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ETH $2,011.07 -0.52%
BNB $639.47 -1.34%
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SOL $82.07 -0.58%
TRX $0.3519 -4.45%
DOGE $0.0995 -0.95%
ADA $0.2349 -0.92%
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LINK $9.00 -1.74%
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XLM $0.2100 +29.80%
ZEC $545.58 -0.23%

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JPMorgan: Stablecoins are the "cash infrastructure" of cryptocurrency, and the market share of tokenized money market funds is unlikely to exceed 10%-15%

JPMorgan's latest report points out that although tokenized money market funds have revenue potential, they still only account for about 5% of the broader "stablecoin system," and the core position of stablecoins in the crypto ecosystem is unlikely to be replaced in the short term.The report states that stablecoins have become the default "cash tool" for trading, collateral, settlement, cross-border payments, and liquidity management, widely used in centralized exchanges and DeFi protocols, while tokenized money market funds are constrained by their securities characteristics, subject to registration, disclosure, and transfer restrictions, resulting in structural regulatory disadvantages.Analysts at JPMorgan, led by Nikolaos Panigirtzoglou, expect that without significant changes in the regulatory environment, the market size of tokenized money market funds is unlikely to exceed 10% to 15% of the overall stablecoin market. Current demand is mainly concentrated among crypto-native investors seeking yield and institutional funds looking to balance on-chain settlement with traditional asset protection.The report also notes that although tokenized funds have advantages such as near real-time settlement, 24/7 transfers, and automated clearing, their growth is still constrained by liquidity, counterparty risk, and regulatory uncertainty. JPMorgan believes that in the absence of regulatory easing, these products will struggle to challenge the infrastructure-level position of stablecoins in the crypto market.

Online shopping for USDT was scammed, and the police in Hunan, China helped recover and return all the involved funds

According to the Hunan Daily, on February 9 at around 8 PM, the public security agency in Baojing, Hunan Province, China, received a report from a victim, Mr. Liu, from another province who had been scammed. He claimed that he was defrauded while purchasing virtual currency USDT online, with a total loss of 100,000 yuan. After receiving the report, the Baojing County Public Security Bureau dispatched a team of elite officers to form a special investigation group and began investigating the case overnight.The investigating officers used various investigative methods to ultimately identify the suspect as Shi. Upon investigation, it was found that the suspect Shi had no fixed income and did not possess qualifications for virtual currency trading. To defraud others, he collected screenshots of others trading coins online, forged false profit records, and impersonated a senior "coin dealer" to gain their trust. Victim Mr. Liu believed him and transferred 100,000 yuan to the account designated by Shi. After receiving the payment, Shi did not deliver the virtual currency; instead, he used part of the funds for gambling and squandered the rest, splitting and hiding the remaining funds.The investigating officers quickly identified Shi's identity and activities by accurately analyzing the flow of funds and comprehensively securing evidence related to the case. They decisively acted on the night of the report and successfully apprehended Shi. The next day, the case was officially filed for investigation. After solving the case, the police consistently adhered to the principle of "solving the case and recovering losses equally," patiently conducted legal policy education, and actively mobilized the suspect's family to cooperate in the restitution, ultimately recovering the full amount of 100,000 yuan involved in the case. On the morning of May 14, the 100,000 yuan of fraudulently obtained funds was fully returned to victim Mr. Liu. Currently, the suspect Shi has been subjected to criminal coercive measures for suspected fraud, and the case is under further investigation.

After the attack on KelpDAO, multiple protocols have abandoned LayerZero, with $4 billion in assets migrated to Chainlink CCIP

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."

Ethereum Foundation releases progress on the Glamsterdam upgrade: the development network is now online, and the Hegotá expansion roadmap is advancing simultaneously

The Ethereum Foundation disclosed the results of a recent interoperability meeting held by core developers in the Svalbard archipelago of Norway and updated the key technical progress for the next phase upgrade, Glamsterdam. During the meeting, multiple client teams collaborated on network scalability and execution layer optimization, making progress in several directions. Developers confirmed that based on the comprehensive results of ePBS, BAL optimization, and the EIP-8037 repricing mechanism, a consensus on the "trusted path" after Glamsterdam has been reached.In terms of the execution layer, ePBS (External Proposer Separation Architecture) has been stably running in the multi-client Glamsterdam-devnet, and the external block builder process has completed end-to-end testing, covering almost all client implementations. Meanwhile, EIP-8037 has been finalized, establishing the fixed cost_per_state_byte model, and complete repricing parameter output has been achieved in bal-devnet-6. The scalability direction Hegotá has also made progress. The FOCIL-related prototype has a runnable implementation, and the scope of account abstraction (AA) requirements has been defined, with the next phase entering the multi-client development network verification stage.Current development focus remains on the final implementation of Glamsterdam while advancing the Hegotá scalability design and subsequent Strawmap route evolution. The development network is online, and functionalities such as FOCIL are expected to continue deepening in the next phase of testing. At the organizational level, this interop meeting also marks the formal initiation of leadership structure adjustments within the Protocol Cluster. The new leaders include Will Corcoran, Kev Wedderburn, and Fredrik. Will Corcoran is responsible for zkVM proof and post-quantum consensus coordination, Kev Wedderburn leads zkEVM development, and Fredrik is in charge of protocol security and the Trillion Dollar Security project.Original Protocol Cluster leadership team members Barnabé Monnot and Tim Beiko will gradually step back from management roles, and Alex Stokes is entering a leave period. The foundation stated that during its term, the Protocol has completed modular advancement and facilitated the launch of the Fusaka upgrade (December 2025), introduced PeerDAS, and enhanced mainnet gas capacity.
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