Odaily reports that data from Binance shows the total stablecoin reserves held by cryptocurrency exchanges have now reached $93 billion. Of this, Binance holds approximately $53 billion, accounting for a 57% market share, which is $42 billion more than the stablecoin reserves of the second-ranked exchange platform. Furthermore, since the beginning of 2025, total exchange stablecoin reserves have grown by 61%, an increase of about $35 billion. Over the same period, Binance's market share has also risen from 54% to 57%.

According to on-chain analyst Ai Yi's monitoring, Robinhood Chain has recorded over 38.72 million total transactions within just 10 days of its launch, with 12.11 million transactions in the past 24 hours. The total number of addresses has exceeded 1.09 million, and the 24-hour transaction fees amounted to 193.71 ETH. The leading Memecoin, CASHCAT, has a market capitalization close to $200 million.

Odaily Planet Daily News According to Axios, the Trump administration has demanded that Iran publicly declare by Saturday that the Strait of Hormuz will remain open and commit to ceasing fire on commercial vessels. US officials stated that the request has been conveyed to Iran through direct channels and regional mediators. The US believes that Iran's recent attacks on commercial vessels in and around the Strait of Hormuz violate a memorandum of understanding signed between the two parties several weeks ago, putting the fragile ceasefire agreement at risk of collapse. Reports indicate that Iranian Foreign Minister Araghchi and Omani Foreign Minister Al Busaidi are expected to meet on Saturday in Muscat, the capital of Oman, to discuss the situation in the Strait of Hormuz. The US hopes that Iran will issue a public statement after the meeting, committing to stop the attacks and affirming that the waterway is open and free of tolls. US officials say that recent progress has been made in US-Iran nuclear talks, but the Hormuz crisis has raised US concerns about Iran's ability to fulfill more complex agreements. If Iran rejects the demands, the US warns it will take further action.

According to on-chain analyst Ember's monitoring, an early Binance Life whale sold another 2.5 million Binance Life tokens 5 hours ago, worth $1.7 million; they currently still hold 2.5 million Binance Life tokens and are expected to fully liquidate their position by early tomorrow morning. This whale previously used $2,480 to purchase 18.5 million Binance Life tokens, and has now sold 16 million Binance Life tokens, with total cumulative cash-outs reaching $11.12 million.

1confirmation founder Nick Tomaino stated on platform X that bringing real-world assets (RWA) on-chain will become an important direction for driving the next phase of the crypto industry's development and is expected to lead to mass consumer adoption. The core value of RWA tokenization lies in enabling global users to access asset classes that were previously difficult to obtain. "Global accessibility" has always been one of the most attractive features of the crypto industry and a key reason for the success of crypto assets like Bitcoin and Ethereum.

Nick Tomaino believes that crypto assets which drive new behaviors and are built on concepts beyond mere monetary value will continue to exist long-term. However, as the market gradually realizes that the cost of creating tokens is close to zero and the model of solely relying on token issuance to drive price appreciation is unsustainable, the growth cycle for many "hype-driven tokens" is ending. The future market will enter a new growth phase driven by tokens backed by real assets. Currently, stablecoins have become the most mature use case for RWAs, and over the next year, the tokenization of assets such as stocks, commodities, government bonds, corporate bonds, and real estate is expected to accelerate further.

Nick Tomaino stated that tokenized physical collectibles (such as sports cards and jerseys) could become one of the most promising directions for building and investing in RWAs today. As the speculative-driven token cycle gradually recedes, on-chain assets backed by real value and with practical use cases will become key to attracting the next wave of users into the crypto market.

Odaily News According to pre-market quotes from market makers, as of 9:56 AM Eastern Time this Friday, the expected opening price of SK Hynix American Depositary Receipts (ADR) has reached approximately $175, about 17% higher than the IPO price of $149. SK Hynix previously completed a $26.5 billion ADR offering, setting a record for the highest fundraising amount by a foreign company in the U.S. market. Its listing performance could become an important indicator for global investors observing the AI semiconductor boom. If the stock maintains a strong performance after listing, it may also further enhance the appeal of Asian tech companies raising capital through the U.S. capital markets. (Bloomberg)

Odaily reports that the National Venture Capital Association (NVCA) and PitchBook recently released the "Venture Monitor" report, noting that after SpaceX's listing and the potential IPOs of Anthropic and OpenAI, the combined value generated by these three companies will reach an unprecedented level. The report states: "With SpaceX going public, combined with the future exits of these companies, the value created will surpass the total exit value of all US VC-backed companies since 2000." The core factor lies in the extremely high valuation expectations of these three companies.

SpaceX is currently valued at approximately $1.77 trillion, while Anthropic and OpenAI are also moving towards multi-trillion-dollar enterprise valuations. The market estimates that the combined valuation of the three companies could exceed $4 trillion. This scale far surpasses past large-scale tech IPOs. Data from the U.S. Securities and Exchange Commission (SEC) shows that total US IPO fundraising last year was about $70 billion, whereas SpaceX's single-company valuation has already reached a level that traditional large-scale IPOs find hard to match. As a once-highly-watched tech IPO case, Uber was valued at around $84 billion when it went public in 2019, which is less than 5% of SpaceX's current valuation.

However, the comparison by NVCA and PitchBook is based on "enterprise value created," not the actual cash-out amounts for investors. Additionally, the analysis does not include non-US companies like Alibaba. Furthermore, the value created by already-public companies such as Apple, Google Android, YouTube, and Instagram is not counted in the VC exit statistics.

The report points out that over the past 25 years, the US tech market has seen several historic IPOs, including Google in 2004, Tesla in 2010, and Meta in 2012. These companies have since become some of the world's most valuable enterprises. Additionally, companies like LinkedIn, Slack, and WhatsApp were acquired for over $20 billion.

The NVCA believes that the current IPO cycle driven by artificial intelligence (AI) could further break these records. The analysis suggests two main reasons driving this trend:

First, tech companies are staying private for longer periods than in the past, accumulating higher valuations through prolonged financing and business expansion. If today's Google were in its early stages, it might also choose to go public later to achieve a higher market valuation.

Second, the AI industry is highly capital-intensive. Training large AI models requires massive investment, pushing AI companies to continuously raise substantial funds and driving rapid valuation growth.

Industry insiders believe that the potential scale of IPOs by SpaceX, Anthropic, and OpenAI will test the capacity of the US capital market. As AI companies transition from the private financing stage to the public market, how trillions of dollars in tech assets flow into the stock market will become a focus for investors. (DigitalToday)

Odaily Planet Daily reported that strategists at UBS Global Wealth Management stated in a report that they expect the growth of the AI industry to drive long-term returns in the stock market. However, they noted that investors need to adopt a diversified approach to AI investments. "We are bullish on semiconductor equipment, foundries, CPU-related computer infrastructure, and memory chips," they said. The strategists also favor defensive sectors such as data center real estate investment trusts (REITs) and payment networks. (Jin Shi)

Standard Chartered stated that it maintains its Bitcoin price prediction of reaching $100,000 by the end of 2026, believing that the recent market decline triggered by Strategy's (formerly MicroStrategy) related activities is not due to a deterioration in the company's balance sheet, but rather a strategic adjustment that the market has not fully understood.

Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, noted in a report that Strategy's recent behavior is disrupting short-term market expectations for Bitcoin. The market had previously accepted the company's narrative of "never selling Bitcoin," but now Strategy appears to be shifting towards a more complex capital operation model. How clearly the company can communicate this change will determine when market pressure eases.

Currently, Strategy holds 843,775 Bitcoins, representing approximately over 4% of the total 21 million Bitcoin supply. From 2020 to mid-2025, Strategy's mNAV (Market Value of Enterprise / Bitcoin Asset Value) was consistently above 1, allowing the company to raise funds through stock issuances to purchase Bitcoin and achieve shareholder value growth. The commitment to "never selling Bitcoin" was central to this model gaining market acceptance. However, with the current mNAV approaching 1, the leverage effect of this financing model is weakening.

Kendrick believes Strategy is transitioning from a "Bitcoin accumulation tool" to a "Bitcoin credit support tool." This involves using its Bitcoin holdings as the credit basis for its perpetual preferred stock, STRC. Currently sized at approximately $10 billion, STRC is the largest financial instrument launched by Strategy, offering an annualized dividend rate of 12%, paid semi-monthly in cash, and is designed to maintain a price near its $100 par value through interest rate adjustment mechanisms.

Standard Chartered indicated that STRC is currently trading around $90, while Strategy's dollar reserve for paying dividends stands at approximately $2.55 billion, covering an estimated 17.4 months of dividend expenses.

Kendrick stated that Strategy's policy adjustment allowing for Bitcoin sales does not necessarily mean the company will continuously sell. He believes that as long as the market believes the new capital structure arrangement can stabilize the STRC price, Strategy may not actually need to sell Bitcoin. He compared this mechanism to a central bank's commitment to "do whatever it takes": mere restoration of market confidence may mean actual intervention never occurs. (The Block)

Odaily Odaily reports that Andrew Sheets, Morgan Stanley's global head of fixed income research, stated the bank is closely monitoring three potential obstacles that could derail the stock market rally this summer; historically, summer is typically the strongest season for stock market performance.

The first major risk is the re-emergence of conflict with Iran. Sheets said: "U.S. strategic petroleum reserves are at their lowest levels in history. If geopolitical tensions escalate again, this could weaken the country's ability to respond to a shock."

The second major risk is a Federal Reserve rate hike. Sheets noted that the expectation that the Fed will keep interest rates unchanged until the end of the year is one of the key pillars supporting the current bull market. "The risk is that this assumption could be wrong, and that error could become apparent quickly. Of course, there is an argument that if the Fed is worried about inflation, it should not delay action."

The third is a weakening outlook for AI capital expenditure. Sheets stated: "The risk is that second-quarter earnings reports might reveal a more cautious stance on spending, perhaps due to the recent underperformance of some companies that have heavily invested in AI. Given that current growth and profit prospects are highly correlated with AI, and investors have a strong preference for AI-related stocks, this situation poses a risk." (Jin Shi)