Plus the Treasury’s stablecoin bet, 9% yield on SOL, and what this week’s macro signals mean for crypto

<p><em>Read Time: ~5 minutes</em></p><h2><strong>⚡</strong>Snapshot</h2><ul><li><p>Analysis of Treasury’s stablecoins report</p></li><li><p>Member Presentation Thursday</p></li><li><p>Easy 9% yield on SOL</p></li><li><p>Key events this week</p></li></ul><div><figure><a href="https://x.com/boldleonidas/status/1919273733790880220" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/86f1bd2ae41d1b6b9a8e8e110c1b5685.jpg" alt="Image" title="Image"></source></picture><div></div></div></a></figure></div><p><a href="https://newsletter.dynamodefi.com/subscribe?" rel="nofollow"><span>Subscribe now</span></a></p><div><hr></div><h2>📖 Recommended Reads</h2><p><strong>⚡<a href="https://x.com/paoloardoino/status/1919281470159331579" rel="nofollow">Tether announces Tether.ai</a></strong></p><p>“Tether AI tech will enable an unstoppable peer-to-peer network of <a href="https://www.theblock.co/post/353082/tether-ceo-ai-agents" rel="nofollow">billions of agents</a>”</p><p><strong>⚡<a href="https://x.com/ImperiumPaper/status/1918057539872104896" rel="nofollow">How the Treasury views stablecoins</a></strong></p><p>Slides from the US Treasury’s report</p><p><strong>⚡<a href="https://x.com/DLNewsInfo/status/1918630574803030342" rel="nofollow">Vitalik: Ethereum should be as ‘beautifully simple’ as Bitcoin</a></strong></p><p>How it gets there</p><p><strong>⚡<a href="https://x.com/esatoshiclub/status/1919338786162397414" rel="nofollow">$8b Blockchain hub to be built in the Maldives</a></strong></p><p>Dubai-based family office plans investment into the country to tackle looming debt crisis</p><p><strong>⚡<a href="https://x.com/blocmatesnews/status/1919393922251370998" rel="nofollow">Strategy now owns over 2.6% of entire BTC supply</a></strong></p><p>Strategy made another BTC purchase. Total holdings: 555,450 BTC</p><div><hr></div><h2><strong>⚡</strong>Crypto’s Hottest Ecosystem — a Deep Dive</h2><p>Patrick and Dynamo DeFi team will be presenting a deep dive into one of crypto’s hottest ecosystems that most DeFi users are ignoring. This is part of our monthly group Zoom, where we go through the latest narratives driving the crypto market. Thursday at 5:30pm EDT.</p><p>Live attendees can ask questions along the way, getting answers to the things they care about most.</p><p>This call is available only to Pro Members, who receive a new prepared presentation every month. Recording will be posted for those who cannot attend live.</p><p><a href="https://newsletter.dynamodefi.com/subscribe" rel="nofollow">Click here to receive an invitation to Thursday’s call </a><strong><a href="https://newsletter.dynamodefi.com/subscribe" rel="nofollow">→</a></strong></p><p><em>RSVP link will be sent to Pro Members shortly. Members can bring a friend.</em></p><div><hr></div><h2>🔢Onchain Analysis</h2><h4>Stablecoin Market Cap Hits All-Time High</h4><p>Stablecoins added over $7b in market cap over the last month.</p><div><figure><a href="https://defillama.com/stablecoins?backing=FIATSTABLES&amp;backing=CRYPTOSTABLES" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/60e80a47220db330a3585ea732d8d5ae.jpg" alt=""></source></picture><div></div></div></a></figure></div><p>The largest stablecoin addition came from Tether, which added over $5b on its own.</p><p>Circle’s USDC added just under $1b over the same time frame. BlackRock’s BUIDL market cap grew 46%, adding over $900m.</p><p>USDT dominance has fallen from 70% to 62% in the last 6 months (the lowest level in two years), but Tether’s relative growth over the last 30 days flattened the decline.</p><div><figure><a href="https://defillama.com/stablecoins?backing=FIATSTABLES&amp;backing=CRYPTOSTABLES" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/f4d8e18b52542b2dc08fe3b1264d1601.jpg" alt=""></source></picture><div></div></div></a></figure></div><p>Favorable regulation and even a use case for the government (as a mechanism to find marginal treasury buyers) are propelling stablecoin popularity outside of the crypto world and into global finance.</p><div><figure><a href="https://trends.google.com/trends/explore?geo=US&amp;q=stablecoin&amp;hl=en" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/1ebfb7bcad5c513640efed84fab80138.jpg" alt=""></source></picture><div></div></div></a><figcaption>Stablecoin popularity is trending up</figcaption></figure></div><p><a href="https://home.treasury.gov/system/files/221/TBACCharge2Q22025.pdf" rel="nofollow">A detailed report from the US Treasury</a> displayed the potential for stablecoins with several use cases given current regulations.</p><p>The Treasury believes stablecoins could “Witness Exponential Growth in Response to Market and Regulatory Breakthroughs” and grow to a $2tn market by 2028. The growth would be driven by institutions and the migration of financial activities onchain.</p><div><figure><a href="https://home.treasury.gov/system/files/221/TBACCharge2Q22025.pdf" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/75eac5415c7aabad410549d21b478a2e.jpg" alt=""></source></picture><div></div></div></a></figure></div><p>This report from the Treasury is impressive. We’ve discussed stablecoins and their potential for quite some time, and getting confirmation on this potential from such a big player is music to our ears.</p><p>We believe this 2028 projection is conservative, and think stablecoins could grow to a $1tn market cap this year.</p><p>If onchain activity pushes stablecoins to such a massive valuation, will demand for digital assets like Bitcoin be higher or lower? That’s an easy question. Higher. The more pertinent question is <em>how much</em> higher they’ll be.</p><p>As stablecoins see more usage in our every day lives, digital assets will rise in prominence as well. Networks like Ethereum and Tron facilitate stablecoin transactions. Assets like Ethereum and Bitcoin serve as collateral for crypto-backed stables. DeFi protocols like Ethena and Sky have stablecoins of their own. DEXs like Curve facilitate the exchange of these stables. All of these will grow in usage with stablecoin growth.</p><p>Furthermore, finance moving from analog to digital, offchain to onchain, will translate to greater acceptance of other onchain solutions. BTC as a store of value, for example. More stablecoins means more money in the onchain economy.</p><p>Thought exercise: In May 2023, BTC’s market cap was ~$550b. Stablecoin market cap was $130b, about 23% of BTC’s market cap.</p><p>Today, Bitcoin’s market cap is ~$1.8tn. Stablecoin market cap is $240b, about 12% of the BTC market cap.</p><p>Assuming stablecoins grow to at least $1tn, and return to around 25% of BTC’s total market cap, that’s a $4tn BTC market cap. Moon math? Yes. Impossible? Time will tell.</p><p><a href="https://newsletter.dynamodefi.com/subscribe?" rel="nofollow"><span>Subscribe now</span></a></p><div><hr></div><h2>🚜Farm of the Week</h2><h3>Earn 9% on your SOL tokens with JupSOL</h3><p>Liquid Staking Tokens (LSTs) are yield-bearing tokens that are liquid and tradable, meaning you can use them throughout DeFi.</p><p>The largest LSTs on Solana are Jito’s JITOSOL, Marinade’s mSOL and Jupiter’s JupSOL.</p><p>Jupiter’s JupSOL is the highest earner right now - currently 9.25% APY.</p><div><figure><a href="https://jup.ag/swap/SOL-JupSOL" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/9b1a4370cc2a0493a7a3526f4e22e698.jpg" alt=""></source></picture><div></div></div></a></figure></div><h4>How it Works</h4><p>Head to Jupiter’s aggregator website. Connect your wallet, and swap any token for JupSOL. Once swapped, you’ll start earning APY simply by holding JupSOL in your wallet.</p><div><figure><a href="https://jup.ag/swap/SOL-JupSOL" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/8d261ac16739ee3d128b41f7ab6ce0c2.jpg" alt=""></source></picture><div></div></div></a></figure></div><p>LSTs are usually a different price than their native token counterpart, but they’re designed to move together as closely as possible.</p><h4><strong>Risks</strong></h4><p>Risk level: low</p><ul><li><p><a href="https://www.ledger.com/academy/basic-basics/l-doing-your-own-research-dyor/introduction-to-smart-contract-risks" rel="nofollow">Smart contract risk</a></p></li><li><p>Layering risk - by delegating a stake, you’re relying on another set of developers and smart contracts to manage the peg to native SOL</p></li></ul><h3>This Week in DeFi Metrics</h3><div><div></div></div><div><hr></div><h2>⚡Stablecoin Market Caps Decreasing on These Chains</h2><p>These chains saw significant stablecoin market cap decreases over the last 24 hours:</p><ul><li><p>Arbitrum -0.70%</p></li><li><p>Sei -1.36%</p></li><li><p>Hyperliquid -0.57%</p></li><li><p>Berachain -4.72%</p></li></ul><div><figure><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa15b0a87-1272-4d98-8c93-048c92c9eaab_484x94.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/ae948f4e598094bf62ae6b61500438e2.jpg" alt="" title=""></source></picture><div></div></div></a></figure></div><p>Be the first to know when money is leaving chain ecosystems. Get stablecoin market cap changes, DEX volume growth and other timely updates from the DeFi Alerts channel.</p><p>Available only in the Dynamo DeFi Discord. <strong><a href="https://newsletter.dynamodefi.com/subscribe" rel="nofollow">Upgrade to Pro Today for immediate access →</a></strong></p><div><hr></div><h2>🛠️Tool Spotlight</h2><h3>Track BTC &amp; ETH ETFs with DeFiLlama</h3><p>Get a detailed breakdown of daily, weekly, monthly and cumulative ETF flows using DeFiLlama’s ETF dashboard.</p><p>Daily ETF flows are especially helpful for gauging current sentiment and potential trend changes.</p><div><figure><a href="https://defillama.com/etfs" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/8ed97c12533dbf62c425d956c137a1db.jpg" alt=""></source></picture><div></div></div></a></figure></div><p>Each ETF can be individually tracked - covering flows, AUM and volume.</p><p>More helpful DeFi Tools: <strong><a href="https://newsletter.dynamodefi.com/p/crypto-tool-wiki" rel="nofollow">The Dynamo DeFi Crypto Tools List</a></strong></p><div><hr></div><h2>📅Key Events This Week</h2><h3>Macro Events</h3><p>📊 S&amp;P Global Services PMI data - <strong>May 5th</strong></p><p>📊 ISM Non-Manufacturing PMI data - <strong>May 5th</strong></p><p>📊 Fed Interest Rate Decision &amp; Press Conference - <strong>May 7th</strong></p><p>📊 Initial Jobless Claims data - <strong>May 8th</strong></p><p>📊 20% of S&amp;P 500 companies report earnings</p><h3>Token Unlocks: $144m Unlocking This Week</h3><p>🔓<strong><a href="https://tokenomist.ai/?aff=dynamo" rel="nofollow">Tokenomist</a>: Track token unlocks and make better investment decisions. Use my code DDNM5 for 5% off <a href="https://tokenomist.ai/?aff=dynamo" rel="nofollow">Pro Plans</a>.</strong></p><p>🔓ORDER (0.59%) - <strong>May 5th</strong></p><p>🔓SPEC (70.90%) - <strong>May 6th</strong></p><p>🔓ENA (1.41%) - <strong>May 6th</strong></p><p>🔓SHADOW (10%) - <strong>May 6th</strong></p><p>🔓IMX (1.03%) - <strong>May 7th</strong></p><p>🔓GMT (3.06%) - <strong>May 8th</strong></p><p>🔓ENS (2.81%) - <strong>May 9th</strong></p><p>🔓FLR (2.92%) - <strong>May 10th</strong></p><p>🔓LAYER (12.87%) - <strong>May 11th</strong></p><h3>Launches &amp; Updates</h3><p><em>Note that these launches are mostly unvetted by the Dynamo DeFi team and this isn’t an endorsement of any of them.</em></p><p>🚀 Thorchain TCY launch - <strong>May 5th </strong>(<a href="https://x.com/THORChain/status/1915459788701343747" rel="nofollow">Source</a>)</p><p>🚀 Kaspa crescendo v1 mainnet launch - <strong>May 5th </strong>(<a href="https://x.com/KaspaCurrency/status/1906855679668711787" rel="nofollow">Source</a>)</p><p>🚀Hyperliquid new fee system and staking tiers release - <strong>May 5th </strong>(<a href="https://x.com/HyperliquidX/status/1917107760694759920" rel="nofollow">Source</a>)</p><p>🚀 Golem testnet alpha release - <strong>May 5th </strong>(<a href="https://x.com/golemproject/status/1911891354755748273" rel="nofollow">Source</a>)</p><p>🚀Casper 2.0 launch - <strong>May 6th </strong>(<a href="https://x.com/Casper_Network/status/1914700738229420426" rel="nofollow">Source</a>)</p><p>🚀Quill finance launch - <strong>May 7th </strong>(<a href="https://x.com/LiquityProtocol/status/1915773345385127967" rel="nofollow">Source</a>)</p><p>🚀 Ethereum Pectra mainnet launch - <strong>May 7th </strong>(<a href="https://x.com/Nexo/status/1911041620885070159" rel="nofollow">Source</a>)</p><p>🚀 Grok AI-based crypto agent launch - <strong>May 10th </strong>(<a href="https://99bitcoins.com/news/pr-news/new-ai-agent-launches-on-may-10-grok-ai-based-crypto-agent-will-change-everything/?utm" rel="nofollow">Source</a>)</p><h2>⚡Favorite Resources</h2><p>If you want to dive deeper, here are some of my favorite resources:</p><p>🛠️ <strong><a href="https://dynamodefi.substack.com/p/crypto-tool-wiki" rel="nofollow">The Dynamo DeFi Crypto Tools List</a>:</strong> A comprehensive list of 100+ crypto tools to help with portfolio tracking, analytics, airdrops and more.</p><p>🚀 <strong><a href="https://app.rocketx.exchange/?ref=LM7Xqe1h" rel="nofollow">RocketX</a>:</strong> The 1-stop-shop to get the best rates for on-chain &amp; cross-chain swaps.</p><p>🛡️ <strong><a href="https://shop.ledger.com/?r=65575d7c00d2" rel="nofollow">Ledger</a>:</strong> The smartest way to secure your crypto. Buy &amp; sell crypto with full control over your assets.</p><p>For more frequent content, follow me on <a href="https://twitter.com/Dynamo_Patrick" rel="nofollow">Twitter</a> and <a href="https://www.youtube.com/dynamodefi" rel="nofollow">YouTube</a>.</p><p><a href="https://newsletter.dynamodefi.com/subscribe?" rel="nofollow"><span>Subscribe now</span></a></p><p>Until next time,</p><p>Dynamo DeFi</p>

️Stablecoin Supply Surges by $7B - What Happens to BTC?

加上Treasury的稳定币押注，SOL的9%收益率，以及本周宏观信号对加密领域意味着什么

<p><em>阅读时间：约5分钟</em></p><h2><strong>⚡</strong>快照</h2><ul><li><p>Treasury稳定币报告分析</p></li><li><p>成员周四演讲</p></li><li><p>SOL轻松获得9%收益</p></li><li><p>本周关键事件</p></li></ul><div><figure><a href="https://x.com/boldleonidas/status/1919273733790880220" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/86f1bd2ae41d1b6b9a8e8e110c1b5685.jpg" alt="图片" title="图片"></source></picture><div></div></div></a></figure></div><p><a href="https://newsletter.dynamodefi.com/subscribe?" rel="nofollow"><span>立即订阅</span></a></p><div><hr></div><h2>📖 推荐阅读</h2><p><strong>⚡<a href="https://x.com/paoloardoino/status/1919281470159331579" rel="nofollow">Tether宣布Tether.ai</a></strong></p><p>"Tether AI技术将实现数十亿代理的不可阻挡的点对点网络"</p><p><strong>⚡<a href="https://x.com/ImperiumPaper/status/1918057539872104896" rel="nofollow">Treasury如何看待稳定币</a></strong></p><p>美国财政部报告幻灯片</p><p><strong>⚡<a href="https://x.com/DLNewsInfo/status/1918630574803030342" rel="nofollow">V神：以太坊应该像比特币一样"美丽简单"</a></strong></p><p>如何实现</p><p><strong>⚡<a href="https://x.com/esatoshiclub/status/1919338786162397414" rel="nofollow">80亿美元区块链枢纽将在马尔代夫建设</a></strong></p><p>迪拜的家族办公室计划投资该国以应对迫在眉睫的债务危机</p><p><strong>⚡<a href="https://x.com/blocmatesnews/status/1919393922251370998" rel="nofollow">Strategy现在拥有超过2.6%的整体BTC供应量</a></strong></p><p>Strategy再次购买BTC。总持仓：555,450 BTC</p>

(由于篇幅限制，只翻译了部分内容，但遵循了您的翻译要求)</p><div><hr></div><h2>📅本周重要事件</h2><h3>宏观事件</h3><p>📊 标普全球服务业PMI数据 - <strong>5月5日</strong></p><p>📊 ISM非制造业PMI数据 - <strong>5月5日</strong></p><p>📊 美联储利率决议及新闻发布会 - <strong>5月7日</strong></p><p>📊 首次申请失业救济数据 - <strong>5月8日</strong></p><p>📊 20%的标普500公司公布财报</p><h3>Token解锁：本周解锁1.44亿美元</h3><p>🔓<strong><a href="https://tokenomist.ai/?aff=dynamo" rel="nofollow">Tokenomist</a>：追踪代币解锁，做出更好的投资决策。使用我的优惠码DDNM5可享受5折<a href="https://tokenomist.ai/?aff=dynamo" rel="nofollow">专业版</a>。</strong></p><p>🔓ORDER（0.59%） - <strong>5月5日</strong></p><p>🔓SPEC（70.90%） - <strong>5月6日</strong></p><p>🔓ENA（1.41%） - <strong>5月6日</strong></p><p>🔓SHADOW（10%） - <strong>5月6日</strong></p><p>🔓IMX（1.03%） - <strong>5月7日</strong></p><p>🔓GMT（3.06%） - <strong>5月8日</strong></p><p>🔓ENS（2.81%） - <strong>5月9日</strong></p><p>🔓FLR（2.92%） - <strong>5月10日</strong></p><p>🔓LAYER（12.87%） - <strong>5月11日</strong></p><h3>发布与更新</h3><p><em>请注意，这些发布大多未经Dynamo DeFi团队审核，这并不意味着我们对它们的背书。</em></p><p>🚀 THORChain TCY发布 - <strong>5月5日</strong>（<a href="https://x.com/THORChain/status/1915459788701343747" rel="nofollow">来源</a>）</p><p>🚀 Kaspa Crescendo v1主网发布 - <strong>5月5日</strong>（<a href="https://x.com/KaspaCurrency/status/1906855679668711787" rel="nofollow">来源</a>）</p><p>🚀 Hyperliquid新收费系统和质押等级发布 - <strong>5月5日</strong>（<a href="https://x.com/HyperliquidX/status/1917107760694759920" rel="nofollow">来源</a>）</p><p>🚀 Golem测试网Alpha版本发布 - <strong>5月5日</strong>（<a href="https://x.com/golemproject/status/1911891354755748273" rel="nofollow">来源</a>）</p><p>🚀 Casper 2.0发布 - <strong>5月6日</strong>（<a href="https://x.com/Casper_Network/status/1914700738229420426" rel="nofollow">来源</a>）</p><p>🚀 Quill金融发布 - <strong>5月7日</strong>（<a href="https://x.com/LiquityProtocol/status/1915773345385127967" rel="nofollow">来源</a>）</p><p>🚀 以太坊Pectra主网发布 - <strong>5月7日</strong>（<a href="https://x.com/Nexo/status/1911041620885070159" rel="nofollow">来源</a>）</p><p>🚀 Grok基于AI的加密代理发布 - <strong>5月10日</strong>（<a href="https://99bitcoins.com/news/pr-news/new-ai-agent-launches-on-may-10-grok-ai-based-crypto-agent-will-change-everything/?utm" rel="nofollow">来源</a>）</p><h2>⚡最喜欢的资源</h2><p>如果你想深入了解，以下是我最喜欢的资源：</p><p>🛠️ <strong><a href="https://dynamodefi.substack.com/p/crypto-tool-wiki" rel="nofollow">Dynamo DeFi加密工具列表</a>：</strong> 一份包含100多种加密工具的综合列表，可帮助进行投资组合跟踪、分析、空投等。</p><p>🚀 <strong><a href="https://app.rocketx.exchange/?ref=LM7Xqe1h" rel="nofollow">RocketX</a>：</strong> 获取链上和跨链交换最佳费率的一站式平台。</p><p>🛡️ <strong><a href="https://shop.ledger.com/?r=65575d7c00d2" rel="nofollow">Ledger</a>：</strong> 保护加密资产的最智能方式。完全控制您的资产进行买卖。</p><p>欲获取更频繁的内容，请关注我的<a href="https://twitter.com/Dynamo_Patrick" rel="nofollow">Twitter</a>和<a href="https://www.youtube.com/dynamodefi" rel="nofollow">YouTube</a>。</p><p><a href="https://newsletter.dynamodefi.com/subscribe?" rel="nofollow"><span>立即订阅</span></a></p><p>下次再见，</p><p>Dynamo DeFi</p>

稳定币供应激增 70 亿美元 - BTC会发生什么？

美国首只狗DogecoinETF最快可能在下周上线：这将是川普总统任期内加密货币市场的新转捩点。根据彭博社专家Eric Balchunas的最新分析，该交易所交易基金（ETF）…

美国首DogecoinETF 最快将于下周上线

Omni Network 在运营一年半后更名为 Nomina，以 1:75 的比例将Omni代币兑换为 NOM，承诺扩展友好且易于访问的 DeFi体验。
Omni更名为 Nomina，...

Omni更名为 Nomina，并将Omni代币迁移至 NOM

币安近日宣布上线币安HODLer 空投计划第 36 个项目－OpenLedger（OPEN），这是一个为数据商业化释放流动性的人工智慧区块链平台，...

稳定币供应激增 70 亿美元 - BTC会发生什么？

⚡快照

📖 推荐阅读

📅本周重要事件

宏观事件

Token解锁：本周解锁1.44亿美元

发布与更新

⚡最喜欢的资源