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On May 12, the L2 network Lisk published a statement indicating that the 'trillions in transaction volume' often mentioned in the market for stablecoins largely does not pertain to real payment activities, but rather to trading, arbitrage, and automated on-chain circulation. According to data cited from McKinsey and Artemis Analytics, the actual payment volume for stablecoins is estimated to be around $390 billion by 2025, which includes: approximately $226 billion for B2B payments, accounting for about 58%; around $90 billion for payroll and remittances, making up about 23%; approximately $8 billion related to capital market payments, representing about 2%; and around $66 billion for other payment scenarios, constituting about 17%. Additionally, B2B stablecoin payments have seen a year-on-year growth of 733%, but compared to the global B2B payment market of approximately $1.6 quadrillion, this still represents only about 0.01%. Lisk believes this indicates that while stablecoin payments are growing rapidly, there remains significant room for true penetration into the global mainstream payment system.

[Analysis: Most of the Stablecoin 'Trillions in Transaction Volume' Are Not Real Payments, Actual Payment Volume Last Year Estimated at $390 Billion]On May 12, the L2 network Lisk published a statement indicating that the 'trillions in transaction volume' often mentioned in the market for stablecoins largely does not pertain to real payment activities, but rather to trading, arbitrage, and automated on-chain circulation. According to data cited from McKinsey and Artemis Analytics, the actual payment volume for stablecoins is estimated to be around $390 billion by 2025, which includes: approximately $226 billion for B2B payments, accounting for about 58%; around $90 billion for payroll and remittances, making up about 23%; approximately $8 billion related to capital market payments, representing about 2%; and around $66 billion for other payment scenarios, constituting about 17%. Additionally, B2B stablecoin payments have seen a year-on-year growth of 733%, but compared to the global B2B payment market of approximately $1.6 quadrillion, this still represents only about 0.01%. Lisk believes this indicates that while stablecoin payments are growing rapidly, there remains significant room for true penetration into the global mainstream payment system.

Analysis: Most of the Stablecoin 'Trillions in Transaction Volume' Are Not Real Payments, Actual Payment Volume Last Year Estimated at $390 Billion

On May 12, according to market news, the U.S. Justice Department has reached a $30 million settlement agreement with Paypal (PYPL.O).

[U.S. Justice Department Reaches $30 Million Settlement with Paypal]On May 12, according to market news, the U.S. Justice Department has reached a $30 million settlement agreement with Paypal (PYPL.O).

U.S. Justice Department Reaches $30 Million Settlement with Paypal

On May 12, Osero, a stablecoin yield infrastructure project incubated by the Sky Ecosystem (formerly MakerDAO), announced the completion of $13.5 million in funding. This round was led by Sky Ecosystem, with participation from the stablecoin Layer1 project Plasma. Other investors include RedStone, Kairos Research, as well as Joe Flanagan and Lorenzo Romagnoli. Reports indicate that this funding round was completed using a SAFT (Simple Agreement for Future Tokens) structure, though the valuation has not been disclosed. Osero, incubated by Stablewatch, aims to promote the adoption of the Sky ecosystem's stablecoin USDS (formerly DAI) and the yield-bearing stablecoin sUSDS, while helping users directly access the Sky Savings Rate (SSR) yield system. Osero is developing three core products: 1. Osero App: A yield entry point for retail and institutional users of stablecoins; 2. Osero Earn: A stablecoin yield infrastructure for wallets, exchanges, digital banks, and other platforms; 3. Osero Foundry: Assisting asset management institutions and fund issuers with on-chain asset tokenization and liquidity deployment. Notably, Osero Earn allows platforms to provide yield services to users without managing stablecoin strategies themselves, with risk exposure borne by Osero and Sky ecosystem venture capital. It is important to note that $10 million from this funding round will be specifically allocated as a risk reserve to cover potential losses. The project team stated that its risk framework references the Basel III banking regulatory standards.

[Stablecoin Yield Protocol Osero Secures $13.5 Million Funding Led by Sky Ecosystem]On May 12, Osero, a stablecoin yield infrastructure project incubated by the Sky Ecosystem (formerly MakerDAO), announced the completion of $13.5 million in funding. This round was led by Sky Ecosystem, with participation from the stablecoin Layer1 project Plasma. Other investors include RedStone, Kairos Research, as well as Joe Flanagan and Lorenzo Romagnoli. Reports indicate that this funding round was completed using a SAFT (Simple Agreement for Future Tokens) structure, though the valuation has not been disclosed. Osero, incubated by Stablewatch, aims to promote the adoption of the Sky ecosystem's stablecoin USDS (formerly DAI) and the yield-bearing stablecoin sUSDS, while helping users directly access the Sky Savings Rate (SSR) yield system. Osero is developing three core products: 1. Osero App: A yield entry point for retail and institutional users of stablecoins; 2. Osero Earn: A stablecoin yield infrastructure for wallets, exchanges, digital banks, and other platforms; 3. Osero Foundry: Assisting asset management institutions and fund issuers with on-chain asset tokenization and liquidity deployment. Notably, Osero Earn allows platforms to provide yield services to users without managing stablecoin strategies themselves, with risk exposure borne by Osero and Sky ecosystem venture capital. It is important to note that $10 million from this funding round will be specifically allocated as a risk reserve to cover potential losses. The project team stated that its risk framework references the Basel III banking regulatory standards.

Stablecoin Yield Protocol Osero Secures $13.5 Million Funding Led by Sky Ecosystem

On May 12, the US April CPI rose to 3.8% year-on-year, reaching a nearly three-year high. Several economists warn that this round of inflation is not just an 'energy crisis,' but a systemic cost shock triggered by both the Iran war and the expansion of AI infrastructure. Data shows that US gasoline prices have increased by 28.4% year-on-year, and fuel prices have skyrocketed by 54.3%. Meanwhile, food prices rose by 0.7% month-on-month in April, and electricity prices increased by 2.1% in a single month. KPMG Chief Economist Diane Swonk stated that this round of shocks is more dangerous compared to the period of the Russia-Ukraine conflict, as the issues have begun to spread comprehensively through the supply chain. She pointed out that the diesel shortage is driving up costs in agriculture, logistics, and shipping, while the construction of AI data centers is causing new pressures on chip, helium, and electricity supplies. 'This is no longer just an energy issue, but a supply chain crisis.' The report indicates that the construction of AI infrastructure is driving up demand for memory chips and continuously increasing the electricity load of data centers, with rising opposition from some states and local governments against large data center projects. Meanwhile, the real income of US residents is beginning to be eroded by inflation. Analysts believe that the Federal Reserve is currently in a 'no-win situation': — If it continues to raise interest rates, it will further impact the already weakening job market; — If it lowers rates or maintains an accommodative stance, it could lead to longer-lasting and more stubborn inflation. The newly appointed Federal Reserve Chair candidate Kevin Warsh is set to take over from Jerome Powell, but the market generally believes that he will face an exceptionally difficult policy environment.

[US Inflation Surges to 3.8%! Iran War and AI Power Surge Driving Global Prices Up]On May 12, the US April CPI rose to 3.8% year-on-year, reaching a nearly three-year high. Several economists warn that this round of inflation is not just an 'energy crisis,' but a systemic cost shock triggered by both the Iran war and the expansion of AI infrastructure. Data shows that US gasoline prices have increased by 28.4% year-on-year, and fuel prices have skyrocketed by 54.3%. Meanwhile, food prices rose by 0.7% month-on-month in April, and electricity prices increased by 2.1% in a single month. KPMG Chief Economist Diane Swonk stated that this round of shocks is more dangerous compared to the period of the Russia-Ukraine conflict, as the issues have begun to spread comprehensively through the supply chain. She pointed out that the diesel shortage is driving up costs in agriculture, logistics, and shipping, while the construction of AI data centers is causing new pressures on chip, helium, and electricity supplies. 'This is no longer just an energy issue, but a supply chain crisis.' The report indicates that the construction of AI infrastructure is driving up demand for memory chips and continuously increasing the electricity load of data centers, with rising opposition from some states and local governments against large data center projects. Meanwhile, the real income of US residents is beginning to be eroded by inflation. Analysts believe that the Federal Reserve is currently in a 'no-win situation': — If it continues to raise interest rates, it will further impact the already weakening job market; — If it lowers rates or maintains an accommodative stance, it could lead to longer-lasting and more stubborn inflation. The newly appointed Federal Reserve Chair candidate Kevin Warsh is set to take over from Jerome Powell, but the market generally believes that he will face an exceptionally difficult policy environment.

US Inflation Surges to 3.8%! Iran War and AI Power Surge Driving Global Prices Up

On May 12, the U.S. April CPI data hit a three-year high, raising concerns in the market about the Federal Reserve potentially raising interest rates again. Both the U.S. stock and bond markets faced pressure, but Bitcoin showed relative strength. Data indicated that the core CPI in the U.S. rose by 0.4% month-on-month in April, exceeding market expectations of 0.3%, and year-on-year it increased to 2.8%. The overall CPI, which includes energy prices, rose by 3.8% year-on-year, up from the previous value of 3.3%, marking the highest inflation level since May 2023. In response to the data, the market quickly adjusted its expectations regarding the Federal Reserve's policy path. CME FedWatch data shows that traders are currently betting on a probability of over 35% for at least one interest rate hike by 2026, whereas just a few weeks ago, the mainstream market expectation was for a rate cut within the year. Risk assets subsequently fell, with the Nasdaq index dropping over 1.3% and U.S. Treasury yields rising in tandem. However, the cryptocurrency market demonstrated some resilience. Bitcoin remained above $80,000 following the data release, currently reported at approximately $80,500, holding steady over the past 24 hours; Ethereum and XRP, on the other hand, fell by about 2.5%.

[US April Inflation Surges, Bitcoin Holds Steady Above $80,000]On May 12, the U.S. April CPI data hit a three-year high, raising concerns in the market about the Federal Reserve potentially raising interest rates again. Both the U.S. stock and bond markets faced pressure, but Bitcoin showed relative strength. Data indicated that the core CPI in the U.S. rose by 0.4% month-on-month in April, exceeding market expectations of 0.3%, and year-on-year it increased to 2.8%. The overall CPI, which includes energy prices, rose by 3.8% year-on-year, up from the previous value of 3.3%, marking the highest inflation level since May 2023. In response to the data, the market quickly adjusted its expectations regarding the Federal Reserve's policy path. CME FedWatch data shows that traders are currently betting on a probability of over 35% for at least one interest rate hike by 2026, whereas just a few weeks ago, the mainstream market expectation was for a rate cut within the year. Risk assets subsequently fell, with the Nasdaq index dropping over 1.3% and U.S. Treasury yields rising in tandem. However, the cryptocurrency market demonstrated some resilience. Bitcoin remained above $80,000 following the data release, currently reported at approximately $80,500, holding steady over the past 24 hours; Ethereum and XRP, on the other hand, fell by about 2.5%.

US April Inflation Surges, Bitcoin Holds Steady Above $80,000

On May 12, Exodus Movement, a self-custody crypto wallet company, announced its financial report for the first quarter of 2026, revealing a quarterly revenue of $22.7 million, a 37% year-over-year decline, primarily due to weak trading activity in the crypto market. The report indicated that Exodus's core aggregation exchange business revenue fell by 40.8% year-over-year, with a quarterly exchange processing volume of $1.18 billion, down 26% from the fourth quarter of 2025. The company's net loss widened to $32.1 million, compared to a loss of $12.9 million in the same period last year. Currently, swap and exchange services remain Exodus's primary source of income. Its B2B exchange partners contributed $257 million in transaction volume this quarter, accounting for 22% of total exchange activity. The company stated that the usage of its aggregation liquidity routing system, XO Swap, has been continuously increasing since its launch. Market analysts believe that Exodus's current business model is still highly tied to the activity level of crypto trading, making its revenue vulnerable to direct impacts during periods of low market volatility and trading. Meanwhile, Exodus is attempting to transition towards payment financial infrastructure. The company completed its acquisition of payment infrastructure firms Monavate and Baanx on May 1, planning to expand its capabilities in crypto payments, debit cards, and embedded financial services. Following the financial report, Exodus's stock price fell 4.9% in after-hours trading. Although the stock price has risen 20.5% over the past month, it has still accumulated a decline of nearly 48% year-to-date.

[Exodus Q1 Revenue Plummets 37%, Crypto Wallet Business Still Highly Dependent on Trading Market]On May 12, Exodus Movement, a self-custody crypto wallet company, announced its financial report for the first quarter of 2026, revealing a quarterly revenue of $22.7 million, a 37% year-over-year decline, primarily due to weak trading activity in the crypto market. The report indicated that Exodus's core aggregation exchange business revenue fell by 40.8% year-over-year, with a quarterly exchange processing volume of $1.18 billion, down 26% from the fourth quarter of 2025. The company's net loss widened to $32.1 million, compared to a loss of $12.9 million in the same period last year. Currently, swap and exchange services remain Exodus's primary source of income. Its B2B exchange partners contributed $257 million in transaction volume this quarter, accounting for 22% of total exchange activity. The company stated that the usage of its aggregation liquidity routing system, XO Swap, has been continuously increasing since its launch. Market analysts believe that Exodus's current business model is still highly tied to the activity level of crypto trading, making its revenue vulnerable to direct impacts during periods of low market volatility and trading. Meanwhile, Exodus is attempting to transition towards payment financial infrastructure. The company completed its acquisition of payment infrastructure firms Monavate and Baanx on May 1, planning to expand its capabilities in crypto payments, debit cards, and embedded financial services. Following the financial report, Exodus's stock price fell 4.9% in after-hours trading. Although the stock price has risen 20.5% over the past month, it has still accumulated a decline of nearly 48% year-to-date.

Exodus Q1 Revenue Plummets 37%, Crypto Wallet Business Still Highly Dependent on Trading Market

Stablecoin yield infrastructure project Osero has announced the completion of $13.5 million in financing, led by Sky Ecosystem, with participation from the stablecoin Layer1 project Plasma. Other investors include RedStone, Kairos Research, as well as Joe Flanagan and Lorenzo Romagnoli. Reports indicate that this round of financing was completed through a SAFT (Simple Agreement for Future Tokens) structure, although the valuation has not been disclosed. Osero, incubated by Stablewatch, aims to promote the adoption of the Sky ecosystem's stablecoin USDS (formerly DAI) and the yield-bearing stablecoin sUSDS, while helping users directly access the Sky Savings Rate (SSR) yield system.

[Stablecoin Yield Protocol Osero Completes $13.5 Million Financing]Stablecoin yield infrastructure project Osero has announced the completion of $13.5 million in financing, led by Sky Ecosystem, with participation from the stablecoin Layer1 project Plasma. Other investors include RedStone, Kairos Research, as well as Joe Flanagan and Lorenzo Romagnoli. Reports indicate that this round of financing was completed through a SAFT (Simple Agreement for Future Tokens) structure, although the valuation has not been disclosed. Osero, incubated by Stablewatch, aims to promote the adoption of the Sky ecosystem's stablecoin USDS (formerly DAI) and the yield-bearing stablecoin sUSDS, while helping users directly access the Sky Savings Rate (SSR) yield system.

Stablecoin Yield Protocol Osero Completes $13.5 Million Financing

On May 12, Qualcomm's stock price declined further by 10%, following a three-day consecutive surge.

[Qualcomm's Stock Price Declines Further by 10%]On May 12, Qualcomm's stock price declined further by 10%, following a three-day consecutive surge.

Qualcomm's Stock Price Declines Further by 10%

On May 12, Sonic's native stablecoin USSD has introduced new on-chain lending use cases. According to the announcement, Flying Tulip has officially launched USSD on the Sonic Lend margin lending market, allowing users to deposit, borrow, and engage in on-chain leveraged trading using USSD. Sonic stated that this integration will further enhance the liquidity and usage of USSD in the financial market on the Sonic chain.

[USSD Launches on Flying Tulip Margin Lending Market with New Lending Scenarios]On May 12, Sonic's native stablecoin USSD has introduced new on-chain lending use cases. According to the announcement, Flying Tulip has officially launched USSD on the Sonic Lend margin lending market, allowing users to deposit, borrow, and engage in on-chain leveraged trading using USSD. Sonic stated that this integration will further enhance the liquidity and usage of USSD in the financial market on the Sonic chain.

USSD Launches on Flying Tulip Margin Lending Market with New Lending Scenarios

The five initial proposals of the ApeCoin DAO have closed for voting. The Staking-Process and Staking Pool Allocation-Ecosystem Fund Allocation proposal (AIP-4 and AIP-5) was not approved. The two AIPs propose a staking system for ApeCoin and the Bored Ape Yacht Club (BAYC) NFT ecosystem. Staking participants will be able to stake ApeCoin and use the Bored Ape Yacht Club ecosystem NFTs to receive ApeCoin from a preset pool over a set period of time.

Detail

【The five initial proposals of the ApeCoin DAO close for voting】The five initial proposals of the ApeCoin DAO have closed for voting. The Staking-Process and Staking Pool Allocation-Ecosystem Fund Allocation proposal (AIP-4 and AIP-5) was not approved. The two AIPs propose a staking system for ApeCoin and the Bored Ape Yacht Club (BAYC) NFT ecosystem. Staking participants will be able to stake ApeCoin and use the Bored Ape Yacht Club ecosystem NFTs to receive ApeCoin from a preset pool over a set period of time.

The five initial proposals of the ApeCoin DAO close for voting

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The five initial proposals of the ApeCoin DAO close for voting

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