Ethereum sees 3 firms test HKDAP stablecoin
Hong Kong’s first officially approved HKD-backed stablecoin, HKDAP, has completed a live transfer test on Ethereum involving three licensed firms. The transfer of Hong Kong’s HKD-backed stablecoin on Ethereum (ETH) demonstrates the regulator’s willingness to adopt innovative DeFi tooling.
Anchorpoint Financial, one of the first entities to secure a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA), has successfully tested the stablecoin alongside OSL Group and PantherTrade, a licensed trading platform backed by Futu Holdings. The test confirms that HKDAP can be issued, transferred, and settled on a public blockchain without technical failure. This is not a sandbox simulation but a mainnet transaction, meaning the infrastructure is production-grade.
A spokesperson involved in the test said, “The successful mainnet transfer validates both the technical architecture and compliance framework for HKDAP ahead of issuance.” The quote underscores that regulatory approval and blockchain execution are being developed in parallel rather than sequentially.
Hong Kong’s approach contrasts sharply with the fragmented regulatory posture seen in the U.S. and parts of Europe. By licensing issuers like Anchorpoint Financial and requiring full backing of reserves, the HKMA is attempting to create a compliant alternative to offshore dollar-pegged stablecoins. The HKDAP model is explicitly pegged 1:1 to the Hong Kong dollar, positioning it as a regional settlement layer. However, deploying it on Ethereum allows immediate interoperability with DeFi protocols, wallets, and exchanges.
OSL Group’s involvement is also notable, as it provides a regulated on-ramp for institutional users. PantherTrade, backed by Futu Holdings, adds another layer of distribution, potentially linking traditional brokerage clients with on-chain assets.
With phased issuance expected by the end of Q2 2026, HKDAP could become one of the first fully regulated fiat-backed stablecoins in Asia operating on a public blockchain. “Anchorpoint will issue the HKDAP (i.e. HKD At Par), a regulated Hong Kong dollar‑backed stablecoin, leveraging a business‑to‑business‑to‑consumer (B2B2C) model,” the joint venture said. For context, stablecoins currently account for over $150 billion in circulating supply globally, and Hong Kong’s move signals an attempt to localize that liquidity under its own monetary and regulatory system.
[HKET]
Powell will be sworn in as Federal Reserve Chair at 11 p.m. tonight.
On May 22, the White House announced that the swearing-in ceremony for the new Federal Reserve Chairman Wash will be held at 11:00 AM on May 22 (23:00 Beijing time).
[深潮 TechFlow]
White House Postpones AI Executive Order Signing Ceremony
According to AXIOS, the White House has canceled the ceremony originally scheduled for President Trump to sign a new executive order on artificial intelligence and cybersecurity. According to the notice, the event has been postponed to a later date.
The White House has not yet responded to the matter.
[Foresight News]
Both WTI and Brent crude oil fell below the $100 mark
Gate data shows that Brent and WTI crude oil continue to decline, both falling below the $100.0 threshold, now trading at $99.60/barrel and $99.70/barrel respectively.
[Odaily星球日报]
Cross-chain settlement protocol Everclear announces shutdown
Cross-chain settlement protocol Everclear announced on the X platform that it is shutting down its foundation, Labs, and product development. The core reason is that although its solver-based cross-chain fund rebalancing model reached a monthly transaction volume of $500.00M, user price sensitivity made it difficult to convert into substantial revenue.
The DAO will continue to operate and explore open-sourcing the protocol. If there are remaining funds, it will consider a CLEAR token buyback. Currently, the official team has not disclosed a specific shutdown timeline, asset disposal plan, or subsequent arrangements for user funds.
[Odaily]
Coinbase introduces thematic perps tracking China, AI and US national security equity indexes
Coinbase is rolling out a set of perps-like equity index futures, according to an announcement on Thursday. In addition to a contract tracking the top 100 Nasdaq-listed firms, called Tech100 (TEK), the exchange will list three thematic contracts to provide exposure to AI and national security industries, as well as China.
The contracts will be available for trading beginning June 8 via the Coinbase Derivatives, which is overseen by the U.S. Commodity Futures Trading Commission. Coinbase’s “perpetual-style” offerings use funding rates to track the underlying index closely, while providing around-the-clock access.
The thematic contracts are based on MarketVector’s existing US Listed AI 10, US Listed Defense 10, and US Listed China 10 indexes.
The China10 (CHN) contract will track the top 10 largest or most liquid American Depositary Receipts (ADRs) representing shares of Chinese companies listed on exchanges like Nasdaq and NYSE. This includes firms like Alibaba, Baidu, and JD.com.
MarketVector’s AI10 index is built to track businesses that derive at least 50% of their revenue from AI infrastructure, data, and applications, including Nvidia, Microsoft, Amazon, Google-parent Alphabet, Meta, Oracle, and Palantir, among others.
The indices sometimes include overlapping companies, with Alibaba appearing on both the AI and China indexes and Palantir listed on both the A10 and Defense10.
Coinbase has been ramping up its derivatives offerings over the past year, beginning with a select perps-like crypto futures in July 2025. It also recently introduced equities futures for highly liquid stocks like Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla, its “magnificent 7” in March.
The exchange has also launched a “Mag7 + Crypto Equity Index Futures” product tracking those stocks and BlackRock’s spot Bitcoin and Ethereum ETFs.
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© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
[The Block]
Singapore MAS revokes Bsquared license over false data
Singapore’s MAS has revoked the Bsquared license after finding false statements and serious regulatory breaches at the crypto firm. The Monetary Authority of Singapore revoked Bsquared Technology’s MPI licence effective May 14, 2026. The revocation came 16 months after the licence was granted, one of the fastest enforcement actions against a newly licensed crypto firm in Singapore.
MAS said an on-site inspection in 2025 uncovered significant weaknesses in Bsquared’s risk management practices and conflict of interest policies. More critically, Bsquared had provided false or misleading information on multiple occasions, from its licence application through MAS’s own inspection. Singapore’s central bank has revoked the major payment institution license of a local crypto liquidity provider, a rare move for the regulator as the city-state seeks to mitigate risks in the industry https://t.co/dTWc0zuBUR
The inspection also revealed failures in Bsquared’s outsourcing arrangements with related entities, breaching MAS guidelines on third-party management. The regulator is reviewing whether senior officers at the firm bear personal accountability for the breaches. Bsquared operated as a digital payment token service provider for crypto trading and token transfers. Under the Payment Services Act, the firm must now provide a closure certificate from independent auditors confirming all customer funds were properly handled.
Bloomberg has reported that MAS has issued crypto licences to 37 firms in total, making a revocation an unusual enforcement step. Singapore has built its crypto hub credentials since introducing the Payment Services Act in 2020.
MAS’s push to raise compliance standards includes its final warning to unlicensed exchanges in June 2025. Recent MPI licence approvals, including BitGo, highlight the high bar licence holders must maintain. The Bsquared case, involving false statements from the moment of application, is likely to increase scrutiny of all MPI holders’ historical disclosures. Singapore is also making a parallel effort to build a tokenization framework alongside strict enforcement standards. [Crypto.news]
Deribit Bitcoin options top BlackRock IBIT at $31.30B
Bitcoin options open interest on Deribit has reached $31.3 billion, overtaking BlackRock’s IBIT ahead of a $6.25 billion expiry. Deribit’s Bitcoin options open interest climbed to $31.3 billion on May 21, overtaking BlackRock’s IBIT at $27 billion. The reversal comes after IBIT briefly surpassed Deribit in April for the first time since ETF options launched in November 2024.
A total of 80,535 contracts worth $6.25 billion are set to expire on Deribit on May 29. The $75,000 strike holds the largest put concentration at $394 million, while the $80,000 call strike dominates with $532 million. The put/call ratio of 0.86 reflects a modestly bullish market stance.
With max pain sitting roughly $2,000 below Bitcoin’s current price near $77,000, a gravitational pull toward $75,000 remains a real risk heading into the May 29 settlement. Max pain is the price level where option buyers lose the most and sellers profit the most. Market makers typically hedge toward this level as expiry approaches, which can act as a soft price magnet in the days before settlement.
🚨 MIXED SIGNALS: $BTC Derivatives Market Splits. Bitcoin funding rates on Deribit surged bullish as traders aggressively added long exposure. But unusual options market activity points to mixed expectations, with short-term caution and longer-term bullish positioning emerging… pic.twitter.com/3U776WPprL
Crypto.news has tracked the $75,000 level as a persistent battleground throughout 2026. The April expiry saw a similar dynamic, with heavy positioning around key strikes as settlement approached. The swing back toward Deribit’s dominance reflects how quickly positioning can shift between regulated ETF options and crypto-native derivatives. IBIT options carry longer average maturities than Deribit contracts, pointing to different investor profiles between the two venues.
$BTC – #Bitcoin markets are heading into a major derivatives event, with $6.25 billion worth of options contracts set to expire on Deribit on May 29. The positioning shows heavy trading interest around the $75,000 and $80,000 strike levels as traders prepare for volatility in… pic.twitter.com/tC7mmNtj9R
Traders piling into $82,000 call options ahead of May 29 suggest some participants are positioned for an upside breakout through the current call wall. Crypto.news has reported on how Bitcoin options expiry dynamics shape short-term price action. Whether Bitcoin clears $80,000 or gravitates toward $75,000 will determine which side absorbs the larger loss at the May 29 settlement. The Bitcoin (BTC) price page tracks live movements as that expiry approaches.
[Crypto.news]
a16z-Backed Syndicate Labs Blames Shrinking Rollup Ecosystem for Shutdown Decision
Syndicate Labs, an on-chain development startup backed by Andreessen Horowitz, announced that it is winding down operations after five years of building infrastructure for on-chain developers. It cited major shifts in the rollup market as the primary reason behind the decision.
In a statement on X, Syndicate Labs said its main focus had been giving developers better tools to build and scale on-chain apps. But according to the company, the rollup market has changed sharply in recent years. It noted that fewer new rollups are entering the space, while several older projects have slowly disappeared.
The company said the market had moved away from the type of technology it was building, and added that EVM rollups are no longer viewed as the industry standard. Instead, it said developers are increasingly choosing to build custom chains from scratch through consulting teams, which has resulted in less reusable infrastructure and reduced network effects across the ecosystem.
Syndicate Labs said it had spent years trying to support the growth of on-chain applications and wished the outcome had been different. Despite the shutdown of the development company, the group stressed that the broader Syndicate ecosystem will continue to exist separately through the Syndicate Network Collective, a Wyoming-based DUNA that holds governance authority over SYND tokens.
The company also clarified that the collective operates independently from Syndicate Labs, which essentially means that governance over the SYND token is not immediately impacted. It explained that a successor organization could continue maintaining the DUNA structure, though it also outlined plans for an orderly wind-down if no successor emerges.
The Syndicate Commons Bridge on Base was compromised in late April after attackers gained access through a leaked private key, which eventually drained 18.5 million SYND tokens worth nearly $330,000. However, Syndicate Labs stated that the shutdown decision was unrelated to the incident.
The affected customer and all SYND holders on Commons Chain have already been reimbursed using treasury reserves specifically set aside for such events. The company further stated that team members and investors remain subject to token lockups and that no affiliated individual has been able to access allocations for short-term benefit. Syndicate Labs said its vesting structure was designed around long-term incentives.
Syndicate Labs is not the only crypto project to struggle after security incidents and changing market conditions this year. This year, two DeFi projects moved toward shutdowns after struggling with the fallout from major security and financial problems. In February, Solana-based DeFi aggregator Step Finance, along with SolanaFloor and Remora Markets, ceased operations after a wallet compromise led to roughly $30 million in losses. The teams said fundraising and acquisition talks failed to produce a recovery plan.
A month later, Balancer Labs proposed restructuring the Balancer protocol after months of financial strain, declining TVL, and a November exploit that accelerated liquidity outflows across the platform.
Coinbase will suspend perpetual contract trading for TRIA-PERP, NEO-PERP, and IMX-PERP.
On May 22, according to an official announcement, Coinbase announced that it will suspend perpetual contract trading for TRIA-PERP, NEO-PERP, and IMX-PERP at approximately 21:00 UTC+8 on June 4, 2026.
Any remaining open positions will be automatically settled upon suspension. The final settlement price will be calculated as the average index price over the 60 minutes preceding suspension, and the final funding rate will be set to zero. Coinbase reserves the right to suspend trading at any time and adjust the final settlement price to a reasonable level.
[PANews]
Today’s Market Pulse
The crypto market demonstrates clear signs of maturation as regulators establish clearer frameworks while the ecosystem undergoes consolidation, with traditional finance accelerating its integration with crypto-native products.
Key Themes
1. Regulatory Taming of Frontier Markets
Hong Kong’s successful HKDAP stablecoin test on Ethereum involving licensed firms like Anchorpoint Financial, OSL Group, and PantherTrade showcases a proactive regulatory approach contrasting with fragmented U.S. and European stances. Simultaneously, Singapore’s MAS revoked Bsquared’s license for false data, highlighting tightening compliance. This dual approach suggests regulatory acceptance now directly correlates with market access, potentially leaving non-compliant players stranded.
2. Traditional Finance’s Crypto Integration Accelerates
Coinbase launched thematic perpetual contracts tracking AI, national security, and Chinese equities, demonstrating the blurring lines between traditional and crypto markets. Simultaneously, Deribit’s Bitcoin options open interest surpassed BlackRock’s IBIT ($31.3B vs $27B), reflecting continued strength of crypto-native derivatives. This convergence suggests institutional adoption is no longer a question of “if” but “how” and “when.”
3. Ecosystem Consolidation Claims Notable Victims
The crypto ecosystem is experiencing significant consolidation as a16z-backed Syndicate Labs winds down operations, citing the shrinking rollup ecosystem. This follows other project closures including cross-chain protocol Everclear, which struggled to convert substantial transaction volume ($500M monthly) into revenue. These developments signal a market moving beyond experimentation toward sustainable business models, with only projects offering clear utility likely to thrive.
RichSilo Verdict
Sophisticated investors should monitor regulatory clarity versus enforcement discrepancies between major hubs like Singapore and Hong Kong versus the U.S., as this will determine capital flows. Watch for the $75,000-$80,000 Bitcoin range as key resistance/support ahead of the May 29 options expiry, with potential volatility catalysts including Fed policy shifts, AI regulatory developments, and regional stablecoin adoption. The convergence of traditional finance and crypto products represents significant opportunity, but investors must remain vigilant about compliance risks as regulators worldwide tighten their grip.
