Privacy coins including Zcash and QRL jumped up to 25% on May 21 as quantum computing fears intensified.

Privacy coins surged on May 21, with Zcash up roughly 7% and QRL jumping 25%. Qubitcoin and Starknet also gained as the total privacy coin market cap approached $63 billion.

The move came as investors rotated into tokens combining financial privacy and post-quantum security. Glassnode’s recent report classifying 9.6% of Bitcoin supply as quantum-exposed has sharpened demand for tokens built with quantum resistance as a core property.

Why privacy and quantum narratives are converging in 2026

Asset manager Yorkville America has withdrawn several crypto ETF applications filed on behalf of the Trump family-backed Truth Social as it changes strategy.

The ETFs were part of the Trump Media and Technology Group’s broader crypto strategy before it decided to shift to offerings registered under the Investment Company Act of 1940.

Truth Social Pulls ETF Bids

Yorkville America disclosed in a statement released on Tuesday its decision to move away from offerings registered under the Securities Act of 1933 to offerings registered under the Investment Company Act of 1940. The asset manager believes the move will allow it to offer its clients more innovative products while benefiting from better tax efficiencies and stronger investment products. Yorkville America also withdrew its Truth Social Bitcoin and Ethereum ETF and the Truth Social Blue Chip ETF.

According to the asset manager, the Investment Company Act of 1940 framework provides a clear structure to deliver the “differentiated rules-based strategies the firm is developing for its growing clientele.”

Fate of Crypto ETFs Unknown

Yorkville America is known for its “America-first” investment products. The asset manager has not disclosed whether it plans to pursue a crypto ETF under the Investment Company Act of 1940. The withdrawals of the Trump family-linked ETFs come amid growing concerns about President Trump’s links to the crypto industry and conflict with his responsibilities as US president. Democratic senators have repeatedly questioned the president’s crypto interests, particularly his role within the World Liberty Financial crypto platform.

Crypto ETFs Struggle

Yorkville America’s decision comes amid growing struggles for crypto ETFs. Demand has cooled amid a broader crypto market pullback, with net inflows into US spot Bitcoin ETFs sitting at $790 million as of Tuesday, May 19, 2026. The inflows are primarily concentrated in BlackRock’s iShares Bitcoin Trust ETF (IBIT). The decline is stark when compared to the $25 billion in inflows recorded by crypto ETFs in 2025. Ethereum ETFs have also struggled this year, recording $640 million in outflows, while newer altcoin ETFs have failed to drum up investor interest.

Is Rising Competition Behind Yorkville America’s Decision

According to Bloomberg ETF analyst James Seyffart, Yorkville America’s decision to withdraw from the ETF market could be due to growing competition. Competition has intensified after Morgan Stanley launched the Morgan Stanley Bitcoin Trust ETF with a 0.14% fee, undercutting its competition. Yorkville America currently offers funds across defense, energy, security, tech, and real estate. The move under the Investment Company Act of 1940 will allow the asset manager to offer products and ETFs designed for diversified and regulated investment strategies.

Disclaimer: 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.

TLDR:

• Anchorpoint Financial completed HKDAP’s Ethereum mainnet transfer test with OSL and PantherTrade in May 2026. 
• Every minted HKDAP token was fully backed by reserve assets and redeemed after the transfer test concluded. 
• OSL Group will leverage StableHub, BizPay, and Banxa infrastructure to support phased HKDAP issuance. 
• HKDAP phased issuance is set to begin by end of Q2 2026, targeting payments and cross-border capital flows.

Hong Kong’s first officially licensed stablecoin, HKDAP, has cleared a major milestone. Anchorpoint Financial, OSL Group, and Futu Holdings-backed PantherTrade completed a transfer test on the Ethereum mainnet.

The test covered converting statutory Hong Kong dollar funds into reserve assets. All minted tokens were fully redeemed after the test concluded. A phased official issuance is planned before the end of Q2 2026.

HKDAP Transfer Test Marks a Regulated Step Forward

Anchorpoint Financial received its stablecoin issuer license from the Hong Kong Monetary Authority earlier this month.

The company is a joint venture backed by Standard Chartered Hong Kong, Hong Kong Telecom under PCCW, and Animoca Brands.

These institutional partners bring both banking infrastructure and Web3 expertise to the project. Together, they form a foundation built on compliance and regulatory trust.

Standard Chartered’s infrastructure and institutional trust services backed the entire testing process. Every minted and transferred HKDAP token was fully supported by reserve assets throughout the test.

This bank-grade backing is central to what separates HKDAP from unregulated alternatives. The structure ensures that holders have full confidence in the token’s peg to the Hong Kong dollar.

OSL Group confirmed its role in supporting the test and ongoing issuance preparations. Kevin Cui, CEO of OSL Group, stated that “OSL has established a comprehensive stablecoin trading infrastructure, including OSL StableHub for smooth stablecoin and forex trading, OSL BizPay for B2B cross-border payments, and Banxa, a stablecoin deposit and withdrawal channel.”

He added that this product portfolio provides better services to OSL customers and partners. The infrastructure supports the sustainable development of the broader stablecoin ecosystem.

PantherTrade, fully owned by Futu Holdings, also participated in the Ethereum mainnet transfer test. Zhu Guyi, Global Head of Digital Assets at Futu Group, stated that the company “continues to promote qualified investors to deploy in compliant digital assets.”

He added that the collaboration will provide Futu’s extensive investor and institutional network with stable and efficient HKD stablecoin solutions. The partnership reflects growing demand for regulated digital asset products among mainstream investors.

Phased Issuance Plans Support Hong Kong’s Digital Asset Vision

Dominic Maffei, CEO and co-founder of Anchorpoint Financial, described the test as a critical first step. He stated that “completing the minting and transfer testing of HKDAP in collaboration with OSL is the first step toward Anchor Financial’s goal.”

He confirmed that HKDAP will begin phased issuance later in 2026 to support payments and capital flows. The rollout is designed to benefit the real economy, not just digital asset markets.

Maffei further noted that “Anchor Point Finance focuses on creating a safe, convenient, and regulated tokenized currency for Hong Kong.”

He added that achieving a more efficient tokenized financial asset market is a key part of Hong Kong’s vision. This vision positions the city as a global digital asset hub. Reaching that goal requires close collaboration with industry players like Futu and PantherTrade.

OSL confirmed it will continue supporting Anchorpoint Financial and its ecosystem partners in issuance preparations. The platform plans to develop a robust, regulated Hong Kong dollar stablecoin and digital asset ecosystem.

Deep integration with HKDAP is expected to provide users with secure fiat and digital asset exchange channels. It will also support efficient cross-border payment solutions and wider adoption of tokenized financial products.

The successful Ethereum mainnet test signals that Hong Kong’s stablecoin framework is becoming fully operational. Regulatory clarity, institutional backing, and tested infrastructure are now aligned for the next phase.

As issuance begins, market participants will watch how HKDAP performs in live payment environments. The project could set a template for other regulated stablecoin initiatives across the region.

This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter.

Jamie Salter, who founded Authentic Brands Group in 2010 and grew it into a brand management powerhouse, has stepped down as chief executive officer of the firm.

Matt Maddox, who has been president for over a year and will retain that role, has been promoted to replace him as CEO. He will take over day-to-day operations, though he will report to Salter.

The founder has transitioned to executive chairman of the board and “will remain deeply engaged in the business,” the company said on Wednesday. Salter will continue to oversee “strategic global growth, including mergers and acquisitions, global partnerships and alliances, and other long-term strategic priorities.”

The acquisition of intellectual property — sometimes on the cheap via bankruptcy, as when the company snagged the likes of Brooks Brothers, Aéropostale and Rockport — has allowed Authentic to profit from brands while leaving operations to other entities.

That includes Catalyst Brands, which runs J.C. Penney and several other names in Authentic’s stable. Recently the Catalyst unit running Eddie Bauer filed for bankruptcy and ended up closing all stores after Authentic contracted the brand’s e-commerce to another company.

Authentic’s portfolio now includes more than 50 brands, including Reebok, Champion, Guess, Nautica, Lucky Brand, Nine West, Juicy Couture, Vince Camuto, Izod, Barneys New York and Quiksilver. They also include personalities – living and not – like Shaquille O’Neal, David Beckham, Kevin Hart, Elvis Presley, Muhammad Ali and Marilyn Monroe.

The company also owns 77% of an entity that controls a perpetual master license to luxury stores Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, whose parent, Saks Global, is now in bankruptcy.

“I will continue to do what I’ve always done: being laser-focused on driving strategic, transformational opportunities that will position our peerless company for continued growth,” Salter said Wednesday. “I’ll remain actively involved, partnering closely with Matt and the entire leadership team, as we continue building the world’s leading brand, marketing, and entertainment platform.”

The strategy isn’t bulletproof, however. Salter two years ago said he laments picking up the Forever 21 brand in 2020 in partnership with mall operators Simon and Brookfield, calling it “probably the biggest mistake I made.”

Nasdaq-listed Solmate Infrastructure, a Solana-focused treasury and infrastructure company, has raised about $11.4 million via a registered direct offering of Class B common stock.

According to Businesswire, Solmate Infrastructure is issuing a total of 2,298,000 shares of Class B common stock in a registered direct offering priced at $4.97 per share. The company expects to raise approximately $11.4 million in gross proceeds before fees and expenses, with the transaction structured as a directed placement led by its new CEO and a board member at what the company describes as a premium to the recent market price.

The move comes as Solana’s (SOL) real world assets has hit the $2 billion milestone.

The offering is expected to close on or about May 27, 2026, according to the company, subject to customary closing conditions, including the satisfaction of Nasdaq and regulatory requirements. Solmate said it plans to use the proceeds for general corporate purposes, which may include further development of its Solana infrastructure initiatives, treasury operations, and balance sheet strengthening.

Solana treasury strategy and balance sheet, what does it mean for Solmate?

Solmate Infrastructure, which trades on Nasdaq under the ticker SLMT, positions itself as a “Solana infrastructure company” and digital asset treasury vehicle with a strategic focus on Abu Dhabi. The company emerged from Brera Holdings PLC’s transformation into a Solana-centric treasury and crypto infrastructure business, backed by a $300 million private placement in 2025 involving investors such as the Solana Foundation, RockawayX, and ARK Invest.

In a March 2026 update, Solmate reported holding 1,235,834 SOL tokens as of February 28, 2026, along with approximately $7.1 million in crypto-related securities and around $9.1 million in cash. Based on a SOL price of about $91.58 at the time, the company estimated the market value of its digital asset treasury at roughly $129.4 million, and calculated a total digital asset treasury value of approximately $1.43 per fully diluted share.

Solmate has emphasized that it has not had to sell its SOL holdings to fund operations, arguing that the combination of SOL, crypto securities and cash leaves it “well-positioned from a liquidity and capital perspective.” The new $11.4 million capital raise adds another layer of funding without forcing the firm to liquidate Solana exposure, effectively giving it more runway to build out Solana staking, validator and infrastructure projects in Abu Dhabi and beyond.

Dilution, valuation and Solana exposure, how does Solmare stack up to other validators?

The registered direct offering does dilute existing shareholders—2,298,000 new Class B shares on top of roughly 82 million fully diluted shares is not trivial—but the company is signaling that it prefers equity capital at a premium price over selling down its SOL stack. For a business explicitly marketed as a Solana treasury and infrastructure play, maintaining SOL exposure is central to the equity story.

Solmate’s earlier disclosures highlight plans to run high-performance Solana validators in the UAE and to develop yield-generating infrastructure tied to Solana’s ecosystem. In that context, the new funding helps bridge the gap between a volatile token treasury and the more mundane but necessary costs of running data centers, validators and corporate overhead in a public-company framework.

The company’s stock has been extremely volatile—at one point jumping 500% after its $300 million funding round and Solana‑backed pivot—underscoring how tightly SLMT trades as a geared play on Solana sentiment. With roughly $129.4 million in digital asset treasury value and a much lower equity market capitalization, Solmate has pitched itself as a way for public-market investors to gain levered exposure to Solana via a listed vehicle.

For Solmate, the $11.4 million raise is small compared to its headline treasury figures but significant for day-to-day operations. For investors, it is another reminder that in this corner of the market, balance sheets are as much about tokens as they are about cash—and that equity raises, even at a premium, are part of the cost of holding the SOL line.

A political action committee (PAC) that claimed to “support candidates working to advance digital asset and blockchain policy in the United States” announced its picks for the 2026 election cycle, potentially influencing key races with money from the crypto industry.

In a Thursday notice, the Blockchain Leadership Fund said it had endorsed ten candidates for the 2026 US midterm elections, four in the Senate and six in the House of Representatives. Chainlink Labs and Anchorage Digital announced the launch of the PAC in March amid other committees that spent heavily in the 2024 US election cycle, like Fairshake.

The PAC’s picks included Republicans Barry Moore, Kurt Alme and Jon Husted for US Senate races in Alabama, Montana and Ohio, respectively, and Houston Gaines, Jim Kingston and Jon Bonck for House runs in Georgia’s 10th district, Georgia’s 1st district and Texas’ 38th district, respectively. It will also support Democrats Angie Craig’s run for the US Senate in Minnesota and Adrian Boafo, and Christian Menefee and Don Davis for House races in Maryland, Texas, and North Carolina. 

“We believe constructive bipartisan participation is critical to ensuring the US remains a global leader in financial technology and the future of finance,” said an Anchorage Digital spokesperson. “We remain committed to supporting responsible innovation and constructive policymaking that brings digital assets further into the regulatory perimeter and strengthens trust in the ecosystem.”

Funding for Blockchain Leadership Fund. Source: FEC

The committee, which is a hybrid PAC set up to allow contributions directly to candidates as well as independent expenditures, said it may announce support for other candidates “who support responsible digital asset policy” before the midterm elections in November. As of Thursday, filings with the Federal Election Commission (FEC) showed only $175,000 in funding for the Blockchain Leadership Fund: $100,000 from Anchorage and $75,000 from Chainlink.

Related: Georgia primary to test crypto PAC’s support for Democratic candidate

The Blockchain Leadership Fund’s endorsements came after some of its chosen candidates won their respective primaries on Tuesday. Kingston and Gaines won Republican primaries in Georgia, and Moore will go to a runoff for Alabama’s US Senate seat after failing to secure a majority of the vote.

All three already benefited from a combined $8.5 million in media spending by the Defend American Jobs PAC, a Fairshake affiliate, which also poured about $350,000 into media to support Bonck in Georgia. Another PAC affiliated with Fairshake, Protect Progress, spent more than $4.1 million to support Menefee in his Texas runoff against incumbent Al Green and more than $2 million on media for Boafo in Maryland.

Crypto spending ahead of Texas Senate race, Trump gets involved

While Menefee and Green are set to go head-to-head next Tuesday, money from the crypto industry is also flowing into Texas over a Republican primary for one of the state’s US Senate seats.

The Fellowship PAC, an $11 million committee funded by Cantor Fitzgerald and Anchorage Digital, reported to the FEC on Wednesday that it would be spending $500,000 to support Texas Attorney General Ken Paxton for US Senate. The filing came more than a month after Fellowship reportedly withdrew funding for media on Paxton in response to pressure from Republican leaders toward Commerce Secretary Howard Lutnick, connected to Cantor Fitzgerald.

Truth Social post endorsing Ken Paxton for US Senate. Source: Donald Trump

US President Donald Trump announced on Tuesday that he would be supporting Paxton over incumbent John Cornyn. State Representative James Talarico won a March Democratic primary, and will face off against the Republican candidate to be decided after a Tuesday runoff between Paxton and Cornyn.

Magazine: 5 tech predictions the mainstream media got horribly wrong

JPMorgan says tokenized funds make up just 5% of the stablecoin market despite offering higher yield.

JPMorgan published a report on May 21 finding tokenized funds account for just 5% of total stablecoin market supply despite offering higher yield. The bank said stablecoins remain the default cash instrument across trading, collateral and payments.

The report found stablecoins dominate because they are seamlessly integrated into centralised exchanges, DeFi protocols and cross-border payment systems. Tokenized funds require additional subscription and redemption steps, limiting their use in high-frequency on-chain activity.

Why stablecoins keep winning despite lower yields

An XRP whale collected $224,500 in options premiums betting the token stays near $1.40 through June 26.

An XRP whale executed a short strangle on Deribit on May 21, selling 1.5 million contracts each of the $1.40 call and put options. The trade hit the tape as a single privately negotiated block to avoid moving the market.

By selling both the call and the put at the same strike, the trader provided insurance against sharp price moves in either direction. The $224,500 upfront premium is the maximum profit and is kept in full if XRP stays near $1.40 through the June 26 expiry.

How the short strangle works and what the whale risked

XRP has spent roughly 60% of 2026 trading between $1.30 and $1.50. The May 29 monthly options expiry has max pain at $1.40, according to Laevitas data, reinforcing that level as a near-term gravitational centre.

XRP options open interest has climbed back above 50 million contracts for the first time in nearly two months, according to Laevitas data, signalling renewed activity ahead of the May 29 monthly expiry.

Why the Clarity Act is the main threat to this bet

Crypto.news has explored why the Clarity Act matters more to XRP than to almost any other asset. A Senate floor vote arriving sooner than expected could push XRP sharply through $1.50, turning the short call into a loss.

Crypto.news has tracked how the May 15 options expiry pulled XRP back from $1.55 toward $1.45, consistent with max pain mechanics.

What happens if XRP breaks out of the $1.40 range

The short strangle becomes unprofitable when XRP moves far enough that losses exceed the $224,500 premium. A move above the strike plus premium on the upside, or below it on the downside, turns the position into a net loss.

Given the Clarity Act’s uncertain Senate timeline and macro pressure on Bitcoin near $77,000, the bet amounts to a conviction that nothing consequential happens to XRP before late June. The XRP (XRP) price page tracks live movements as that conviction is tested.