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Опубліковано о 2026-05-25Востаннє оновлено о 2026-05-25

Анотація

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.

Пов'язані питання

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.

Пов'язані матеріали

Kalshi-CFTC Fight In New Mexico Could Shape Prediction Market Rules

A jurisdictional battle between the U.S. Commodity Futures Trading Commission (CFTC) and the state of New Mexico over the regulation of prediction markets could set national rules for the industry. At issue is who polices platforms like Kalshi, with the CFTC asserting federal oversight and New Mexico arguing state gaming and consumer protection laws apply, especially for contracts resembling wagers on events like elections or sports. The outcome will determine if prediction markets can scale nationally under a clear federal framework or face a fragmented, state-by-state regulatory landscape. This dispute is significant for the crypto-adjacent trading community, which often engages with these speculative event markets. A clearer rulebook could boost mainstream adoption, liquidity, and integration with crypto infrastructure, while a state-led challenge could stifle growth. The case is particularly sensitive for sports-related contracts, where the line between financial markets and gambling blurs. Ultimately, this legal fight will shape whether prediction markets become a scalable national product or remain constrained by jurisdictional conflicts.

bitcoinist44 хв тому

Kalshi-CFTC Fight In New Mexico Could Shape Prediction Market Rules

bitcoinist44 хв тому

The Value Distribution of Stablecoins

**Summary: The Value Distribution of Stablecoins** The article argues that stablecoins are evolving from mere trading tools into broader channels for dollar access. It divides the stablecoin ecosystem into four layers to analyze how value is distributed: 1. **Issuance Layer:** Mints stablecoins, holds reserve assets, and captures the spread between reserve yield and user costs (e.g., Tether, Circle). This layer currently earns the largest profit margin. 2. **Infrastructure Layer:** Connects stablecoins to the traditional financial system, handling fiat on/off-ramps, banking integration, compliance (KYC/AML), and asset management (e.g., Bridge, BVNK). This is the "unglamorous" but critical work, building the essential bridges between crypto and real-world finance. 3. **Acquiring/Distribution Layer:** Integrates stablecoins into merchant systems, manages payment flows, and provides enterprise financial software (e.g., Stripe, Coinbase). They act as the access point for businesses. 4. **Application Layer:** The end-users and businesses that ultimately use stablecoins for payments, settlements, or as a store of value. They benefit from convenience but have little pricing power. The core thesis is that while the issuance layer currently dominates profits, the often-overlooked **infrastructure layer holds significant long-term potential**. The real challenge and barrier to mass adoption is not the on-chain transfer of stablecoins (which is simple), but the complex "last mile" integration into existing business workflows, banking systems, and regulatory frameworks across different countries. Companies in this layer are currently in a "land grab" phase, investing heavily to build networks, secure bank partnerships, and establish compliance pathways. While their position is currently pressured by the profitable issuers above and distribution platforms below, the article suggests that if stablecoins become a default financial rail for businesses, the infrastructure providers who have done the hard work of integration will ultimately gain strong pricing power and become entrenched, essential players.

marsbit5 год тому

The Value Distribution of Stablecoins

marsbit5 год тому

The Value Distribution of Stablecoins

The Value Distribution of Stablecoins The article argues that stablecoins are evolving from a mere trading tool into a broad "dollar channel." It analyzes the industry's value chain through four layers: 1. **Issuance Layer (e.g., Tether, Circle):** The top layer that mints stablecoins, holds reserve assets, and captures the thickest interest rate spread. 2. **Infrastructure Layer (e.g., Bridge, BVNK):** Connects stablecoins to the traditional financial system, handling critical but complex "dirty work" like fiat on/off-ramps, banking integration, compliance (KYC/AML), and cross-border settlement. 3. **Acquiring/Distribution Layer (e.g., Stripe, Coinbase):** Embeds stablecoins into merchant systems, manages payment flows, and integrates with enterprise software. 4. **Application Layer:** End-users and businesses that ultimately use stablecoins for payments, settlement, or storing value. The author posits that while the issuance layer currently captures the most profit, the most overlooked and potentially critical layer is infrastructure. The core challenge for stablecoin adoption isn't the on-chain transfer (which is simple), but bridging the gap between blockchain and the real-world financial system. This involves solving practical problems for businesses: fiat conversion, reconciliation, tax handling, and user onboarding. Infrastructure companies are currently in a difficult "land-grab" phase—building networks, securing banking relationships, and achieving compliance country-by-country. They face pressure from both the profitable issuance layer above and distribution platforms below. However, the author suggests this layer is building a crucial moat. Once stablecoins become a default business rail, the infrastructure players who have done the hard work of integration may gain significant, durable value and pricing power.

链捕手6 год тому

The Value Distribution of Stablecoins

链捕手6 год тому

Why Is Nvidia Borrowing $20 Billion When It's Not Short of Cash?

Nvidia's recent announcement to issue at least $20 billion in senior notes, despite holding a strong cash position with over $48.6 billion in free cash flow last quarter, is not a sign of financial need. Instead, it represents a strategic move to leverage its high credit rating (recently upgraded to AA by S&P) to secure low-cost, long-term debt. This capital will support long-term AI infrastructure investments, data centers, R&D, supply chain prepayments, and strategic investments, while allowing the company to continue aggressive shareholder returns through stock buybacks and dividends. The decision reflects a mature capital management strategy: using debt to finance long-term growth assets is more efficient and less dilutive to shareholders than equity financing. It signals that Nvidia, like other tech giants (Alphabet, Meta, Amazon), is entering a new phase of heavy AI capital expenditure, shifting from a pure growth story to a story about capital allocation, credit strength, and long-term ecosystem positioning. The key question for investors is whether Nvidia can maintain its high cash flow generation and ensure that returns from these AI investments justify the cost of capital over the long term. The bond issuance amplifies its expansion capabilities but also ties its valuation more closely to the broader AI investment cycle's sustainability and profitability.

marsbit6 год тому

Why Is Nvidia Borrowing $20 Billion When It's Not Short of Cash?

marsbit6 год тому

Liberland Fires Tech Secretary After Alleged Blockchain And Website Takeover Attempt

Liberland's congress has voted to remove Technology Secretary Dorian Stern Vukotić, following a resolution accusing him of attempting to hijack the Liberland.org domain, removing administrative multisig protections, blocking the president from voting, and launching unauthorized tokens. The incident serves as a case study in blockchain governance, highlighting risks that go beyond smart contracts to include control over domains, admin keys, and off-chain authority. For the crypto industry, it underscores the need to scrutinize decentralization claims against operational realities, where a small group can still compromise governance. The story reflects a broader market shift where infrastructure security and governance are becoming as critical as price action. Editorial framing should treat the development as a verified information signal about governance risks, avoiding overstatement of Liberland's legal status and leaving room for follow-up evidence.

bitcoinist7 год тому

Liberland Fires Tech Secretary After Alleged Blockchain And Website Takeover Attempt

bitcoinist7 год тому

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