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On May 11, data from CoinGecko revealed that the total trading volume of RWA perpetual contracts reached $524.79 billion in the first quarter of 2026, indicating a potential increase of over 100% compared to the full-year total of $313.02 billion in 2025. This marks the fourth consecutive quarter of quarter-on-quarter growth, with total trading volume rising from $29.74 billion in Q1 2025 to $67.41 billion in Q2, $77.00 billion in Q3, and $138.87 billion in Q4. Until July 2025, commodities accounted for the entire trading share of RWA perpetual contracts, but in the past six months, their monthly trading volume has fluctuated between 69.7% and 95.3%. Meanwhile, perpetual contracts for other asset categories have gradually gained market attention, with the market share of stock perpetual contracts rising from 0.4% in August 2025 to 6.0% in March 2026; ETF perpetual contracts increased from 2.8% in October 2025 to 5.3% in March 2026, although most of this growth came from SPY trading volume. Additionally, the share of the HIP-3 product on the Hyperliquid platform in the monthly trading volume of RWA perpetual contracts rose from 2.8% at its launch in October 2025 to 28.6% in March 2026. Notably, the trading volume of HIP-3 surged from a total of $12.65 billion in Q4 2025 to $130.87 billion in Q1 2026. The total daily open interest of RWA perpetual contracts has jumped from $14 million on January 1, 2025, to $6.68 billion on March 31, 2026. In Q1 2026, the average daily open interest for RWA perpetual contracts was $4.82 billion, more than five times the average daily open interest of $850 million in 2025.

[RWA Contracts Reach $524.79 Billion in Q1 2026, Up 1666% Year-on-Year]On May 11, data from CoinGecko revealed that the total trading volume of RWA perpetual contracts reached $524.79 billion in the first quarter of 2026, indicating a potential increase of over 100% compared to the full-year total of $313.02 billion in 2025. This marks the fourth consecutive quarter of quarter-on-quarter growth, with total trading volume rising from $29.74 billion in Q1 2025 to $67.41 billion in Q2, $77.00 billion in Q3, and $138.87 billion in Q4. Until July 2025, commodities accounted for the entire trading share of RWA perpetual contracts, but in the past six months, their monthly trading volume has fluctuated between 69.7% and 95.3%. Meanwhile, perpetual contracts for other asset categories have gradually gained market attention, with the market share of stock perpetual contracts rising from 0.4% in August 2025 to 6.0% in March 2026; ETF perpetual contracts increased from 2.8% in October 2025 to 5.3% in March 2026, although most of this growth came from SPY trading volume. Additionally, the share of the HIP-3 product on the Hyperliquid platform in the monthly trading volume of RWA perpetual contracts rose from 2.8% at its launch in October 2025 to 28.6% in March 2026. Notably, the trading volume of HIP-3 surged from a total of $12.65 billion in Q4 2025 to $130.87 billion in Q1 2026. The total daily open interest of RWA perpetual contracts has jumped from $14 million on January 1, 2025, to $6.68 billion on March 31, 2026. In Q1 2026, the average daily open interest for RWA perpetual contracts was $4.82 billion, more than five times the average daily open interest of $850 million in 2025.

RWA Contracts Reach $524.79 Billion in Q1 2026, Up 1666% Year-on-Year

On May 11, data from CoinGecko revealed that the total spot trading volume of tokenized gold in the first quarter of 2026 reached $90.7 billion, exceeding the entire year's total of $84.64 billion for 2025. This reflects a surge in market demand for tokenized gold, as cryptocurrency participants seek to invest in this high-performing asset class, and indicates an increasing accessibility of tokenized gold across various trading platforms. Notably, centralized exchanges (CEX) dominate the majority of spot trading for tokenized assets. Currently, the spot trading volume of tokenized gold has shown monthly fluctuations, indicating a high sensitivity to market conditions. For instance, in October 2025, as gold prices broke historical highs, the spot trading volume of tokenized gold surged to $21.38 billion, more than triple the $6.73 billion from the previous month, before dropping to $14.07 billion the following month. Similar to the situation with the market capitalization of tokenized commodities, PAXG and XAUT dominate the spot trading of tokenized gold. During this period, PAXG accounted for monthly trading volumes ranging from 34.2% to 82.5%, while XAUT comprised 14.8% to 64.6%. Over the past fifteen months, the average monthly spot trading volumes for PAXG and XAUT were $5.72 billion and $5.32 billion, respectively, with an overall average monthly trading total of $11.69 billion. Meanwhile, KAG had an average trading volume of $570 million, Tether's fully deployed product XAUT0 had $100 million, and XAUM only reached $7 million.

[Tokenized Gold Q1 Trading Volume Reaches $90.7 Billion, Surpassing Total for 2025]On May 11, data from CoinGecko revealed that the total spot trading volume of tokenized gold in the first quarter of 2026 reached $90.7 billion, exceeding the entire year's total of $84.64 billion for 2025. This reflects a surge in market demand for tokenized gold, as cryptocurrency participants seek to invest in this high-performing asset class, and indicates an increasing accessibility of tokenized gold across various trading platforms. Notably, centralized exchanges (CEX) dominate the majority of spot trading for tokenized assets. Currently, the spot trading volume of tokenized gold has shown monthly fluctuations, indicating a high sensitivity to market conditions. For instance, in October 2025, as gold prices broke historical highs, the spot trading volume of tokenized gold surged to $21.38 billion, more than triple the $6.73 billion from the previous month, before dropping to $14.07 billion the following month. Similar to the situation with the market capitalization of tokenized commodities, PAXG and XAUT dominate the spot trading of tokenized gold. During this period, PAXG accounted for monthly trading volumes ranging from 34.2% to 82.5%, while XAUT comprised 14.8% to 64.6%. Over the past fifteen months, the average monthly spot trading volumes for PAXG and XAUT were $5.72 billion and $5.32 billion, respectively, with an overall average monthly trading total of $11.69 billion. Meanwhile, KAG had an average trading volume of $570 million, Tether's fully deployed product XAUT0 had $100 million, and XAUM only reached $7 million.

Tokenized Gold Q1 Trading Volume Reaches $90.7 Billion, Surpassing Total for 2025

On May 11, Moomoo, the overseas independent brand under Futu, announced that it has officially obtained a compliance license for prediction markets issued by U.S. regulatory authorities. This means that Moomoo is one of the first online brokerages authorized to offer event contract trading services to retail users in the United States.

[Moomoo Receives Prediction Market License in the U.S., Event Contract Trading Service Launching Soon]On May 11, Moomoo, the overseas independent brand under Futu, announced that it has officially obtained a compliance license for prediction markets issued by U.S. regulatory authorities. This means that Moomoo is one of the first online brokerages authorized to offer event contract trading services to retail users in the United States.

Moomoo Receives Prediction Market License in the U.S., Event Contract Trading Service Launching Soon

On May 11, Vitalik Buterin published a research paper on May 10, advocating that cryptocurrency payments should transition from pseudonymity to default privacy. He proposed replacing standard transfers with zero-knowledge (ZK) transactions, allowing users to prove the validity of payments without revealing their full balance or transaction history. Vitalik specifically pointed out that in the era of agents, autonomous AI agents need to pay service fees (such as LLM API fees) without leaving traceable footprints. By utilizing recursive SNARKs and ZK APIs, Ethereum Layer 2 can handle privacy payments at the same speed and cost as transparent transactions. The proposal also includes mechanisms for selective disclosure and proof of innocence, allowing users to provide specific proof to compliance agencies or tax authorities without disclosing data to the public, in order to meet anti-money laundering regulatory requirements. Vitalik believes that the public transparency of blockchain is the main obstacle preventing cryptocurrency payments from replacing traditional payments, and the ZK payment standard aims to make privacy a default feature.

[Vitalik: ZK Payments Will Become the Next Global Standard]On May 11, Vitalik Buterin published a research paper on May 10, advocating that cryptocurrency payments should transition from pseudonymity to default privacy. He proposed replacing standard transfers with zero-knowledge (ZK) transactions, allowing users to prove the validity of payments without revealing their full balance or transaction history. Vitalik specifically pointed out that in the era of agents, autonomous AI agents need to pay service fees (such as LLM API fees) without leaving traceable footprints. By utilizing recursive SNARKs and ZK APIs, Ethereum Layer 2 can handle privacy payments at the same speed and cost as transparent transactions. The proposal also includes mechanisms for selective disclosure and proof of innocence, allowing users to provide specific proof to compliance agencies or tax authorities without disclosing data to the public, in order to meet anti-money laundering regulatory requirements. Vitalik believes that the public transparency of blockchain is the main obstacle preventing cryptocurrency payments from replacing traditional payments, and the ZK payment standard aims to make privacy a default feature.

Vitalik: ZK Payments Will Become the Next Global Standard

On May 11, a report from CoinGecko revealed that as of March 31, 2026, the market value of tokenized real-world assets (RWA) reached $19.32 billion, a 256.7% increase from $5.42 billion at the beginning of 2025. Among these, tokenized U.S. Treasury bonds remain the largest category, exceeding $10 billion; tokenized commodities rose to $5.55 billion, primarily driven by gold-backed tokens XAUT and PAXG. The report also noted that in the first quarter of 2026, the trading volume of tokenized gold spot transactions reached $90.7 billion, and the trading volume of tokenized stock spot transactions reached $15.1 billion, both surpassing the levels of the corresponding period in 2025. During the same period, the total trading volume of RWA perpetual contracts rose to $524.8 billion.

[Tokenized RWA Reaches $19.32 Billion in Q1 2026, Up 256.7% Year-on-Year]On May 11, a report from CoinGecko revealed that as of March 31, 2026, the market value of tokenized real-world assets (RWA) reached $19.32 billion, a 256.7% increase from $5.42 billion at the beginning of 2025. Among these, tokenized U.S. Treasury bonds remain the largest category, exceeding $10 billion; tokenized commodities rose to $5.55 billion, primarily driven by gold-backed tokens XAUT and PAXG. The report also noted that in the first quarter of 2026, the trading volume of tokenized gold spot transactions reached $90.7 billion, and the trading volume of tokenized stock spot transactions reached $15.1 billion, both surpassing the levels of the corresponding period in 2025. During the same period, the total trading volume of RWA perpetual contracts rose to $524.8 billion.

Tokenized RWA Reaches $19.32 Billion in Q1 2026, Up 256.7% Year-on-Year

According to Beating monitoring, Jensen Huang delivered a keynote speech at Carnegie Mellon University's 128th commencement ceremony, where he was also awarded an honorary Doctor of Science and Technology degree. He presented a core judgment to over 5,800 graduates: the computing paradigm that has lasted for 60 years has come to an end. From humans writing software to machine learning, and from CPU executing instructions to GPU running neural networks, a new industry focused on 'mass-producing intelligence' is emerging. Huang directly addressed the anxiety surrounding AI replacing humans. He stated that tasks like coding and analyzing imaging scans are indeed being automated, but the demand for software engineers and radiologists is actually increasing, as AI enhances human capabilities rather than replacing them. He made a sharper point: AI is unlikely to replace you, but those who can use AI better than you might. He also shared a rare story about NVIDIA's near failure in its early years. After signing a chip contract with Sega, NVIDIA discovered that its architecture could not deliver the product, and Huang had to approach Sega's CEO to admit the inability to fulfill the contract and request a termination, while awkwardly asking for continued payments. He described it as the most humiliating thing he had ever done, but the Sega CEO agreed, and this funding allowed NVIDIA to survive and led to the chip design methods still in use today. In his closing remarks, Huang urged the graduates, stating that building AI infrastructure will be the largest technological investment in human history and an opportunity for the re-industrialization of America. He quoted CMU's motto, 'My heart is in my work,' and told the class of 2026: run, don't walk.

[Jensen Huang's CMU Commencement Speech: The 60-Year Computing Paradigm Has Ended]According to Beating monitoring, Jensen Huang delivered a keynote speech at Carnegie Mellon University's 128th commencement ceremony, where he was also awarded an honorary Doctor of Science and Technology degree. He presented a core judgment to over 5,800 graduates: the computing paradigm that has lasted for 60 years has come to an end. From humans writing software to machine learning, and from CPU executing instructions to GPU running neural networks, a new industry focused on 'mass-producing intelligence' is emerging. Huang directly addressed the anxiety surrounding AI replacing humans. He stated that tasks like coding and analyzing imaging scans are indeed being automated, but the demand for software engineers and radiologists is actually increasing, as AI enhances human capabilities rather than replacing them. He made a sharper point: AI is unlikely to replace you, but those who can use AI better than you might. He also shared a rare story about NVIDIA's near failure in its early years. After signing a chip contract with Sega, NVIDIA discovered that its architecture could not deliver the product, and Huang had to approach Sega's CEO to admit the inability to fulfill the contract and request a termination, while awkwardly asking for continued payments. He described it as the most humiliating thing he had ever done, but the Sega CEO agreed, and this funding allowed NVIDIA to survive and led to the chip design methods still in use today. In his closing remarks, Huang urged the graduates, stating that building AI infrastructure will be the largest technological investment in human history and an opportunity for the re-industrialization of America. He quoted CMU's motto, 'My heart is in my work,' and told the class of 2026: run, don't walk.

Jensen Huang's CMU Commencement Speech: The 60-Year Computing Paradigm Has Ended

On May 11, Hynix experienced a temporary drop of over 2%, currently reported at 1.9 million won, with the day's increase retreating from a high of 15.6% to 12.4%. Previously, South Korean market regulators indicated they are closely monitoring the leveraged stock investments of retail investors and will take preemptive measures if necessary to maintain market stability.

[Hynix Drops Over 2% Amid Korean Regulatory Guidance]On May 11, Hynix experienced a temporary drop of over 2%, currently reported at 1.9 million won, with the day's increase retreating from a high of 15.6% to 12.4%. Previously, South Korean market regulators indicated they are closely monitoring the leveraged stock investments of retail investors and will take preemptive measures if necessary to maintain market stability.

Hynix Drops Over 2% Amid Korean Regulatory Guidance

bill Surges 20.05% in 24H, Currently at 0.123885 USDT

【bill currently trades at 0.123885 USDT, up 20.05% in 24h, according to HTX market data.】bill Surges 20.05% in 24H, Currently at 0.123885 USDT

bill currently trades at 0.123885 USDT, up 20.05% in 24h, according to HTX market data.

On May 11, according to monitoring by PieShield, TrustedVolumes attackers have laundered $278,000: depositing 10.2 ETH ($23,600) into TornadoCash, converting 110 ETH ($250,000) to BTC across chains via THORChain, and attempting to deposit 0.5 ETH into Railgun but later reversing the transaction. TrustedVolumes was attacked on May 7, resulting in a loss of approximately $6.7 million.

[TrustedVolumes Attackers Laundered $278,000]On May 11, according to monitoring by PieShield, TrustedVolumes attackers have laundered $278,000: depositing 10.2 ETH ($23,600) into TornadoCash, converting 110 ETH ($250,000) to BTC across chains via THORChain, and attempting to deposit 0.5 ETH into Railgun but later reversing the transaction. TrustedVolumes was attacked on May 7, resulting in a loss of approximately $6.7 million.

TrustedVolumes Attackers Laundered $278,000

According to The Block, Crypto lender Nexosaid it has acquired a stake in US-based Summit National Bank, which is regulated by the Office of the Comptroller of the Currency (OCC). Nexo said the deal will expand its presence in the U.S., enabling the firm to offer bank accounts, lending and card services to both retail and institutional clients. The bank's clients will be able to access Nexo's crypto services, said the firm. "It is a minority stake" acquisition in the bank, or less than 50%, Nexo co-founder Antoni Trenchev told The Block. He declined to comment on the deal size but said it is all in cash and the transaction has been completed.

Detail

【Nexo buys 'minority' stake in OCC-regulated U.S. bank Summit National】According to The Block, Crypto lender Nexosaid it has acquired a stake in US-based Summit National Bank, which is regulated by the Office of the Comptroller of the Currency (OCC). Nexo said the deal will expand its presence in the U.S., enabling the firm to offer bank accounts, lending and card services to both retail and institutional clients. The bank's clients will be able to access Nexo's crypto services, said the firm. "It is a minority stake" acquisition in the bank, or less than 50%, Nexo co-founder Antoni Trenchev told The Block. He declined to comment on the deal size but said it is all in cash and the transaction has been completed.

Nexo buys 'minority' stake in OCC-regulated U.S. bank Summit National

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Article

bill soared to 0.152352 USDT, a new high with a 24-hour increase of 15.38%. It currently trades at 0.124168 USDT on HTX.

Nexo buys 'minority' stake in OCC-regulated U.S. bank Summit National

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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