On May 24, CoinMarketCap shared this week’s price discovery report on the X platform. This report highlighted global crypto market shifts, new launches, and projects. This week, the market surged, adding $219 billion in value. The total market cap jumped 6.39%, reaching $3.645 trillion. Bitcoin led the rally with a 7.47% gain, while Ethereum maintained a 4.24% growth. The Senate passed the GENIUS Act with a 66-32 vote, marking a regulatory breakthrough for stablecoins. Strategy acquired 7,390 BTC and launched a $2.1 billion Series A offering. Circle Payments Network went live, enabling real-time USDC settlements. Major protocol updates and product launches added to the momentum.
Senate Passes GENIUS Act, Establishes Stablecoin Framework
On May 20, the U.S. Senate approved the GENIUS Act with strong bipartisan support. The bill outlines the first full regulatory structure for stablecoins. It defines stablecoins legally and mandates capital and reserve requirements. It also enforces KYC and AML compliance for issuers and intermediaries. This framework is expected to reinforce U.S. dollar strength globally. Analysts predict increased demand for U.S. Treasury assets as a result. The regulation also aims to reduce risks in the stablecoin sector.
Bitcoin (BTC) Surges as Strategy Buys 7,390 Coins
Bitcoin soared 7.47% over the week, leading the market’s rise. Institutional activity provided a strong tailwind. Strategy acquired 7,390 BTC worth approximately $765 million. The firm also announced a $2.1 billion Series A fundraising round. This investment reinforces growing institutional interest in digital assets. While traditional markets faltered, crypto decoupled. The S&P 500 dropped 1.35% and Nasdaq fell 1.23%, underscoring crypto’s growing independence. Not only BTC many other memecoins like Moo Deng (MOODENG), Dog (DOG), cat in a dog’s world (MEW), and Mog Coin (MOG) have shown serious growth. Non-meme coin outperformers include Hyperliquid (HYPE) and Worldcoin (WLD).
Circle Payments Network Launches for Real-Time Settlements
Circle officially launched the Circle Payments Network (CPN) on May 21, unlocking real-time USDC settlements. CPN is a blockchain-based payment coordination system. It enables banks, merchants, and providers to exchange instructions and settle instantly using USDC. CPN supports various financial operations, which include B2B supplier payments and cross-border remittances. Additionally, this enhances enterprise cash consolidation, recurring business payments and payroll and mass disbursements. The protocol offers transparency, programmability, and continuous availability. Market observers see it as a transformative move for digital finance.
DeFi Faces Setback as Cetus Protocol Loses $223M
Despite bullish sentiment, the DeFi sector saw a major incident. On May 22, SUI Cetus Protocol reported a loss of $223 million due to a vulnerability exploit. Cetus Protocol has temporarily paused its smart contract following the detection of an incident within the protocol. The team has initiated an investigation to identify the root cause and assess the impact. According to the official statement, the pause was implemented as a precautionary measure to ensure user safety. A more detailed update is expected once the investigation concludes. Security incidents continue to challenge trust in decentralized finance. However, the overall market remained resilient following the news.
Innovation Pushes Ethereum, Solana, and Celestia Forward
The CMC report also highlighted the major project updates on blockchain infrastructure. Succinct Labs launched Hypercube, a zkVM engine capable of proving Ethereum blocks in under 12 seconds. Anza introduced the Alpenglow protocol to improve Solana’s transaction speed. The system cuts latency by 100x, enhancing real-time performance. Celestia deployed the Lotus upgrade. The update reduces inflation and supports native interoperability for the TIA token.
Each update strengthens blockchain scalability, security, and usability. These innovations reflect ongoing efforts to improve performance across networks. This week marked a pivotal moment for the crypto industry. The Senate passed a key regulatory bill. Bitcoin gained sharply on institutional support. Circle launched a powerful payment system. While one DeFi project faced losses, others made strong technological progress. These developments show a maturing digital asset ecosystem combining policy, investment, and innovation.
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