Dollar stablecoin supply has held at 99% of the global market as non-dollar tokens stall at 0.24% share.

The European Central Bank noted in late 2025 that dollar stablecoin tokens account for approximately 99% of total stablecoin supply in circulation. Non-dollar supply has grown sharply over five years but its market share has edged down, not up.

The combined supply of euro, Canadian dollar, yen, Singapore dollar and other non-USD stablecoins reached $771 million in April 2026, up from $261 million in May 2021, yet their share of the total market sits at just 0.24%.

The gap reflects a structural problem, not a regulatory one. Dollar stablecoin issuers can plug into US Treasury markets as a reserve base, with tokenized US government debt standing at roughly $15.4 billion on-chain. Tokenized non-US government bonds total just $1.4 billion.

That yield and liquidity advantage allows dollar issuers to fund distribution and partnerships that non-dollar rivals cannot afford to match.

Why the European push is not closing the gap

“This infrastructure is essential if Europe is to compete in the global digital economy whilst preserving its strategic autonomy,” said Howard Davies, chairman of Qivalis’ supervisory board.

Qivalis, a pan-European banking consortium, expanded to 37 banks across 15 countries in May 2026, more than tripling its membership. Its euro stablecoin is not expected to launch until the second half of 2026.

A separate group of twelve European banks selected Fireblocks for a competing MiCA-compliant euro stablecoin earlier this year. Nine banks including UniCredit and ING are also targeting a second-half 2026 debut. Multiple regulated euro stablecoin projects are in motion, but none has yet reached meaningful scale or liquidity.

What it would take to shift the balance

The primary obstacle is not regulation. Most fiat currencies lack international liquidity in the first place, meaning only a handful can realistically support a global stablecoin.

The dollar, euro, yen, sterling and Swiss franc are among the few with deep enough foreign exchange markets to support cross-border crypto use.

S&P Global Ratings has projected that the euro stablecoin market could grow from roughly $895 million today to as much as 1.1 trillion euros by 2030. Reaching that figure would require a combination of institutional adoption, regulatory clarity, and the kind of deep liquidity infrastructure that took dollar stablecoins years to build.

Former CFTC chair Timothy Massad says a US CBDC ban cannot stop behind-the-scenes infrastructure work.

Former CFTC chair Timothy Massad told London’s Digital Money Summit on May 19 that a US digital dollar is ultimately inevitable. He said the CBDC ban is politically sensitive but does not reflect activity behind closed doors.

“We don’t have a central bank president who is going to get out there and speak about wholesale or retail CBDC, but that does not mean that we are not looking at how to create one,” Massad said.

Why Massad says the CBDC ban is a political facade

Mark Gould, the Federal Reserve’s chief payments executive, said a digital dollar is not currently within the Fed’s remit. Gould acknowledged it would be the central bank’s responsibility if one were ever introduced.

Massad pointed to Project Agora as evidence of continued US engagement. The BIS initiative involves the Federal Reserve Bank of New York and six other central banks, testing tokenized deposits alongside wholesale central bank money on a programmable platform.

House Republicans pushed on May 19 to make the CBDC ban permanent inside a major housing bill. Trump originally signed an executive order in early 2025 prohibiting federal agencies from developing a CBDC.

What the US risks by staying out

Massad argued that global tokenization activity is forcing the US to build equivalent digital settlement infrastructure. His concern is that stepping back from international experiments could cost the US influence over global digital payment standards.

His position aligns with analysis crypto.news has tracked questioning whether private stablecoins can preserve dollar dominance. Massad served as CFTC chair from 2014 to 2017 and has long pushed for faster US action on digital currency infrastructure.

TLDR

• A Kraken and Coinbase user lost about $6.7 million after attackers drained crypto from both exchange accounts.
• The stolen assets included Ethereum, Bitcoin, and cbBTC withdrawn in a short and coordinated series of transactions.
• On-chain analyst Specter traced the stolen funds to new wallet addresses across the Ethereum and Bitcoin networks.
• Attackers moved about $5.3 million of the stolen crypto through Tornado Cash to obscure transaction trails.
• Early reports suggested a physical attack, but later analysis indicated no evidence of coercion.
• The method used to access the victim’s exchange accounts has not been confirmed.

A crypto user has lost about $6.7 million after attackers drained accounts linked to Kraken and Coinbase. The stolen assets included Ethereum, Bitcoin, and cbBTC, according to blockchain tracking data. The incident involving Kraken has raised fresh concerns about exchange account security and targeted attacks.

Kraken Account Drained Alongside Coinbase Holdings

Attackers withdrew large amounts of crypto from the victim’s accounts within a short period. The activity affected both Kraken and Coinbase balances simultaneously.

On-chain analyst Specter reported that 1,554 ETH, worth about $3.3 million, left the Kraken account. The attackers also withdrew 10.5 BTC during the same period.

At the same time, the Coinbase account saw withdrawals of 34.1 cbBTC worth roughly $2.6 million. These movements occurred quickly and followed a coordinated pattern.

Specter tracked the stolen funds to newly identified wallet addresses on Ethereum and Bitcoin networks. The analyst shared that the assets moved rapidly after the initial withdrawals.

Early reports suggested a possible physical attack on the account holder. However, Specter later stated the case likely did not involve physical coercion.

The exact method used to access the accounts remains unclear at this stage. No official statement from Kraken or Coinbase has detailed the breach vector.

Stolen Crypto Moves Through Tornado Cash

Blockchain data shows that attackers began laundering funds shortly after the theft. They routed a large portion through Tornado Cash, a privacy mixer on Ethereum.

Specter said about $5.3 million had already passed through Tornado Cash. The transfers occurred in multiple transactions to obscure tracking.

The use of mixers complicates efforts to trace stolen crypto across the blockchain. Investigators often face delays when funds move through such services.

The case adds to ongoing reports of phishing and malware targeting exchange users. Attackers often exploit compromised credentials to gain account access.

Kraken and Coinbase both offer two-factor authentication and withdrawal protection features. However, advanced attacks continue to bypass these safeguards in some cases.

Security experts advise users to enable all available protections and monitor account activity closely. They also recommend avoiding suspicious links and unknown software.

As of the latest update, the stolen funds remain in circulation after passing through Tornado Cash. Authorities and analysts continue to track related wallet activity.

Market Summary

• Nvidia releases quarterly results after market close, with Wall Street projecting $1.78 EPS and $79.2B revenue—representing roughly 80% annual growth
• Market veteran Jim Cramer noted Nvidia’s historical pattern of post-earnings rallies followed by sustained selling pressure from profit-taking
• ASML shares climbed 6.7% following UBS naming it the leading European semiconductor stock with a €1,900 price objective
• Strategy received a $400 price target upgrade from TD Cowen, maintaining Buy status with upside potential exceeding 140%
• Target surpassed earnings projections with $1.71 EPS compared to $1.46 consensus, while boosting annual sales outlook

Nvidia: Market’s Most Anticipated Quarterly Report

[[LINK_START_0]]Nvidia[[LINK_END_0]] commands unprecedented attention as traders await its quarterly disclosure following today’s closing bell. The artificial intelligence semiconductor giant faces elevated expectations from the investment community.

Wall Street consensus points to approximately $1.78 in per-share earnings alongside roughly $79.2 billion in total revenue. These figures would mark year-over-year revenue expansion approaching 80%.

The data-center segment represents the critical metric investors will scrutinize. Demand for AI-focused processors from hyperscale cloud providers, artificial intelligence research firms, and major corporations has fueled Nvidia’s explosive expansion over recent reporting periods.

Market participants are particularly focused on several key areas: gross profit margins, order momentum for Blackwell architecture chips, ramifications of expanded China export controls, and forward guidance projections.

Can Strong Results Sustain Upward Momentum?

Jim Cramer highlighted a recurring trend worth monitoring. He observed that Nvidia’s earnings track record frequently features immediate post-announcement gains, subsequently followed by persistent selling waves as traders capitalize on strength.

His analysis suggests that even exceptional results might fail to propel shares higher when market expectations already price in near-perfection.

Competitive dynamics remain front and center for investors. Custom silicon initiatives from major cloud platforms, AMD’s growing presence, and proprietary chip development by technology giants all factor into market calculations.

Should Nvidia provide robust forward guidance while effectively addressing concerns surrounding Chinese market access and margin sustainability, the broader AI investment thesis could receive validation. Conversely, post-results weakness might ripple across semiconductor stocks and technology-heavy indexes.

ASML: European Chip Leader Rallies on Analyst Endorsement

ASML advanced 6.7% after UBS designated the company as its premier European semiconductor selection. The firm elevated its price objective to €1,900 from €1,600.

UBS anticipates ASML’s earnings performance will consistently exceed consensus forecasts extending through 2027 and 2028, propelled by sustained demand for cutting-edge semiconductor manufacturing equipment.

ASML’s Central Role in AI Infrastructure

ASML manufactures extreme ultraviolet lithography systems, which represent indispensable technology for fabricating the world’s most sophisticated processors. Without these specialized machines, chipmakers cannot produce the advanced semiconductors required for AI computing.

Escalating artificial intelligence demand translates to chipmakers requiring expanded manufacturing capacity. This dynamic positions ASML at the strategic center of global semiconductor production infrastructure.

The substantial 6.7% price movement demonstrates investors recognize opportunities beyond domestic AI chip manufacturers. Capital is flowing toward the comprehensive international supply chain enabling chip production.

Strategy: TD Cowen Maintains Optimistic Bitcoin Treasury Stance

Strategy captured market attention following TD Cowen’s price target elevation to $400 from $395 while maintaining Buy guidance. This projection suggests upside potential surpassing 140% from previous closing levels.

Strategy maintains substantial Bitcoin reserves and employs leverage combined with capital-raising activities to expand its cryptocurrency holdings. While the company retains its software operations, market valuation primarily reflects its Bitcoin treasury position.

Substantial Upside Accompanied by Elevated Volatility

TD Cowen’s upgraded outlook reflects conviction in Strategy’s Bitcoin accumulation strategy. However, the equity remains among the market’s most volatile instruments.

Bitcoin price declines typically trigger sharp Strategy share drops. Conversely, cryptocurrency rallies tend to attract aggressive momentum purchasing activity.

For market participants seeking leveraged Bitcoin exposure through traditional equity markets, Strategy continues commanding significant attention.

Target: Results Exceed Expectations Amid Lingering Investor Skepticism

Target disclosed first-quarter adjusted earnings reaching $1.71 per share, surpassing the $1.46 Wall Street estimate. Revenue totaled $25.44 billion, exceeding the $24.66 billion projection.

Comparable sales metrics showed improvement, supported by increased customer traffic. Target additionally raised its full-year sales growth guidance, suggesting its operational turnaround strategy may be generating positive momentum.

Tempered Market Response Despite Quarterly Beat

Notwithstanding the earnings beat, share price reaction proved subdued. Investors maintain caution regarding consumer spending durability and whether Target’s first-quarter momentum can persist throughout the fiscal year.

Profit margins and broader retail sector headwinds remain focal concerns. A single strong quarterly performance proves insufficient to completely restore investor confidence following an extended challenging period for the retailer.

Market analysts say Ether’s (ETH) price may drop to $1,000 if a breakdown from a bearish chart pattern is confirmed.

Key takeaways:

• Ether’s bear flag targets 50% ETH price drop to $1,075. 
• Ether risks over $1.70 billion in long liquidations if the price breaks below $2,000.
• Whale accumulation weakens as major ETH holders reduce exposure.

Ether’s bear flag targets $1,000 ETH price

Ether’s downtrend could accelerate if the price breaks below the lower trend line of a bear flag at $2,000 on the daily chart, where a similar breakdown in January led to a 41.5% ETH price drop.

Related: Ether taker volume turns negative for first time in two months: Will ETH fall under $2K next?

A bear flag pattern is a bearish continuation setup that forms after the price consolidates inside an up-sloping channel following a sharp price drop.

The measured target of the flag, derived from the previous downtrend’s height added to the breakdown point at $2,000, is $1,075, down 49% from the current price.

ETH/USD weekly chart. Source: Cointelegraph/TradingView

“$ETH is about to break the bear flag pattern,” analyst Coin Signals said in a Monday post on X, adding that if the price fails to hold above the lower trend line at 2,000, a “sell-off to $1800 or a new low” would follow.

Fellow analyst Keith Alan told his followers to be “prepared for the nasty scenario,” involving the confirmation of a death cross between the 21-day simple moving average (SMA) and 50-day SMA, and validation of a bear flag in the daily time frame.

“Momentum indicators also show deterioration on both daily and weekly RSI timeframes,” the analyst said in a recent article on X.

“Failure to establish support, however, opens the door to a sequence of progressively lower technical support levels” toward the measured target of the bear flag structure around $1,300, he added.

ETH/USD daily chart. Source: X/Keith Alan

Fellow analyst Crypto Patel said that ETH’s validation of a rising wedge pattern was underway, with a downside target of $1,500.

“Ethereum has lost a key rising trendline. As long as the price stays below it, weakness can continue.”

ETH/USD daily chart. Source: X/Crypto Patel

Meanwhile, Ethereum’s liquidation map shows that a correction below $2,000 would trigger over $1.70 billion worth of leveraged long ETH liquidations across all exchanges, according to CoinGlass data.

ETH exchange liquidation map. Source: CoinGlass

Ethereum whale accumulation drops

Ether’s latest rebound to $2,400 did not trigger broad-based accumulation across major wallet cohorts, Glassnode data showed.

For instance, the number of mega-whale wallets holding more than 10,000 ETH has declined sharply to a 10-month low of 1,050, with the 30-day change dropping to as low as -70, levels last seen in early February.

Ethereum mega-whale address count balance (>10K ETH). Source: Glassnode

In other words, large players are taking advantage of recent liquidity to de-risk, reflecting a lack of mid-term confidence.

The picture looks similar among smaller wallet cohorts.

Ethereum wallets holding 1,000 to 10,000 ETH have also been declining, falling to a nine-month low of 4,750 on May 8. The 30-day change remains negative, hovering around -50 at the time of writing.

Ethereum whale and shark address count balance. Source: Glassnode

Taken together, the data suggest ongoing distribution and weak conviction across key ETH holder cohorts, reinforcing the risk of a deeper drop if $2,000 breaks.

This reduction in whale counts aligns with the recent inflows into exchanges, indicating the path of least resistance remains down in the immediate future and selling pressure mounts.