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Latest data shows that the circulation of USDD is approximately $1.44 billion, with a TVL exceeding $2 billion, and the collateralization rate maintained at a healthy level of 154.65% by the end of May. The decentralized stablecoin USDD, with its Peg Stability Module (PSM) offering 1:1 USDT/USDC zero-slippage instant exchange as a core advantage, has become a long-term favorable competitor in the stablecoin sector. Relying on the significant capital efficiency improvement brought by "no discount on funds," the PSM mechanism of USDD thoroughly addresses the slippage pain points in traditional exchanges, providing certainty for large transactions and volatile markets, and deeply integrating zero-slippage exchanges with stablecoin yield distribution, unlimited participation, flexible access without lock-up, and long-term sustainable operations.In a market where the total market capitalization of stablecoins exceeds $315 billion, USDD, through protocol layer innovation and transparent multi-chain layout, offers more efficient and robust capital management solutions for institutions, traders, and long-term holders, effectively reducing trading friction and market risk.

According to @ETH_Daily, the current exit queue for Ethereum staking is basically zero. If you apply to exit now, it can be completed in a few minutes without waiting in line. Meanwhile, nearly 3 million ETH are piled up in the staking entry queue, and applicants need to wait about 50 days to start staking. This indicates that stakers are not withdrawing; instead, more funds are choosing to lock in long-term and participate in staking, reflecting an increasing long-term confidence in Ethereum as an income-generating asset.

According to The Block, Consensys CEO Joseph Lubin stated that Ethereum is expected to evolve into a protocol fully based on zero-knowledge proofs (ZK Proof) within the next 3 to 5 years, which will not only optimize the main chain but also enhance Ethereum's compatibility with Layer 2.Joseph Lubin mentioned that he supports the "Rollup-centric roadmap," believing that by strengthening Layer 1, introducing the "Lean Ethereum" initiative, and promoting ZK proofs, the foundational layer of Ethereum can be significantly upgraded. Lean Ethereum aims to achieve over 10,000 transactions per second while maintaining a high level of decentralization on the mainnet, and supports privacy and quantum-resistant solutions.Regarding Layer 2, Joseph Lubin pointed out that ZK technology has already achieved real-time proofs in some L2 networks and plans to extend this capability to Layer 1, ultimately transitioning to a fully ZK foundational protocol supported by multiple provers. For example, projects like the Linea chain developed by Consensys and Gnosis are utilizing zero-knowledge proofs to achieve cross-network synchronized transactions, potentially eliminating the need for bridging and unifying fragmented liquidity.Joseph Lubin emphasized that the initial "differentiation phase" of the Rollup roadmap aims to provide experimental space for Layer 2 technologies. Although it may temporarily disperse liquidity, it lays the groundwork for Ethereum's future limitless scalability and technological iteration. He believes that some L2 technologies will become systemically important components, and this exploratory process is necessary.Additionally, Joseph Lubin responded to rumors regarding recent personnel changes at the Ethereum Foundation (EF) and the "second foundation," stating that there will not be a second foundation. The EF will continue to focus on core protocol development, usability and scalability, as well as institutional collaboration, while supporting at least three independent teams to spin off from the EF, focusing on protocol, user experience, and institutional expansion efforts.

According to BBX data, last week the expansion of institutional crypto infrastructure and the differentiation of cash flow management models for mining companies were implemented simultaneously. The core dynamics are as follows:Morgan Stanley (NYSE: $MS) Wealth Management Department and Galaxy Digital Inc. (NASDAQ: $GLXY) officially announced a recommended cooperation agreement on June 5: allowing Morgan Stanley's qualified high-net-worth clients to lend directly held BTC, ETH, or SOL to Galaxy Digital. After Galaxy, as an Authorized Participant (AP), completes the creation of physical shares, the corresponding spot crypto ETP shares (including Morgan Stanley Bitcoin Trust, NYSE Arca: $MSBT) will be directly transferred to the client's brokerage account; the converted ETP shares can be used as collateral for account financing. Key parameters: Galaxy Digital has reduced the minimum trading threshold for Morgan Stanley's recommended clients from $25 million to $5 million, significantly expanding the coverage of qualified high-net-worth clients; traditional similar institutional trades usually take more than four weeks to complete, while the new mechanism can shorten the entire process by up to 75%. The legal basis for this cooperation is the SEC's approval of the physical conversion ETF mechanism for crypto assets in July 2025, allowing direct physical conversion between directly held crypto assets and spot crypto ETFs, with Morgan Stanley's $MSBT being one of the first beneficiary products.Bitdeer Group, Inc. (NASDAQ: $BTDR) reported that as of the week of June 5, 2026, Bitcoin mining output was 205.3 BTC, with the same amount sold, resulting in a net holding of 0 BTC, maintaining a current BTC position of zero, continuing the "output equals sale" cash flow management strategy; the proceeds from sales are used to support the R&D of its SEALMINER mining hardware product line and the expansion of hash power hosting services. Bitdeer's zero holding model sharply contrasts with mining companies like CleanSpark, Inc. (NASDAQ: $CLSK) (holding approximately 13,561 BTC) and MARA Holdings, Inc. (NASDAQ: $MARA) (holding approximately 35,303 BTC), which continue to accumulate Bitcoin, representing another financially rational path for mining companies during the BTC price downturn cycle—exchanging immediate liquidity for stable operational cash flow, avoiding the impact of single asset price fluctuations on the balance sheet.

The Bitcoin mining company Bitdeer, listed on NASDAQ, released the latest Bitcoin holdings data on the X platform. As of the week ending June 5, its Bitcoin mining output was 205.3 BTC, but it sold 205.3 BTC during the same period, resulting in a net increase of 0 BTC, and currently maintains a zero Bitcoin holding.

ZeroTier CEO Andrew Gault stated that the potential threat of quantum computing to the Bitcoin industry may not be limited to the security of wallet private keys; encrypted communication and authentication data between institutions also face long-term risks.

According to Jinshi reports, Federal Reserve official Musalem stated that the current possibility of the Federal Reserve considering an interest rate hike is greater than zero.

The Sui mainnet officially launched the protocol-level stablecoin zero Gas transfer feature on May 20, supporting 7 types of assets including USDC, allowing users to complete transfers for free without holding SUI.In addition, the Premium Exchange incubated by NAVI Protocol is expected to officially go live on May 26 with its new system. These two developments optimize the trading experience from both the underlying protocol and application layer, further lowering the user entry threshold and promoting the development of the Sui ecosystem.

According to The Block, the Ethereum Layer 2 project Zero Network announced that it will officially shut down soon, just about 1.5 years after its launch. Zero Network was launched by the Zerion team in November 2024, positioned as the first EVM-compatible gas-free Rollup, aimed at lowering user barriers and promoting mainstream adoption.The team stated that they will focus resources on Zerion's API and wallet business. Users need to bridge out their NFTs, ETH, and other tokens from the Zero Network by the end of July, as the bridging deposit function has currently been suspended.

According to BBX data, yesterday the layout of traditional payment institutions in the cryptocurrency infrastructure showed divergence, with institutions having clear differences in their views on ETH and the altcoin sector. The core dynamics are as follows:Mastercard Incorporated (NYSE: $MA) signed an acquisition agreement for the UK stablecoin infrastructure company BVNK on March 17 for a maximum of $1.8 billion (including $300 million in performance-based payments), which directly led Mastercard to abandon its previously pursued strategic investment plan in Zerohash (a privately held company). According to CoinDesk on May 19, Mastercard exited negotiations with Zerohash after the completion of the BVNK acquisition, and Zerohash is currently seeking to initiate a new financing round with a valuation of over $1.5 billion (higher than the $1 billion valuation established during the D-2 round of financing of $104 million in September 2025); the strategic logic behind Mastercard's acquisition of BVNK is that BVNK has a stablecoin payment infrastructure covering over 130 countries and a difficult-to-replicate combination of multi-country payment licenses; Mastercard's Chief Product Officer Jorn Lambert stated that the goal is to integrate stablecoins into the core network of Mastercard Move cross-border payments, rather than treating them as a peripheral experiment.JPMorgan Chase & Co. (NYSE: $JPM) analysts cited by CoinDesk on May 19 released the latest research report indicating that in the current market environment, Ethereum and the broader altcoin sector will continue to lag behind Bitcoin, primarily due to three structural weaknesses: weak network activity, stagnation in DeFi ecosystem growth (Solana's TVL has dropped from a peak of $13.1 billion in 2025 to about $5.5 billion), and limited real-world adoption scenarios; analysts believe that for the altcoin sector to catch up with Bitcoin's performance, a "significant network activity explosion" is a prerequisite, and this condition currently lacks visible short-term catalysts.

LayerZero Labs released a report on the KelpDAO attack incident, confirming that the KelpDAO rsETH cross-chain bridge built on its cross-chain communication protocol was attacked, resulting in the theft of approximately 116,500 rsETH (about $292 million). Several security agencies, including Mandiant, CrowdStrike, and independent researchers, attributed the attack to the North Korean-related hacker group TraderTraitor (UNC4899).The report indicates that the attack began on March 6, 2026, when the attackers used social engineering techniques to compromise a LayerZero developer account, obtain session keys, and infiltrate the RPC cloud environment, further contaminating internal RPC node data and manipulating return results to deceive monitoring systems and the decentralized verification network (DVN).LayerZero Labs officially announced that it will adjust its security strategy, including no longer allowing its DVN to act as the sole signer in a single validation configuration, while also rebuilding the affected cloud infrastructure and introducing short-term credentials, instant permission upgrades, and multi-party approval mechanisms to enhance security.

Mastercard has abandoned its investment plan for the cryptocurrency infrastructure company Zerohash, which had previously agreed in March to acquire the UK stablecoin infrastructure company BVNK for $1.8 billion. Mastercard had considered a strategic investment in Chicago-based Zerohash in January of this year. At that time, Zerohash was seeking to raise $250 million at a valuation of $1.5 billion, while the company is currently advancing a new funding round at a higher valuation. Founded in 2017, Zerohash primarily provides APIs and developer tools for cryptocurrencies, stablecoins, and tokenized products.Meanwhile, recent transactions involving Kraken's parent company Payward and Bullish indicate that consolidation in the digital asset infrastructure sector is ongoing. In terms of stablecoin payment arrangements, Mastercard has acquired BVNK for $1.8 billion and may pay an additional $300 million in performance-based compensation. BVNK currently serves payment and payroll platforms like Worldpay and Deel for cross-border payments, fund settlement, and financial management.Mastercard plans to integrate BVNK's technology into its Mastercard Move network to support 24/7 stablecoin settlement for payment institutions and merchant acquirers, and to explore adding stablecoin checkout functionality in payment gateways. Analysts believe that this transaction will further intensify the competition between Mastercard and Visa in the networked strategy of payment networks and accelerate the evolution of traditional cross-border clearing systems towards stablecoin settlement models.

According to CoinDesk, after Mastercard abandoned its investment plans, crypto infrastructure company Zerohash is raising a new round of funding at a valuation of over $1.5 billion. Mastercard had previously considered making a strategic investment in the company but later acquired BVNK for $1.8 billion, abandoning the original plan. Zerohash is raising new funds at a valuation higher than the $1.5 billion discussed at the beginning of the year.Founded in 2017, the company provides APIs and embedded development tools for financial institutions and fintech companies, serving over 5 million users across 190 countries. Clients include Morgan Stanley, Interactive Brokers, Stripe, BlackRock's BUIDL fund, Franklin Templeton, and DraftKings. Zerohash completed a $104 million D-2 round of financing at a $1 billion valuation in September 2025, led by Interactive Brokers.

Cryptocurrency infrastructure service provider Zerohash Europe has obtained an Electronic Money Institution (EMI) license issued by the Dutch central bank, becoming the first company to hold both the EU MiCA cryptocurrency license and full EMI qualifications.Zerohash previously obtained the MiCA license from the Dutch Authority for the Financial Markets in October 2025, allowing it to provide cryptocurrency asset services across the EU. With the acquisition of the EMI license, the company will be able to handle both cryptocurrency asset services and traditional electronic money circulation, particularly suitable for stablecoin-related payment and settlement scenarios.The European Banking Authority has previously clarified that some stablecoin fund flows may be considered electronic money business, thus requiring relevant institutions to obtain an additional EMI license. Zerohash stated that the dual-license structure will enable it to provide compliant infrastructure for banks, brokerages, fintech companies, payment service providers, and enterprise platforms in the European market.

According to CoinDesk, after KelpDAO was attacked resulting in a loss of $292 million, the industry's scrutiny of the security of cross-chain infrastructure continues to heat up, with approximately $4 billion in assets having completed or currently migrating from LayerZero to Chainlink's Cross-Chain Interoperability Protocol (CCIP).The DeFi protocol Lombard is the latest project to join this migration trend. The protocol announced it would abandon LayerZero and migrate over $1 billion in Bitcoin-backed assets to Chainlink CCIP, stating that this decision stemmed from a comprehensive internal security review following the April attack incident.Lombard issues two types of Bitcoin-backed tokens—LBTC and BTC.b—and will prioritize the migration of assets on chains such as Solana, Etherlink, Berachain, Corn, and TAC, while terminating the use of LayerZero on Morph and Swell. Lombard stated that the reason for choosing CCIP is its independent node operators, built-in rate limiting mechanisms, and audited infrastructure. Additionally, the protocol will adopt Chainlink's cross-chain token standard to achieve asset cross-chain circulation through a burn-and-mint model.Previously, Kelp DAO, Solv Protocol, Re, and the cryptocurrency exchange Kraken have all completed similar migrations, with these projects collectively transferring approximately $4 billion in assets. Chainlink Labs Chief Business Officer Johann Eid stated, "We are witnessing a continued wave of risk-averse migration within the industry."

According to CoinDesk, Kraken announced that it will use Chainlink's cross-chain interoperability protocol CCIP, replacing LayerZero as the exclusive cross-chain infrastructure for its wrapped assets, covering kBTC and more wrapped assets in the future. This migration involves over $3 billion in TVL, following a $292 million LayerZero-related cross-chain attack incident that occurred in April. Kraken stated that the migration will cover networks such as Ink, Ethereum, Unichain, and Optimism. kBTC is set to launch in 2024, with a current market value of approximately $260 million. Coinbase had previously also chosen Chainlink CCIP as the sole cross-chain bridge solution for about $7 billion in wrapped tokens.

According to BBX data, this week (as of May 12), Bitcoin corporate reserves continue to expand, and institutional-level ETF product monthly performance data has been released. The core dynamics are as follows:Strategy, Inc. (NASDAQ: $MSTR) submitted Form 8-K to the SEC on May 11, disclosing that the company purchased an additional 535 BTC, totaling approximately $43 million, with an average price of about $80,340; as of May 11, the total holdings increased to 818,869 BTC, with a total acquisition cost of approximately $61.86 billion (average price $75,540), and a BTC yield of 9.4% since the beginning of 2026. Of the funds used for this round of purchases, $42.9 million came from MSTR ATM equity financing, and $1 million came from the STRC preferred stock program; this purchase of 535 BTC is significantly lower than last month's peak (an increase of 34,164 BTC in the week of April 13-19), but it still maintains the purchase after the company's Q1 financial report hinted at the possibility of selling BTC to pay dividends, thereby endorsing the "firm holding" position with actual actions.Morgan Stanley (NYSE: $MS) launched the Morgan Stanley Bitcoin Trust (NYSE Arca: $MSBT) on April 8. According to a report by CryptoSlate on May 10, $MSBT recorded zero net redemptions in its first full trading month after launch, with assets under management maintaining positive growth from the first day; meanwhile, the overall U.S. Bitcoin spot ETF has recorded net positive inflows for six consecutive weeks, with a cumulative net inflow of $2.44 billion in April, and daily average inflows continuing to be positive since May. $MSBT entered the market with a management fee rate of 0.14%, making it the lowest fee Bitcoin spot ETF currently available; the zero net redemption data for the first month marks the establishment of preliminary stable demand for this product among Morgan Stanley's wealth management client network, interpreted by institutional analysts as an early signal of large-scale access to the Bitcoin ETF ecosystem through traditional wealth management channels.

The regulated securitization trading platform tZERO announced the integration of its tokenized issuance platform into the Aptos network, enabling issuers to directly issue real-world asset (RWA) tokens on this high-performance public chain, further broadening the on-chain path for institutional-grade assets.Aptos is positioned as the underlying network for institutional-grade tokenization infrastructure and is continuously attracting traditional finance and compliant tokenization platforms. Currently, tokenized funds from institutions such as BlackRock and Franklin Templeton are already operating on-chain.With the integration of tZERO, the compliant asset issuance and trading infrastructure on Aptos has been further improved, covering the full chain capabilities from issuance, circulation to settlement.