The Blockchain Bulletin, May 24: Wall Street Eyes Stablecoin Power Shift
Hey folks! Welcome to the latest edition of the Blockchain Bulletin, where we unravel and report the latest insights from the crypto industry over the past 24 hours. In a move that could redefine the digital currency landscape, several of America’s financial titans are laying the groundwork for a bold return to crypto.
JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are in early-stage discussions to jointly launch a stablecoin — a digital dollar potentially backed and issued by Wall Street itself. The collaborative initiative, which also ropes in financial infrastructure powerhouses Clearing House and Early Warning Services, reflects growing institutional interest as U.S. lawmakers push forward on comprehensive crypto regulation.
The timing is no coincidence. The GENIUS Act — short for the Guaranteed and Enforced Nationally Issued Utility of Stablecoins — recently cleared a key Senate vote, signaling a rare moment of bipartisan unity in Washington. The bill aims to bring stablecoins under the purview of the Bank Secrecy Act, with strict reserve requirements and anti-money laundering protocols. Bank executives interpret the legislation as an invitation: the regulatory fog is lifting, and the path toward stablecoin issuance is becoming paved with legitimacy.
Meanwhile, Hyperliquid (HYPE) stunned markets this week, surging to an all-time high of $36.246 on May 23 — a staggering 278% leap from April’s $9.328 low. The catalyst? Hyperliquid Labs submitted detailed comment letters to the Commodity Futures Trading Commission (CFTC) addressing the complex terrain of perpetual derivatives and 24/7 trading. Technical momentum supports the rally, with TradingView data showing a bullish trajectory and a high RSI reading of 83.17, placing HYPE squarely in overbought territory — but with conviction.
Meanwhile, in what felt more like a political fundraiser than a crypto gala, Trump National Golf Club hosted an exclusive black-tie dinner honoring top holders of the $TRUMP meme coin. Marine One’s descent onto the fairway drew both supporters and protesters, with signs reading “America is not for sale” contrasting sharply against the opulent scene inside. President Donald Trump used the occasion to champion crypto innovation while criticizing the Biden administration’s digital asset policies. The evening’s star, however, was TRON founder Justin Sun, who took home top honors with an $18.5 million $TRUMP wallet and teased deeper involvement with Trump-linked World Liberty Financial.
On the institutional front, Kraken is gearing up to revolutionize equity trading by launching ”“xStocks”—tokenized versions of 50 top U.S. stocks and ETFs, including Apple, Tesla, Nvidia, and SPY. Built on Solana, this move will offer investors in Latin America, Europe, Asia, and Africa 24/7 access to real-world stocks via blockchain, with each token backed 1:1 by the actual underlying asset. Kraken’s partner, Backed Finance, will handle custody and compliance, ensuring that global access doesn’t compromise regulatory rigor.
Related: Animoca Plans to Launch US IPO as Trump Boosts Crypto Market
On the other hand, Arthur Hayes, co-founder of BitMEX, took to X with a pointed message: “Bye bye Circle. Thanks for playing.” Hayes warned that regulatory clarity under the GENIUS Act could tip the scales in favor of banking institutions, squeezing out non-bank issuers like Circle, the company behind USDC. With market share potentially up for grabs, the stakes are higher than ever.
In a parallel thread, with this new and unheard-of $75 billion mark in USDT circulating supply, TRON has quietly toppled Ethereum at $63 billion and Binance Smart Chain at $5.9 billion. With the rise and fall of Tether’s market dominance to 4.41%, questions are being asked about investors’ appetite and changes toward stablecoins.
Concluding the week’s events, Ondo Finance released Ondo Global Markets to bridge the traditional stock exchange and decentralization from a financial standpoint. Being built on Solana, the platform promises to allow users to trade tokenized public securities with full DeFi functionalities, leaping too far into integrating capital markets with blockchain-native systems.
