Crypto Morning Brief: USDC issuer Circle files for NYSE listing, NASDAQ-listed SharpLink announces $425 million fundraising to purchase ETH

Author: TechFlow

Yesterday's Market Dynamics

U.S. President Trump: I'm very happy about imposing 50% tariffs on the EU

According to Jin10 News, U.S. President Trump said he is very satisfied with imposing 50% tariffs on the European Union. He just learned that the EU has requested an urgent meeting date. The EU is looking for a meeting date, which is a positive development, and he hopes the EU will open trade to the United States.

Trump Media & Technology Group announces launch of ~$2.5 billion Bitcoin treasury transaction

According to Bloomberg, Trump Media & Technology Group (DJT) announced the launch of a treasury transaction involving approximately $2.5 billion in Bitcoin.

SEC initiates proceedings to review WisdomTree XRP spot ETF listing application

According to an official announcement, the U.S. Securities and Exchange Commission (SEC) announced on May 27, 2025, the initiation of formal proceedings to determine whether to approve Cboe BZX Exchange's application to list the WisdomTree XRP Fund. The fund aims to track the performance of the XRP cryptocurrency, using the CME CF Ripple-Dollar Reference Rate as its benchmark. The SEC specifically highlighted concerns over whether the proposal meets regulatory requirements to prevent fraud and market manipulation and to protect investor interests. The SEC has opened a public comment period, with comments due within 21 days of publication in the Federal Register and rebuttals allowed within 35 days. This marks a critical stage in the XRP ETF approval process.

USDC issuer Circle files for NYSE listing

According to CoinDesk, Circle Internet Group, the issuer of the USDC stablecoin, has formally filed an IPO application with the New York Stock Exchange. The company plans to issue 24 million Class A shares, with 9.6 million offered by the company and 14.4 million by existing shareholders. The expected price range is $24–26 per share, and the stock will trade under the ticker symbol "CRCL" upon listing.

Movement Mainnet MoveDrop officially launches; users can now claim MOVE tokens via official claim page

According to an official announcement from the Movement Foundation, the Movement Mainnet MoveDrop has officially launched. Users can now claim their MOVE tokens through the official claim portal.

The Movement ecosystem has simultaneously introduced several new features: The DeFi Spring Program will offer up to 250 million $MOVE tokens in incentives, available across more than 10 participating applications; the Parthenon platform enables users to earn evolutionary non-fungible tokens (NFTs) and rewards while using ecosystem apps; in the NFT space, Movement has partnered with projects including Arkai World and Capygo.

Puffverse adjusts tokenomics: initial circulating supply increases by 1.79%, team allocation reduced by 3%

According to an official announcement, Puffverse has announced adjustments to its token economic model: the initial circulating supply has increased by 1.79% to 11.66%, while the team allocation has been reduced by 3% to 9%.

Earlier news indicated that Binance Alpha will list Puffverse (PFVS) on May 27.

MetaMask officially supports Solana network

According to an official announcement, the MetaMask browser extension now officially supports the Solana network. Users can manage both Ethereum and Solana accounts within the same interface, enabling them to send, receive, swap, bridge, and purchase Solana-based tokens, as well as interact with Solana dApps. MetaMask will provide Solana users with the same security protections available on Ethereum, including real-time alerts, malicious dApp detection, and transaction simulation. Mobile app support for Solana will be rolled out in the coming weeks.

SharpLink Gaming announces $425M private placement, to hold ETH as treasury reserve asset

According to GlobeNewswire, sports betting operator SharpLink Gaming, Inc. (Nasdaq: SBET) today announced it has signed a securities purchase agreement for a $425 million private investment in public equity (PIPE). The company plans to issue approximately 69.1 million shares of common stock (or equivalent securities) at a price of $6.15 per share ($6.72 per share for management team members).

Consensys Software Inc. is leading the round as the primary investor, with participation from prominent crypto venture firms including ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital. The transaction is expected to close on May 29.

SharpLink plans to use the proceeds to purchase Ethereum (ETH) as its primary treasury reserve asset. Upon completion, Joseph Lubin, co-founder of Ethereum and founder & CEO of Consensys, will become Chairman of SharpLink’s Board and serve as a strategic advisor to help grow the company’s core business.

Standard Chartered: SOL could reach $500 by 2029

According to The Block, Standard Chartered forecasts that Solana could reach $500 by 2029, though it may lag behind Ethereum in the near term. Geoffrey Kendrick, the bank’s global head of digital assets research, noted that Solana is currently overly reliant on memecoin trading, which is not a sustainable growth driver. While Solana has advantages in low fees and high throughput, the development of new use cases may take 2–3 years. Standard Chartered expects SOL to reach $275 by the end of 2025 and the ETH/SOL ratio to rise to 17 by the end of 2027. The bank also predicts Bitcoin will reach $200,000 by the end of 2025 and $500,000 by 2028, with the stablecoin market reaching $2 trillion by the end of 2028.

Thailand plans to allow tourists to spend cryptocurrencies

According to Cointelegraph, Thailand’s Deputy Prime Minister and Finance Minister, Pichai Chunhavajira, announced at an investment seminar in Bangkok that Thailand is preparing to allow tourists to spend cryptocurrencies via platforms linked to credit cards. The plan is currently under review by the Ministry of Finance and the Bank of Thailand.

Under the plan, tourists would link their cryptocurrency holdings to a credit card for local spending, with merchants receiving Thai baht as usual and typically unaware that the transaction involved crypto. Additionally, Thailand plans to unify its legal framework between traditional capital markets and digital assets and will launch a blockchain-based "G-Tokens" initiative, allowing retail investors to purchase fractional units of government bonds.

Sonar, ICO platform founded by Cobie, officially launches; debut project Plasma valued at $500 million

Echo, the platform founded by renowned crypto investor Cobie (Jordan Fish), has launched a new ICO platform called Sonar, with Plasma, a stablecoin blockchain project, as its first fundraising initiative. Plasma plans to issue 1 billion XPL tokens (10% of total supply) in this token sale at $0.05 per token, raising $50 million and achieving a fully diluted valuation of $500 million. The token sale begins today and will last two weeks. Global users can participate (excluding UK residents and sanctioned regions), with U.S. participants facing a 12-month lock-up and users from other regions subject to a 40-day lock-up. Designed as a Bitcoin sidechain with full EVM compatibility, Plasma is currently on a private testnet, with a public testnet launching in the coming weeks and mainnet expected by late summer this year.

Plasma previously raised $24 million from notable investors including Founders Fund, Peter Thiel, Cobie, and Tether CEO Paolo Ardoino.

Market Data

Suggested Reading

Interview with Pi Ma: From Meme Coins to Launch Platforms — The Investment Logic Behind All-In Culture

This article discusses meme coins in the cryptocurrency space and their associated investment logic, while also exploring launch platforms, retail crypto behavior, on-chain trading ecosystems, and future trends in public blockchains. Through Pi Ma’s perspective, it analyzes investment strategies for meme coins, behavioral finance influences, the value of launch platforms, and economic models of public chains and Layer 2 solutions.

USD Stablecoins: The Scepter of Currency

This article examines the historical evolution of monetary and fiscal policy and their impact on political stability, focusing on the U.S. separation of fiscal and monetary authority, current fiscal challenges, and the potential implications of the USD stablecoin bill.

Dialogue with Dr. Xiao Feng (Part 2): Chinese Will Become the Leading Force in RWA Innovation

This article primarily explores the development trends, opportunities, and challenges of stablecoin economics and real-world assets (RWA), particularly the potential and role of Chinese participants in this field. Through a dialogue with Dr. Xiao Feng, it provides an in-depth analysis of the significance of stablecoin economics, the development logic of RWA, and the future innovation landscape.

The Great Financial Reconciliation

This article explores how the great financial reconciliation of 2025 is not merely a technological convergence but a triumph of pragmatism over ideology, marking deep collaboration between traditional finance (TradFi) and decentralized finance (DeFi). It discusses how the integration of traditional finance with blockchain technology can overcome limitations of the current financial system and drive innovation and efficiency in global financial infrastructure.

"Mouth Mining" Is Becoming a New Form of Crypto Mining

This article explores the emerging Web3 mining model known as "mouth mining" ("mouth-lu") and the theoretical foundation and applications of the resulting InfoFi (information finance) mechanism. It analyzes flaws in traditional airdrop models, emphasizes the importance of information behavior in the crypto world, and outlines future narrative-driven industry development trends.