The Bank of England is stepping up its focus on digital money, with Deputy Governor Sarah Breeden highlighting tokenization as a potential way to reduce costs, speed settlement and increase competition.

Speaking at London’s City Week on Tuesday, Breeden said tokenization — the representation of assets and money on digital ledgers — could improve the efficiency and functionality of payments and financial markets, provided that trust and interoperability are preserved.

Breeden stressed that central bank money will remain the foundation, or “anchor,” of the monetary system, even as private-sector innovations such as tokenized deposits and regulated stablecoins gain traction.

She said the central bank is working with industry, government and regulators to build a framework that supports innovation without undermining financial stability.

“Alongside traditional bank deposits, people should be able to pay with tokenized bank deposits, regulated stablecoins and, potentially, a retail central bank digital currency (CBDC),” she said, according to a transcript of the speech. “More competition, from a wider range of technologies and business models, should lower costs and improve functionality for users.”

The BoE’s CBDC Academic Advisory Group said in January that “retail CBDC is not strictly required to preserve uniformity, but may play a valuable supporting role, particularly as transactional use of cash declines.”

Related: Crypto awareness tops 80% among young people in UK: Coinbase survey

BoE moves to modernize settlement infrastructure 

The UK is taking additional steps to prepare its financial system for tokenized assets. On Monday, the BoE proposed extending the operating hours of its core settlement infrastructure to near 24/7 availability.

In the proposal, the central bank said longer operating hours would help support cross-border payments and securities settlement as tokenization and other digital asset technologies continue to evolve.

An excerpt of the BoE’s proposal to extend settlement hours. Source: Bank of England

The proposal follows Breeden’s comments earlier this month that the Bank was reconsidering its approach to pound-sterling-denominated stablecoins, including whether to ease limits on how much consumers can hold. The review is intended to reduce friction for early adopters as policymakers seek to strengthen the UK’s position as a competitive hub for digital assets.

The Bank of England has softened is stance on stablecoins in recent months as officials engage more closely with industry groups and revisit earlier proposals that would have imposed stricter reserve and backing requirements.

Related: Stablecoin industry opposes Bank of England’s unhosted wallet ban

Key Highlights

• WMT shares reached a record $134.71, marking a 37% surge over the last 12 months
• Market volatility suggests potential 5% price movement following Thursday’s quarterly results
• First-quarter sales projected at $174.94 billion, reflecting ~6% annual growth; earnings per share forecast at 66 cents
• Digital commerce revenue anticipated to have expanded approximately 22% during the period
• Wall Street consensus price target hovers above $140, with nearly all analysts maintaining bullish stances

Shares of Walmart reached an unprecedented peak of $134.71 during Monday’s trading session, as market participants gear up for the retail giant’s first-quarter financial disclosure scheduled for Thursday’s pre-market hours.

Walmart Inc., WMT

The retail behemoth’s equity has climbed approximately 20% year-to-date, positioning it among the top-performing major retail stocks in 2024.

Current derivatives market activity indicates traders are bracing for potential share price fluctuations of up to 5% by week’s end. A bullish scenario would propel WMT beyond $139—surpassing its previous February benchmark. Conversely, a bearish outcome could see shares retreat below the $127 threshold.

This upcoming financial report marks the inaugural earnings presentation under CEO John Furner’s leadership, following his appointment in February. The earnings call will provide Furner with a platform to articulate his strategic vision for the corporation.

Analyst consensus anticipates first-quarter revenue reaching $174.94 billion, representing nearly 6% year-over-year expansion, per Visible Alpha data. Adjusted earnings per share are forecasted at 66 cents, five cents higher than the comparable period last year.

Same-store sales are estimated to have increased 3.8%, while online sales are expected to have surged around 22%.

Wall Street’s Perspective

Analyst outlook remains overwhelmingly positive toward Walmart’s prospects. Among the 11 analysts monitored by Visible Alpha, 10 recommend buying shares while one maintains a neutral stance. The consensus price objective stands marginally above $140.

UBS continues to recommend buying with a $147 price target, while TD Cowen elevated its outlook to $150, maintaining its purchase recommendation. KeyBanc reaffirmed its Overweight designation, highlighting the company’s competitive positioning gains.

Oppenheimer anticipates strong quarterly performance but predicts Walmart will maintain its current full-year projections, considering potential sustained pressure from elevated energy prices.

Morgan Stanley suggests Walmart stands to gain as budget-conscious consumers gravitate toward value-oriented options amid economic pressures.

The Consumer Price Factor

Escalating costs have inadvertently benefited Walmart. As American households increasingly prioritize value, customer traffic and purchase volumes have demonstrated resilience at Walmart compared to premium-positioned competitors.

This reporting period arrives amid persistent inflation and elevated energy expenses, partially attributed to ongoing Iran war tensions. Financial disclosures from Walmart and peer retailers this week could illuminate consumer spending patterns under current economic conditions.

Walmart has consistently increased its dividend payout for 31 straight years. The equity currently commands a P/E multiple of 49.11, which InvestingPro identifies as elevated compared to its intrinsic value assessment.

The retailer’s current market capitalization stands at $1.07 trillion.

A coalition of privacy and internet freedom advocates led by the Tor Project has announced a new crypto funding campaign to support censorship-resistant digital infrastructure.

The first-of-its-kind Web3 crowdfunding campaign for internet freedom tools will support 10 nonprofit projects working across privacy, censorship circumvention, secure communications and public-interest digital infrastructure, according to the campaign leaders, Tor Project and Funding the Commons.

The campaign, which kicks off May 19, accepts crypto contributions in Bitcoin (BTC), Ethereum (ETH), Zcash (ZEC), Monero (XMR) and Golem (GLM).

The campaign comes as privacy advocates argue that internet freedom is being eroded on a global scale. Internet shutdowns, including long-term systemic censorship, affected more than half of the world’s population in 2025.

Meanwhile, governments around the world are “increasingly exerting control over the technology that people depend on to access the free and open internet,” Freedom House reported.

Quadratic funding model for fairness

An initial $115,000 matching pool supported by Cake Wallet, Zcash Community Grants, Logos and Octant will amplify donations made through June 18 using a “participatory matching model” to reward broad community participation rather than large single donors.

The campaign uses quadratic funding, a model that rewards breadth of participation over donation size, meaning 10 donors giving $10 each outweigh one donor pledging $100.

The model increases support for projects backed by broader community participation, “giving more people a meaningful voice in how funds are distributed,” the coalition said. 

Related: Privacy advocates slam reCAPTCHA update they say locks out de-Googled phones

“Quadratic funding is one of Web3’s answers to how critical infrastructure gets funded: Institutional money follows community signals, not the other way around,” said David Casey, director of Funding the Commons. 

The Tor Project is a nonprofit with a mission to advance human rights and freedoms online by encrypting internet traffic through free and open-source tools such as Tor Browser. 

Global internet freedom declines 

Global internet freedom has declined for 15 consecutive years, with conditions deteriorating in almost 40% of the 72 countries assessed in Freedom House’s 2025 Freedom on the Net study. 

Asia was the primary hotbed for digital censorship, with governments in 10 Asian countries, including China, India, North Korea, Thailand and Myanmar, imposing more than 50 new restrictions and affecting roughly 2 billion people. 

Internet freedom in the West is also under greater threat, with the US withdrawing from the Freedom Online Coalition — an alliance explicitly committed to defending human rights and openness on the internet — in January. 

Netizens are increasingly turning to virtual private networks, or VPNs, to circumvent censorship, but more than a dozen countries actively block or criminalize VPN use, while many others impose partial restrictions.

The erosion of internet freedom over the past 15 years. Source: Freedom House

In January, Iran imposed a nationwide internet blackout to suppress mass protests over the economic crisis, leading to a surge in usage of Bitchat, a decentralized peer-to-peer Jack Dorsey project that enables communication over Bluetooth.   

Magazine: Guide to the top and emerging global crypto hubs: Mid-2026

Key Highlights

• Shares of Agilysys climbed 15% to $80.41 following a fourth-quarter earnings beat of $0.13 per share
• The hospitality software provider delivered its 17th straight quarter of record-setting revenue, with subscription sales climbing 24% annually
• Management’s FY2027 revenue outlook of $365M–$370M exceeded the Street’s $363.59M estimate
• Needham maintained its Buy rating with a $120 target; Oppenheimer boosted its price objective to $100
• The partnership with Marriott International for PMS deployment is projected to contribute more substantially to results in FY2027

Shares of Agilysys closed at $80.41 on Tuesday, gaining 15% during the session, following the release of fourth-quarter financial results that exceeded analyst projections on all key metrics.

Agilysys, Inc., AGYS

Earnings per share registered at $0.63, surpassing the Street’s $0.50 estimate by $0.13. Revenue totaled $82.95 million, topping the anticipated $81.56 million and representing an 11.7% increase compared to the year-ago period.

This performance extends the company’s streak to 17 consecutive quarters of achieving record revenue levels.

Subscription-based revenue expanded 24% during the quarter. Looking ahead to FY2027, executives projected subscription growth of “at least” 30%, marking the third consecutive year of accelerating growth in this segment.

Management issued FY2027 revenue guidance in the range of $365M–$370M, surpassing the analyst consensus forecast of $363.59M.

Wall Street’s Take

Needham & Company maintained its Buy recommendation and $120 price target on Agilysys — suggesting approximately 71% potential upside from current trading levels.

Oppenheimer analyst Brian Schwartz increased his price objective to $100 from $90 while reaffirming an Outperform rating. He characterized the company’s business momentum as entering a “noticeable uptrend” in 2026 that should persist throughout FY2027.

“If the company keeps beating-and-guiding above, similar to F4Q26, then the stock should keep working,” Schwartz wrote.

BTIG analysts, maintaining a Neutral stance without a specific price target, attributed Tuesday’s stock surge primarily to management’s “impressive” subscription revenue projections. They indicated continued interest in the investment story while seeking a more attractive entry point.

Among Wall Street firms covering the stock, four maintain Buy ratings, two have Hold recommendations, and one rates it a Sell. The average price target across all analysts stands at $131.40.

Marriott Partnership Progressing

Investors are closely monitoring Agilysys’ strategic partnership with Marriott International, which involves implementing its cloud-native property management system across luxury, premium, and select-service hotel properties throughout the United States and Canada.

Initially unveiled in late 2022, the partnership is now expected to “start contributing more meaningfully” to the company’s financial performance, according to Oppenheimer’s updated guidance analysis.

CEO Ramesh Srinivasan stated during Monday’s earnings conference call that “the Marriott PMS project continues to make good progress and is on plan.”

BTIG’s financial model projects baseline subscription revenue growth of 23%, 22%, and 20% for FY2027, FY2028, and FY2029 respectively. The Marriott collaboration is anticipated to contribute incremental growth of 7%, 11%, and 9% on top of those baseline figures.

Tuesday’s surge represents the strongest single-day gain for Agilysys since October 28, 2025. Prior to this rally, shares had declined approximately 15% over the preceding twelve months amid broader software sector weakness stemming from concerns about AI-driven disruption.

Before Tuesday’s advance, the stock traded within a 52-week range of $61.50 to $145.25, with its 200-day moving average positioned at $94.99.

Institutional ownership accounts for 88% of outstanding shares, with multiple investment funds increasing their positions in recent reporting periods.

Regional hire reflects push for localised market insights and education

eToro has appointed Nagham Hassan, a UAE-based market commentator and content creator, as its market analyst for the Middle East and North Africa. The move expands the trading platform’s in-region research and communications capability, with Hassan expected to cover equities, commodities and crypto markets and to support investor education efforts across MENA.

Hassan brings several years of experience in the crypto sector and has produced educational content on digital assets through her YouTube channel. She has also appeared as a commentator in business and financial media, positioning her as a visible local voice on market developments.

Why the hire matters for eToro and MENA markets

For global trading platforms, hiring local analysts is increasingly important as markets in the Gulf and wider MENA region attract more attention from retail and institutional investors. Local analysts can provide context on regional macro drivers, regulatory developments and market sentiment that may not be visible from a distant headquarters.

Regional insights and market education: eToro has emphasised investor education as a core part of its service. Bringing on an analyst based in the UAE, which has positioned itself as a financial and digital asset hub, aligns with efforts to deliver timely commentary and explain market moves in formats accessible to local audiences.

Cross-asset coverage: Hassan’s remit will span traditional and digital assets. That mirrors broader industry trends where platforms and research teams are integrating crypto coverage alongside stocks and commodities to meet user demand for multi-asset perspectives.

Context: UAE as a base for regional market coverage

The UAE has actively sought to attract financial-services firms and crypto businesses through regulatory frameworks and licensing regimes in centres such as the Abu Dhabi Global Market. eToro operates in the region under local authorisations, a factor that likely influenced the decision to station an analyst in the UAE.

Local market commentators can help clients interpret regulatory updates, monetary policy shifts and geopolitical developments that influence asset prices across the region. That capability becomes more valuable as retail participation grows and as institutional investors increase allocations to emerging-market and digital assets.

What this means for investors and the platform

Investors in MENA can expect more regionally focused content and commentary from eToro, which may include market briefs, educational videos and analysis tailored to local market schedules and regulatory contexts. For eToro, the hire is a way to deepen engagement with users in a competitive market for retail trading and crypto adoption.

Competition and differentiation: Localised research and education are a differentiator in markets where platforms compete on trust, compliance and community. eToro will be measured on the quality and relevance of the insights it provides, and on its ability to translate those insights into product features and educational offerings that meet regional needs.

Industry implications and risks

The appointment underscores a broader trend of digital trading firms recruiting regional talent to interpret fast-moving markets. That said, platforms must balance proactive commentary with regulatory responsibilities. In the region, licences and oversight vary by jurisdiction, and firms operating in MENA are increasingly subject to local rules governing financial promotions and investor protections.

Risk disclosure remains central: eToro and other multi-asset platforms routinely remind users that investing involves risk and that leveraged products such as CFDs can result in rapid losses. Analysts working for regulated firms therefore operate within a framework that requires careful presentation of market views and an emphasis on investor education rather than personalised advice.

Looking ahead

eToro’s hire of a UAE-based analyst reflects the platform’s intention to strengthen its regional presence at a time of elevated interest in both traditional and digital assets across MENA. Observers will be watching for the types of content and services that follow, and whether localised insights translate into higher user engagement or new product initiatives tailored to the region.

As digital asset ecosystems and regulatory approaches evolve in the Middle East, having analysts embedded in the region can help platforms respond faster to market developments and communicate more effectively with local investors.

For media enquiries, eToro has indicated it can provide regional commentary through its communications channels.

Key Insights

• SEC May Launch an Innovation Exemption for Tokenized Stock Trading Next Week
• Tokenized Equities Could Trade 24/7 Without Traditional Shareholder Rights
• DTCC, Nasdaq, and NYSE Continue Expanding Blockchain-Based Settlement Systems

SEC Advances Tokenized Stock Trading Framework

The U.S. Securities and Exchange Commission is preparing a regulatory framework for tokenized stock trading, according to a Bloomberg report published on May 19. The proposal could allow blockchain-based versions of publicly traded shares to trade on crypto platforms under lighter compliance requirements.

The framework may arrive through an “innovation exemption” that the SEC could release as early as next week. Under the proposal, crypto platforms offering tokenized securities would not need to follow every traditional registration rule. SEC Chair Paul Atkins has supported clearer digital asset regulations instead of relying on enforcement actions.

The reported structure would allow third parties to issue digital tokens tied to the value of public company shares. However, those tokens would not represent direct ownership in the companies. Investors would not receive voting rights, dividends, or participation in corporate decisions.

BREAKING: The SEC is set to release its so-called “innovation exemption” for tokenized stocks which will pave the path for trading digital versions of securities, per Bloomberg.

Details include:

1. In a “surprise move,” the SEC is leaning toward allowing the trading of…

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Wall Street Firms Expand Blockchain Settlement Efforts

Major financial institutions continue increasing their involvement in tokenized stock trading and blockchain settlement systems. The Depository Trust and Clearing Corporation recently announced plans to begin limited production trades for tokenized assets in July. A broader rollout is expected in October.

The organization processes most U.S. securities transactions, making its participation important for institutional adoption. Nasdaq received SEC approval in March for rule changes supporting tokenized share trading while maintaining traditional ownership rights.

Meanwhile, the New York Stock Exchange secured SEC approval in April for its own blockchain settlement initiative. Its parent company, Intercontinental Exchange, also partnered with OKX to develop 24/7 on-chain settlement infrastructure.

Tokenized Equities Market Continues Rapid Growth

The tokenized equities sector has expanded quickly over recent months. Data from RWA.xyz shows the market now holds about $1.4 billion in distributed value across more than 2,200 assets. The sector grew roughly 30% during the last 30 days.

Monthly transfer volume has also climbed to $3.24 billion, while the number of holders increased by 25% to around 265,000 users. Supporters of tokenized stock trading argue blockchain systems can reduce settlement delays, lower transaction costs, and expand global market access.

At the same time, regulators and market participants continue examining investor protection concerns. Since tokenized shares may not provide standard shareholder rights, questions remain about accountability and legal protections during disputes or market disruptions.

The SEC’s latest move reflects broader efforts in Washington to establish formal digital asset regulations. The Republican-led Senate Banking Committee recently advanced crypto legislation as lawmakers continue shaping policies for blockchain-based financial products.

Bitcoin (BTC) consolidated near month-to-date lows on Tuesday as surging US bonds punished stocks and safe havens.

Key points:

• Bitcoin joins risk assets feeling the pressure from skyrocketing US bond yields.
• Catalysts, such as high oil prices, continue to impact market sentiment with the US-Iran war stakes still high.
• Bitcoin is now at a “crucial level of support,” the latest market analysis warns.

US 30-year yields reach highest since 2007

Data from TradingView showed BTC/USD lingering below $77,000 around the Wall Street open while preserving the previous day’s floor.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Macro headwinds on the day continued to focus on US bond markets, with the 30-year yield hitting its highest levels since July 2007.

This sparked downside pressure on stocks, along with gold and silver. XAU/USD fell below $4,500 to reach its lowest levels since late March.

XAU/USD one-day chart. Source: Cointelegraph/TradingView

Commenting, Ole S. Hansen, head of commodity strategy at Saxobank, said that bonds reflected demand for “greater compensation for holding longer-dated debt amid war-driven energy inflation and mounting concerns over widening budget deficits.”

“This development has sent gold below USD 4,500 support, highlighting the current market reaction function driven by oil, inflation expectations, bond yields, and central bank rate expectations,” he wrote in a reaction on X.

US yield curve data. Source: Ole S. Hansen/X

News that US president Donald Trump had canceled strikes on Iran offered markets little relief.

In a post on Truth Social, Trump added that gulf countries should be “prepared to go forward with a full, large scale assault of Iran, on a moment’s notice, in the event that an acceptable Deal is not reached” on the conflict.

Source: Truth Social

Bitcoin analysis sees “crucial” support holding

In crypto circles, the outlook became gloomier. Trader and analyst Michaël van de Poppe warned of a double BTC price headwind of high bond yields and high oil prices.

Related: BTC price ‘bull trap’ at $76.5K? Five things to know in Bitcoin this week

“Neither of these are progressive for risk-on assets (including Bitcoin), which means that we clearly need to see those reverse in order to see strength pouring back into the ecosystem,” he told X followers.

Van de Poppe said that Bitcoin itself did not “look great.”

“Bitcoin is at a crucial level of support and it seems to be that it’s going to be holding,” a previous X post stated. 

“Anything lower of $75,000-76,000 might signal that the accumulation needs to take longer.”

BTC/USDT one-day chart. Source: Michaël van de Poppe/X