The Blockchain Bulletin May 16: Ukraine to Launch First Bitcoin Reserve in Europe
Hey folks! Once again, we welcome you to our latest edition of the Blockchain Bulletin, where we uncover and report the latest happenings inside the crypto dome within 24 hours. In a strategic leap toward digital sovereignty, Ukraine is on the verge of becoming the first European nation to establish a national Bitcoin reserve, signaling a bold governmental embrace of decentralized assets. Yaroslav Zhelezniak, Vice Chairman of Ukraine’s Finance, Tax, and Customs Policy Committee, confirmed that the bill setting up crypto reserves in the state is in the final phase and will soon be introduced to the Verkhovna Rada. With support from Binance, Ukraine is becoming a leader in Europe when it comes to integrating crypto.
While Ukraine is laying the groundwork for national Bitcoin reserves, the stablecoin sector is undergoing pivotal transformations, particularly in the United States. Jose Fernandez da Ponte, Senior Vice President of Digital Currencies at PayPal, emphasized during the Consensus 2025 conference in Toronto that stablecoins cannot scale effectively without traditional banking institutions. “It might sound counterintuitive, but you do want the banks in this space,” Fernandez da Ponte stated, highlighting the necessity of banking infrastructure, from fiat rails to asset custody, for mainstream adoption. The comments are consistent with what is being discussed by lawmakers in the U.S., as they try to draw up legislation for stablecoins that defines the roles banks can play in digital finance.
Related: Conor McGregor to Meet Bukele Over Ireland’s Bitcoin Reserve
Simultaneously, the adoption of blockchain technology is expanding beyond finance into physical infrastructure and mobility. Lyft, the U.S.-based ride-hailing firm, has confirmed a partnership with Bee Maps, a decentralized mapping platform built on Solana’s Hivemapper network. Publicly acknowledged via a post on X on May 14, the collaboration leverages AI-enabled dashcams to collect real-time spatial data, such as updated traffic signs, detours, and road constructions, which is then validated and added to Bee Maps’ decentralized network.
Ripple is focusing on the United Arab Emirates in the Middle East, helping to build a strong presence in an area known for its progress in adopting blockchain technology. On May 14 at the Dubai Fintech Summit, Monica Long from Ripple had important talks with UAE officials about digital payment technology and improvements. Ripple now has 20% of its global clients in the Middle East, and its partnership with the Dubai International Financial Centre clearly demonstrates its role in helping build a blockchain startup ecosystem in the region. The presence of more than 1,000 technology entities in the UAE’s Innovation Hub points to the UAE’s main objectives in developing the digital economy.
The United States Department of Justice has reduced the charges against Tornado Cash developer Roman Storm in relation to the money transmission allegation. Yet, Storm will have to face charges in July 2025 for conspiracy, making unlicensed money transfers, and abusing the International Emergency Economic Powers Act. According to the DOJ’s new memo, which aligns with President Trump’s policy stance, U.S. agencies will now defer digital asset regulatory matters to appropriate regulators instead of pursuing them through criminal court actions.
Related: Two-Year Prison Term Recommended for SEC X Account Hacker
Finally, in a major milestone for crypto payments, Mastercard and MoonPay unveiled a stablecoin-based card on May 15. Supporting USDC, USDT, and DAI, the card enables seamless global payments across 150 million merchants, with instant fiat conversion at the point of sale. This collaboration solves longstanding issues of volatility and adoption friction, giving users a practical bridge between crypto and traditional finance while allowing merchants to receive local currency without handling digital assets directly.
