The Blockchain Bulletin, May 6: Maldives Secures $8.8B for Blockchain Hub
Hey folks! Welcome to the latest edition of the Blockchain Bulletin, where we provide you with significant developments that took place in the crypto space over the last 24 hours. The Maldives, the perfect destination for those who love sun, sand, and surf, will soon become a blockchain hub with the support of Dubai.
The island sealed a $8.8B deal with MBS Global Investments, a Dubai-based family office representing Qatari royal Sheikh Nayef bin Eid Al Thani. The initiative aims to reduce the country’s heavy reliance on tourism and fishing while lightening its staggering $1.6 billion debt burden due by 2026.
On the regulatory side, the U.S. Securities and Exchange Commission has yet to decide on the Canary Capital’s proposed Litecoin (LTC) Spot ETF. Although the crypto community expected an answer on May 5, the regulatory body has postponed its decision. Meanwhile, SEC Commissioner Hester Peirce stated that tokenization is a technology that could significantly transform financial markets.
Ahead of the roundtable discussion on May 12, Peirce stated that tokenization could substantially change several aspects of financial markets. Also, he stated that he was excited to hear ideas from panelists on how the SEC should approach this area.
On the institutional side, Binance signed an MoU with Kyrgyzstan’s National Agency for Investments, in the presence of President Sadyr Japarov. The partnership brings Binance Pay to Kyrgyzstan, boosting crypto education across public institutions, banks, and citizens via Binance Academy. Further, it reflects the growing governmental support to align Kyrgyzstan’s economy with the Web3 revolution and increase cross-border financial accessibility.
Related: Pakistan’s Crypto Boom: Binance’s CZ Steps In To Take Charge
Meanwhile, Kyrgyzstan has proposed to roll out USDKG, a gold-backed stablecoin pegged 1:1 to the U.S. dollar. Supported by $500 million in gold reserves and underwritten by the Ministry of Finance, the coin is overcollateralized to cushion against volatility in gold prices. With remittances accounting for 30% of Kyrgyzstan’s GDP, USDKG is poised to offer a faster, more stable alternative to traditional financial rails across borders.
Continuing its Bitcoin accumulation, Strategy bought 1,895 BTC for $180.3 million at $95,167 per Bitcoin nd achieved BTC Yield of 14.0% YTD 2025. Presently, the firm holds 555,450 BTC acquired for $38.08 billion at $68,550 per Bitcoin.
With the FOMC meeting scheduled for May 6, the crypto community awaits the condition of the interest rates and whether it will stay at 4.25%-4.5%. With crypto assets, most notably Bitcoin and Ether, blasting central bank announcements, a Fed decision may jolt market sentiments and liquidity. Meanwhile, President Donald Trump emphasized the importance of crypto.
In an interview, Trump stated that crypto is important to the US, and if left behind, China would be at the forefront. Further, he clarified speculations regarding the TRUMP token. Trump stated that he was unaware of the token’s performance since its launch and denied getting any profit from the token.
Expanding his tariff policy to the entertainment sector, Trump announced a 100% tariff on films that are produced in foreign countries. Citing that the film industry is slowly declining with filmmakers moving out, Trump stated that the tariff would help in the production of movies in America again.
Related: Trump’s First 100 Days Rock Crypto and Global Markets
On the market side, Bitcoin is hovering around $94K, making slow but steady progress to touch its previous ATH. Meanwhile, Riot platforms sold 475 BTC in April 2025, marking its first major Bitcoin sales since January 2024. This signals a departure from its long-standing 100% hodl strategy. Also, an early Bitcoin entrepreneur, Charlie Shrem, launched 21million.com to revive Bitcoin faucet, a website that rewards users with the digital asset if they complete CAPTCHA tasks.
Overall, the past 24 hours highlighted the impact of crypto across nations, markets, and leadership. From global partnerships to institutional adoption and shifting policies, the developments have been significant. With Bitcoin nearing record highs and major regulatory decisions looming, the crypto space continues to move at a rapid pace.
