SEC Closes PayPal’s PYUSD Stablecoin Investigation Without Sanctions
PayPal announced that the U.S. Securities and Exchange Commission (SEC) has closed its investigation into its PYUSD stablecoin without sanctions. The SEC had requested documents in order to gather information as part of the investigation, which was launched in 2023. The closure of the investigation comes on the heels of PayPal’s announcement of a new partnership with Coinbase that will remove platform fees from PYUSD transactions. While PYUSD’s market cap lags behind rivals USDT and USDC at around $880 million, it aims to increase its adoption with Solana integration and various partnerships.
Strategy Prepares to Buy Bitcoin with $21 Billion in New Shares
Strategy (formerly MicroStrategy), which reported a $4.2 billion loss in the first quarter of 2025 due to the decline in Bitcoin prices, is not giving up on its plan to increase Bitcoin purchases. The company announced a $21 billion new share issue to add to its assets, which reached 553,555 BTC.
“We are proud to lead in this era when there are more than 70 public companies embracing Bitcoin treasury,” said CEO Phong Le, who increased his BTC Yield target to 25% and raised his long-term BTC earnings target to $15 billion.
US Lawmaker Proposes Crypto ATMs to be Placed in Federal Buildings
Republican Texas Lawmaker Lance Gooden called for cryptocurrency ATMs to be placed in US federal buildings. Describing the initiative as being in line with Trump’s goal of making the US a blockchain leader, Gooden said this step would respond to “diversifying consumer needs.” However, according to FBI data, fraud cases related to crypto ATMs have increased by 99%; especially the elderly are experiencing major losses. Gooden argues that risks can be managed in cooperation with regulators.
US House of Representatives Drafts Historic Cryptocurrency Bill
Republicans in the House of Representatives are preparing to submit a draft bill that includes a comprehensive regulatory framework for the digital asset market to the public ahead of the crypto session on May 6. The draft, which has been signed by prominent figures from the Financial Services and Agriculture Committees, is expected to be largely similar to the FIT 21 (Financial Innovation and Technology for the 21st Century Act) bill that passed the House last year.
The draft aims to clarify the jurisdiction of the SEC and CFTC over crypto and shift regulation of spot markets to the CFTC. Meanwhile, a similar market structure bill is underway in the Senate. However, the Trump family’s DeFi and stablecoin initiatives put potential bipartisan consensus at risk, especially due to the backlash from Democrats. The bills are being discussed to be combined with stablecoin regulation, but political polarization could complicate the process even further.
21Shares Files for SUI ETF
Switzerland-based asset manager 21Shares has filed an application with the SEC for a SUI-based ETF. Following the announcement, the SUI token rose 10.9% to $3.68. “We believed early on that Sui would be one of the most exciting blockchains in the industry,” 21Shares President Duncan Moir said at Sui’s annual Basecamp conference. The Sui Foundation also announced that it has partnered with Fireblocks to strengthen its institutional infrastructure.
Tether Made $1 Billion in Profit in Q1 2025
Tether has released its financial report for Q1 2025. The company reported over $1 billion in operating profit during the period, while reporting a $5.6 billion excess reserves — the lowest level since the second quarter of 2024. Tether’s total assets include $98.5 billion in direct U.S. Treasury bonds and $23 billion in repo and similar cash equivalents. USDT supply increased by $7 billion in the quarter, while the number of user wallets increased by 46 million. Tether also invested more than $2 billion in areas such as artificial intelligence, renewable energy, and data infrastructure. With a market cap of $149 billion, USDT dominates the majority of the dollar-denominated stablecoin market, which is expected to reach $2 trillion by 2028. On the other hand, EU authorities warn that excessive reliance on stablecoins pegged to the dollar could pose a risk to the global financial system.
Worldcoin Launches Identity Verification Platform in the US
Worldcoin has officially launched its blockchain-based digital identity verification platform in the US. Users can verify their identities with World ID at centers in Atlanta, Austin, Los Angeles, Miami, Nashville, and San Francisco. Verification, performed with NVIDIA-powered Orbs devices, aims to separate people from bots while protecting user privacy. Users who verify their identities through the World App can request the local token WLD. The company will also issue a WLD-supported “World Visa Card” with Visa. In a pilot program with Tinder’s parent company Match Group, World ID will be used to increase trust against fake profiles. World’s other partners include Kalshi and Morpho.
Ethena Labs Partners with TON
Ethena Labs has announced a strategic partnership with the TON blockchain to integrate the synthetic dollar USDe into the Telegram ecosystem. Through this partnership, Telegram users will be able to access USDe and yield-generating sUSDe within the app. Users will be offered an additional 10% annual yield (APY) for their tsUSDe holdings staked on the TON network. Rewards will be distributed weekly in TON tokens. In addition, the “USDT Earn” feature has been introduced, where you can earn interest income based on sUSDe performance by depositing USDT. The partnership will see TON grow its DeFi ecosystem while Ethena expands into the real world with new payment solutions like Apple Pay and debit card integration.
Metaplanet Issues $25 Million in Bonds to Buy Bitcoin
Japanese investment firm Metaplanet has announced the issuance of 3.6 billion yen (approximately $24.7 million) in non-interest-bearing bonds to further its Bitcoin strategy. The bonds will be repaid at par value by October 31, 2025, and will be distributed through the company’s EVO FUND platform. This is Metaplanet’s 12th bond issuance to fund Bitcoin purchases.
The company, which launched its Bitcoin accumulation strategy in April 2024, has raised 5,000 BTC ($484 million) to date, half of its target of 10,000 BTC by the end of the year. CEO Simon Gerovich said the company’s unrealized profit from Bitcoin has exceeded 6 billion yen, four times its pre-strategy market value.
North Carolina Approves Crypto Investments
The North Carolina House of Representatives has approved a bill that allows public funds to be invested in certain crypto assets by a vote of 71 to 44. The bill, called the “Digital Asset Investment Act,” authorizes the Secretary of the Treasury to direct up to 5% of state investments into approved digital assets. It requires investments to be evaluated for security and regulatory compliance by independent third parties.
In addition, the possibility of pension and deferred compensation plan participants investing in crypto assets through exchange-traded products (ETPs) will be examined. Another law passed on the same day, the “State Investment Modernization Act,” plans to transfer investment management from the Treasury to a newly established independent institution called the NCIA (North Carolina Investment Authority). With this development, North Carolina is the second fastest-moving state in crypto investments after Arizona.
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BITCOIN (BTC)
BTC is trading at $ 96,850 as of the morning hours with a 0.34% increase in value. On the BTCUSDT side, the price is at $ 96,779 and is moving upwards towards the $ 98,000 – $ 100,000 band. This region has been determined as a strong supply area. Profit realizations can be seen as the price approaches this region. In a possible downward correction, the $ 92,000 level may work as the first support and the $ 88,541 level may work as the main demand zone.
ETHEREUM(ETH)
ETH is priced at $ 1,844 as of the morning hours with a 0.34% gain in value. On the ETHUSDT side, the price is balanced at $ 1,843. While the $ 1,957 level, which was previously tested, stands out as the main resistance, the $ 1,820 level can be followed as short-term support below. While a generally horizontal and unstable structure draws attention, the target in an upward breakout is $ 1,957, and the target in a downward breakout is $ 1,780.
RIPPLE(XRP)
XRP is trading at $ 2,219 levels with a 0.28% gain as of the morning hours. On the XRPUSDT chart, the price is trading just below the $ 2.20 level, which previously worked as support. This level can now work as resistance. If the price cannot overcome this level and is rejected, the $ 2.16 – $ 2.18 range shown in the green zone can be tested again. Closing above $2.23 could cause the price to increase its upward momentum.
AVALANCHE(AVAX)
AVAX is trading at $ 21.93 levels with a 1.34% gain as of the morning hours. The price in AVAXUSDT is trying to close above the horizontal resistance at $ 21.65. If it can stay above this level, there may be a potential rise to $ 23.46. However, falling below this level again may increase the selling pressure and bring a pullback to the $ 21.00 – $ 20.90 band on the agenda. The green zone stands out as the support zone where buyers remain strong.
SOLANA(SOL)
SOL is traded at $ 150.35 as of the morning hours with a 0.34% loss in value. The horizontal band movement on the SOLUSDT side draws attention. The price is stuck in the $ 144.87 – $ 154.00 range and the upper part of this band currently serves as resistance. While exceeding the $ 154 level above may trigger a new upward wave; losing $ 144.87 below may activate the bearish scenario in the short term. As of now, the price seems to have found stability in the middle of the band and a directional break is expected.
