U.S.S.S.T.D.T. GROWTH, BUT OVERALL EXPANSION SLOWS DOWN

1. THE TOTAL SUPPLY OF STABLE CURRENCIES EXCEEDED $30 BILLION, USDT GREW BUT OVERALL EXPANSION SLOWED

Over the past month, Tether's supply of USDT has increased by more than $5 billion, while the combined supply of USDC, USDe and PYUSD has decreased by about $4.2 billion, with a net increase in total stable currency supply of only $900 million, or about 0.3 per cent per month. The report notes that the current new stable currency flows are mainly directed to USDT rather than driving overall market expansion. At the same time, Ethena’s USDE supply has declined by 28 per cent in the last month and cumulatively by nearly 34 per cent during the year, mainly due to the reduction in revenue attractiveness due to the compression of the sustainable contract rates; Sky’s USDS and World Liberty Finance’s USSD1 absorbed part of the inflow. PYUSD's supply has also declined by 13% over the past month。

2. White House Digital Assets Adviser: forthcoming official announcement of strategic bitcoin reserve

Patrick Witt, Executive Director of the White House Digital Assets Advisory Committee, stated that the United States strategic bitcoin reserve was about to be officially announced and that the Government had made a “break-through” on legal grounds, asset hosting and cross-sectoral reporting mechanisms. Trump signed an executive order on 6 March 2025 establishing the strategic Bitcoin reserve and prohibiting the Ministry of Finance from selling the relevant BTC. The reserve is expected to hold approximately 328,372 BTCs, approximately 1.6 per cent of the total global supply, mainly from the Silk Road, the Bitfinex hacker case and other criminal confiscations。

3. The Central Bank of the United Kingdom is preparing to issue a draft regulation on systematic stabilization currency next month

Sarah Breeden, Vice-President of Financial Stability at the British Central Bank, stated at the City Week 2026 meeting in London that the Bank’s future strategy would focus on monetization to promote financial modernization in the United Kingdom; and that future retail payment systems should include a variety of currency forms that could be swapped, including monetized deposits, regulated and stable currencies, and potential retailing. The British Central Bank plans to publish the draft rules for the systematic stabilization currency next month and finalize them by the end of this year, with the possibility of temporary restrictions on the total amount of currency issued to mitigate early risks. Breeden stated that the BCB would also support AI for responsible use, including agency payments and business; 16 companies were preparing to go online at the Bank-FCA digital securities sandbox from the end of 2026, with the participation of Euroclar, HSBC and London Stock Exchange Group。

4. Aletheia: HYPE spot ETF three of the first six trading days after adjusting the market value of funds to higher than Bitcoin

Encryption analyst Aletheia sent that after the first two Hynperliquid spot ETF transactions, the first three of which had inflows higher than Bitcoin spot ETF, and Solana spot ETF, which had been higher than Hyperliquid for four of the first three days, after the first two Hynperliquid spot ETF transactions. On the sixth trading day, HYPE cash ETF inflows were significantly higher than the equivalent. During the same period, the number of HYPEs purchased by HYPE spot ETF was 2.5 times the amount purchased and destroyed by Assistance Fund, indicating that ETFs are increasing the pressure on the market purchase。

5. Bitfinex, more than two and a half years higher than the deposit

According to TradingView, despite the decline of Bitcoin in five consecutive trading days from 15 to 19 May, Bitfinex increased its strength to 80,636 Bitcoins bonds, the highest level since December 2023, increasing by about 1.5 per cent in the past few days and by about 10 per cent since the beginning of the year. Bitcoin fell cumulatively by 13 per cent this year, from $80,000 above to about $76,000. Bitcoin is currently testing True Market Mean and short-term holders near US$ 7.8 million for price realization, with an average 200-day moving line above US$ 81,000。

"No interest in stabilization currency" nine months ago

For the first time in the first quarter of 2026, a prominent investor was released in the SEC 13F document, holding 200,000 shares at an average cost of approximately US$ 95.41, corresponding to approximately US$ 1.908 million, or 0.095 per cent of the market value of its portfolio of approximately US$ 20 billion, as a small observation warehouse. In July 2025, Duan Ping stated in snowball that “I can't see anything without cash flows, I'm not interested in stabilizers”, and nine months later, he bought 200,000 shares of Circle。