US Treasury: "Dollar-Pegged Stablecoin Market Cap Expected to Reach $2 Trillion by 2028"
The US Treasury released its first-quarter report, projecting that the total market capitalization of dollar-pegged stablecoins will reach approximately $2 trillion by 2028. According to Cointelegraph, the report stated, "The current stablecoin market cap is around $230 billion. It is expected to grow significantly as the growth trajectory accelerates due to changing market trends." It further explained that "dollar-based stablecoins are already widely used on-chain like cash. They are essentially functioning as a new payment method."
Tether CEO: "Plans to Launch US Stablecoin Product Within the Year"
Tether (USDT) CEO Paolo Ardoino told CNBC that they plan to launch a stablecoin product in the US as early as this year. He stated, "We are preparing to enter the US market as early as the end of this year or early next year. The timing depends on the progress of the US stablecoin bill. We are actively cooperating with law enforcement agencies and trying to attract regulators' attention by emphasizing the benefits of USDT to the US economy. We are simply a company exporting the best product created by the US, which is the US dollar."
Solana Policy Institute Sends Letter to SEC, Proposes Applying Stocks to Blockchain
The Solana Policy Institute and others sent a letter to the SEC's cryptocurrency task force, proposing a new framework for applying equity securities to blockchain. According to The Block, the Solana Policy Institute, Superstate, Lowenstein Sandler, and Orca Creative proposed Project Open to the task force. The goal is to register stocks on blockchains like Solana. They explained that this could improve transparency, enable real-time settlement, reduce costs, and benefit the US financial market.
World Launches Officially in the US
The Block reported that the iris scan identity verification project World (WLD) will be officially launched in the United States. US users can receive WLD after completing identity verification. The World service will be provided in six cities: Atlanta, Austin, Los Angeles, Miami, Nashville, and San Francisco.
Metaplanet Launches US Subsidiary, Accelerates BTC Financial Strategy
Cointelegraph reported that Metaplanet, a Japanese listed company that incorporated Bitcoin as a primary asset, has established a US subsidiary, Metaplanet USA in Florida, investing a total capital of $250 million to actively pursue a Bitcoin-centered financial strategy.
Genius Group Repays BTC Collateral Loan, Currently Holds 440 BTC
Global News Wire reported that Genius Group, an AI-based education company that incorporated Bitcoin into its financial statements, has fully repaid a $20.9 million Bitcoin-collateralized loan and currently holds 440 BTC. Previously, Genius Group had stated plans to hold over 90% of its current or future reserves in BTC.
North Carolina House Passes BTC Strategic Reserve Bill
Watcher Guru's X account reported that the North Carolina House of Representatives passed a Bitcoin strategic reserve bill. Earlier this year, a bill to introduce Bitcoin as a strategic reserve asset was proposed in North Carolina.
Anthony Pompliano-Led SPAC Submits IPO Application
Unfolded reported that a Special Purpose Acquisition Company (SPAC) led by Anthony Pompliano, founder of crypto investment firm Pomp Investments, has submitted an application for an initial public offering (IPO).
Analysis: "Half of Tokens Launched Since 2021 Vanish"
Cointelegraph reported that over half of the tokens issued since 2021 have disappeared, with 1.8 million tokens ceasing trading in the first quarter alone. Citing a CoinGecko report, they explained that of the 7 million tokens issued since 2021, over 3.7 million have stopped trading, with 1.8 million vanishing in a single quarter. CoinGecko analyst Sean Paul Lee attributed this to the Pump.fun meme coin issuance platform on Solana, which has led to numerous low-quality projects flooding the market.
Analysis: "Trump Crypto Assets Estimated at 40% of Total Assets"
Beincrypto, citing a report from the Safeguarding Democracy Foundation (SDDF), analyzed that Donald Trump's cryptocurrency-related assets could constitute about 40% of his total assets. The report suggested that in just a few months, Trump has significantly increased his assets through cryptocurrency issuance, with World Liberty Financial (WLFI) tokens and USD1 stablecoin being the primary revenue sources flowing to the Trump family.
Robinhood Q1 Revenue Exceeds Expectations, Crypto Trading Volume Increases 100% Year-on-Year
According to CoinDesk, Robinhood (HOOD) announced its first-quarter results. The company's Q1 revenue increased 50% year-on-year to $927 million, slightly exceeding expectations. Earnings per share were $0.37, a 106% increase from the previous year, and adjusted EBITDA rose 90% to $470 million. Trading-based revenue was $583 million, with cryptocurrency and options trading accounting for $252 million and $240 million respectively. Cryptocurrency sales specifically increased 100% compared to the same period last year. Media noted that Robinhood's announcement could be an indicator for Coinbase's upcoming results on May 8.
Canary Capital Submits Staking Function SEI ETF Application
Canary Funds, a cryptocurrency investment firm, has submitted an investment prospectus for the Staked SEI ETF to the U.S. Securities and Exchange Commission (SEC), as reported by Bloomberg ETF specialist analyst James Seyfarth.
Potential Hacking of Hyperliquid X Account
Aggr News reported that a hacking situation was detected on the X account of decentralized exchange (DEX) Hyperliquid (HYPE), warning users to be cautious when accessing links.
U.S. Senate Narrowly Rejects Bill to Stop Trump Tariffs
A bipartisan bill aimed at stopping Donald Trump's tariff policy was narrowly defeated in the U.S. Senate, as reported by Walter Bloomberg via X.
Altcoin Season Index at 18...Down 1 Point from Previous Day
CoinMarketCap's 'Altcoin Season Index' recorded 18, down 1 point from the previous day. The Altcoin Season Index is determined by comparing the price fluctuations of the top 100 coins (excluding stablecoin and wrapped coins) with Bitcoin. If 75% of the top 100 coins have higher returns than Bitcoin over the past 90 days, it is considered an Altcoin Season; otherwise, it's a Bitcoin Season. The closer to 100, the more it indicates an Altcoin Season.
Crypto 'Fear and Greed Index' at 53...Shifting from Greed to Neutral
Alternative's self-calculated 'Fear and Greed Index' recorded 53, down 3 points from the previous day. With a slight deterioration in investor sentiment, it has shifted from the greed stage to the neutral stage. The index is closer to 0 indicates extreme market fear, while closer to 100 indicates extreme optimism. The Fear and Greed Index is calculated based on volatility (25%), trading volume (25%), social media mentions (15%), surveys (15%), Bitcoin market cap proportion (10%), and Google search volume (10%).
Michael Saylor: "When Financial Advisors Say 'Now is the Opportunity', BTC Will Already Be $10 Million"
Michael Saylor, CEO of Strategy, stated via X: "By the time your financial advisor allows you to buy Bitcoin, it will have reached $1 million. When they actively recommend buying, Bitcoin's price will be $10 million."
Ethereum ICO Whale Deposits $10.76 Million ETH to Kraken
On-chain Lens reported that an Ethereum ICO participant whale deposited 6,000 ETH (approximately $10.76 million) to Kraken about two hours ago. Generally, exchange deposits are interpreted as selling intentions, while withdrawals are seen as holding purposes. However, exchange deposits do not necessarily lead to selling.
Analysis: "SOL Futures Open Interest Surges...Expecting to Break $200"
Cointelegraph, citing Coinglass data, reported that Solana (SOL) futures open interest (OI) approached an all-time high, with market analysis suggesting a potential breakthrough to $200. As of the 30th of last month, SOL futures OI increased by 5% to $5.75 billion, the third-largest in the crypto market. While $200 is challenging, SOL traded at $195 even when DApp trading volume dropped 80% from January's peak. Despite criticism of being a meme coin-centered network, its ecosystem is actually diverse.
Analysis: "XRP Could See Short-Term Surge on ETF Approval Expectations"
With growing expectations of XRP spot ETF approval in the U.S., there's a forecast that it could reach last month's high of $2.36 in the short term. Cointelegraph noted that the XRP/USD daily chart shows a falling wedge pattern, a typical bullish reversal signal. If the price breaks above the upper trend line at $2.40, the next target is $3.74. However, to sustain the rally, it must maintain the $2.20 support and break the $2.80-$3.00 resistance. Bloomberg's senior ETF analyst Eric Balchunas shared data suggesting an 85% probability of XRP spot ETF approval.
Analysis: "ETH Options Market Shows Reduced Downside Concerns"
Cointelegraph, citing Laevitas data, reported that concerns about short-term further decline in the ETH options market have somewhat eased. Contrary to some expectations, ETH put options are trading at similar levels to call options, suggesting traders feel less burdened by price drop risks compared to two weeks ago. While the derivatives market doesn't reflect strong optimism, concerns about further decline are not significant. The analysis added that low demand for leveraged long positions doesn't necessarily mean a decline, and the absence of whale defensive actions would have triggered risk signals in the options market.
