Crypto Market Update: Vietnam Regulation, ETF Growth, and Market Decline

**Bitcoin recovers** above $90K following a massive $1B liquidation event that temporarily pressured prices. **Texas makes history** as the first U.S. state to purchase Bitcoin for its official reserves, signaling growing institutional adoption at the state level. **Trump family holdings** reportedly lost approximately $1B during the recent market crash, highlighting volatility's impact on high-profile crypto investors. **FTX recovery update**: The collapsed exchange now has sufficient assets to fully repay all victims, marking a significant development in the ongoing bankruptcy proceedings. **Japan tax reform**: The country plans to implement a flat 20% tax rate on crypto gains, matching stock taxation and potentially boosting retail adoption.

**Major stablecoin developments reshape the market:** - **Klarna launches KlarnaUSD** - Payment giant enters stablecoin space - **Circle breaks records** with $1.25B USDC minted in 24 hours - **S&P downgrades Tether** to "weak" rating over reserve concerns - **U.S. Bancorp testing stablecoins** on Stellar network - **$44B Treasury purchases** by issuers in 6 months following new US regulations The stablecoin sector shows explosive institutional adoption. Traditional finance giants are rapidly entering the space while regulatory clarity drives massive Treasury backing. **Key takeaway:** Stablecoins are becoming mainstream financial infrastructure as banks and payment companies launch their own tokens.

**Major regulatory shift** as SEC declares DePIN tokens won't be regulated as securities, providing clarity for decentralized infrastructure projects like Helium. **Bitcoin reaches new heights** at $112,156 with crypto market cap hitting $4 trillion, driven by: - ETF inflows - Rate cut expectations - Institutional adoption **Global crypto adoption accelerates:** - Kazakhstan partners with Binance for state-backed digital asset reserve - Poland introduces comprehensive crypto regulation bill - Google acquires stake in Bitcoin mining operations These developments signal growing institutional and governmental acceptance of digital assets across multiple jurisdictions.

Chinese e-commerce giant JD.com plans to launch a stablecoin in Q4 2025, joining a growing trend of major financial institutions entering the digital currency space. Key developments: - JD's stablecoin will be pegged to HKD and other currencies - Initial B2B focus with planned expansion to retail in Hong Kong and Macau - Public blockchain implementation for transparency - HKMA-supervised testing since July 2024 This follows significant moves by traditional finance: - Major US banks discussing consortium stablecoin - HSBC launches tokenized deposits in Hong Kong - BNP Paribas introduces tokenized money market fund - Hong Kong passes comprehensive stablecoin regulation [Read HKMA press release](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/05/20250521-3/)