SEC Exempts DePIN Tokens While Bitcoin Hits $112K

A protocol is ending support for six blockchain networks and consolidating operations. **Networks Being Discontinued:** - Blast - Polygon - BSC - Optimism - zkSync - Linea **Remaining Networks:** - Base - Arbitrum **Action Required:** Users must withdraw all funds from the six unsupported networks. The protocol has issued multiple warnings since January, emphasizing the urgency of moving assets before the cutoff. This consolidation represents a strategic shift to focus resources on two primary networks rather than maintaining infrastructure across eight chains.

**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.

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/)