Crypto Morning Brief: Trump to Visit China Tomorrow; Powell Clears Key Senate Vote for Fed Chair Reconfirmation
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Crypto Morning Brief: Trump to Visit China Tomorrow; Powell Clears Key Senate Vote for Fed Chair Reconfirmation
The 21Shares Hyperliquid ETF will launch on May 12.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Highlights
U.S. President Trump to Make State Visit to China
According to CCTV News, the Chinese Foreign Ministry spokesperson announced that U.S. President Donald Trump will make a state visit to China from May 13 to 15 at the invitation of President Xi Jinping.
Walsh Clears Key Procedural Vote; Fed Chair Transition Enters Final Stretch
Kevin Walsh, President Trump’s nominee for the next Federal Reserve Chair, cleared a key procedural hurdle in the U.S. Senate on Monday local time. Current Fed Chair Jerome Powell’s term ends this Friday. The Senate is expected to hold a confirmation vote for Walsh’s appointment as a Fed Governor—effective for a 14-year term—as early as Tuesday following Monday’s so-called “cloture vote.” Lawmakers will then initiate the separate confirmation process for his four-year term as Fed Chair, with a vote potentially occurring as early as Wednesday. The Republican-controlled Senate is widely expected to approve Walsh as the next Fed leader. The Fed’s next meeting—potentially Walsh’s first as Chair—is scheduled for June 16–17 local time.
Crypto.com Secures UAE Central Bank Stored-Value Facility (SVF) License, to Enable Virtual Asset Payments for Government Services
Crypto.com’s UAE-based entity, Foris DAX Middle East FZE, has obtained a Stored-Value Facility (SVF) license from the Central Bank of the United Arab Emirates (CBUAE), becoming the first virtual asset service provider (VASP) in the UAE to receive such authorization. Following licensing, Crypto.com will begin collaborating with the Dubai Department of Finance to enable UAE residents to pay government fees using virtual assets. Settlements will be conducted exclusively in UAE dirhams or CBUAE-approved dirham-pegged stablecoins under the SVF framework. Subject to further CBUAE approval, the license will also support integration with Emirates Airlines and Dubai Duty Free for crypto payments.
Court Allows Arbitrum DAO On-Chain Voting and Transfer of Frozen ETH to Aave LLC
Aave updated its statement regarding the Arbitrum DAO proposal, noting that the court modified its restraining notice on May 8 to permit on-chain voting by the Arbitrum DAO and allow the transfer of ETH frozen due to the rsETH incident to Aave LLC. Upon transfer, the restraining notice will attach to Aave LLC. The revised Constitutional AIP preserves the prior recovery intent approved by the Arbitrum DAO, and the transferred ETH remains designated for rsETH recovery. Aave also noted that the plaintiff’s judgment creditor served the restraining notice on the Arbitrum DAO on May 1 in an unrelated case, prompting Aave LLC to file an emergency motion to vacate.
21Shares Hyperliquid ETF Launches May 12
According to official announcements, the 21Shares Hyperliquid ETF (THYP) will launch on May 12, 2026, Eastern Time. The fund clarifies it is not registered under the Investment Company Act of 1940 and therefore falls outside the scope of regulation under that Act—unlike most ETFs or mutual funds. 21Shares US further warns that investing in THYP involves significant risks and high volatility, making it unsuitable for investors unable to bear the full loss of their investment. Investing in THYP is not equivalent to direct investment in HYPE.
Moomoo, Futu’s Overseas Brand, Receives U.S. Prediction Market License, to Launch Event Contract Trading
Moomoo, the overseas brand of Futu Holdings, has obtained a compliant prediction market license from U.S. regulators, becoming one of the first online brokerages authorized to offer event contract trading services to retail users in the United States. As disclosed, Moomoo plans to roll out these services to U.S. users shortly, covering domains including sports, economics, politics, and culture. Event contracts are financial derivatives designed around the outcome of specific events, allowing users to trade on whether an event “will or will not occur,” with settlement executed upon final resolution. Moomoo states that these products will operate within the regulatory framework of the U.S. Commodity Futures Trading Commission (CFTC).
Zap to Cease Operations on June 1; Users Must Export Private Keys in Advance
According to an official announcement, the Zap application will cease operations on June 1. Zap stated it had aimed to build an app enabling users to register and purchase their first meme coin within 30 seconds—but failed to achieve the anticipated growth.
Zap advises users to log into their accounts before shutdown and export their private keys via “Settings → Export Private Key.” It recommends importing the private key into Phantom to continue accessing assets. Zap cautions that anyone possessing the private key gains full control over associated assets and stresses that users must never disclose it to others. For users who fail to export their private keys before June 1, funds remain securely accessible via Privy Home.
Microsoft Once Targeted $92 Billion Return from Early OpenAI Investment
According to Bloomberg, internal Microsoft planning documents from early 2023 set a target return of $92 billion from its early, large-scale investment in OpenAI. This information was disclosed on May 11 local time during a federal court trial in Oakland, California, involving Elon Musk’s lawsuit against OpenAI and Microsoft. Microsoft CEO Satya Nadella testified that the investment “worked well because we took the risk.”
Circle Releases Q1 2026 Financial Results: Revenue $694M, USDC On-Chain Transaction Volume Surges 263%
Per Circle’s official release, Circle (NYSE: CRCL) reported Q1 2026 financial results showing total revenue and reserve income of $694 million, up 20% year-on-year; adjusted EBITDA of $151 million, up 24%; and net income of $55 million, down 15% year-on-year—primarily impacted by increased equity-based compensation costs following its IPO. USDC’s quarter-end circulating supply reached $77 billion, up 28% year-on-year, while on-chain transaction volume totaled $21.5 trillion, surging 263% year-on-year and accounting for 63% of the stablecoin market’s total transaction volume.
Bitcoin Miner MARA Q1 Results: Revenue Falls to $174.6M, Net Loss Widens to $1.3B
MARA reported Q1 2026 revenue of $174.6 million, down 18% year-on-year; net loss widened to $1.3 billion, compared to $533.2 million in the prior-year period—largely driven by changes in the fair value of digital assets. Adjusted EBITDA for the quarter was negative $1 billion. The company held 35,303 BTC, of which 9,995 BTC were lent or pledged as collateral. Operationally, MARA’s activated hash rate rose to 72.2 EH/s, up 33% year-on-year, producing 2,247 BTC during the quarter. Strategically, MARA reported advancing its Starwood partnership, completing its majority acquisition of Exaion, and signing a definitive agreement to acquire Long Ridge.
Kraken Parent Payward Seeks New Funding Round at $20B Valuation, Advances IPO Preparations
According to CoinDesk, Payward—the parent company of Kraken—is seeking a new funding round at a $20 billion valuation. Payward has recently accelerated its acquisition pace, having acquired stablecoin payment firm Reap and digital asset derivatives platform Bitnomial, both valued at $20 billion in those transactions.
Previously, Payward completed its $1.5 billion acquisition of U.S.-based retail futures platform NinjaTrader in 2025. Payward has confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) in preparation for a potential IPO. Kraken declined to comment on the financing news.
Market Data
Recommended Reading
AI Inference Bills Soar: Shopify, Roblox Warn That Layoff Savings Can’t Cover Chip Costs
https://www.techflowpost.com/zh-CN/article/31506
Q1 2026 earnings reports from major tech companies reveal that while AI technologies have significantly improved operational efficiency and reduced labor costs, their steep compute and model expenses are eroding corporate profitability. Companies like Shopify and Roblox—leveraging AI to enhance product and service efficiency—are simultaneously confronting sharply rising AI-related costs. This trend underscores a new corporate challenge: balancing the benefits of AI against its mounting cost burden.
“Spring Waters” of Crypto Warm Up L1s First: SUI Up 24% Weekly, TON Doubles in Three Days—Is the Altcoin Season Coming?
https://www.techflowpost.com/zh-CN/article/31511
The crypto market has recently rebounded, with Layer-1 protocols leading the rally. SUI and TON posted substantial price gains driven by distinct catalysts: TON doubled in three days following Telegram’s re-assumption of project leadership and technical upgrades; SUI surged after launching spot ETFs, CME futures contracts, and implementing large-scale institutional staking infrastructure. Although Bitcoin’s dominance remains elevated and the altcoin season index has yet to meet standard thresholds, historical patterns suggest this may signal the beginning of an altcoin rally.
Visa Paves the Way, Circle Provides Fuel: Eastern and Western Institutional Forces Converge on Canton
https://www.techflowpost.com/zh-CN/article/31513
This article examines Canton Network’s rise in institutional blockchain adoption—particularly its success in attracting top-tier global financial institutions. It analyzes Canton’s fee revenue model, institutional partnerships, token mechanics, and the pivotal roles played by Visa and Circle, while discussing Canton’s unique advantages and potential within the on-chain finance ecosystem.
South Korea’s “Matchmaking Uniform King”: How SK Hynix Overtook Samsung
https://www.techflowpost.com/zh-CN/article/31514
This article recounts the remarkable turnaround of South Korean semiconductor firm SK Hynix—from near bankruptcy in 2008 to overtaking Samsung as the global memory market leader in 2025. By betting heavily on HBM (High Bandwidth Memory) technology, SK Hynix achieved massive success in the semiconductor sector, especially amid surging AI compute demand, which significantly expanded its HBM market share. The piece also explores reasons behind Samsung’s competitive setbacks and how South Korea’s chaebol system supported SK Hynix’s ascent.
U.S. Memory Stock Rally Spills Over into Crypto for the Third Time; VVV Leads the “AI Data Infrastructure” Sector
https://www.techflowpost.com/zh-CN/article/31515
This article analyzes how capital inflows from the U.S. memory chip market are spilling over into the cryptocurrency space, fueling broader momentum across the “AI data + inference compute” infrastructure sector. Leading storage tokens—including FIL, AR, and STORJ—rose in early May, followed by expansion into a wider range of AI infrastructure projects such as VVV, Chainbase, SQD, and Vana. VVV emerged as the top performer in this cycle, driven by its decentralized AI inference service and deflationary mechanism. Capital is gradually shifting from pure storage tokens toward projects with strong narratives and real-world use cases—indicating the market has entered the latter phase of a sector-wide rally.
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