Morning Post | Michael Saylor Says This Week's Buy Was Bonds, Not Bitcoin; StablR Suffers Attack Losing Approximately $2.8 Million; US Congress Reintroduces Bitcoin Reserve Bill

链捕手2026-05-25 tarihinde yayınlandı2026-05-25 tarihinde güncellendi

Özet

This cryptocurrency industry digest covers key developments from May 25. MicroStrategy's Michael Saylor clarified the company purchased bonds, not Bitcoin, this week. In regulatory news, the US Congress reintroduced a Bitcoin reserve bill, with Republican backing aiming to accumulate 5% of global supply. The legal and audit firms for the collapsed FTX agreed to a $66 million settlement over fraud allegations. Several CFTC officials skeptical of prediction market oversight were reportedly suspended and forced out. On the security front, the StablR stablecoin was attacked and de-pegged, resulting in an estimated $2.8 million loss for the attacker. The Ethereum Foundation faced criticism, though a researcher defended its core protocol-building mission over influencing ETH's price. Market data from GMGN showed the top 24-hour trending meme tokens on ETH were HEX, SHIB, LINK, PEPE, and mUSD. On Solana, leaders were TROLL, neet, WORLDCUP, HANTA, and Buttcoin. Base chain's top tokens included TOSHI, KEYCAT, BRETT, CLANKER, and LUNA. Featured articles included an a16z analysis arguing tokenization, or real-world assets (RWA), is fundamentally transforming asset nature and financial systems, with the market growing tenfold to ~$34 billion in two years. Another piece deconstructed Hyperliquid's success through a five-layer financial stack framework, emphasizing the critical importance of building from a robust settlement layer upward.

Compiled by: ChainCatcher


Key News:

  • Former FTX Law Firm and Auditor Agree to Pay $66 Million to Settle Fraud Allegations
  • StablR Stablecoin Depegs After Attack, Attacker Profited Approximately $2.8 Million
  • Ethereum Foundation Frequently Criticized, Researcher Defends Its Mission is to Build Protocol, Not Pump ETH
  • Multiple CFTC Officials Who Questioned Prediction Market Regulation Suspended and Forced to Resign
  • US Congress Reintroduces Bitcoin Reserve Bill, Republicans Plan to Push for Accumulating 5% of Global Bitcoin
  • Michael Saylor: This Week's Buy Was Bonds, Not Bitcoin

What Happened in the Past 24 Hours?

US Congress Reintroduces Bitcoin Reserve Bill, Republicans Plan to Push for Accumulating 5% of Global Bitcoin

Meme Top Charts

According to meme token tracking and analysis platform GMGN market data, as of May 25th, 09:00,

Top 5 popular ETH tokens in the past 24h are: HEX, SHIB, LINK, PEPE, mUSD

Top 5 popular Solana tokens in the past 24h are: TROLL, neet, WORLDCUP, HANTA, Buttcoin

Top 5 popular Base tokens in the past 24h are: TOSHI, KEYCAT, BRETT, CLANKER, LUNA

What are the Must-Read Articles in the Past 24 Hours?

a16z: 7 Charts to Understand How Tokenization Changes the Nature of Assets

Tokenized Assets, also known as 'Real World Assets (RWA)', are changing the form of assets, how they flow, and how the financial system is built.

Just last month, the tokenized asset market size surpassed $30 billion, currently hovering around $34 billion (excluding stablecoins). This scale is roughly equivalent to a regional bank or a top-tier university endowment fund. While still very small compared to the global financial system, it is already large enough to have real impact.

Just two years ago, the tokenized asset market was less than $3 billion, but then the market underwent dramatic changes: the US GENIUS Act brought a clearer regulatory framework for stablecoins, institutional-grade on-chain infrastructure matured, and a large number of financial institutions began deploying blockchain technology almost simultaneously. It was under the push of these factors that the tokenized asset market grew 10-fold in less than two years.

Decoding the Secret to Hyperliquid's Success Through a Five-Layer Financial Stack

The construction of institutional-grade financial infrastructure often follows a pattern. You don't start with the most expressive product and then work backwards.

You start with the settlement layer, prove it works under stress, and then unlock all the features that depend on it.

The New York Stock Exchange didn't add derivatives before it had a well-functioning stock market. The Chicago Mercantile Exchange didn't launch options before it launched futures.

This order is not arbitrary. The order of the foundational layers determines the possibilities of the superstructure.

Hyperliquid understands this well.

İlgili Sorular

QWhat is Michael Saylor's recent purchase, according to the title and the 'Important News' section of the article?

AAccording to the article, Michael Saylor stated that the purchase made this week was bonds, not Bitcoin.

QWhat is the reported loss from the StablR attack mentioned in the article?

AThe StablR stablecoin project suffered an attack resulting in a loss of approximately 2.8 million USD.

QWhat legislation related to Bitcoin is being promoted again by the US Congress, as per the article?

AThe US Congress is once again promoting a Bitcoin reserve bill. Specifically, Republicans are reportedly pushing a plan to accumulate 5% of the world's Bitcoin.

QWhich two companies related to FTX agreed to a settlement over fraud allegations, and for what amount?

AFTX's former law firm and auditing agency agreed to pay 66 million USD to settle fraud allegations.

QWhat is the core argument made by the Ethereum Foundation researcher mentioned in the 'Important News' section?

AThe researcher defended the Ethereum Foundation, stating that its mission is to build the protocol, not to pump the price of ETH.

İlgili Okumalar

Uncovering the Truth About Agent Commerce, Payments, and Infrastructure

Decoding Agent Commerce, Payments, and Infrastructure: The Reality Over the past year, I've been building infrastructure for the Agent economy, engaging with major players like Stripe, Visa, Coinbase, Google, and dozens of startups. A clear conclusion emerges: true, large-scale demand does not yet exist. Startups face structural challenges. Data points illustrate this gap. Stripe's Agent commerce platform has over 1,000 merchants but only single-digit transacting agents. Visa's Agent payment token requires 9-month KYC and a $250M revenue threshold, accessible only to giants like Amazon. On-chain analysis reveals actual daily Agent transaction volume is around $17k, half of which are test transactions. The article analyzes four potential markets: **1. Agent-to-Merchant (A2M):** Current AI shopping UX is often inferior to traditional e-commerce for visual, comparison-heavy purchases (clothing, electronics). Chat interfaces are a step back. Real merchant interest is defensive "Agent Engine Optimization," fearing future obsolescence, not current demand. Potential exists in high-frequency, low-decision purchases (e.g., food delivery) or simplifying terrible UX (complex checkouts, non-native shoppers), but these require massive consumer distribution channels dominated by giants like DoorDash and Amazon. **2. Agent-to-API (A2A):** Developers already have subscriptions and billing for core APIs (compute, data). The argument for micro-payments via crypto for sub-dollar API calls is addressed by pre-paid balances today. The deeper issue is supplier resistance; major SaaS firms rely on enterprise contracts, not fractional cent pricing. Opportunity lies in the long tail of niche services, but this is a smaller market catering to developers, a historically low-paying group. **3. Agent-to-Agent (A2A):** This remains a theoretical long-term vision with near-zero current transaction volume. It involves unique challenges: discovery, trust, negotiation, dispute resolution. When it materializes, it will require a fundamentally new settlement infrastructure for high-speed, variable-value, multi-party transactions. It's a real long-term bet, but not the current market. **4. Agent-to-Finance (A2F):** This is the only category with existing, paying demand. Integrating AI into financial workflows (trading, portfolio management) is a natural evolution and enables new capabilities like autonomous rebalancing. However, competition favors incumbents with regulatory licenses, compliance infrastructure, and existing client relationships. **The Real Issue:** Why is infrastructure still being built? Incumbents can afford long-term bets, and payment companies see every problem as a nail for their payment hammer. However, payment is just one piece. The core challenge is *coordination*—orchestrating work between Agents and humans, verifying outcomes, and settling results. Payment is part of settlement, which is part of coordination. Companies that solve the coordination problem will subsume payments, not the other way around. Startups lack the infinite runway of giants and must find today's real market, which, after a year of exploration, lies outside these four categories—in an area with real, growing, and underserved activity.

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Kalshi, MTS, and a16z's Ambition

The article "Kalshi, MTS, and a16z's Ambition" explores prediction markets as a focal point of excitement in 2025 for investors, crypto enthusiasts, and media. It traces their intellectual lineage from Friedrich Hayek's ideas on dispersed knowledge and market coordination to Robin Hanson's Logarithmic Market Scoring Rule (LMSR), which incentivizes truthful information sharing. The piece argues that a16z's significant investment in prediction market platform Kalshi (valued at $220B) transcends mere financial speculation. a16z frames prediction markets as a new form of "media" that provides "presence"—a way for individuals to actively engage with and influence world events through financial stakes, countering postmodern detachment. By wagering on outcomes, users become "super observers," and the market's aggregated probabilities gain authoritative power to define event truth and importance. The article uses media company MTS ("Monitoring The Situation") as a case study of a16z's "new media" strategy: rapidly producing high-intensity, multi-format content to "take over the timeline." However, prediction markets like Kalshi are presented as the ultimate piece in this media empire. Their real-money, crowd-sourced probabilities possess a unique "reality distortion field" and perceived objectivity, potentially swaying public opinion and granting a private company unprecedented interpretive power over reality. Ultimately, Kalshi's immense valuation is attributed not just to its exchange model, but to its role as a foundational component in a16z's envisioned new media landscape, where prediction markets define narrative and truth.

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253 Toplam GörüntülenmeYayınlanma 2026.05.07Güncellenme 2026.06.02

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