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On May 13, Bitwise Chief Investment Officer Matt Hougan stated that as stablecoins and asset tokenization enter the mainstream financial system, 'privacy' is becoming a core focus in the competition for crypto infrastructure. Recently, three blockchains focused on stablecoins and tokenization—Arc, Canton, and Tempo—have collectively raised over $1 billion, with a total valuation exceeding $10 billion. Among them, Arc, under Circle, completed a $222 million funding round at an approximate valuation of $3 billion; Digital Asset is seeking $300 million for the Canton blockchain at an estimated valuation of $2 billion; and Tempo, supported by Stripe and Paradigm, previously completed a $500 million funding round, reaching a valuation of $5 billion. Hougan pointed out in his blog that this wave of financing reflects three major trends: the regulatory environment in the U.S. is becoming clearer, the market demand for privacy-focused blockchains is rising, and competition among enterprise-backed crypto networks is intensifying. He believes that traditional public chains have long faced trade-offs between speed, cost, and security, while the demand for 'privacy, compliance, and security' is higher in stablecoin and RWA tokenization scenarios. Compared to fully transparent public chains, institutions prefer that transaction data is not publicly exposed. 'If a company broadcasts every operation to the world before a transaction is completed, or if employee salaries can be viewed by any blockchain explorer, then transparency is not an advantage, but a flaw,' Hougan stated. He also mentioned that after the U.S. Congress passed the GENIUS Act in 2025, institutional confidence in investing in crypto infrastructure has significantly increased, and regulatory clarity is driving more traditional capital into on-chain financial markets.

[Privacy May Become the Next 'Killer App' in the Crypto Industry, Arc, Canton, and Tempo Raise Over $1 Billion]On May 13, Bitwise Chief Investment Officer Matt Hougan stated that as stablecoins and asset tokenization enter the mainstream financial system, 'privacy' is becoming a core focus in the competition for crypto infrastructure. Recently, three blockchains focused on stablecoins and tokenization—Arc, Canton, and Tempo—have collectively raised over $1 billion, with a total valuation exceeding $10 billion. Among them, Arc, under Circle, completed a $222 million funding round at an approximate valuation of $3 billion; Digital Asset is seeking $300 million for the Canton blockchain at an estimated valuation of $2 billion; and Tempo, supported by Stripe and Paradigm, previously completed a $500 million funding round, reaching a valuation of $5 billion. Hougan pointed out in his blog that this wave of financing reflects three major trends: the regulatory environment in the U.S. is becoming clearer, the market demand for privacy-focused blockchains is rising, and competition among enterprise-backed crypto networks is intensifying. He believes that traditional public chains have long faced trade-offs between speed, cost, and security, while the demand for 'privacy, compliance, and security' is higher in stablecoin and RWA tokenization scenarios. Compared to fully transparent public chains, institutions prefer that transaction data is not publicly exposed. 'If a company broadcasts every operation to the world before a transaction is completed, or if employee salaries can be viewed by any blockchain explorer, then transparency is not an advantage, but a flaw,' Hougan stated. He also mentioned that after the U.S. Congress passed the GENIUS Act in 2025, institutional confidence in investing in crypto infrastructure has significantly increased, and regulatory clarity is driving more traditional capital into on-chain financial markets.

Privacy May Become the Next 'Killer App' in the Crypto Industry, Arc, Canton, and Tempo Raise Over $1 Billion

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On May 13, a U.S. appeals court temporarily suspended a lower court's unfavorable ruling regarding the 10% global tariff imposed by the Trump administration under Section 122 of the Trade Act. This allows the tariffs to continue applying to three importers that were granted exemptions last week. The U.S. International Trade Court ruled against these new tariffs last Friday but did not impose a complete ban on their collection, leading the Trump administration to appeal. During the suspension of the ruling, these tariffs will be reinstated for the two companies involved in the lawsuit and the state of Washington. The U.S. Court of Appeals for the Federal Circuit issued a short-term administrative stay and is considering whether to implement a longer-term suspension. Washington state is identified as an importer because it paid the relevant tariffs through the public research institution, the University of Washington. The involved companies and Washington state have seven days to contest the extension of the suspension of their favorable ruling. The 10% global tariff was implemented in February of this year and is set to expire in July.

[U.S. Appeals Court Temporarily Halts Unfavorable Ruling on Trump's 10% Global Tariff]On May 13, a U.S. appeals court temporarily suspended a lower court's unfavorable ruling regarding the 10% global tariff imposed by the Trump administration under Section 122 of the Trade Act. This allows the tariffs to continue applying to three importers that were granted exemptions last week. The U.S. International Trade Court ruled against these new tariffs last Friday but did not impose a complete ban on their collection, leading the Trump administration to appeal. During the suspension of the ruling, these tariffs will be reinstated for the two companies involved in the lawsuit and the state of Washington. The U.S. Court of Appeals for the Federal Circuit issued a short-term administrative stay and is considering whether to implement a longer-term suspension. Washington state is identified as an importer because it paid the relevant tariffs through the public research institution, the University of Washington. The involved companies and Washington state have seven days to contest the extension of the suspension of their favorable ruling. The 10% global tariff was implemented in February of this year and is set to expire in July.

U.S. Appeals Court Temporarily Halts Unfavorable Ruling on Trump's 10% Global Tariff

On May 13, Goldman Sachs Group stated that the dollar is expected to strengthen further in the short term, as energy price shocks will keep yields high while economic growth continues to show relative resilience. Goldman Sachs strategist Karen Reichgott Fishman noted, "The combination of rising (U.S.) inflation and resilient growth already implies that interest rates will remain 'higher-for-longer.' Any further concerns about the duration of the energy shock should continue to drive relative returns consistent with changes in trade conditions. This scenario should also lead to a broad strengthening of the dollar against the currencies of G10 member countries." (Dongxin News Agency)

[Goldman Sachs Predicts Energy Shock Will Sustain High Interest Rates and Strengthen Dollar]On May 13, Goldman Sachs Group stated that the dollar is expected to strengthen further in the short term, as energy price shocks will keep yields high while economic growth continues to show relative resilience. Goldman Sachs strategist Karen Reichgott Fishman noted, "The combination of rising (U.S.) inflation and resilient growth already implies that interest rates will remain 'higher-for-longer.' Any further concerns about the duration of the energy shock should continue to drive relative returns consistent with changes in trade conditions. This scenario should also lead to a broad strengthening of the dollar against the currencies of G10 member countries." (Dongxin News Agency)

Goldman Sachs Predicts Energy Shock Will Sustain High Interest Rates and Strengthen Dollar

On May 13, the U.S. Commodity Futures Trading Commission (CFTC) submitted an amicus brief to the U.S. Court of Appeals for the Sixth Circuit in support of the prediction market platform Kalshi, countering a lawsuit previously filed by the state of Ohio. Ohio contends that Kalshi's prediction market operations constitute unauthorized sports betting; however, the CFTC argues that the relevant markets fall under federal jurisdiction, and state governments do not have the authority to intervene. CFTC Chairman Michael Selig stated that the Ohio district court's previous understanding of CFTC jurisdiction was 'too narrow' and expressed hope that the appellate court would correct this. In recent months, the CFTC has filed lawsuits against states including Wisconsin, Illinois, Arizona, Connecticut, and New York to uphold its regulatory authority over prediction markets. As platforms like Kalshi and Polymarket gain popularity, the dispute over regulatory boundaries between federal and state governments continues to expand.

[CFTC Supports Kalshi Against Ohio, Dispute Over Prediction Market Jurisdiction Escalates]On May 13, the U.S. Commodity Futures Trading Commission (CFTC) submitted an amicus brief to the U.S. Court of Appeals for the Sixth Circuit in support of the prediction market platform Kalshi, countering a lawsuit previously filed by the state of Ohio. Ohio contends that Kalshi's prediction market operations constitute unauthorized sports betting; however, the CFTC argues that the relevant markets fall under federal jurisdiction, and state governments do not have the authority to intervene. CFTC Chairman Michael Selig stated that the Ohio district court's previous understanding of CFTC jurisdiction was 'too narrow' and expressed hope that the appellate court would correct this. In recent months, the CFTC has filed lawsuits against states including Wisconsin, Illinois, Arizona, Connecticut, and New York to uphold its regulatory authority over prediction markets. As platforms like Kalshi and Polymarket gain popularity, the dispute over regulatory boundaries between federal and state governments continues to expand.

CFTC Supports Kalshi Against Ohio, Dispute Over Prediction Market Jurisdiction Escalates

On May 13, JPMorgan will launch its second tokenized money market fund based on Ethereum, named OnChain Liquidity-Token Money Market Fund, with the code JLTXX. The fund will primarily invest in U.S. Treasury securities and overnight repurchase agreements collateralized by U.S. Treasuries or cash, aiming to meet the qualified reserve asset requirements for stablecoin issuers under the GENIUS Act. JPMorgan stated that the fund's blockchain technology will be managed by its subsidiary, Kinexys Digital Assets. Currently, Ethereum is the only available on-chain network for investors, with future expansion to other blockchains not ruled out. This marks JPMorgan's second tokenized money market fund on Ethereum following the launch of MONY last year. Compared to MONY, which is more focused on institutional on-chain cash management, JLTXX is more directly aimed at the stablecoin reserve asset scenario.

[JPMorgan to Launch Second Tokenized Money Market Fund on Ethereum]On May 13, JPMorgan will launch its second tokenized money market fund based on Ethereum, named OnChain Liquidity-Token Money Market Fund, with the code JLTXX. The fund will primarily invest in U.S. Treasury securities and overnight repurchase agreements collateralized by U.S. Treasuries or cash, aiming to meet the qualified reserve asset requirements for stablecoin issuers under the GENIUS Act. JPMorgan stated that the fund's blockchain technology will be managed by its subsidiary, Kinexys Digital Assets. Currently, Ethereum is the only available on-chain network for investors, with future expansion to other blockchains not ruled out. This marks JPMorgan's second tokenized money market fund on Ethereum following the launch of MONY last year. Compared to MONY, which is more focused on institutional on-chain cash management, JLTXX is more directly aimed at the stablecoin reserve asset scenario.

JPMorgan to Launch Second Tokenized Money Market Fund on Ethereum

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On May 13, according to CME's 'FedWatch': The probability of the Federal Reserve keeping interest rates unchanged in June is 97.1%, while the probability of a cumulative rate cut of 25 basis points is 2.9%. The probability of the Fed maintaining rates unchanged until July is 96%, with a cumulative rate cut of 25 basis points at 3.9%.

[Probability of Fed Keeping Rates Unchanged in June at 97.1%]On May 13, according to CME's 'FedWatch': The probability of the Federal Reserve keeping interest rates unchanged in June is 97.1%, while the probability of a cumulative rate cut of 25 basis points is 2.9%. The probability of the Fed maintaining rates unchanged until July is 96%, with a cumulative rate cut of 25 basis points at 3.9%.

Probability of Fed Keeping Rates Unchanged in June at 97.1%

On May 12, U.S. President Trump stated to the media at the White House that the ceasefire agreement between the U.S. and Iran is still in effect but is 'extremely fragile' and is in a 'life support' state. Trump emphasized that the core of the U.S. plan is that 'Iran must never have nuclear weapons'; however, Iran has not made such a commitment in its response.

[Trump: US-Iran Ceasefire is in 'Life Support' State]On May 12, U.S. President Trump stated to the media at the White House that the ceasefire agreement between the U.S. and Iran is still in effect but is 'extremely fragile' and is in a 'life support' state. Trump emphasized that the core of the U.S. plan is that 'Iran must never have nuclear weapons'; however, Iran has not made such a commitment in its response.

Trump: US-Iran Ceasefire is in 'Life Support' State

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