JP Morgan Exec Concerned About Stablecoin Market 'Overcrowding'

The U.S. Senate passed the GENIUS Act, establishing a framework for stablecoins, which are pegged to the U.S. dollar. This legislation could bring trillions of dollars into the crypto market, with major players like banks and tech giants expressing interest.

Coinbase aims to introduce trading for tokenized equities pending SEC approval, as stated by the firm's chief legal officer. The move could lead to lower transaction costs and 24/7 trading for assets like tech stocks on blockchain networks.

Fold has announced an agreement to issue and sell $250 million in new shares to purchase more Bitcoin. The company will sell shares to selected investors and institutions, with no set timeline for the sale. Currently, Fold's stock is trading at $4.57, down nearly 3%.

The Ink Foundation, purportedly an independent entity distinct from Kraken, will introduce the INK token for Kraken's Ethereum layer-2 network, Ink. INK, with a fixed supply of 1 billion tokens, will support DeFi on the Ink blockchain, starting with a liquidity protocol powered by Aave.

Bitcoin and Ethereum experienced drops of nearly 4% and 6.5%, respectively, in the past 24 hours following President Donald Trump's social media post hinting at potential conflict in the Middle East. Other cryptocurrencies like Solana, Cardano, and Dogecoin also saw declines.

Meme coin investors are facing significant losses as Pepe, SPX6900, and Fartcoin drop by double digits. Technical indicators and on-chain data suggest further declines, with key support levels to watch. The broader market turmoil and geopolitical tensions are contributing to the sector's correction.

The Uniswap DAO may vote on activating a fee switch this summer, potentially bundled with a proposal for incorporating the DAO in Wyoming. The fee switch, which would share transaction fees with UNI token holders, was previously scrapped by the Uniswap Foundation.

Institutional investors in the UK are gearing up to invest in crypto exchange-traded products, with WisdomTree receiving FCA approval for Bitcoin and Ethereum ETPs. Bitcoin's volatility and lack of correlation with traditional assets make it an attractive addition to multi-asset portfolios, improving risk/return metrics.

B3, a layer-3 gaming protocol built on Ethereum network Base, acquired Andromeda Insights to expand into hardware, introducing a crypto-focused PC with a self-destruct storage drive. This move aims to capture the gaming stack and provide resources for Andromeda's product demands.