, der Muttergesellschaft von Upbit, für etwa 1 Billion Won (670 Millionen US-Dollar), was eine der größten Investitionen einer traditionellen koreanischen Bank im digitalen Asset-Sektor darstellt.
Der Deal, genehmigt vom Vorstand der Hana Bank, beinhaltet den Kauf von etwa 2,28 Millionen Dunamu-Aktien von Kakao Investment und soll bis Mitte Juni 2026 abgeschlossen werden, laut regulatorischen Unterlagen und lokalen Medienberichten. Nach der Transaktion wird die Hana Bank der viertgrößte Aktionär von Dunamu werden.