WSJ: Major U.S. banks discuss launching a joint stablecoin

▪️The largest U.S. banks — including JPMorgan, Bank of America, Citigroup, and Wells Fargo — are in talks about launching a joint stablecoin, The Wall Street Journal reports, citing sources familiar with the discussions.

▪️The project is in its early stages, but Zelle and the Clearing House — instant payment services owned by these banks — are reportedly involved in the discussions. The proposed stablecoin would be backed by dollar-denominated assets and could be used both within the banking system and by other market participants.

▪️Wall Street sees the stablecoin initiative as a way to maintain competitiveness amid the growing strength of the crypto industry — especially given the support the sector is receiving from the Donald Trump administration, WSJ notes.

WSJ: Trump Family’s Crypto Business Intersects with U.S. Foreign Policy

The Wall Street Journal published an investigation into the activities of the crypto project World Liberty Financial (WLF), which is linked to Donald Trump’s family and U.S. Special Envoy to the Middle East, Steve Witkoff.

According to the report, his son, Zach Witkoff — a co-founder of WLF — has been promoting the USD1 stablecoin and negotiating crypto deals with foreign governments while accompanying his father on official visits.

Key points from WSJ:

▪️ World Liberty has sold over $550 million worth of tokens, with buyers including Tron founder Justin Sun ($75M) and trading firm DWF Labs ($25M). UAE-based MGX Fund announced a $2 billion purchase of USD1, which it then invested in Binance.

▪️ MGX is linked to Sheikh Tahnoon bin Zayed Al Nahyan, head of the UAE sovereign wealth fund. Steve Witkoff, in his role as a White House envoy, met with the same sheikh during official visits, including during a chip supply agreement.

▪️ WLF has held talks with representatives from Pakistan, Malaysia, and Kyrgyzstan, and participated virtually in a crypto conference in Moscow. In Kyrgyzstan, World Liberty and Binance founder Changpeng Zhao were received by the president, and Zhao joined the country’s national crypto council.

▪️ In Pakistan, World Liberty signed an MoU with the Ministry of Finance to use USD1 in settlements and expressed ambitions to make the country a “leader in digital finance.”

▪️ Zhao, who has pleaded guilty in the U.S., is seeking to re-enter the American market. WLF representatives claim he is not a “facilitator” but remains in contact.

▪️ Zach Witkoff publicly emphasizes his proximity to Trump. WSJ sources say he described WLF as well-positioned under the crypto-friendly stance of the current administration.

▪️ Senate Democrats are calling for an investigation into a potential conflict of interest, suspecting possible pay-for-access dealings. The White House denies any such conflict.

This week, the USD1 stablecoin was listed on Binance and quickly entered the top five stablecoins by market cap. WSJ notes that, unlike the Trump Organization, World Liberty would not be restricted from making international deals during Trump’s presidency.

Sentora: Bitcoin cycles typically show that the first year post-halving is stuck in consolidation before breaking out. While this cycle saw an early sharp rally, it has stalled in a prolonged pause, with high rates slowing momentum.

However, peaks tend to arrive 1.5–2 years after the halving, shifting focus to BTC’s performance in the coming year.

Whale Trader James Wynn Completes Record-Breaking Trade Series and Reenters the Market

▪️Anonymous trader James Wynn, who rose to fame after opening the largest on-chain positions in history on the Hyperliquid platform, has announced the completion of a trading series with a net profit of $25 million. According to him, he started with $3–4 million, and at its peak, the unrealized profit reached $87 million. “Decided to leave the casino a winner,” he wrote on social platform X.

▪️Last week, he closed a $1.2 billion long position on Bitcoin with a $17.5 million loss, then opened a 40x leveraged short. That trade also ended in the red, with a loss of over $15.5 million. Both positions were the largest in the history of on-chain trading, with nearly $1.8 million paid in funding fees and commissions alone.

▪️Now, the trader is active again. At the time of publication, he had opened a 40x leveraged long position on Bitcoin with an entry point of $109,699, as well as a 10x leveraged long on the meme coin PEPE at a price of $0.0141. At one point, the PEPE position showed an unrealized profit of $500,000.

▪️Wynn’s trades have turned into a spectacle, with his positions trending on X and influencers and traders closely following his every move. To this day, it remains unclear who is behind the pseudonym and whether the trading activity was part of a campaign by Hyperliquid itself. Regardless, the platform has demonstrated its capacity to handle trades of such scale, and its token HYPE has hit a new all-time high in response.

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Arkham has claimed to have revealed the wallet addresses of Michael Saylor’s Strategy

▪️The platform Arkham Intelligence has begun publishing wallet addresses that it claims belong to the company Strategy (formerly MicroStrategy), despite its founder Michael Saylor previously stating that the addresses would not be disclosed.

▪️So far, Arkham has identified wallets with a combined balance of approximately $50 billion. This represents around 87.5% of the company’s publicly declared Bitcoin reserves, including assets held in custody with Fidelity Digital. According to Strategy’s latest report as of May 25, the company held 580,250 BTC worth $63.2 billion at the current exchange rate.

▪️There has been no official confirmation or disclosure of Arkham’s wallet-tagging methodology. The addresses linked by Arkham to the company show Bitcoin transfers worth tens of millions of dollars. The transaction history also includes incoming transfers from Coinbase Prime wallets (a service for institutional crypto custody).

▪️A dedicated page listing the wallets allegedly associated with Strategy is available on Arkham

At the Bitcoin 2025 conference in Las Vegas on May 26, Michael Saylor spoke out against the idea of publicly verifying Bitcoin reserves. According to him, it’s a “bad idea” and a potential security risk.

The Bitcoin Wealth Pyramid

🔹 76.83% of BTC wallets hold less than $1,000 🔸 21.22% hold between $1,000 – $100,000 🔹 Only 1.95% own assets worth over $100,000 🐋 And just 1.25% of wallets belong to true whales.

Trader James Wynn opens a new $100M long position with 40x leverage

▪️Crypto trader known by the pseudonym James Wynn has opened a new long position on Bitcoin at $105,890 with 40x leverage. He continues to top up his margin in tranches of hundreds of thousands of dollars. At the time of publication, his position will be liquidated if Bitcoin drops to $103,637.

▪️According to him, a sharp move against his position began immediately after entry. He called it a targeted attack and urged his followers to buy Bitcoin.

▪️“Maybe I’m just a small fish in a whale game, or maybe it’s because everyone learned about Hyperliquid through me. Either way, if you want to support the fight against corruption, buy Bitcoin right now,” he wrote on X.

▪️Wynn became a prominent figure in the crypto community after a series of high-risk trades on Hyperliquid, at one point holding a $1.2 billion long position with $82 million in unrealized profit. Nearly all his trades ultimately ended in losses. After losing over $100 million in highly leveraged positions, he claimed to have “exposed how corrupt the market is.”

▪️Wynn’s real identity remains unknown. It’s also unclear whether his activity is part of a marketing campaign by Hyperliquid itself. On the day he opened the billion-dollar long, the platform’s token HYPE hit a new all-time high.

Analysts reported that the Ethereum Pectra upgrade with the EIP-7702 feature, intended to simplify wallet interactions, has become a vulnerability — hackers have begun exploiting it on a large scale for theft.

97% of delegations are involved in the attacks, with most carried out using the CrimeEnjoyor script, which automatically drains wallets with leaked keys.

BCP Technologies is launching the tGBP stablecoin, pegged to the British pound — a “live prototype” in anticipation of future FCA regulation.

The token will be listed on two major exchanges in the coming weeks.

NFT from Trump Memecoin Holders’ Dinner Sold for $16K

Participants of a private dinner for top holders of the TRUMP memecoin received special NFTs on the Solana blockchain as gifts. The tokens were distributed based on each person's level of participation in the event, which took place on May 22 at Donald Trump’s golf club in Washington, D.C.

▫️ Power to the Holders NFTs were given to everyone who registered for the dinner by connecting their wallet on the website but did not make it into the 220-guest list. One of these NFTs sold for $4,000 worth of SOL tokens.

▫️ Gold Gala Dinner NFTs were issued to all guests who physically attended the event. The current floor price on NFT marketplaces starts at $7,700.

▫️ Diamond Hands NFTs were awarded to 118 wallets that held onto their TRUMP tokens until the end of the dinner without selling. One such token was sold for 99.9 SOL (around $16,000).

These NFTs have no functional utility. Trump’s team described them as “historic collectibles in honor of the crypto president.” According to eyewitnesses, the former president gave a brief speech and then left the event without mingling with the guests.

National Bank of Kazakhstan Launches “Crypto Card” Project and Stablecoin Pilot

The National Bank of Kazakhstan has announced the launch of its “crypto card” initiative — bank cards linked to crypto wallets on licensed exchanges within the Astana International Financial Centre (AIFC). To support the project, the regulator held a meeting with representatives from banks, crypto exchanges, and fintech companies.

These cards allow users to pay in Kazakhstani tenge, with the necessary amount instantly converted from the user’s cryptocurrency into fiat at the moment of purchase.

In 2025, the National Bank will also coordinate a series of pilot projects in the digital asset space, including:

▫️ Issuance of stablecoins backed by the tenge (including the digital tenge);
▫️ Tokenization of real estate and financial assets, and issuance of digital securities;
▫️ Systems for collateral accounting and storage for digital assets;
▫️ Services for crypto exchange and custody;
▫️ Other innovative token-based products.

To provide legal backing for these initiatives, the regulator has drafted a bill that expands opportunities for circulation of both unbacked and asset-backed digital assets in the country.

Previously, the National Bank stated that only 5% of crypto investors currently use licensed AIFC exchanges, with the rest operating in a legal “grey zone.” Among the licensed platforms in Kazakhstan is Bybit, along with Kazakh-based exchanges.

Tensions Rise Within Trump’s Crypto Empire: World Liberty Financial (WLFI), Owned by Trump’s Sons, Clashes With Fight Fight Fight LLC, Team Behind TRUMP Memecoin — Bloomberg

▪️WLFI has sent a cease-and-desist letter to Fight Fight Fight LLC, demanding the company halt what it called unlawful activities.

▪️The feud began after Fight Fight Fight announced it was developing the “TRUMP Wallet” crypto wallet (source). Partner company Magic Eden (#ME) also received a cease-and-desist letter regarding its involvement.

▪️The conflict highlights growing internal discord as various factions vie for control and influence over Trump-branded crypto initiatives.