Institutional Tokenization Drives Crypto Shift (2026-05-13)

eToro’s first-quarter crypto revenue fell to $2.15B from $3.50B last year

PANews May 13th, eToro’s crypto asset revenue in the first quarter decreased from $3.50 billion in the same period last year to $2.15 billion, and the total number of transactions decreased by 32% year-on-year. Despite the slowdown in the crypto business, eToro still acquired wallet company Zengo for $70.00 million and launched crypto trading services in New York during the quarter.

Crypto holdings on eToro’s balance sheet decreased slightly from $62.60 million at the end of 2025 to $60.50 million, and crypto asset-related costs decreased from $3.50 billion to $2.10 billion.

The company’s adjusted EBITDA increased by 35% year-on-year to $109.00 million, net profit increased by 37% to $82.00 million, funded accounts increased by 12% to over 4.00 million, assets under management increased by 15% to $17.00 billion, and basic earnings per share increased from 0.79 to 0.98.

[The Block]

Coinbase adds Solana collateralized loans via Morpho, allowing users to borrow up to $100,000

PANews, May 13: Coinbase has expanded its on-chain crypto-backed lending product to include support for Solana, enabling users to borrow up to $100,000 by collateralizing SOL. This loan is offered via Morpho’s integration on Base, identical to Coinbase’s Bitcoin- and Ethereum-backed lending products.

A company spokesperson revealed that since its launch last year, Coinbase’s total crypto-backed loan disbursements have exceeded $2.3 billion, with Bitcoin-backed loans accounting for $2.17 billion and Ethereum-backed loans approximately $110 million.

[The Block]

EIA: Brent crude oil prices are expected to average around $106 per barrel in May and June.

The U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report, which noted that the Brent crude oil spot price surged significantly in April due to the de facto closure of the Strait of Hormuz, tightening global oil supply; it peaked at $138 per barrel on April 7 and averaged $117 per barrel for the month.

Global oil inventories are projected to decline by an average of 8.5 million barrels per day in Q2 2026, keeping Brent crude prices around $106 per barrel in May and June. As Middle Eastern oil production increases, we expect crude prices to fall—to an average of $89 per barrel in Q4 2026 and to $79 per barrel in 2027.

[Jin10]

JPMorgan to launch second tokenized money market fund on Ethereum

May 13th news, according to documents submitted on Tuesday, JPMorgan Chase is launching its second tokenized money market fund, designed to meet the reserve asset requirements of stablecoin issuers under the GENIUS Act.

The fund, named OnChain Liquidity-Token Money Market Fund, code JLTXX, will be tokenized on the Ethereum blockchain and invest in U.S. Treasury bonds and overnight repurchase agreements collateralized by Treasury bonds or cash. The blockchain technology is managed by Kinexys Digital Assets, a subsidiary of JPMorgan Chase. The SEC filing will take effect on May 13th, but JPMorgan Chase has not disclosed a specific issuance date.

JLTXX is JPMorgan Chase’s second tokenized money market fund launched on Ethereum, following the MONY fund launched at the end of last year.

[PANews]

Franklin Templeton partners with Kraken’s parent company to advance Wall Street asset tokenization

PANews reported on May 12 that Kraken’s parent company, Payward, and asset management giant Franklin Templeton have announced a strategic partnership to introduce some traditional financial products (including tokenized stocks and yield products) to blockchain networks.

The two parties will integrate Franklin Templeton’s tokenized money market fund BENJI into the Kraken platform as collateral and a cash management tool for institutional clients.

Payward’s xStocks framework (which has processed over $30.00B in transaction volume since its launch last year) will partner with Franklin Templeton to explore new on-chain actively managed products, making its investment strategies available to institutions and select retail investors in specific jurisdictions.

[Decrypt]

U.S. Senate Votes to Confirm Michael Barr as Fed Vice Chair

The U.S. Senate voted on May 12, local time, to approve Kevin Warsh’s appointment as Chair of the Federal Reserve; related voting procedures are still ongoing.

On January 30, Trump nominated Kevin Warsh, former Federal Reserve Board member, to serve as Chair of the Federal Reserve, succeeding current Chair Powell.

[Odaily]

Trump Media & Technology Group scales back its predictive market plans, with “Truth Predict” potentially shifting from a trading platform to a marketing partnership model.

Trump Media & Technology Group is significantly revising the strategy for its prediction market product, “Truth Predict.” Originally planned to launch full trading functionality in partnership with Crypto.com, the project may now be scaled back to a marketing and promotional collaboration only, with a markedly reduced scope of feature implementation.

According to newly disclosed regulatory filings, the project remains in the development phase; however, its initial rollout will be limited to a promotional partnership with the prediction market platform OG.com—not direct integration of trading features into Truth Social. The previously envisioned “social + prediction market trading integration” model may thus be downgraded.

Early planning indicated that Truth Predict was intended to allow users to convert platform points into crypto assets and trade on events such as sports, inflation, and elections. However, the newly disclosed structure leans more toward an “external-platform traffic-referral partnership,” with specific commercial mechanisms remaining undefined. Meanwhile, the prediction market industry continues to expand rapidly while facing regulatory friction: platforms including Kalshi and Polymarket are steadily growing their sports and event-based contract offerings—but are also embroiled in jurisdictional disputes between state-level gambling regulators and federal agencies.

Analysts suggest that the strategic retrenchment of Truth Predict reflects rising uncertainty around compliance frameworks, product design, and regulatory boundaries for prediction markets—especially amid an incomplete unification of the U.S. regulatory system. Consequently, related products are increasingly favoring “light-asset partnerships” over direct financialization embedded within social platforms.

[Odaily]

The Bitcoin Fog appeal case centers on a jurisdictional dispute, with the U.S. Department of Justice asserting global applicability.

The U.S. Court of Appeals for the Federal Circuit is hearing Roman Sterlingov’s appeal, centering on a critical discussion about whether cryptocurrency services fall under U.S. legal jurisdiction.

Key issues in the case include: whether a small number of transactions conducted by law enforcement officers in Washington, D.C., are sufficient to establish jurisdiction; and the reliability of evidence used by the FBI to identify the defendant via “IP overlap analysis.”

The U.S. Department of Justice argues that Bitcoin Fog—a global fund-transmission service targeting U.S. users—falls under U.S. legal jurisdiction; meanwhile, the defense challenges law enforcement’s alleged “manufacturing of jurisdiction.”

[Odaily]

The three major U.S. stock indices showed mixed performance, with COIN falling over 3.44%.

May 13th news, according to Bybit market data, the three major US stock indexes rose and fell differently. The Dow Jones rose by 0.09%, the Nasdaq fell by 0.82%, and the S&P 500 fell by 0.15%.

Crypto concept stocks generally fell, with COIN (Coinbase) down 3.44% during the day; HOOD (Robinhood) down 3.00% during the day.

[PANews]

BlackRock Submits New Tokenized Fund Structure Application to U.S. SEC

Asset management giant BlackRock has submitted a new application to the U.S. Securities and Exchange Commission (SEC) for a tokenized fund structure, and has once again chosen Securitize as the underlying technology and issuance infrastructure provider. The architectural document shows that the fund will use blockchain to record ownership and will be integrated with regulated transfer agents and investor access systems.

Among them, Securitize Transfer Agent, LLC will be responsible for maintaining the official registration and ownership records of fund shares on multiple public chains, realizing the unification of on-chain assets and traditional compliance systems.

This application is a further extension based on the success of its first tokenized fund, BUIDL. Since its launch in 2024, the product has grown to approximately $2.30B.

Market data shows that the total size of the current Real World Asset (RWA) tokenization market has exceeded $30.00B, and institutional capital is accelerating from the experimental stage to the construction of compliant and large-scale on-chain financial infrastructure.

[Odaily]

U.S. Court of Appeals Suspends Adverse Ruling on Trump’s 10% Global Tariff

May 13th news, according to Jinshi reports, a U.S. appeals court on Tuesday suspended a lower court’s unfavorable ruling against the Trump administration’s 10% global tariffs imposed under Section 122 of the Trade Act, allowing the tariffs to continue to apply to three importers who received exemptions last week.

The U.S. Court of International Trade ruled against the new tariffs last Friday but did not impose a full ban, and the Trump administration appealed. While the ruling is suspended, the tariffs will be reapplied to the two businesses and Washington state that filed the lawsuit.

The U.S. Federal Circuit Court of Appeals issued a short-term administrative stay and is considering whether to implement a longer-term suspension. Washington state was identified as an importer because it paid the relevant tariffs through the public research institution, the University of Washington. The companies and Washington state have seven days to object to extending the suspension of their favorable ruling.

[PANews]

Coinbase Expands Solana Lending Services Through Morpho

Coinbase has announced the expansion of its on-chain crypto-backed lending product, adding Solana (SOL) as a supported collateral asset. Users can now borrow up to $100,000 in liquidity against their SOL holdings. This service runs on the Morpho lending infrastructure deployed on the Base network and follows the same lending structure as previously supported assets—including Bitcoin, Ethereum, and other cryptocurrencies.

Ben Shen, Head of Coinbase Financial Services, stated that introducing SOL as collateral will enhance capital efficiency and liquidity experience for users within the Solana ecosystem, reinforcing Coinbase’s “Everything Exchange” strategy—delivering broader crypto finance use cases through a single platform.

[The Block]

Saudi Arabia Previously Launched Attacks on Iran, Gulf Countries Begin to “Fight Back”

According to a Reuters report, two Western officials and two Iranian officials familiar with the matter stated that Saudi Arabia had previously launched multiple undisclosed attacks against Iran in retaliation for strikes carried out on its territory during the Middle East conflict. These Saudi-led attacks had not been previously reported, indicating that Saudi Arabia is becoming increasingly bold in countering its primary regional rival.

The two Western officials said these airstrikes, conducted by the Royal Saudi Air Force, were assessed to have taken place in late March. Earlier, on Monday, The Wall Street Journal reported that the United Arab Emirates (UAE) had also carried out military strikes against Iran. The actions of Saudi Arabia and the UAE together reveal a real-world conflict whose true scale remains largely hidden—a conflict in which Gulf states targeted by Iran are now beginning to strike back.

Iranian and Western officials said Saudi Arabia informed Iran of these attacks, followed by intensive diplomatic engagement, and threatened further retaliatory action—ultimately leading both countries to reach a de-escalation agreement.

[Odaily]

U.S. Senate Confirms Wash as Federal Reserve Governor, Advances Chair Nomination Process

On May 13, the U.S. Senate voted 51 to 45 on the 12th to officially confirm Kevin Warsh as a member of the Federal Reserve Board of Governors for a 14-year term. Warsh succeeds Stephen Milan, whose term has ended, with his tenure as a governor retroactive to February 1 of this year.

The Senate has initiated the confirmation process for Warsh’s concurrent four-year appointment as Chair of the Federal Reserve and held a “cloture vote,” beginning the countdown toward his potential approval for the leadership role as early as Wednesday. Current Chair Jerome Powell’s term is set to conclude this Friday.

[TechFlow]

The Ethereum Foundation-led working group has launched the “Clear Signatures” open standard to address the blind signing issue and enhance on-chain transaction security.

A working group led by the Ethereum Foundation has released a new open standard called “Clear Signing,” aiming to solve the long-standing “blind signing” problem. Built upon the ERC-7730 specification, the new standard advances the “WYSIWYS (What You See Is What You Sign)” principle, enabling users to understand the actual execution content of a transaction in a unified, human-readable, and structured format before signing—replacing the current widespread practice of displaying low-level transaction information that is machine-readable but difficult for humans to comprehend.

By standardizing description formats, implementing a registry system, and introducing independent verification and auditing mechanisms, transaction intent can be clearly expressed and consistently rendered within wallets. Clear Signing does not alter on-chain transaction structures; instead, it enhances interpretability through off-chain standardized descriptions—thereby improving security without compromising compatibility with existing protocols.

[Odaily]

Kraken Parent Payward and Franklin Templeton Collaborate to Bring Traditional Financial Products to Blockchain

A strategic collaboration between Payward, the parent company of Kraken, and Franklin Templeton aims to bring mainstream financial products onto blockchain networks.

This partnership combines Franklin Templeton’s asset management expertise with Payward’s crypto trading and custody services, offering new tokenized products to institutional investors.

The U.S. CFTC is negotiating regulatory cooperation on prediction markets with multiple professional sports leagues.

U.S. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said that the regulator is communicating with all major U.S. professional sports leagues to strengthen the regulatory framework for sports-related prediction markets and prevent insider trading and market manipulation risks.

Michael Selig revealed at the FINRA annual meeting in Washington that the CFTC had previously signed a memorandum of understanding on information sharing with Major League Baseball, which is its first formal data collaboration mechanism with a professional sports league.

This move comes as prediction market platforms (such as Kalshi, Polymarket) continue to expand their sports contract business, triggering legal disputes between state-level gaming regulators and federal regulatory authority.

[CoinDesk]