Coinbase (COIN) is expanding its presence on Hyperliquid (HYPE), one of crypto’s fastest-growing trading networks, by becoming the official treasury deployer of USDC on the blockchain, the companies announced Thursday.

The move gives Coinbase a central role in managing USDC liquidity on Hyperliquid through the network’s Aligned Quote Asset, or AQA, framework. The system connects stablecoin liquidity directly into Hyperliquid’s trading infrastructure and shares reserve yield revenue with the protocol.

As part of the transition, Native Markets, the developer behind Hyperliquid-native stablecoin USDH, agreed to terms granting Coinbase the right to purchase USDH brand assets. USDH will remain redeemable for USDC or fiat during the migration period before the product sunsets over time.

The deal marks another step in Coinbase’s push to expand USDC usage beyond Ethereum (ETH) and centralized exchanges as competition among stablecoin issuers intensifies.

Hyperliquid has become one of the most closely watched projects in crypto this year. The decentralized trading platform built a loyal following by offering perpetual futures trading with low fees, deep liquidity and a fast user experience that rivals centralized exchanges.

Trading activity on the network has surged in recent months as traders shifted toward onchain platforms following renewed interest in decentralized finance. USDC supply on Hyperliquid has roughly doubled year over year to around $5 billion, according to Coinbase.

The network has also become a growing center for speculative trading and token launches. That growth has turned Hyperliquid into a larger player in crypto market structure discussions. Stablecoins act as the core settlement layer for most crypto trading activity, and securing dominant liquidity on a fast-growing exchange ecosystem gives Coinbase and Circle (CRCL) broader reach for USDC adoption.

Native Markets said Coinbase’s involvement could further strengthen Hyperliquid’s position by bringing one of the largest U.S. crypto companies directly into the ecosystem.

The arrangement also reflects a broader shift in crypto infrastructure. Rather than treating stablecoins as separate products, exchanges and blockchain networks increasingly integrate them into trading, collateral and treasury systems designed to operate around the clock.

Coinbase said the partnership would help create a more unified global marketplace for onchain capital markets, where traders can move between crypto assets and fiat-backed stablecoins without leaving blockchain-based platforms.

It pays to be an executive at a bitcoin (BTC) treasury company, and in David Bailey’s case, those payments come from his shareholders.

Nakamoto CEO Bailey boasted on X that his Nasdaq-listed firm closed the first quarter of 2026 holding more than 5,000 BTC worth roughly $345 million. 

Yet during Q1, shareholders lost 39% of their investment, from $0.36 to $0.22 per share.

Despite Nakamoto’s $238 million net loss in Q1, compensation expenses jumped 7x. For example, a February related-party deal handed roughly 286 million newly issued shares to former owners of two private companies that CEO Bailey and Chief Investment Officer Tyler Evans controlled. 

NAKA stockholders celebrated that day with a bid for shares 99% lower than their 52-week high.

Nakamoto’s executive compensation packages are staggering in light of its abysmal stock performance. One critic asked, “What about spending $23 million on salaries and compensation when $NAKA is down 98% from its high.”

Another shareholder publicly demanded that Bailey’s investor dashboard disclose “total executive compensation.”

David Bailey got rich while his shareholders got poor

Since joining the company, Bailey and his wholly-controlled consultancies have received tens of thousands of dollars per month in cash compensation in addition to massive equity awards.

Under his leadership, Nakamoto recorded a $102.5 million loss on the fair value of its BTC during Q1. The company’s 5,064 coins carry an astonishingly high cost basis of $118,273 apiece.

Within just the first three months of 2026, its $599 million investment had declined 42% to under $346 million.

Key Highlights

• Shares of Robo.ai (AIIO) climbed more than 53% during Thursday’s premarket session following the introduction of its NeuroStream technology through Neurovia AI.
• The platform leverages bitmap vectorization to reduce 4K video file sizes by approximately 95% — transforming a 5.5GB file into just 278MB — without sacrificing resolution or frame rate.
• NeuroStream is designed for AI applications, offering potential annual savings between $1,000 and $1,500 per terabyte as storage expenses have quadrupled since 2026.
• Last week, Robo.ai completed its acquisition of Neurovia AI through a $100 million all-stock transaction to bolster its physical AI capabilities.
• From a technical perspective, AIIO shows an RSI reading of 82.14 — indicating overbought conditions — with resistance near $4.55 and support around $3.05.

Shares of Robo.ai (AIIO) surged 53.67% to $4.01 during Thursday’s premarket hours following the company’s introduction of NeuroStream, an innovative data compression solution developed by Neurovia AI, its newly acquired division.

The Dubai-headquartered firm reports that NeuroStream achieves compression of a 5.5GB 4K 60fps video file down to approximately 278MB — representing a 95% size reduction — all while maintaining the original quality and frame rate.

This capability carries significant implications. For AI systems that rely heavily on high-resolution visual information, reducing storage costs while preserving data integrity represents a substantial competitive advantage.

Robo.ai Inc., AIIO

The technology behind NeuroStream transforms conventional bitmap data into vectorized mathematical formulas. This process produces considerably smaller files that remain fully readable by machines, eliminating the need for additional decompression tools.

Mansoor Ali Khan, Chief Technology Officer at Neurovia AI, notes that worldwide storage costs per unit have increased approximately fourfold since 2026. The company projects that every terabyte saved translates to $1,000–$1,500 in annual value for AI clients.

Details on the Neurovia Transaction

Last week, Robo.ai finalized its acquisition of Neurovia AI in an all-stock arrangement worth $100 million. The deal granted Robo.ai complete ownership of Neurovia’s equity, pending standard closing requirements.

Robo.ai positions this acquisition as a strategic move to develop infrastructure supporting the “machine economy” — an ecosystem where autonomous systems and networked devices produce massive quantities of real-world information.

NeuroStream is engineered for edge deployment, enabling conventional commercial hardware to handle substantial data volumes without requiring extensive infrastructure upgrades. The platform also functions offline, making it suitable for regulated industries including aerospace, medical diagnostics, and energy sectors.

Chart Analysis

From a technical standpoint, AIIO appears overextended. The stock currently trades 394.9% above its 20-day simple moving average and 174.5% above its 50-day SMA — indicators of an aggressive, rapid rally rather than gradual appreciation.

The Relative Strength Index registers at 82.14, placing shares deep into overbought levels.

Notably, the 20-day SMA remains positioned below the 50-day SMA — a bearish crossover pattern — suggesting the broader trend structure has yet to fully reverse.

Immediate resistance appears at $4.55, coinciding with the 100-day EMA. Downside support is identified at $3.05, matching the 100-day SMA.

Neurovia intends to deploy NeuroStream across autonomous vehicle systems, robotics applications, and smart city infrastructure. The platform is currently available through Neurovia’s official website, complete with published case studies demonstrating actual compression performance metrics.

Paybis gains MiCA authorisation and PSD2 licence, widening regulated crypto payments in the EU

Digital asset platform Paybis announced it has obtained both Markets in Crypto-assets regulation, MiCA, authorisation and a Payment Services Directive 2, PSD2, payment institution licence. The approvals, granted the same day, place the company among a narrow group of crypto firms with full EU-level CASP authorisation plus payments regulation, a combination likely to affect how crypto firms sell services to consumers and businesses across the bloc.

Industry data cited by Paybis indicates there are more than 1,200 crypto firms operating in the European Union, but only a small fraction have completed the MiCA process. According to the company, roughly 57 firms hold MiCA authorisations, and far fewer also operate under PSD2. That scarcity reflects the regulatory and compliance work required to meet the new EU framework and national payment rules.

What the licences mean

MiCA, which establishes a comprehensive regime for crypto-assets across the EU, creates a single authorisation for crypto-asset service providers, often referred to as CASPs. A MiCA authorisation lets a CASP operate across all 27 EU member states under harmonised rules, simplifying cross-border service delivery compared with national-only approvals.

PSD2 governs payment services and payment institutions. A PSD2 payment institution licence enables a firm to provide regulated payment services, connect to payment systems and hold client funds under a supervised framework. For crypto companies, PSD2 status is often seen as a bridge to traditional payment rails and banking-like functionality without necessarily becoming a bank.

Together, the two licences allow a provider to combine regulated crypto services with payments infrastructure, which can be particularly relevant for products such as fiat on- and off-ramps, stablecoin disbursements and cross-border payouts.

Market implications and business lines

For consumers, the combination of MiCA and PSD2 can increase trust in services that mix crypto and fiat flows, because firms are subject to EU-level conduct and prudential requirements as well as payment services supervision. For businesses, the licences make it easier to integrate interoperable, regulated infrastructure for token-based payouts, payroll solutions denominated in stablecoins, or cross-border settlement tied to traditional payment rails.

In practical terms, a regulated payment institution can process transfers and access payment networks, while a MiCA-authorised CASP can custody, trade and service crypto-assets. That pairing is particularly attractive to institutional clients and regulated enterprises that seek partners with clear legal standing and supervisory accountability.

Industry framing: a two-tier EU market

Regulators and industry participants have said the EU market is bifurcating. One tier consists of legacy operators that complied with anti-money laundering registration regimes, and the other is a smaller set of firms that secured full MiCA CASP authorisation. Adding PSD2 on top of MiCA further narrows the field because payment institution authorisations involve separate capital, governance and compliance standards.

That dynamic could accelerate consolidation in the European crypto sector. Firms that secure both permissions may gain preferential access to enterprise clients and payment partners. Conversely, smaller exchanges and non‑authorised platforms may face higher barriers to growth if commercial partners or regulated customers demand counterparties with EU licences.

Risks and operational commitments

While dual authorisations open new commercial pathways, they also impose ongoing supervisory obligations. MiCA and PSD2 both carry compliance, reporting and operational resilience requirements. Firms must maintain governance frameworks, manage client funds prudently and demonstrate controls that satisfy both financial regulators and national competent authorities. Compliance costs and oversight will likely increase as authorities monitor market conduct and anti-money laundering safeguards under the new regime.

Market participants and observers will be watching how quickly other players pursue similar dual licences and whether banks and payment providers deepen partnerships with authorised CASPs. The licences could also affect product design, from fiat on‑ramp offerings to tokenised asset settlement models, as providers seek to leverage regulated rails while remaining within the EU supervisory perimeter.

Paybis’s approvals are an early indicator of how firms are positioning for a regulated crypto landscape in Europe. The real test will be in deployment: how the company integrates payments functionality into its product suite, the partnerships it builds with financial intermediaries, and how customers respond to regulated offerings that combine crypto services with conventional payments.

As MiCA implementation progresses across member states and national authorities operationalise supervision, the list of fully authorised EU crypto-payment providers will remain a key metric for institutional adoption and market structure.

Solana price pulled back on Wednesday as bullish momentum weakened near a key Fibonacci resistance zone, while traders monitored signs of a potential bearish MACD crossover on the daily chart.

According to data from crypto.news, Solana (SOL) traded near $91 at press time on May 14 after falling from this week’s local high around $97.5. The token remains up sharply from its April lows near $76, though recent price action suggests bullish momentum may be starting to cool after the strong multi-week rally.

Solana’s rebound over the past several weeks was largely driven by improving sentiment across the broader crypto market alongside growing optimism surrounding the network’s upcoming Alpenglow upgrade and Firedancer validator developments. Renewed activity across Solana-based decentralized finance protocols and memecoin trading also helped support demand for the token.

At the same time, derivatives sentiment had strengthened notably during the recent rally, with SOL futures open interest climbing alongside positive funding rates, signaling aggressive bullish positioning from leveraged traders.

However, the latest pullback emerged after SOL faced rejection near the key Fibonacci resistance zone between the 0.786 retracement at $93.82 and the recent swing high near $98.47.

On the daily chart, Solana continues trading above the important 0.618 Fibonacci retracement support near $90.17, which now acts as the key short-term support level bulls must defend to prevent a deeper correction.

Despite the recent rejection, the broader structure still remains moderately constructive as SOL continues forming higher lows since April while holding well above the major support region between $76 and $82, where buyers previously stepped in aggressively during earlier sell-offs.

However, momentum indicators suggest bullish strength may be weakening. Notably, the MACD histogram has started declining after a strong expansion phase earlier this month, while the MACD line itself appears to be gradually approaching a bearish crossover with the signal line. Such a crossover often indicates slowing upside momentum and can precede short-term corrective phases if selling pressure accelerates.

Meanwhile, the Relative Strength Index has also started cooling from near-overbought territory and currently sits around the neutral 55–58 range, suggesting bullish momentum is fading but has not yet fully reversed.

If Solana loses the key $90 support level, sellers could attempt to push the token toward the next major support zones near $87.6 and $85, both of which align with important Fibonacci retracement levels and previous consolidation regions.

On the upside, bulls would likely need to reclaim the $94–$96 resistance area to invalidate the short-term bearish setup and restore momentum toward the psychological $100 level. A successful breakout above $100 could potentially open the door for a move toward the $103 and $106 resistance zones in the near term.

For now, traders remain focused on whether Solana can stabilize above the key $90 support region as momentum indicators continue flashing early warning signs of a possible trend slowdown.

The Bank of England is reexamining elements of its proposed regime for sterling-denominated stablecoins after digital-asset firms warned that holding caps and reserve requirements could hinder adoption and render UK-issued tokens uneconomical. According to Cointelegraph, Deputy Governor Sarah Breeden signaled that the rule mandating at least 40% of backing assets be held as non-interest-bearing deposits at the BoE may be overly conservative, a view she discussed with the Financial Times.

The rethink comes as the UK government and regulators strive to position Britain as a competitive hub for digital assets while safeguarding bank funding and financial stability. Sterling-pegged tokens currently represent a tiny portion of the roughly $300 billion global stablecoin market, a market still dominated by dollar-based issuers. Source: DeFi Llama.

The BoE laid out detailed ownership limits in its November 2025 consultation paper on a proposed regulatory regime for sterling-denominated systemic stablecoins, building on options first aired in a 2023 discussion paper. Under the proposal, individuals would be limited to holding up to £20,000 (roughly $27,000) of a given UK stablecoin, while businesses would face a cap of about $13.5 million, at least during a transition period.

The central bank argued that caps were necessary to prevent a sudden outflow of deposits from commercial banks into tokenised money if a large stablecoin were rapidly adopted for payments. Industry groups and potential issuers countered that such caps would be operationally cumbersome, difficult to supervise across platforms, and could deter serious institutional use of regulated UK stablecoins in corporate treasury, payroll, and settlement activities.

BoE rethinks stablecoin caps after pushback

Breeden has long been among the BoE’s most cautious voices on stablecoins. In November 2025 she warned that diluting the rules too far could undermine financial stability, emphasizing that stablecoins are money-like instruments that must be as safe and robust as existing payments infrastructure. At the time, she supported stringent liquidity requirements that would require issuers to place a substantial portion of reserves at the central bank and hold the remainder in high‑quality liquid securities such as UK government bonds. Legal firms and prospective issuers argue that such a framework could compress margins and tilt competitiveness away from the UK compared with the United States or the European Union.

UK hunts for middle ground on stablecoins

The evolving stance reflects policymakers’ ongoing effort to find a middle ground as global regulatory approaches diverge. In January, UK lawmakers opened an inquiry into how fiat-backed tokens should be overseen, hearing evidence from industry participants such as Coinbase and Innovate Finance, while the BoE and the Treasury continue to refine a framework intended to sit alongside broader crypto rules and potential digital pound plans.

A more flexible approach to caps and backing requirements could determine whether systemic GBP stablecoins emerge as serious cross-border payment tools and on‑shore crypto market participants or whether activity remains concentrated in jurisdictions perceived as more accommodating. As authorities balance stability with competitiveness, the policy trajectory will shape the UK’s role in the evolving global stablecoin landscape.

Closing perspective: the path forward remains contingent on regulatory alignment and practical adaptation by issuers and banks, with ongoing scrutiny from policymakers and industry participants alike.

This is an excerpt from CoinDesk newsletter ‘Daybook.’ Sign up here, if you haven’t already.

The week’s main event for digital assets, the U.S. Clarity Act markup, is due later today. The crypto market, led by bitcoin, seems to be treating it as a non-event.

The proposed bill aims to establish a comprehensive regulatory framework for digital assets. The latest draft, released on May 11, includes several key provisions, including a ban on interest on stablecoin balances and a $5 million penalty for violations. It also adds the Treasury as a rule-making authority alongside the SEC and CFTC.

There is still no ethics language preventing government officials from issuing tokens, though observers expect it may be introduced during markup, when a Congressional committee will review, debate and amend the wording line by line.

“As the framework moves toward passage, BTC’s case as a strategic allocation with unique diversification benefits in a balanced portfolio only strengthens,” said Can-Luca Köymen, an investment strategist at Sygnum Bank.

Not everyone is happy with the current wording.

Over 100 Substack amendments were submitted ahead of a Wednesday deadline, including one proposing a ban on Federal Reserve master accounts for crypto companies.

“That could be problematic,” said Noelle Acheson, author of Crypto is Macro Now, in her latest note. She added that while progress is positive, “there is still much that could go wrong tomorrow.”

She noted that to secure passage in the Senate, the committee will need bipartisan support. Without it, she warned, the chance of the bill passing this year, about 60% on Polymarket, could fall sharply.

Despite the high stakes, BTC implied, or expected, volatility metrics remain subdued, pointing to steadier market conditions.

“Volatility expectations [in BTC] are compressed at all forward horizons, with short-dated options trading close to their year-to-date lows (with implied volatility at a historical low of 30%),” said Andrew Melville and Thahbib Rahman of Block Scholes. “There’s also no obvious event risk priced-in by either BTC or altcoin options ahead of the Senate CLARITY Act markup.”

There are, however, signs of stress in markets tied to Coinbase (COIN). “[There] we do see an embedded implied vol premium in the May-15 contract which covers the debate date, suggesting traders are clearly pricing for the bill to act as a catalyst for companies that stand to benefit from regulatory clarity, but not for BTC,” they said. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

Today’s signal

Bitcoin backed away from the confluence of the 200-day simple moving average and the upper boundary of the rising channel that has defined the recovery from February lows.

It’s not just a routine pullback from resistance.

The decline has now also pierced the short-term upward (dotted) trendline drawn from April’s lows, suggesting that the latest leg of the recovery has ended.

Taken together, these signals increase the risk of momentum-driven selling entering the market, potentially driving prices down to $75,000 or lower. On the higher side, the 200-day average placed just above $82,000 is the level to beat to revive the bullish outlook.