Crypto Morning Brief: U.S. stocks and non-ferrous metals broadly rose during the May Day holiday; Coinbase announces 14% workforce reduction
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Crypto Morning Brief: U.S. stocks and non-ferrous metals broadly rose during the May Day holiday; Coinbase announces 14% workforce reduction
CME plans to launch cash-settled Bitcoin volatility futures on June 1.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Highlights
Global Markets During the May Day Holiday: U.S. Equities and Non-Ferrous Metals Rally; Crude Oil Retreats Sharply
Market data shows that global major asset performance diverged during the 2026 May Day holiday period (15:00 on April 30 to 06:00 on May 6). Equity indices broadly rose: the Nasdaq gained 2.65%, the S&P 500 rose 1.73%, the Dow Jones Industrial Average climbed 0.89%, the A50 index futures advanced 0.87%, and the Nasdaq Golden Dragon China Index rose 1.44%.
In commodities, most non-ferrous metals strengthened: London aluminum rose 3.16%, nickel gained 1.97%, zinc increased 1.50%, and copper edged up 0.65%. Among agricultural commodities, U.S. cotton surged 5.85%, U.S. sugar jumped 4.20%, and U.S. soybean oil rose 3.12%. Energy markets faced pressure: WTI crude fell 5.22%, Brent crude declined 1.91%, and U.S. heating oil dropped 2.75%. Precious metals retreated modestly: U.S. gold fell 0.70%, and U.S. silver dipped 0.19%. In foreign exchange, the U.S. Dollar Index declined 0.49%, and the USD/CNH rate fell 0.23%.
U.S. Defense Secretary: Trump Need Not Seek Congressional Approval to Resume Military Action Against Iran
U.S. Defense Secretary Pete Hegseth stated that, given the administration’s determination that the ceasefire between the U.S. and Iran remains in effect, President Trump does not require congressional authorization to continue military operations. Hegseth emphasized that if Trump orders a resumption of military strikes, discussions on related matters would naturally follow.
AI Firms Agree to Pre-Release Government Access for Model Safety and Performance Assessments
Google (under Alphabet), Microsoft, and xAI have agreed to grant the U.S. government early access to their AI models to evaluate system capabilities and enhance security prior to public release. According to a statement released Tuesday by the U.S. Department of Commerce, these agreements enable AI developers—including OpenAI and Anthropic PBC—to allow the Department’s AI Standards and Innovation Center to conduct pre-release reviews of their models. The Center noted that OpenAI and Anthropic have renegotiated their existing partnerships with the Center to better align with the priorities outlined in the Trump administration’s AI Action Plan.
Polymarket Team Member Hints at Imminent POLY Token Launch
Mustafa (@mustafap0ly), a member of Polymarket’s official team, hinted in community interactions that developments regarding the POLY token may be imminent.
When asked when users could begin staking POLY tokens to reduce taker fees—or potentially maker fees in the future—Mustafa replied, “Soon.”
Coinbase Announces 14% Workforce Reduction; CEO Cites AI Transformation and Market Cycle as Drivers
According to Business Insider, Coinbase CEO Brian Armstrong announced Tuesday on X that the company will cut approximately 14% of its workforce to build a “leaner, faster, and more efficient” organization for its next phase of growth.
Armstrong cited two primary drivers behind the layoffs. First, market cycles: although Coinbase maintains strong capital reserves and diversified revenue streams, its business still exhibits quarterly volatility, and it is currently navigating a downturn requiring immediate cost restructuring. Second, AI is transforming how work gets done: “Over the past year, I’ve seen engineers use AI to deliver in days what previously took teams weeks,” he said. Non-technical teams are now shipping production code, and multiple workflows have been automated.
Specific organizational adjustments include compressing the hierarchy to no more than five layers beneath the CEO/COO; allowing leaders to manage more than 15 direct reports; requiring all leaders to serve as high-performing individual contributors—eliminating purely managerial roles; forming “AI-native teams” composed of talent skilled in managing AI agents; and piloting “one-person teams” integrating engineering, design, and product management functions.
Coinbase has immediately revoked system access for affected employees. U.S.-based employees will receive at least 16 weeks of base salary (plus two additional weeks per year of service), their next equity vesting, and six months of COBRA health insurance coverage. Employees on work visas will receive additional transition support.
WLFI Sues Justin Sun for Defamation, Alleging Coordinated Smear Campaign to Depress Token Price
World Liberty Financial (WLFI) has filed a defamation lawsuit against Justin Sun. WLFI alleges that Blue Anthem—a Sun-affiliated entity—purchased $WLFI tokens in November 2024 and immediately engaged in prohibited activities, including transferring tokens to Binance. After WLFI froze those tokens pursuant to the sale terms, Sun declined to resolve the matter in good faith and instead launched a coordinated smear campaign—hiring influencers and deploying bots to disseminate false claims to over 4 million followers, labeling WLFI governance a “scam” and accusing it of containing a “backdoor,” with the explicit intent to “crush” the token price.
WLFI states that the freeze functionality was clearly disclosed in the sale terms, that its governance is transparent and community-driven, and that it will pursue legal accountability against Sun.
Western Union Launches USDPT Stablecoin on Solana, Initially in Bolivia and the Philippines
According to Cointelegraph, Western Union has officially launched its U.S. dollar-pegged stablecoin USDPT on Solana—marking its first foray into blockchain-based payments and on-chain settlement. USDPT is initially rolling out in Bolivia and the Philippines, collectively serving 130 million people; Western Union plans to expand the stablecoin to more than 40 countries by the end of 2026.
USDPT is issued by Anchorage Digital—the first federally regulated crypto bank in the U.S.—with Fireblocks providing wallet and settlement infrastructure. Western Union stated it will list USDPT on licensed crypto exchanges and integrate it into its broader payment and liquidity infrastructure.
Since the U.S. passed the GENIUS Act last July, major remittance firms have increasingly entered the stablecoin space. MoneyGram launched USDC-based services in Colombia in September, while Zelle announced in October plans to offer stablecoin-powered cross-border transfers. The current total stablecoin market capitalization stands at $317.3 billion, with the U.S. Treasury and Citigroup forecasting it will exceed $2 trillion by 2030.
Kraken Enables Crypto-to-Cash Withdrawals at Over 100 Countries’ MoneyGram Locations
According to Fortune, cryptocurrency exchange Kraken has partnered with global payments network MoneyGram to allow users to convert crypto assets into fiat cash at physical locations across more than 100 countries.
The service covers approximately 500,000 locations. Users can complete cash withdrawals via MoneyGram’s physical channels, subject to variable conversion fees. Kraken Co-CEO Arjun Sethi noted that cash withdrawal options are especially critical for users in emerging markets.
CME Plans to Launch Cash-Settled Bitcoin Volatility Futures on June 1
According to The Block, CME Group intends to launch cash-settled 30-day Bitcoin volatility futures on June 1, pending regulatory approval. The product will allow traders to directly trade or hedge BTC volatility without taking directional bets on Bitcoin’s price.
The contract is expected to trade under the ticker symbol BVI, with a size of $500 multiplied by the BVX index value, and will settle against the CME CF Bitcoin Volatility Index (BVX)—a 30-day implied volatility metric derived from order book data of CME’s CFTC-regulated Bitcoin and Micro Bitcoin options.
Bullish to Acquire Global Transfer Agent Equiniti for $4.2 Billion, Integrating Tokenization Infrastructure with Shareholder Services
According to The Block, crypto exchange Bullish announced Tuesday it will acquire global transfer agent Equiniti from private equity firm Siris for $4.2 billion, aiming to combine Bullish’s tokenization infrastructure with Equiniti’s compliant shareholder services—which process $500 billion in payments annually.
The transaction includes $1.85 billion in assumed debt and approximately $2.35 billion in Bullish stock (priced at $38.48 per share). Siris also received a call option to acquire Equiniti’s non-core businesses—excluded from the transaction’s financial disclosures.
The merged platform will integrate Bullish’s blockchain issuance and compliance offerings with Equiniti’s role as registrar for 20 million shareholders. It will operate alongside existing capital market infrastructures—including central securities depositories (CSDs) such as DTCC, Euroclear, and Clearstream—as well as custodians and broker-dealers, while maintaining compatibility with existing ledger records. Equiniti holds SEC-registered transfer agent status in the U.S. and an FCA-regulated operating license in the U.K.
On a pro forma basis, the combined company is projected to generate approximately $1.3 billion in adjusted total revenue in 2026, with adjusted EBITDA less capex exceeding $500 million. Annual revenue from tokenization and blockchain services is expected to grow 20% through year-end 2029. Equiniti will continue operating alongside Bullish Exchange and CoinDesk under the Bullish umbrella, with CEO Dan Kramer and the current management team retaining responsibility for day-to-day operations. Siris will receive two board seats. The deal is expected to close in January 2027, subject to regulatory approvals.
Anthropic Launches Suite of Financial Services Agents
Anthropic PBC has introduced a new suite of AI agents designed to handle a broader range of financial services tasks. These agents reportedly draft presentation decks for client meetings, review financial statements, and escalate cases for compliance review. Targeted at professionals in banking, insurance, asset management, and fintech, the ten new tools will be showcased at Anthropic’s event in New York on Tuesday, where CEO Dario Amodei will speak alongside JPMorgan Chase CEO Jamie Dimon, joined by other banking industry leaders.
Market Data
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