Vayu CEO Erez Agmon says broken crypto billing is the biggest hidden source of revenue leakage at scaling infrastructure firms.

Vayu chief executive Erez Agmon argues that the contract-to-cash layer, not the product, is what breaks first as crypto firms chase institutional clients. He says homegrown billing setups collapse once pricing turns complex.

The pressure is rising as European rules tighten. Under MiCA, crypto-asset service providers must hold full authorisation to operate in the EU by July 2026, with regulators demanding chronological records and audit trails, ESMA has confirmed. Agmon frames billing accuracy as part of that same operational standard.

Why crypto billing breaks at scale

Early crypto firms lean on engineering for billing, Agmon says: developers build usage hooks, finance exports the data, and someone turns it into invoices by hand. That works while pricing stays simple.

It stops working once terms diversify. Transaction charges, custody tiers, API usage, and wallet operations multiply, and the manual process becomes untenable. Agmon says the fix is moving billing from an engineering task to a finance-owned workflow.

He points to wallet platform Utila, which reported more than $51 million in total funding and over 100 institutional clients. The firm sits inside a wider stablecoin infrastructure buildout and processes over $15 billion in monthly transactions, a volume that exposes any gap between what was sold and what gets invoiced.

Utila previously depended heavily on engineering to launch products and adjust pricing, which created bottlenecks. Inbal Rosen, Utila’s head of business operations, said the partnership changed that. “By providing us with deep insights and real-time data on our revenue streams, Vayu enhances our strategic decision-making capabilities.”

The biggest hidden leak

Asked for the most underestimated leak, Agmon names unbilled or underbilled usage. Crypto infrastructure firms price around events, he says: transactions, API calls, verification events, and volume thresholds.

When those events are not wired to billing rules automatically, revenue gets missed or delayed. The problem is sharpest with overages, where a customer may already hold an invoice that does not match actual usage, leading to disputes or write-offs.

Agmon ties the gap to a broader compliance shift, where auditability now hits cash flow directly. Traceability is the gap most firms still leave open, connecting the signed contract, the pricing terms, the actual usage, and the invoice.

The emerging fix, he says, is a hybrid model: a committed base fee plus metered usage, a tiered rate card, and finance owning the billing logic directly. That discipline matters more as the MiCA deadline forces firms to prove what they sold, used, billed, and recognised.

Vayu, founded in 2023 and backed by $7 million in seed funding, counts clients including Au10tix and Mesh Payments alongside Utila. Agmon says the layer between what was sold and what gets invoiced is where crypto firms must modernise next, especially as licensing and institutional diligence intensify.

Key Highlights

• Manuvir Das joins Western Digital’s board effective May 26, bringing extensive AI enterprise experience.
• Das previously led Nvidia’s enterprise computing division, driving enterprise AI initiatives.
• His career includes leadership positions at Dell EMC and a 14-year tenure at Microsoft on Azure development.
• WDC shares have skyrocketed more than 900% over 12 months, hovering near the $547 peak.
• The board expansion brings total directors to nine, maintaining strong independent oversight with eight external members.

Western Digital (WDC) announced Thursday the appointment of Manuvir Das as a new board member, with his tenure beginning May 26, 2026.

Western Digital Corporation, WDC

Das arrives with impressive credentials in enterprise technology. Most recently, he held the position of Head of Enterprise Computing at Nvidia, where he spearheaded the company’s AI enterprise initiatives and was instrumental in launching the NVIDIA AI Enterprise software platform.

Prior to his tenure at Nvidia, Das managed Dell EMC’s unstructured data storage operations, directing the Isilon NAS and ECS Object platform divisions. His professional background also includes nearly a decade and a half at Microsoft, where he contributed significantly to Microsoft Azure’s evolution.

Currently, Das holds the position of Operating Partner within Stonepeak Partners LP’s Digital Infrastructure group, a position he assumed in April 2025.

His academic achievements include master’s and doctoral degrees in Computer Science from the University of Wisconsin, complemented by a bachelor’s degree in Computer Science and Engineering from IIT Bombay.

Marty Cole, Western Digital’s Chairman, emphasized Das’s strategic value: “His proven track record in helping organizations deploy AI at enterprise scale, paired with his comprehensive knowledge of data infrastructure and storage systems, will prove essential as WD advances the infrastructure enabling AI innovation,” Cole stated.

Remarkable Stock Performance

WDC has emerged as a market leader in recent performance metrics. Shares have climbed over 900% during the past year, trading around $544 on Thursday—nearly touching the 52-week peak of $547. The storage giant’s market capitalization has climbed to $183 billion.

This impressive trajectory has been driven largely by surging demand for AI infrastructure, a sector where Western Digital’s storage solutions are critically positioned.

Following Das’s appointment, Western Digital’s board composition now includes nine directors, with eight maintaining external and independent status.

Strong Business Performance

The board expansion comes on the heels of impressive fiscal third-quarter 2026 results. Western Digital delivered earnings per share of $2.72, surpassing analyst expectations of $2.36. Revenue reached $3.34 billion, exceeding the projected $3.23 billion.

Evercore ISI recently upgraded its price target for WDC to $575 from $410, reaffirming an Outperform rating. The upgrade reflects accelerating demand linked to AI applications.

Seventeen analysts have raised their earnings forecasts for the company in recent sessions.

Western Digital recently unveiled the integration of post-quantum cryptography capabilities into its Ultrastar UltraSMR hard disk drives, implementing NIST-approved quantum-resistant encryption algorithms.

The company also completed exchange agreements with institutional shareholders to acquire its own equity in return for Sandisk Corporation shares, with final settlement anticipated in May 2026.

WDC shares advanced 2.62% on Thursday, closing at $544.49.

Gemini (GEMI), the cryptocurrency platform founded by the billionaire Winklevoss twins, unveiled “Command Center,” a new AI-powered intelligence layer built into its prediction markets platform, in a blog post Thursday.

The feature integrates SpaceXAI models directly into the Gemini app, delivering real-time market summaries, sentiment analysis and personalized signals tied to users’ portfolios, watchlists and prediction activity.

Gemini described the product as a “mission control” interface for tracking prediction markets across crypto, sports, commodities, economics and politics.

“Command Center introduces a true ‘For You’ experience to predictions markets,” the company said in the release. “Rather than forcing you to dig through news and social feeds to find what’s relevant, Command Center meets you where you are.” The feature analyzes users’ positions, watchlists and prediction activity to surface personalized market intelligence.

Prediction markets have surged in popularity over the past two year as traders increasingly turn to event-based contracts to speculate on everything from crypto prices and central bank policy to elections and sports.

Platforms such as Polymarket and Kalshi have seen record trading volumes during major political and macroeconomic events, while crypto-native prediction markets have gained traction for offering around-the-clock access and blockchain-based settlement.

The sector’s rapid growth has also drawn renewed interest from technology firms looking to layer AI-driven analytics and personalized market intelligence into the trading experience.

Gemini’s platform initially includes coverage across cryptocurrencies such as bitcoin BTC$72,839.12, ether (ETH), solana (SOL) and zcash (ZEC), alongside sports betting-style prediction markets tied to baseball, basketball, golf and hockey events.

The product also delivers updates tied to commodities including gold, silver and oil benchmarks, as well as macroeconomic and political developments.

Gemini said the underlying SpaceXAI models are designed to synthesize large volumes of fast-moving information into concise market intelligence and contextual insights.

The company described itself as the first crypto-focused predictions platform to integrate “frontier AI” powered by SpaceXAI models directly into the trading experience.

Command Center is now available through the Gemini app.

Read more: Winklevoss’ Gemini jumps 25% on $100 million bitcoin infusion despite deepening losses

Ethereum core developers may soon get a new source of funding: a blockchain lottery.

Decentralized lottery protocol Megapot said Thursday it is teaming up with Protocol Guild, an independent funding collective for Ethereum protocol contributors, to introduce what they describe as the crypto industry’s first programmable charity lottery.

Under the arrangement, users can buy tickets for a daily lottery through a dedicated Protocol Guild portal for a chance to win prizes from a pool exceeding $1.1 million. Megapot said 100% of referral fees generated from ticket sales will be automatically distributed by smart contracts to Ethereum developers supported by Protocol Guild.

The effort comes as concerns around sustainable funding for Ethereum’s core infrastructure have intensified. While the blockchain underpins billions of dollars in decentralized finance and crypto trading activity, many developers maintaining the network earn significantly less than peers in other parts of the industry, according to Megapot.

Protocol Guild said it has distributed roughly $38 million to Ethereum contributors since 2022 through donations and token pledge initiatives, but estimates that maintaining and scaling Ethereum could require between $30 million and $60 million annually.

“Every token, NFT, or perps trade depends on the tireless work of Ethereum core developers,” Megapot CEO Patrick Lung said in a statement shared with CoinDesk. “Now, players don’t have to choose between speculation and contribution. They can do both.”

The model mirrors traditional charity lotteries such as the U.K. National Lottery, while moving the mechanism onchain. Megapot said its programmable referral system removes administrative overhead and ensures proceeds are distributed transparently.

“Getting consistent funding to Ethereum protocol stewards is a critical and growing challenge,” said Trent Van Epps, the main organizer at Protocol Guild and a former Ethereum Foundation member. “We’re excited to see how this novel Megapot integration will raise the bar on how apps can support the infra they depend on.”

Read more: The Next Stage for Public Good Funding in Crypto

Axios reported that U.S. and Iranian negotiators reached a draft 60-day memorandum of understanding to extend the ceasefire and begin talks around Iran’s nuclear program, though President Donald Trump has yet to approve the agreement.

The report followed overnight U.S. airstrikes on an Iranian military site near the Strait of Hormuz, the critical energy shipping route that has dominated macro traders’ attention over the past months.

Though traders at this point have lost count of the number of imminent Middle East peace deals, they nevertheless bid stocks and bonds higher and oil lower on the Axios report. In the red earlier in the session, the Nasdaq is now up 0.6%, while WTI crude oil has tumbled below $90 per barrel.

Crypto markets, however, remain stuck in the doldrums, with bitcoin BTC$72,742.74 failing to hold even the modest of bumps higher, now having sunk back below 73,000, down 2.7% over the past 24 hours.

Following the Axios story, Treasury Secretary Scott Bessent warned the U.S. would “not tolerate” any attempt to impose tolls on shipping through the Strait of Hormuz, vowing aggressive sanctions against parties involved in disrupting commercial transit through the key waterway. “Oman, in particular, should know that the U.S. Treasury will aggressively target any actors involved – directly or indirectly – in facilitating tolls for the Strait and any willing partners will be penalized,” he wrote.

Fed’s preferred inflation gauge hits highest level since 2023

The first inflation report released under Federal Reserve Chair Kevin Warsh showed price pressures strengthened in April, with the Fed’s preferred inflation gauge, the Personal Consumption Expenditure Index (PCE), rising to its highest level in nearly three years to 3.8% year over year, up from 2.8% in February.

“The inflation picture is becoming increasingly uncomfortable for the Fed. This is not just a headline inflation problem: core inflation is moving the wrong way too,” said Olu Sonola, head of US economics at Fitch Ratings. “Price pressures are likely to persist over the next few months, and while the Fed cannot fix a supply shock, it cannot ignore one that is feeding into underlying inflation. The Fed is stuck — and the heat is clearly being turned up.”

In today’s newsletter, Hassan Ahmed outlines the state of crypto, stablecoins and regulations in Asia, comparing growth to regions with clarity.

Then, in “Ask an Expert,” Xin Yan, CEO of Sign, answers questions about crypto and stablecoin adoption in Asia.

Crypto Adoption In Asia: What Advisors Need To Know

The reality of crypto in Asia

The idea that Asia is an emerging market trying to catch up on crypto is outdated. In fact, Asia is one of the most integrated markets for digital assets. Today, jurisdictions across Asia are already embedding digital assets, such as stablecoins, into financial infrastructure across payments, settlement, treasury and remittances, treating them as more than just speculative trading tools.

The clearest evidence is the region’s stablecoin flow. Asia accounted for $12.5 trillion in stablecoin transaction volume in 2025, a 67% jump from $7.5 trillion the year prior, the highest of any region globally. This volume did not come from speculative trading. It reflects real utility, as businesses and individuals use stablecoins to move money faster and more cheaply across borders.

Singapore as a case study

Singapore presents a strong example of what a well-run framework looks like in practice. A study conducted by Coinbase and MoneyHero Group found that 61% of finance-forward Singaporeans now hold crypto. Among these crypto holders, Gen Z ownership doubled from 18% to 36% in a single year. This is in sharp contrast to the early days, when ownership was concentrated among tech enthusiasts and early adopters.

This did not happen by chance. Singapore built a deliberate regulatory runway spanning nearly a decade, with regulators and industry moving in tandem at each stage. As early as 2016, Singapore launched Project Ubin for early blockchain infrastructure trials and later established a licensing framework for digital payment tokens through the Payment Services Act. This was followed in 2019 by institutional DeFi pilots with Project Guardian in 2022 and, most recently, BLOOM in 2025 to deepen institutional infrastructure.

The result is a market where regulatory clarity, institutional infrastructure and industry participants operate in sync. The effects are already visible. Singapore is home to over 700 fintech firms and more than 300 Web3 companies, with institutional crypto trading volumes in the tens of billions. Singapore is less an outlier and more a preview of what other markets are building toward.

Significant use cases across Asia

Adoption across Asia is also structurally diverse. While other regions tend to concentrate around a single use case, Asian markets are leading in different areas, shaped by their regulatory environments and economic structures. This breadth reflects how crypto functions as a multi-purpose financial infrastructure. Hong Kong, Korea and India are prime examples of how adoption can take different forms.

Hong Kong has positioned itself as a hub for institutional digital asset activity through intentional pilot programmes and clear regulation. Spot bitcoin and ether ETFs were approved in 2024, giving institutional investors direct, regulated exposure to crypto for the first time. In early 2026, two stablecoin licences were issued to HSBC and Standard Chartered-led groups. This is a signal that Hong Kong’s digital asset ecosystem welcomes established financial institutions as active participants, not just observers.

India represents a different kind of adoption: driven by economic necessity rather than institutional infrastructure. With around 119 million crypto users, India has the largest user base in the world, which contributes to over $100 billion in annual remittances. The country’s digital foundation makes this possible. The Unified Payments Interface (UPI) processes over 20 billion transactions a month, and a large base of smartphone users has allowed crypto adoption to spread well beyond major cities into wider parts of the country.

Korea stands out for its retail participation. Around 33% of Korean adults hold crypto, roughly twice the rate in the US, while trading volume across Korean exchanges reached approximately 1.76 trillion Won at the end of 2025. This is proof that crypto trading has become a mainstream financial behaviour for a significant share of the population. Korea’s regulators are advancing this demand as they work to bring structure to a market that has already matured beyond the early-adopter stage.

Future outlook

The next phase is interoperability, not just adoption or regulation. Asia has already established strong regulations and built up a good base of institutional and retail adopters. But siloed markets remain a bottleneck. The next phase of growth depends on coordination across jurisdictions. A unified framework would allow funds and users to move more freely across borders, reducing the friction that currently limits the region’s potential.

The CLARITY Act, on the near horizon, will set a new global benchmark. When the world’s largest economy defines rules, others follow. Asian regulators will need to update their frameworks to stay current and to preserve their regulatory edge.

Advisors should track a few signals over the next twelve months: growth in cross-border stablecoin flows, the emergence of region-wide settlement frameworks and how swiftly individual markets respond to the CLARITY Act. Proactive policy design and regional coordination will determine Asia’s position in the next era of finance.

– Hassan Ahmed, country director, Coinbase, Singapore

Ask an Expert

Q. What does the Asian economic situation look like in terms of long-term crypto and stablecoin adoption?

Asia is right at the center of real-world stablecoin adoption, particularly for payments, remittances, treasury management and cross-border commerce. Data shows that over half of institutions in the region already operate stablecoins, while a growing number are either piloting or planning to implement them.

Stablecoins are actually fast becoming a foundational layer of the region’s evolving payments infrastructure. A new stablecoin-backed payment system is emerging across Asia: P2P, real-time and multi-currency, enabling people to travel and pay freely across borders.

Q. What is your advice for investors and advisors looking to further integrate crypto and stablecoins in their portfolios with the current Asian market outlook in mind?

Stablecoins are not speculative vehicles: their value proposition comes from their utility and not price appreciation. They are designed to maintain a stable value, hence the name. The popularity of stablecoins actually requires investors and advisors to separate crypto investing from the rise of stablecoin-powered financial infrastructure.

As the crypto regulation gains clarity across Asia, we are likely to see rapid growth in on-chain FX, cross-border remittance corridors, B2B payment infrastructure, tokenized treasury operations and more related use cases. So the investment opportunity lies in what is built on top of it.

This means businesses, payment networks, infrastructure providers and financial applications that are built around on-chain settlement and programmable money.

Q. Do you believe that regulations and perspectives on crypto will change the way crypto is handled in the region, or should advisors have a different approach moving forward?

Regulators across the region are increasingly aligning on core principles, which serves as a massive tailwind for companies operating across borders.

Currently, the region is moving away from lightly regulated speculative markets toward institutional-grade digital asset frameworks focused on compliance, licensed issuers, reserve backing, guaranteed redemption rights, consumer protection and payment utility. This shift is giving financial institutions and enterprises greater confidence to participate in the ecosystem.

As jurisdictions adapt these ideas to their own financial structures at different speeds and in alignment with their priorities, we are seeing regulatory convergence that creates a more predictable environment for crypto companies to operate in.

As cross-border inconsistencies are reduced on the way to harmonization, the compliance playbook is becoming more legible and transferable for advisors, though jurisdiction-level due diligence still matters.

For advisors, the mandatory pivot is to transcend outdated crypto-native narratives to understand regulated applications. As stablecoins become financial plumbing, those with a deeper grasp of both TradFi and blockchain-based infrastructure and who are building frameworks suited to the emerging regulated environment will be better positioned for the future.

– Xin Yan, CEO, Sign

Keep Reading