Hong Kong’s first officially approved HKD-backed stablecoin, HKDAP, has completed a live transfer test on Ethereum involving three licensed firms.

The transfer of Hong Kong’s HKD-backed stablecoin on Ethereum (ETH) demonstrates the regulator’s willingness to adopt innovative DeFi tooling.

According to a May 21 report, Anchorpoint Financial, one of the China’s first entities to secure a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA), has successfuly tested the stablecoin alongside OSL Group and PantherTrade, a licensed trading platform backed by Futu Holdings.

What does the HKDAP Ethereum test show?

The test confirms that HKDAP can be issued, transferred, and settled on a public blockchain without technical failure. This is not a sandbox simulation but a mainnet transaction, meaning the infrastructure is production-grade. That distinction matters because previous stablecoin pilots in Asia often remained confined to permissioned environments.

A spokesperson involved in the test said, “The successful mainnet transfer validates both the technical architecture and compliance framework for HKDAP ahead of issuance.” The quote underscores that regulatory approval and blockchain execution are being developed in parallel rather than sequentially.

Why is Hong Kong pushing a regulated stablecoin?

Hong Kong’s approach contrasts sharply with the fragmented regulatory posture seen in the U.S. and parts of Europe. By licensing issuers like Anchorpoint Financial and requiring full backing of reserves, the HKMA is attempting to create a compliant alternative to offshore dollar-pegged stablecoins.

The HKDAP model is explicitly pegged 1:1 to the Hong Kong dollar, positioning it as a regional settlement layer rather than a global reserve asset like Bitcoin (BTC) or a programmable ecosystem token like Ethereum. However, deploying it on Ethereum allows immediate interoperability with DeFi protocols, wallets, and exchanges.

OSL Group’s involvement is also notable. As one of Hong Kong’s few licensed digital asset platforms, OSL provides a regulated on-ramp for institutional users. PantherTrade, backed by Futu Holdings, adds another layer of distribution, potentially linking traditional brokerage clients with on-chain assets.

According to analysts, the timing is also strategic. With phased issuance expected by the end of Q2 2026, HKDAP could become one of the first fully regulated fiat-backed stablecoins in Asia operating on a public blockchain. That would place it in direct competition with existing dollar-pegged assets while offering regulatory clarity that many global stablecoins lack.

“Anchorpoint will issue the HKDAP (i.e. HKD At Par), a regulated Hong Kong dollar‑backed stablecoin, leveraging a business‑to‑business‑to‑consumer (B2B2C) model,” the joint venture said, adding that rollout will begin in the second quarter of 2026 and proceed in phases.

For context, stablecoins currently account for over $150 billion in circulating supply globally, with the majority denominated in U.S. dollars. Hong Kong’s move signals an attempt to localize that liquidity under its own monetary and regulatory system.

Blockchain.com said it confidentially filed paperwork with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO).

The number of shares to be offered and the proposed price range have not yet been determined, according to an announcement on Thursday.

A confidential filing allows companies to begin the SEC review process before publicly disclosing financial details tied to the listing. The IPO remains subject to market conditions and completion of the SEC review process.

Blockchain.com is a cryptocurrency financial services company that offers a range of products tied to digital assets, including a crypto exchange, wallet services, institutional trading and lending products.

The company held talks last year about going public in the U.S. through a merger with the a special purpose acquisition company (SPAC), according to reports.

Crypto firms entered 2026 expecting a blockbuster year for IPOs after public debuts from companies including Circle (CRCL) and Bullish (BLSH) (the parent company of CoinDesk) helped reopen investors to digital-asset businesses last year.

But deteriorating market conditions, weaker trading volumes and disappointing post-listing performance from newly public companies like BitGo (BTGO) have since cooled investor appetite.

As a result, several major firms, including Payward, the parent company of crypto exchange Kraken, Ethereum app builder Consensys and hardware wallet maker Ledger, have either delayed or paused their IPO plans altogether while they wait for market conditions to improve.

• Aster price surged to $0.74 amid a 300% increase in 24-hour trading volume.
• Rally aligns with broader capital rotation into altcoins led by Hyperliquid.
• ASTER bulls need a close above $0.75 for continuation; a close below $0.65 would risk renewed selling.

Aster (ASTER) recorded modest gains, rising to near $0.74 as traders piled into multiple altcoins seen as offering higher profit potential amid Bitcoin’s ongoing struggle.

Although ASTER later pulled back from its peak, the move highlighted renewed speculative capital flowing into niche derivatives and decentralized perpetual markets.

ASTER price jumps amid 24-hour volume spike

The perpetual DEX protocol’s token may be benefiting from a broader rotation into altcoins and renewed interest in perpetuals-related listings, helping drive a triple-digit surge in daily trading volume.

Market data shows the ASTER token tested intraday highs near $0.74 before pulling back slightly amid profit-taking.

Before slipping to around $0.70, ASTER had climbed to levels last seen a week ago.

Bullish sentiment pushed 24-hour trading volume to roughly $256 million, up 300% from the previous day.

That surge in activity helped bulls lift the token higher before profit-taking trimmed gains. At the time of writing, ASTER was still up about 5% on the day.

Can ASTER mirror Hyperliquid rally?

Strength in high-beta altcoins may partly explain Aster’s rebound, with broader capital rotation into altcoins particularly visible among perpetuals-focused projects.

The standout performer has been Hyperliquid, whose HYPE token has surged more than 19% over the past 24 hours and 46% over the past week.

HYPE reached a new all-time high above $62 on Thursday amid growing institutional demand.

Asset manager Grayscale Investments was among the notable buyers, reportedly purchasing more than 115,700 HYPE during the session.

JUST NOW: $HYPE HITS NEW ATH ABOVE $62, MARKET CAP REACHES $15B

— The Wolf Of All Streets (@scottmelker) May 21, 2026

Liquidity and trader attention also appear to be flowing into Aster and related tokens.

The addition of a SpaceX pre-IPO perpetual contract with up to 5x leverage on Aster’s platform may have further fueled speculative inflows, as traders sought leveraged exposure to a headline-grabbing underlying asset.

Aster price forecast

The near-term outlook for ASTER depends on whether the recent volume-driven rally can sustain momentum or fade into a short-lived breakout.

Bulls will need to maintain buying pressure and push the price decisively above the $0.75 resistance level.

A strong, volume-backed close above that threshold could increase the likelihood of further gains as momentum traders and retail investors continue chasing upside.

On the other hand, fading buyer interest could open the door to renewed downside pressure.

A close below $0.65 may trigger additional selling as traders who entered during the spike begin rotating out, while short-term momentum traders turn bearish.

Key support levels to watch remain in the $0.65-$0.60 range, where previous intraday buyers established positions.

Bitcoin hovered near $77,000 on Thursday as traders weighed the prospect of a breakout after a period of tight range-bound action. With macro headwinds tempering risk assets broadly, analysts warned that the market may be poised for a meaningful move, but cautioned against piling into bearish bets while price action remains structurally constructive.

Key points:

• Bitcoin trades around the $77k mark, with technicians flagging potential for a 5% price move in the near term.
• Market sentiment shows risk for short bets as positioning has tilted against bears, according to data and commentary from traders monitoring the space.
• Macro factors — including a rally in crude oil above $100 and evolving U.S.-Iran tensions — continue to weigh on risk assets while bond yields drift lower on optimism of a potential deal.

BTC eyes a breakout as it clings to $77k

Price action has been notably constrained, with Bitcoin consolidating into a narrow corridor around the $77,000 level. Traders described clusters of liquidity around the $78,000 area and the $76.5k–$77k zone, positioning those levels as near-term magnets. In a rapid-fire view of the tape, one market analyst observed that the last several sessions have seen price sit between key hubs, suggesting a breakout could come into view once a decisive directional cue appears.

“Price has been in a pretty tight price range the past few days so expecting some larger 5%+ move to occur here soon again.”

That sentiment tracks with the general sense of looming volatility, even as most participants avoid taking outright contrarian bets right at the present moment. Several commentators have cautioned that any major squeeze could unfold quickly, given the current configuration of price clusters and leveraged exposure on both sides of the market.

Liquidity signals and risk signals in flux

Beyond price, liquidity metrics are painting a nuanced picture. Data from CoinGlass indicated that short positions captured a majority of losses across the broader crypto space over the 24 hours leading up to the report, underscoring a stubborn bid in the spot market and potential vulnerability for bearish bets when leverage remains elevated.

Analysts tracking order-book dynamics pointed to a paradox: as price rose, open interest on BTC appeared to waver. A prominent X analyst noted that open interest declined by more than 12,000 contracts during the period, a sign that some traders were retreating from positions despite a bullish backdrop. The takeaway for traders is clear — trimming risk in a bullish backdrop can be prudent if the market’s structure remains intact and key support holds.

“Bears on BTC are getting squeezed in real-time. While the price is going up, the Open-Interest has dropped by over 12K. This is exactly why you don’t short a bullish backtest.”

Despite the pressure on bears, another analyst emphasized that maintaining exposure around the latest support could be a rational stance as long as the market’s higher-timeframe structure remains intact. In that view, the most likely near-term scenario remains a hold above a pivotal zone around $74,000, with a sustained move higher contingent on new catalysts materializing in the broader macro backdrop.

Macro backdrop: oil, yields, and geopolitical currents

The broader risk market environment remained tethered to a suite of macro drivers. Crude oil prices re-entered triple digits, with WTI crude trading above $100 per barrel as headlines from the U.S.–Iran front circulated. Traders cited mixed reports on uranium enrichment and ongoing tensions over the Strait of Hormuz as the primary catalysts keeping oil supplies under scrutiny.

On the macro side, several dynamics intersected with crypto pricing. Earlier in the week, reports suggested a softer tilt in U.S. bond yields, with chatter that a potential Iran peace deal could feed into a broader risk-on posture if the trend holds. A well-known analyst highlighted that lower yields typically bolster risk assets, particularly if the improvement in risk appetite is sustained across major markets — including Japan.

“If those yields come down — risk-on assets to rally even higher.”

What this means for Bitcoin and the wider crypto complex is a delicate balance: investors want the safety net of lower yields to support asset prices, but any escalation in geopolitical risk or a renewed spike in energy prices could reintroduce caution. The current crosswinds suggest that near-term momentum will hinge on whether macro indicators align with a rising risk appetite or retreat back into treasuries and cash.

What investors should watch next

Several signals will shape the next leg for Bitcoin. If the price can decisively breach the cluster around $78,000 and sustain above that threshold, the path toward the next major psychological barrier could open up, potentially inviting a more durable rally. Conversely, a break below the critical $74,000 support could invite fresh rounds of volatility and liquidations as leverage re-enters the spotlight.

Traders will also be watching liquidity cues and open-interest dynamics to gauge the durability of any breakout. A shift in open interest away from longs, or a renewed spike in short-position pressure, could indicate that risk appetites are softening even as spot price climbs.

Beyond BTC, the market will stay attuned to developments on the macro stage — particularly oil price trajectories and any tangible progress in U.S.–Iran diplomacy that could influence yields and risk sentiment. Market participants will likely calibrate positions as new data points arrive, staying vigilant to abrupt shifts in the balance of risk and reward.

In sum, while the near term looks poised for potential volatility, the current configuration favors a cautious, technically grounded stance. The key levels around $77,000–$78,000 and the $74,000–$75,000 zone will be crucial in determining whether Bitcoin can cement a sustained breakout or retreat to consolidate further.

As the calendar advances, traders should monitor the evolving macro narrative alongside price action and liquidity signals to gauge whether this period marks merely a pause before a larger move or the onset of a fresh leg higher.

A few days after more abrupt departures of several high-profile Ethereum Foundation researchers and contributors, the silence from the EF has only deepened the uncertainty gripping the Ethereum community.

What began earlier this week as shock over more exits of core figures has now evolved into something more existential, according to some community members: a public reckoning over whether Ethereum’s most influential institution still understands the ecosystem it was built to steward.

The Foundation has yet to offer a detailed explanation for the departures or address the growing criticism of its leadership and strategic direction, which many have pointed out over the last few weeks. In that vacuum, community members, investors and former insiders have begun crafting their own narratives about what has gone wrong at the EF and what it may mean for Ethereum’s future.

On Thursday, former Ethereum Foundation researcher Dankrad Feist published one of the clearest articulations yet of a growing view among critics: that Ethereum’s governance and institutional structure are fundamentally misaligned with the economic interests of the network itself.

“The way to save Ethereum,” Feist wrote on X, “is for the community to create an organization that’s economically aligned with Ethereum and accountable to it.”

Feist argued that, despite its cultural influence, the EF does not have as much economic leverage over the ecosystem. The foundation now controls “less than 0.1% of all ETH,” he wrote, and receives no direct flow of staking or fee revenue from the network.

“If we want to get Ethereum back to winning,” he said, the ecosystem needs a new institution with permanent funding, explicit accountability and leadership focused on growth. Among his proposals: a $1 billion treasury, funded in part through staking revenues, overseen by a board incentivized to see ETH appreciate in value.

‘Original sin’

Crypto journalist Laura Shin, host of the Unchained podcast, framed the issue even more bluntly.

“I think Ethereum’s original sin was not considering tokenomics with every move it made from Dencun on,” Shin wrote on X, referring to the March 2024 upgrade that dramatically reduced transaction fees on Ethereum layer-2 networks.

The “ultrasound money” thesis, the idea that ETH would become increasingly scarce through fee burns, had once become central to Ethereum’s investment narrative. But critics argue that Ethereum’s scaling roadmap, particularly its embrace of rollups and lower base-layer fees, weakened that dynamic without offering a compelling replacement narrative to token holders.

“Most people,” Shin wrote, “don’t want to believe in something that isn’t also putting up points on the scoreboard.”

Her comments reflected a broader frustration emerging from some corners of the Ethereum community: that the EF has become overly focused on ideology while neglecting competition, business development and ETH price performance.

“When the main offering becomes ideology/communism and money/tokenomics/capitalism are overlooked,” she wrote, “the peasants are going to revolt.”

Others pointed to the EF’s recent internal controversies, including the “mandate” that some contributors were reportedly asked to sign, according to Shin, as well as lingering questions about recent leadership appointments and decision-making processes within the Foundation.

In the absence of direct communication from the EF, speculation has increasingly centered on what role new executive leadership may have played in the departures and whether the exits reflect a deeper cultural shift underway within Ethereum’s most important institution.

“I personally don’t think it’s good for Ethereum if its most competitive people depart,” Shin wrote. “Ethereum’s unwillingness to stop the brain drain will only benefit its competitors, or spawn new ones.”

Read more: ‘What’s happening at the EF?’ Ethereum community looking for answers after high-profile departures

Billionaire investor Mark Cuban said he has sold most of his bitcoin BTC$77,640.65 holdings after losing confidence in the cryptocurrency’s role as a hedge against weakening fiat currencies and geopolitical instability.

Cuban, who’s net worth is about $10 billion, said bitcoin’s price behavior during the recent Iran conflict challenged one of the core reasons he owned the asset during an episode of sports podcast “Portfolio Players,” where he mainly discussed professional sports and his ownership of the Dallas Mavericks.

“When all this shit hit the fan with the Iran war, bitcoin was always the best alternative to fiat currency losing its value and I always thought it was a better version of gold than gold. Well, gold just blew up… bitcoin dropped. And every time the dollar dropped, bitcoin should’ve gone up … and it just didn’t do that,” Cuban said.

The comments mark a notable shift for Cuban, who for years had publicly defended bitcoin as a superior version of gold because of its fixed supply and decentralized structure.

In a 2021 interview with “The Delphi Podcast,” Cuban said his crypto portfolio consisted of roughly “60% bitcoin, 30% Ethereum and 10% the rest.” At the time, he argued bitcoin’s scarcity made it a stronger store of value than gold and said he had “never sold it.”

Cuban also compared blockchain technology and smart contracts to the early internet era, at the time, particularly praising Ethereum (ETH) for enabling decentralized finance applications and NFTs.

His latest remarks suggest that enthusiasm has cooled, at least towards bitcoin.

“Not the hedge I expected it to be, and that was really disappointing, and so I’d say I’m more disappointed in bitcoin, not as disappointed in Ethereum and the rest … garbage,” Cuban said.

The criticism comes as investors continue debating bitcoin’s role in global markets. Supporters often describe the asset as “digital gold” that can protect wealth during inflation, geopolitical instability or weakness in traditional currencies. Yet bitcoin has frequently traded more like a high-risk technology asset, rising and falling alongside broader investor appetite for risk.

Gold prices recently climbed amid heightened geopolitical tensions and concerns around the U.S.-Iran conflict, while bitcoin struggled to maintain momentum despite a weaker dollar.

Cuban’s comments also reflect a broader divide within crypto markets. While some investors remain focused on bitcoin as a macro hedge, others increasingly see value in blockchain networks such as Ethereum that support trading, payments and tokenized financial applications rather than functioning primarily as stores of value.

Bankless is facing backlash after reportedly laying off most of its staff without a public announcement, even as co-founder Ryan Sean Adams declared the “end” of the media brand’s first era on X.

According to ChainCatcher, citing posts on X, crypto community member @0x_Lucas said Bankless has “allegedly laid off most of its team members,” claiming the media brand has not issued a public statement or expressed gratitude to help affected employees find new roles. In his posts, 0x_Lucas criticized the founders for continuing to publish unrelated content while remaining silent about the cuts, arguing that Bankless owed at least a basic acknowledgement and support to the people it had just let go.

At the same time, Bankless co‑founder Ryan Sean Adams posted that “the first era of Bankless has ended,” describing the moment as the conclusion of his six‑year collaboration with co‑host David Hoffman exploring crypto, DeFi and Ethereum. Adams’ remarks, shared in a reflective X thread, framed the change as a generational shift rather than a straightforward downsizing, emphasizing how far the show had come since its early days and hinting at a new, undefined chapter.

Bankless itself has not issued an official statement confirming or denying the reported layoffs, nor has it published a blog post or newsletter addressing the alleged restructuring as of publication time. Episodes continue to appear in the Bankless podcast feed, and the main Bankless site has instead focused on regular content such as its recent “17 Trends for Crypto’s 2026” piece, giving the impression of business as usual even as rumors of cuts spread.

X backlash over silence and “unrelated content”

The anger from former staff and community members is not about the existence of layoffs per se—media and crypto firms have been shedding staff for two years—but about how Bankless appears to be handling them.
In his posts, 0x_Lucas accused the founders of “not even bothering” to publicly thank or spotlight the departing team, arguing that a brand built on community owed its people more than private emails and quiet removals from internal tools.

He also called out what he described as “unrelated” posting from the founders, criticizing the decision to ship new content and personal reflections while staying silent about job losses and declining to use their platform to highlight affected employees for potential employers. That critique resonated on X, where users contrasted Bankless’ coverage of past industry layoffs—including pieces on Binance, Consensys and other firms—with its apparent unwillingness to subject itself to similar scrutiny.

The episode lands amid a broader wave of crypto and tech layoffs in 2026, from Coinbase’s latest cuts to ongoing staff reductions across exchanges, trading firms and infrastructure startups. For a brand that leaned heavily into “community” rhetoric and sought to position itself as the narrative voice of DeFi, the optics of a quiet cull amplified by disgruntled insiders is reputationally damaging, regardless of the balance sheet rationale.

If the reports are accurate, Bankless has effectively amputated much of the team that turned a podcast into a broader media operation—writers, producers, editors and ops staff who helped build newsletters, video content and research products around the core show. In practical terms, that likely means a narrower focus on the flagship podcast and select high‑leverage projects, with less capacity for daily news, deep‑dive analysis or side ventures.

More broadly, the Bankless saga underlines how fragile crypto media businesses remain even late in this cycle. Ad revenue is volatile, sponsor budgets are tied to token prices and trading volumes, and the collapse of easy VC money has left many outlets exposed when traffic or sponsorships dip. As covered in prior crypto.news reporting on crypto media layoffs and creator‑driven brands, projects built around personalities rather than institutions often end up treating everyone else as expendable when the macro turns.

Until Bankless issues a formal statement, the full story will remain partly speculative. But the core facts—that a co‑founder has publicly declared the “end of the first era,” that credible insiders allege most of the team is gone, and that there has been no transparent communication to the audience—paint a clear enough picture: whatever comes next, it will not be the same Bankless that helped narrate the last bull market.