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The Big Story

HYPE Looks Set to Surpass DOGE

Hyperliquid's native $HYPE token has hit a new all-time high of $63.22 and overtaken Dogecoin in market capitalization on May 25, vaulting into a top-10 ranking on CoinMarketCap with a live cap of roughly $16 billion. The move comes after a 42% seven-day rally that has outperformed the broader market, which is down 1.60% over the same window. Spot Hyperliquid ETFs have pulled in $69.6 million since launch, with $41 million of that arriving in just the final two tracked days, pointing to institutional demand as a key driver. The flip carries symbolic weight beyond the chart: it represents a capital rotation away from pure meme-driven assets toward Layer 1s with defined utility, and validates Hyperliquid Labs' fully self-funded build path.

GENIUS Act Stablecoin Rules Advance — The FDIC unanimously approved a proposed rule requiring federally supervised stablecoin issuers to comply with AML, counter-terrorism financing, and sanctions regulations under the GENIUS Act, with the agency estimating 5 to 30 banks will apply to issue stablecoins after the law takes effect in mid-January 2027.

Tether To Launch Georgia's Official Stablecoin — Tether and the Government of Georgia announced GEL₮, a stablecoin pegged to the Georgian Lari, in one of the first state-backed efforts to bring a national fiat currency directly onto blockchain payment rails.

Bitcoin Holds Firm As Trump Delays Iran Deal — Bitcoin held near $77,000 and Ethereum stayed above $2,100 after President Trump said the US naval blockade on Iranian ships in the Strait of Hormuz will remain "in full force" until a final deal is signed, with sanctions, frozen funds, and nuclear enrichment still unresolved.

Vitalik Redraws Ethereum Foundation's Role — Vitalik Buterin laid out a sharper direction for the Ethereum Foundation, describing it as "one node, not the center" and signaling the EF will sell less ETH, focus on censorship resistance and long-range research, and let some teams move outside the structure to attract outside capital.

Ripple is Backing the Cross-Chain Layer That Already Moved $6B in Crypto

Cross-chain router Squid has closed a $6M strategic funding round led by North Island Ventures with Ripple, Dialectic, and Borderless also participating, bringing total funding to $13.5M. Since launching in January 2023, Squid has routed over $6 billion in volume across more than 100 chains through 4 million transactions, integrating with over 1,000 applications. Ripple's involvement is notable: Squid runs a validator on the XRP Ledger and serves as its official bridge partner, making the raise a direct play to make XRPL more accessible to the broader ecosystem.

NEAR Just Put Up a 60% Week and Triggered $9.85M in Short Squeezes

NEAR Protocol surged 60% in seven days, climbing from $1.50 to $2.40 after breaking out of a falling wedge pattern and liquidating $9.85 million in short positions. Beyond the technical setup, the rally has a structural driver: NEAR Intents, the protocol's cross-chain settlement layer, has been programmatically auto-buying NEAR since February using fees from a system that has processed over $10 billion in volume across 15.7 million swaps. Open interest has climbed to fresh highs over $473 million, though daily active users have fallen sharply this year, leaving a gap between price action and on-chain usage that traders will be watching.

Bitcoin Holds Firm As Trump Delays Iran Deal

The blockade-driven standoff is now in its eighth week, with Trump confirming on TruthSocial that the US naval blockade on Iranian ships in the Strait of Hormuz "will remain in full force and effect until an agreement is reached, certified and signed." Iran is demanding immediate unfreezing of funds and permanent sanctions relief, while Washington insists those concessions only follow tangible action on the nuclear program. Bitcoin's resilience near $77,000 despite Saturday's plunge to a five-week low of $74,250 suggests the market is now treating the Iran headlines as range-bound noise rather than a directional driver.

Did Bankless' Co-Founder Just Dump His Entire $ETH Portfolio?!

Bankless co-founder David Hoffman has sold the last of his personal ETH holdings, coinciding with co-founder Ryan Sean Adams declaring the end of the platform's "First Era" and stepping into a backseat role. Hoffman, who built much of his public profile around a strongly pro-Ethereum thesis, described the move as a clean exit rather than a rebalance, pointing to a sentiment shift in crypto Twitter over the past two weeks. With ETH down roughly 57% from its August 2025 high and underperforming Bitcoin every week of May, the exit from one of Ethereum's loudest advocates carries weight far beyond a single wallet.

• $16 billion — Hyperliquid's market cap as $HYPE surpassed Dogecoin's $15.75 billion, vaulting the Layer 1 into the top 10 on CoinMarketCap.

• $77,000 — Bitcoin's holding price after Saturday's plunge to a five-week low of $74,250 as the Iran deal stalled and the US naval blockade on Hormuz extended.

• $6 billion — Cross-chain volume routed by Squid since January 2023 through more than 4 million transactions, with Ripple now backing the next phase.

• 60% — NEAR Protocol's seven-day rally, which liquidated $9.85 million in short positions as open interest climbed above $473 million.

• 5 to 30 banks — The FDIC's estimate for how many institutions will apply to issue stablecoins under the GENIUS Act after it takes effect in mid-January 2027.

• 0.16% — Share of all ETH still held by the Ethereum Foundation, less than many individual holders and well below the 10-50% common at other blockchain foundations.

• Internet Computer hits 287B transactions — $ICP has now recorded over 287 billion total mainnet transactions since its May 2021 launch, with the network currently processing nearly 2,900 TPS.

• BlackRock dumps $1B in BTC — Arkham data shows BlackRock sold roughly $1.01 billion in Bitcoin over the past week via daily transactions, as spot Bitcoin ETFs face mounting outflows.

• Chainlink goes live on AWS Marketplace — Chainlink's data standard is now available on Amazon's AWS Marketplace, opening oracle infrastructure to millions of developers building tokenized asset and institutional finance applications.

• Cardano's V11 Van Rossem hard fork vote — Cardano's biggest test of decentralized governance lands on May 29, with the Hard Fork Working Group withholding ratification over Ogmios infrastructure concerns.

Until Wednesday.