Key Highlights

• First quarter revenue reached 129.1 billion yuan, representing a 52.5% year-over-year increase and surpassing analyst forecasts of 108.16 billion yuan.
• Net profit totaled 20.74 billion yuan, marking a 48.5% rise and exceeding the consensus estimate of 16.94 billion yuan.
• Shares traded in Hong Kong jumped more than 10% to an all-time high of HK$724.50, while the Shenzhen-listed shares climbed 7% to 460 yuan.
• The company commands a 30% share of the worldwide energy storage system market, which experienced 79% demand expansion in 2025.
• Over the trailing 12 months, CATL shares have gained 101%, significantly outperforming the Hang Seng Index’s 23% advance.

Contemporary Amperex Technology (CATL), the global leader in electric vehicle battery manufacturing, delivered first-quarter results on Thursday that significantly exceeded Wall Street projections. The impressive performance propelled the company’s shares to unprecedented peaks across both trading venues.

Quarterly revenue totaled 129.1 billion yuan ($18.93 billion), representing a 52.5% jump compared to the corresponding quarter last year. Wall Street analysts had projected revenue of approximately 108.16 billion yuan, based on FactSet consensus estimates.

Profit attributable to shareholders reached 20.74 billion yuan—reflecting a 48.5% year-over-year expansion. Market expectations had been centered around 16.94 billion yuan.

Operating profit for the period stood at 26.7 billion yuan. The company’s earnings per share increased to 4.58 yuan from 3.18 yuan in the prior-year quarter.

CATL’s Hong Kong-traded shares soared more than 10% during Thursday’s trading session, touching a record high of HK$724.50. Meanwhile, the company’s Shenzhen-listed shares advanced as much as 7% to reach 460 yuan, also establishing a new all-time peak.

The broader Hong Kong market also posted strong gains. The Hang Seng Index advanced 1.7%, while mainland China’s CSI 300 rose 1.1%.

Diversification Beyond Electric Vehicles

CATL counts Tesla among its major automotive clients. The company attributed the quarter’s robust growth to expansion across its primary battery operations and sustained worldwide appetite for electrification solutions.

Chinese electric vehicle sales have faced headwinds in 2026 after government incentive programs concluded at year-end. However, CATL has been establishing a stronger foothold in an alternative energy sector.

Energy storage systems (ESS)—large-scale batteries designed to capture excess electricity for future deployment—are becoming increasingly significant. Worldwide ESS demand soared 79% in 2025, according to data from SNE Research. CATL controlled a 30% portion of the global ESS market by the conclusion of 2025.

The continuing geopolitical tensions involving Iran have amplified expectations for energy storage demand, as these developments may accelerate investments in power infrastructure and alternatives to conventional energy distribution networks.

Shares Double Over 12-Month Period

CATL stock has skyrocketed 101% throughout the past year. By comparison, the Hang Seng Index has advanced 23% during the identical timeframe.

This performance differential is striking. While the broader Hong Kong equity market has delivered respectable returns, CATL has essentially quadrupled that pace.

Thursday’s record closing prices extend an impressive winning streak for the shares. The company achieved simultaneous all-time highs on both its Hong Kong and Shenzhen listings within the same trading day.

Quarterly earnings per share registered at 4.58 yuan, climbing from 3.18 yuan in the year-ago period.

The company chose not to issue forward-looking guidance in its earnings announcement, though the quarter’s actual results substantially exceeded analyst projections on both revenue and profitability measures.

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2083.34, down 0.2% (-3.93) since 4 p.m. ET on Wednesday.

Twelve of 20 assets are trading higher.

Leaders: DOT (+7.1%) and APT (+4.0%).

Laggards: ETH (-1.3%) and AAVE (-1.1%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

• BNB price hovers near $620 as bulls target a fresh short-term rally.
• The 35th quarterly burn has reduced BNB supply to 134.7 million.
• A shift in macro and geopolitical conditions could bolster BNB and other altcoins.

BNB price traded to highs of $630 on Wednesday, recovering to intraday highs after earlier moves across crypto dented bulls’ plans.

The rejection at the multi-week peak means the Binance Coin’s value is back near the $620 mark, where buyers are looking to pile in as the BNB Foundation reveals its second quarterly burn of 2026 has cut the native token supply to approximately 134.7 million.

Could this supply squeeze help BNB price higher, or are short-term headwinds too strong for bulls?

BNB supply drops amid quarterly burn

According to the BNB Foundation, the 35th quarterly burn has permanently removed 1,569,307.34 BNB tokens valued at $1.02 billion from circulation.

This means the total supply has dropped further, with the metric now at 134,786,916.53 and reinforcing the coin’s deflationary mechanism.

On a bullish note, what this burn does is to advance BNB toward the 100 million token target.

More than 40% of the initial supply has now been eliminated since BNB’s launch, with regular removals introduced in 2021. In January this year, Binance marked the 34th burn, which removed 1.37 million BNB worth $1.29 billion at the time.

Surging on-chain metrics, such as all-time high daily active users and dApp usage, have directly boosted the burn’s scale amid growth in real-world assets, DeFi, gaming, and layer-2 ecosystems.

$16,600,000,000 in tokenized assets on BNB Chain, making it a new ATH.

According to @tokenterminal 👇 https://t.co/gFwSsV9Kis

Advertisement

— BNB Chain (@BNBCHAIN) April 9, 2026

BNB price analysis

While BNB exploded in 2025, the past several months have seen the ecosystem token struggle with downside pressure. Controversial headlines and fear, uncertainty, and doubt (FUD) around Binance and its founder, Changpeng Zhao, have contributed to the downtrend since the highs of $1,300.

Notably, the 54% dip from the ATH of $1,370 on October 13, 2025, aligned with overall losses for Bitcoin and Ethereum.

Macroeconomic and geopolitical headwinds have largely capped BTC, with the latest uptick stalling around $76,000.

Currently, BNB price lingers near $620, slightly off highs seen after the burn and in line with Bitcoin’s retest of the $74k level.

Despite this outlook, a double-bottom formation at the $600 support zone points to bullish reversal prospects for BNB. Positive momentum indicators and fresh flows could strengthen this picture.

If Bitcoin rides macro and geopolitical tailwinds to a new year-to-date peak, BNB could test resistance at $800.

The supply zone coincides with the 50-week moving average; breaching it could propel prices to the $1,000-$1,200 hurdle.

However, a close below $600 risks awakening more bears.

If this mirrors a broader crypto downturn, the next support level could be around $530.

Momentum is building in Washington for the long-awaited CLARITY Act, with JPMorgan (JPM) pointing to signs that negotiations may be nearing a breakthrough.

JPMorgan said discussions among lawmakers and regulators suggest the legislation is close to completion, with only a small number of issues still unresolved in a Wednesday report.

One senior policy official noted that the list of contentious items has narrowed from roughly a dozen to just “2–3 issues,” while debate around stablecoin rewards is now “in a good place.”

The CLARITY Act is designed to define how digital assets are regulated in the U.S., including how oversight is divided between agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It also addresses how stablecoins and decentralized finance platforms should be treated under existing financial rules.

Lawmakers involved in the discussions struck an optimistic tone. A Senate staffer familiar with the process said the draft legislation is “very close,” with remaining questions around areas like DeFi oversight and token classification potentially resolved in the near term, according to the report.

One of the most closely watched debates centers on whether stablecoin issuers should be allowed to offer yield-like rewards to users. The issue has drawn pushback from banks, which argue such features could replicate deposit-taking without the same regulatory safeguards.

The latest proposals could find support from both crypto firms and traditional financial institutions, according to JPMorgan.

Still, the path forward is not without risk. The final legislative text has yet to be released and no formal vote has been scheduled. Timing is also a factor, with some policy experts warning that delays could push the bill into a more uncertain political environment.

JPMorgan noted that the outlook for the 2026 midterm elections remains mixed, with expectations that Democrats could regain control of the House of Representatives. If that scenario plays out, crypto legislation could lose priority, potentially slowing further progress.

For now, the direction of travel appears clear. As one policy advisor put it, “there is no such thing as a perfect bill,” underscoring willingness among stakeholders to compromise in order to establish a workable framework.

If passed, the CLARITY Act would mark a major step toward integrating digital assets into the U.S. financial system, providing rules that industry participants have sought for years.

Taiwan Semiconductor Manufacturing Company reported strong first-quarter earnings on Thursday, as steady demand for artificial intelligence chips pushed both revenue and profit to record levels.

The world’s largest contract chipmaker posted net income of $18.2 billion for the three months ended March, up 58% from a year earlier and ahead of expectations. The result extended its streak of record profits to a fourth consecutive quarter. It also marked its eighth straight period of double-digit growth.

According to LSEG SmartEstimates, which weigh forecasts from consistently accurate analysts, Taiwan Semiconductor Manufacturing Company beat expectations on both revenue and profit.

The company reported revenue of about $35 billion, ahead of the expected $34.8 billion, while net income came in at around $18.2 billion, surpassing estimates of roughly $17.3 billion. On a yearly basis, revenue rose 35% to about $35 billion, in line with the preliminary figure disclosed earlier.

As Asia’s largest listed technology firm, TSMC manufactures chips used across a wide range of industries, from consumer electronics to hyperscale data centers. It has seen strong demand from major clients such as Apple and Nvidia, with the latter now its largest customer due to rising demand for AI processors.

Chief Executive C.C. Wei said “AI-related demand continues to be extremely robust,” adding that rapid advances in artificial intelligence are driving more computing needs and, in turn, higher semiconductor demand. He also pointed to strong customer signals that support expectations for a multi-year growth cycle tied to AI.

TSMC now expects full-year 2026 revenue to grow by more than 30% in U.S. dollar terms, slightly above its earlier outlook. For the second quarter, it forecast revenue between $39 billion and $40.2 billion, implying about 10% sequential growth.

The upbeat guidance comes despite concerns over supply chain risks linked to the Middle East conflict, which could affect energy supplies and key materials such as helium and hydrogen. Executives said they do not expect any near-term disruption, noting the company maintains safety inventories and sources critical inputs from multiple suppliers.

Advanced chips lead revenue mix

High-performance computing, which includes AI and 5G applications, remained the main driver of sales, accounting for 61% of total revenue in the first quarter.

Advanced chips, defined as 7-nanometer or below, made up around 74% of wafer revenue. Within that, 3-nanometer chips contributed 25%, highlighting a rapid shift toward more advanced nodes. Smaller process nodes allow for more compact transistor designs, improving both performance and energy efficiency.

To keep up with demand, TSMC is expanding its manufacturing footprint. The company confirmed plans to add a new advanced fabrication plant in Tainan, Taiwan, while also scaling 3-nanometer capacity across Taiwan, the United States, and Japan. Its U.S. expansion forms part of a broader $165 billion investment in Arizona.

William Li, senior analyst at Counterpoint Research, said demand for AI chips has effectively pushed TSMC’s production capacity to its limits.

“Demand still significantly outpaces supply and isn’t showing any major sign of slowing down,” Li said, adding that tight capacity conditions are likely to persist through 2026.

External analysts echoed similar views, noting that TSMC’s facilities are operating at high utilisation levels as AI workloads continue to drive orders.

The company reiterated that capital expenditure for 2026 will be at the upper end of its previously guided $52 billion to $56 billion range, as it accelerates expansion to meet sustained demand.

Chainlink price has remained confined in the consolidation range between $8 and $10 since early February this year as market participants weigh broader macroeconomic uncertainty against the protocol’s growing fundamental utility.

According to data from crypto.news, the Chainlink (LINK) price fell over 40% from its January high of $14.12 to a yearly low of $7.93 in February. It has since entered into a consolidation phase between the $8 and $10 range as liquidity remains fragmented across the decentralized finance sector.

Despite the recent stagnation, a look at charts reveals several conditions that are close to completion that could potentially empower the token to exit from consolidation and potentially spark a sustained rally.

On the daily chart, Chainlink price appears to be approaching a bullish crossover between the 50-day SMA and the 100-day SMA. Such a crossover, which indicates strengthening medium-term momentum, has previously been a precursor to significant parabolic moves.

In Chainlink’s case, a crossover could lead its price to climb as high as $12, which represents the next key psychological resistance level. A strong breakout from this range with supporting trading volume could push prices all the way up to its year-to-date high of $14.

Momentum indicators like the MACD and the RSI lines both seem to suggest that a bullish reversal is already underway, as both of these metrics were pointed upward.

However, on the flip side, a drop below $9 support could shift the trajectory towards the next floor at $8, which forms the ultimate demand zone for bulls.

There appear to be a few key catalysts that could help Chainlink price sustain this newfound momentum.

First, the most significant catalyst for Chainlink’s price this week is its partnership with SIX Group, the operator of Swiss and Spanish stock exchanges. SIX is now delivering real-time equity pricing for blue-chip stocks worth approximately €2 trillion directly to smart contracts via Chainlink.

The integration makes regulated financial data accessible to over 2,600 blockchain applications, reinforcing Chainlink’s role as the standard for institutional tokenization.

Second, on-chain data reveals whales have been accumulating the token while absorbing the supply of the token in a manner that often precedes a supply shock rally. Last week, whale wallets added approximately 3.30 million LINK tokens.

Furthermore, whales recently moved 265,132 LINK worth $2.38 million off exchanges, thus reducing the risk of these assets being sold on the open market.

Third, the Chainlink Reserve, a specialized vault for protocol revenue, continues to grow and currently holds over 3 million LINK tokens as protocol fees are automatically converted to the native token. This mechanism effectively tightens the circulating supply by locking up tokens as the network achieves greater adoption.

Paris Blockchain Week, the self-proclaimed “European power forum for the future of digital finance,” has reportedly doubled its security efforts for this week’s event amid claims that France has seen one violent crypto-related robbery attempt every five days on average this year.

The tally for crypto-related attacks in 2026 hit 19 on Monday when a mother and son were abducted from their home in Burgundy, according to The Register.

Franceinfo reports that the pair were held hostage in a hotel room in Val-de-Marne while the attackers attempted to extort the father, a crypto entrepreneur, for hundreds of thousands of euros.

The pair were released unharmed on Tuesday following a successful extraction operation by French counter-terrorism police. 

It’s a problem the country can’t quite seem to shake with criminals continuing to regard crypto holders and entrepreneurs as relatively easy and very lucrative pickings.

In February, the president of Binance’s French arm was targeted by three armed crypto robbers. The attackers only managed to steal his phones and, after failing to confront him in person, they decided to pursue a different target.

Circle CEO Jeremy Allaire anticipates a yuan-backed stablecoin could emerge within the next three to five years, a view that highlights how geopolitical rivalry over money is increasingly being settled in code as much as in policy. Speaking to Reuters in Hong Kong, Allaire framed stablecoins as a way for China to “export” its currency by making cross-border payments easier in a more tokenized financial world, even as Beijing pursues its own digital yuan and tightens rules on private RMB-pegged tokens.

The comments come at a moment of heightened tension between a centralized, CBDC-first approach and a thriving private-stablecoin ecosystem. While the Chinese authorities push the e-CNY as the flagship vehicle for digital money, they have also cracked down on offshore yuan-linked stablecoins and broader tokenization of real-world assets, signaling a deliberate shift in how China envisions its monetary sovereignty in a global, tokenized economy.

Key takeaways

• yuan-backed stablecoin on the horizon: Circle’s leadership signals opportunity for a yuan-pegged token within a few years as global payments become more digitized.
• China tightens on offshore RMB tokens: Beijing recently banned unauthorized offshore issuance of yuan-pegged stablecoins and tightened vetting for tokenizing domestic real-world assets.
• USDC remains the benchmark: Circle’s USDC grew 72% year-on-year to $75.3 billion by end-2025, underscoring continued demand for dollar-denominated stablecoins.
• Dollar dominance persists in stablecoins: Outlier Ventures data shows USD-backed stablecoins accounted for 99.8% of fiat-denominated supply in 2025, reflecting sustained market concentration in dollars.
• Regulatory tension shapes the path forward: The evolving stance from China’s authorities and the global appetite for stablecoins together frame what the next phase of digital money will look like for cross-border commerce and financial stability.

Circle’s view: yuan tokens as a gateway to global payments

Allaire’s remarks position stablecoins as a potential bridge between China’s domestic monetary strategy and international commerce. By framing a yuan-backed stablecoin as a mechanism to facilitate seamless cross-border payments, he suggests that a tokenized version of the renminbi could accelerate the currency’s global reach, even as the PBOC pilots the e-CNY for domestic use. The broader question this raises is whether governments that restrict private digital currencies can still harness the efficiencies of tokenized payment rails to maintain competitive influence in global finance.

Geopolitical competition over money is being fought not only through policy, but through technology choices and network effects. Allaire’s comments coincide with Beijing’s explicit push toward the central bank digital currency and a tightened regulatory stance against RMB-linked private tokens. The tension underscores a larger debate: will states embrace or curb tokenized instruments that can facilitate cross-border flows while preserving monetary sovereignty?

USDC and the dollar-led stablecoin landscape

Amid the regulatory headwinds and shifting geopolitics, the dollar remains the dominant anchor in the stablecoin universe. Circle reported that its USD-backed stablecoin, USDC, expanded to $75.3 billion in circulation by the end of 2025, a 72% year-over-year increase. The company also noted that during periods of global stress, demand for portable digital dollars surged, with Allaire alluding to “several billion dollars” in extra USDC transactions following the outbreak of the US-Iran conflict as users sought liquidity and settlement certainty in crypto markets.

The resilience of USDC underscores how, for now, the market gravitates toward dollar-denominated stability as a baseline for on-chain liquidity and settlement. Circle’s 2025 fiscal results reinforce the point: even as various jurisdictions experiment with digital currencies, the real-time utility and trust in USDC keep it at the center of many decentralized finance and cross-border payment use cases.

China’s crackdown and the CBDC-first trajectory

China’s regulatory stance remains unambiguous about the limits of offshore and RMB-pegged tokens. In February, the People’s Bank of China and seven other agencies declared that unauthorized offshore issuance of yuan-pegged stablecoins would be treated as illegal financial activity. They also signaled that tokenization of domestic real-world assets would face stricter vetting. Officials argued that such enforcement is essential to protect financial stability, curb capital flight, and safeguard monetary sovereignty as China advances the e-CNY as its preferred digital money model.

The crackdown follows a broader pattern: a 2021 prohibition on crypto trading and mining, ongoing cautions around stablecoins, and a clear pivot toward a CBDC-led framework. The timing is notable, coming after reports earlier in the year that China had been studying yuan-backed tokens as a potential mechanism to boost global usage of its currency. Beijing’s stance starkly contrasts with the more permissive, market-driven approach seen in other jurisdictions and adds another layer of complexity to the global stablecoin narrative.

Implications for the market and what to watch next

Taken together, these developments illustrate a market-wide shift where policy pragmatism and national security concerns shape how digital money evolves. For investors and builders, the key questions revolve around the viability and timing of a yuan-backed stablecoin, the regulatory trade-offs that accompany cross-border tokenization, and how the e-CNY will interact with private digital currencies in the global payments stack.

Two threads deserve close watching. First, any concrete indications from Circle or other partners about collaboration on yuan-linked tokenization or pilots would signal a new phase of cross-border digital currency experimentation. Second, China’s policy lane—whether it will relax or accelerate restrictions on RMB-linked tokens and RWA tokenization—will influence the competitive dynamics of stablecoins, international settlement rails, and the broader appetite for tokenized assets among institutions and consumers alike.

The coming quarters could reveal whether a yuan-backed stablecoin moves from concept to concrete project, and how that aligns with the e-CNY rollout and global demand for faster, cheaper cross-border payments. Readers should monitor official regulatory updates from Chinese authorities, any formal announcements from Circle or partners, and the evolution of stablecoin issuance standards and supervisory frameworks worldwide.

Key Highlights

• USB stock advances following 14% year-over-year earnings increase
• Financial institution demonstrates resilience with expanding loan portfolio and stable deposit base
• Net interest margin stability and fee income growth drive revenue expansion
• Efficiency improvements and positive operating leverage enhance profitability
• Capital strength remains robust with solid CET1 ratio maintenance

Shares of U.S. Bancorp (USB) demonstrated positive momentum following a strong quarterly earnings report, with the stock finishing regular trading at $56.37, representing a 0.50% gain. Pre-market activity showed continued strength as shares climbed to $56.79, adding another 0.73%. The financial institution’s results showcased resilient fundamentals and strengthening operational metrics.

U.S. Bancorp, USB

Quarterly Performance Demonstrates Financial Strength

The Minneapolis-based financial institution delivered net income of $1.945 billion for the quarter, representing a substantial 14% year-over-year advancement. Diluted earnings per share came in at $1.18, demonstrating a 15% annual expansion. The results underscore broadening profitability across multiple business lines.

Total net revenue reached $7.288 billion during the reporting period, propelled by strengthening interest earnings and fee-based activities. On a taxable-equivalent basis, net interest income climbed 4.1% compared to the same quarter last year. Fee-based revenue demonstrated even stronger momentum, advancing 6.9% and reflecting successful business diversification.

Operational efficiency metrics showed notable enhancement as the company achieved positive operating leverage of 440 basis points. The efficiency ratio improved to 58.2%, down from previous levels, signaling tighter expense management. These operational improvements underscore management’s commitment to productivity gains and disciplined cost oversight.

Balance Sheet Expansion Reflects Business Momentum

U.S. Bancorp demonstrated continued lending momentum while preserving solid funding stability throughout the quarter. Average total loans expanded 3.8% on a year-over-year basis and grew 2.4% from the previous quarter. The lending expansion signals sustained customer demand across various business segments.

On the funding side, average total deposits grew 1.7% versus the comparable year-ago period. Sequential deposit levels remained relatively flat, providing consistent liquidity support. The institution maintained a well-balanced funding mix throughout the period.

Asset quality indicators remained generally stable, though the net charge-off ratio increased modestly to 0.56%. Overall credit metrics stayed within manageable parameters. The bank’s asset quality positioning continues to support balance sheet durability.

Returns and Capital Position Remain Solid

U.S. Bancorp achieved a return on average assets of 1.15%, demonstrating enhanced asset productivity. Return on average common equity registered at 12.6%, showcasing steady returns for equity holders. On a tangible common equity basis, returns reached 17.0%.

The net interest margin remained steady at 2.77%, with a five basis point year-over-year improvement. Margin stability reflects the institution’s ability to manage the relationship between earning asset yields and funding costs. This consistency provides a foundation for reliable earnings performance.

Capital positioning remained robust as the Common Equity Tier 1 ratio stood at 10.8% as of March 2026 quarter-end. Book value per common share increased to $37.93, while tangible book value per share reached $29.56. These figures demonstrate the bank’s continued capital strength and financial foundation.