Overnight

**Nasdaq makes major crypto move** with a $50 million investment in Gemini, the cryptocurrency exchange founded by the Winklevoss twins. **Key partnership details:** - Gemini's custody services will be available to Nasdaq's institutional clients - Nasdaq's Calypso trading system will be distributed through the partnership - This deal is separate from Gemini's recent $317 million IPO that occurred last week **Market context:** - Gemini's stock ($GEMI) has performed strongly since its Nasdaq debut - The exchange raised $425 million in its public offering - Institutional adoption continues growing as crypto regulations evolve **What this means:** The partnership represents another step toward mainstream institutional crypto adoption, combining Nasdaq's traditional finance infrastructure with Gemini's digital asset expertise. This follows Gemini's successful transition to a public company and reflects the broader trend of established financial institutions embracing cryptocurrency services.

**Stablecoins achieved massive scale in 2024**, processing $27.6 trillion in transfer volume - more than Visa and Mastercard combined. **Market growth accelerated through 2025:** - Market cap reached $252 billion by mid-2025 - USDT and USDC maintain 86-90% market dominance - Retail transfers hit record $5.8B in August 2025 **Transaction patterns show maturation:** - H1 2025 saw $4.6 trillion across one billion transactions - USDC volumes on Ethereum now exceed USDT since November 2024 - Average USDC transaction values consistently higher than USDT **Cross-border payments driving adoption**, with stablecoins becoming core financial infrastructure for international transfers. The data suggests stablecoins are transitioning from crypto novelty to mainstream payment rails.

**TRON DAO's T3 Financial Crimes Unit** froze $250 million in illicit cryptocurrency assets globally, marking a significant enforcement victory in combating crypto-related crime. **Bitcoin mining operations** are pivoting their facilities into AI data centers as crypto mining profitability declines. Miners seek stable contracts and higher returns through artificial intelligence infrastructure. **SEC Chair Paul Atkins** unveiled Project Crypto at an OECD speech, promising clearer digital asset regulations and pushing for international cooperation on crypto oversight. **Major Solana movements** dominated trading activity: - FTX and Alameda redeemed $45 million in staked SOL tokens - Galaxy Digital acquired 2.31 million SOL tokens worth nearly $536 million These developments highlight the crypto industry's evolution toward compliance, diversification, and institutional adoption.

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/)

Key developments in the crypto space: - Vietnam passes Digital Technology Industry Law, bringing digital assets under regulatory framework - BlackRock's IBIT Bitcoin ETF reaches significant milestone of $70B AUM in 341 days, amid continued ETF inflows - **Market Decline**: Overall crypto market cap drops 6.1% to $3.38T due to Israel-Iran tensions - Stablecoin sector shows resilience with 17% growth in 2025, reaching $228B market cap - Trump's World Liberty Financial reports $57M in token sales The market remains volatile amid geopolitical tensions, though institutional adoption continues through ETFs and stablecoins.

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