Disclaimer
The content in this newsletter is intended solely for informational purposes and should not be considered financial, investment, or legal advice. AllePay assumes no responsibility for any actions taken based on this information. Readers are strongly encouraged to conduct their own research and consult with licensed professionals before making any investment decisions.
Summary
The crypto market faced significant downward pressure this past week, with leading assets like Bitcoin and Ethereum pulling back from key support zones. Over $200 billion was wiped from the total market capitalization as investors adopted a risk-off approach amid ongoing macroeconomic uncertainty and regulatory headwinds. Altcoins bore the brunt of the decline, especially those tied to Layer-1 protocols and AI narratives. Increased whale activity and leveraged position liquidations further fueled the sell-off. Meanwhile, a rise in stablecoin inflows signals a more cautious sentiment as the market awaits crucial economic data and central bank updates.
Despite the downturn, fundamental developments continued:
- MetaMask added native support for the Solana network, further bridging Ethereum and Solana ecosystems.
- Ripple partnered with Zand Bank and Mamo to enhance UAE cross-border payments using XRP.
- Polygon Labs and GSR introduced a new DeFi-centric blockchain aimed at improving scalability.
- WisdomTree’s XRP Spot ETF entered SEC review, pointing to growing institutional interest.
- HashKey Group listed XRP for Asian institutional clients, strengthening its regional influence.
- Hyperliquid’s TVL surged to $1.46 billion, placing it among the top 10 decentralized trading chains.
- Binance obtained full regulatory approval in the EU, paving the way for broader service expansion.
- Circle filed for a public listing on the NYSE to accelerate growth of the USDC ecosystem.
- Sony’s online bank launched a crypto division offering trading and custody services.
- Kraken extended institutional custody coverage to over 50 cryptocurrencies.
Major Developments: May 26-June 1, 2025
- Ripple Partners with Zand Bank for UAE Cross-Border Payments
Ripple announced a partnership with Zand Bank and Mamo in the UAE to enhance cross-border payment solutions, as reported by Cointelegraph on X. The collaboration leverages Ripple’s blockchain technology to offer faster and cheaper international transactions. This move strengthens Ripple’s presence in the Middle East’s growing fintech market. The partnership enables businesses to settle payments instantly using XRP as a bridge currency. It aligns with the UAE’s vision to become a global hub for blockchain innovation.
Source: Cointelegraph - Polygon Labs and GSR Launch DeFi-Focused Blockchain
Polygon Labs, in collaboration with market maker GSR, launched a new DeFi-focused blockchain, according to CoinDesk. The blockchain aims to optimize decentralized finance applications with improved scalability and low transaction costs. It integrates Polygon’s layer-2 solutions to enhance user experience in DeFi protocols. The initiative is expected to attract institutional investors seeking efficient DeFi platforms. This development positions Polygon as a leader in the DeFi infrastructure space.
Source: CoinDesk - WisdomTree’s XRP Spot ETF Under SEC Review
WisdomTree’s application for the first U.S. spot XRP ETF is under formal review by the SEC, as reported by CoinDesk on X. The ETF aims to provide investors with direct exposure to XRP, tracking its price performance. This move signals growing institutional interest in XRP as a regulated investment vehicle. The review process marks a significant step toward mainstream adoption of altcoins. A successful approval could pave the way for similar ETF products in the U.S.
Source: CoinDesk - HashKey Group Lists XRP for Asian Institutional Investors
HashKey Group, a leading Asian crypto platform, announced the listing of XRP for institutional investors, as shared by Cointelegraph. The listing provides high-net-worth clients with access to XRP trading and custody services. This development expands XRP’s reach in Asia’s rapidly growing crypto market. HashKey’s robust regulatory compliance enhances investor confidence in the region. The move is expected to drive significant trading volume for XRP in institutional portfolios.
Source: Cointelegraph - Hyperliquid’s TVL Doubles to $1.46 Billion
Hyperliquid’s total value locked (TVL) doubled to $1.46 billion in just 30 days, entering the top 10 blockchains, as reported by CoinDesk. The surge reflects growing adoption of its decentralized trading platform. Hyperliquid’s innovative perpetual futures market has attracted significant user interest. The platform’s high throughput and low fees contribute to its competitive edge. This milestone underscores the increasing demand for efficient DeFi ecosystems.
Source: CoinDesk - Binance Secures Full EU Regulatory Approval
Binance received full regulatory approval under the EU’s crypto framework, as announced by Cointelegraph. This approval allows Binance to expand its services across all EU member states, offering trading and custody solutions. The milestone enhances Binance’s credibility as a compliant global exchange. It also enables the platform to introduce new products tailored for European investors. This development is expected to boost Binance’s market share in the region.
Source: Cointelegraph - Circle Files for IPO on NYSE
Circle, the issuer of USDC stablecoin, filed for an initial public offering on the New York Stock Exchange, as reported by CoinDesk on X. The IPO aims to raise capital to expand Circle’s stablecoin and payment solutions globally. This move reflects growing institutional confidence in stablecoins as a bridge between traditional and crypto finance. Circle’s IPO filing includes plans to enhance its blockchain-based payment infrastructure. The public listing is anticipated to set a precedent for other crypto firms.
Source: CoinDesk - Sony’s Online Bank Launches Crypto Unit
Sony’s online banking division launched a new cryptocurrency unit to offer trading and custody services, as shared by Cointelegraph on X. The unit focuses on integrating digital assets into Sony’s financial ecosystem, targeting retail and institutional clients. This initiative marks Sony’s entry into the crypto market, leveraging its global brand. The crypto unit will support major assets like Bitcoin and Ethereum, with plans to add stablecoins. It positions Sony as a key player in the convergence of traditional banking and blockchain technology.
Source: Cointelegraph - Kraken Expands Institutional Custody Services
Kraken announced the expansion of its institutional custody services to include additional digital assets, as reported by CoinDesk. The service now supports over 50 cryptocurrencies, catering to hedge funds and asset managers. Kraken’s enhanced custody solutions feature advanced security measures, including multi-signature wallets. This expansion strengthens Kraken’s position as a trusted provider for institutional investors. The move is expected to drive increased adoption of crypto among traditional financial institutions.
Source: CoinDesk - MetaMask Adds Solana Network Support
MetaMask, a leading crypto wallet, added support for the Solana network, enabling users to manage Solana-based assets, as reported by Cointelegraph on X. This integration expands MetaMask’s reach, connecting Ethereum and Solana ecosystems. The update simplifies access to Solana’s DeFi and NFT platforms for millions of users. MetaMask’s support for Solana is expected to boost the network’s adoption among retail investors. This development highlights the growing trend of multi-chain compatibility in crypto wallets.
Source: Cointelegraph
Disclaimer
The content in this newsletter is intended solely for informational purposes and should not be considered financial, investment, or legal advice. AllePay assumes no responsibility for any actions taken based on this information. Readers are strongly encouraged to conduct their own research and consult with licensed professionals before making any investment decisions.
Thank you for reading this week’s AlleCrypto Market Update. Be sure to visit us again next week for the latest insights, trends, and developments in the crypto space.
AllePay Team