Here’s a quick summary of the crypto landscape as of Friday (May 29) at 8:00 pm UTC.
Get the latest information on Bitcoin, Ether and altcoins, along with a round-up of major cryptocurrency market news.
Bitcoin (BTC) Its price stood at US$73,252.50, down 0.3 percent in the last 24 hours.
Bitcoin price performance, May 29, 2026.
through charts trading view.
Demand for spot Bitcoin exchange-traded funds (ETFs) has fallen sharply as institutional investors pulled billions of dollars out of the market. Recent data shows that Bitcoin ETFs faced record-breaking withdrawals totaling US$2.8 billion for nine consecutive days starting on May 15.
The bleeding peaked on Wednesday (May 27), with a net loss of US$733.43 million in one day, mainly due to capital flight of US$527.84 million from BlackRock’s iShares Bitcoin Trust ETF (NASDAQ:IBIT).
Analysts said Wednesday’s decline was the fifth-worst day in the ETF’s history and effectively pulled total year-to-date flows into negative territory. In the absence of institutional liquidity, Bitcoin abandoned its breakout attempt near US$82,000 and fell below US$74,000, hitting a six-week low.
Ether (ETH) Its price stood at US$2,007.88, down 0.6 percent in the last 24 hours.
Today’s Crypto News to Know
FalconX joins Wall Street with confidential IPO filing
Crypto trading powerhouse FalconX owns were presented Filing a confidential initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The California-based company is targeting a public market debut later this year, the exact timing of which will depend on broader digital asset market conditions.
The company was last valued at US$8 billion in private markets, making its filing a highly anticipated move on Wall Street. However, while institutional analysts were expecting a big wave of crypto listings this year following the 2025 public debuts of Gemini (NASDAQ:GEMI) and Bullish (NYSE:BLSH), deteriorating market conditions have brought the IPO pipeline to an abrupt halt.
Major industry players including Kraken, ConsenSys, Ledger and Grayscale have officially postponed their public listing plans while waiting for the digital asset market to recover.
This ongoing widespread recession has forced alternative crypto firms to abandon the traditional IPO route altogether, instead turning to special purpose acquisition companies to secure public listings.
Tether stablecoin explodes with 500 percent monthly increase
Tether’s US-focused stablecoin, USAT, saw its circulating supply increase by more than 500 percent month-on-month throughout April. A reserve report from accounting firm Deloitte confirmed that the supply of digital dollars reached US$140.8 million on April 30, a 540 percent increase from US$22 million at the end of March.
The company said the rapid expansion stems from growing acceptance in institutional treasury operations, corporate settlement flows and regulated liquidity management.
Launched in January this year, USAT is issued directly by Anchorage Digital, a federally chartered cryptocurrency bank, and maintains a one-to-one hard peg to the US dollar.
Tether’s flagship token, USDT, remains the largest dollar-backed cryptocurrency in the world with a US$189 billion market cap, while Circle Internet Group’s rival USDC token remains firmly in second place with about US$76 billion.
Paxos secures SEC registration to operate as clearing agency
Paxos Securities Settlement Company is owned by secure official registration from the SEC to serve as a clearing agency under Section 17A of the Securities Exchange Act.
The regulatory greenlight makes the Paxos subsidiary the only blockchain-native firm authorized to act as a central securities depository in the US. This order, granted in the form of temporary registration, allows the company to provide clearing and settlement services while continuing to meet strict federal compliance guidelines.
According to CEO Charles Cascarilla, the approval concludes a seven-year regulatory effort that began with the 2019 no-action letter and subsequent settlement pilot program. That operational pilot has handled daily US equities clearing alongside major financial institutions since February 2020 2022 partnership With State Street successfully achieving “T+0” stock settlement on the same day.
Legacy infrastructure providers have recently entered the tokenization market, with the Depository Trust and Clearing Corporation recently unveiling its Wall Street-backed tokenization plans.
The regulatory win follows a turbulent period for Paxos, which accidentally burned $300 trillion of PayPal (NASDAQ:PYPL) PYUSD tokens during an internal technical error in October 2025 and later won conditional approval from the OCC to convert to a national trust bank.
SoFi launches SoFiUSD stablecoin for consumer app members
Digital financial services and technology company SoFi Technologies (NASDAQ:SOFI) released its stablecoinSoFiUSD added its 14.7 millionth member on Wednesday, making it the first US national bank to embed a bank-issued stablecoin directly into a consumer banking app.
Members can buy, sell, hold and convert dollar-pegged tokens within the same app they use to save, spend, borrow and invest, with full availability expected by early June as users update to the latest app version.
SoFiUSD is fully reserved 1:1 with US dollars held at SoFi Bank. It runs on both the Ethereum and Solana blockchains, and will be backed by regular independent auditor verification of its reserves. The stablecoin was first announced for enterprise partners in December 2025, then expanded to Mastercard’s global payments network in March 2026.
“At SoFi, we believe we can improve the way money moves around the world by combining the speed and versatility of blockchain with the trust of a bank,” SoFi CEO Anthony Noto said in a press release. “People no longer have to choose between blockchain technology and regulated banking products. With SoFiUSD, we are giving our members a one-stop shop to buy, hold, and pay for digital assets in the same app they already use to save, spend, borrow, and invest.”
The company saw a big jump in its share price on Friday, which opened seven per cent higher than its previous close.
Securities Disclosure: I, Gian Liguid, do not have any direct investment interest in any of the companies mentioned in this article.
Securities Disclosure: I, Megan Seiter, do not have any direct investment interest in any of the companies mentioned in this article.
