The Federal Reserve maintained the benchmark interest rate at 4.25% to 4.50% during the meeting on May 7, 2025, in line with market expectations. Despite a 0.3% contraction in US GDP in the first quarter, the labor market remains robust and inflation is easing. The cryptocurrency market reacted calmly, with Bitcoin holding around $96,300. Investors are now focused on whether the Federal Reserve will hint at an interest rate cut this year, which could benefit the digital asset market. Tokenized US Treasury bonds and interest-bearing stablecoins continue to be the main trends in on-chain liquidity.