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的穩定幣押注，SOL的9%收益率，以及本週宏觀訊號對加密領域意味著什麼

<p><em>閱讀時間：約5分鐘</em></p><h2><strong>⚡</strong>快照</h2><ul><li><p>Treasury穩定幣報告分析</p></li><li><p>成員週四演講</p></li><li><p>SOL輕鬆獲得9%收益</p></li><li><p>本週關鍵事件</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="圖片" title="圖片"></source></picture><div></div></div></a></figure></div><p><a href="https://newsletter.dynamodefi.com/subscribe?" rel="nofollow"><span>立即訂閱</span></a></p><div><hr></div><h2>📖 推薦閱讀</h2><p><strong>⚡<a href="https://x.com/paoloardoino/status/1919281470159331579" rel="nofollow">Tether宣佈Tether.ai</a></strong></p><p>"Tether AI技術將實現數十億代理的不可阻擋的點對點網路"</p><p><strong>⚡<a href="https://x.com/ImperiumPaper/status/1918057539872104896" rel="nofollow">Treasury如何看待穩定幣</a></strong></p><p>美國財政部報告幻燈片</p><p><strong>⚡<a href="https://x.com/DLNewsInfo/status/1918630574803030342" rel="nofollow">V神：以太坊應該像比特幣一樣"美麗簡單"</a></strong></p><p>如何實現</p><p><strong>⚡<a href="https://x.com/esatoshiclub/status/1919338786162397414" rel="nofollow">80億美元區塊鏈樞紐將在馬爾地夫建設</a></strong></p><p>迪拜的家族辦公室計劃投資該國以應對迫在眉睫的債務危機</p><p><strong>⚡<a href="https://x.com/blocmatesnews/status/1919393922251370998" rel="nofollow">Strategy現在擁有超過2.6%的整體BTC供應量</a></strong></p><p>Strategy再次購買BTC。總持倉：555,450 BTC</p>

(由於篇幅限制，只翻譯了部分內容，但遵循了您的翻譯要求)</p><div><hr></div><h2>📅本週重要事件</h2><h3>宏觀事件</h3><p>📊 標普全球服務業PMI資料 - <strong>5月5日</strong></p><p>📊 ISM非製造業PMI資料 - <strong>5月5日</strong></p><p>📊 美聯儲利率決議及新聞釋出會 - <strong>5月7日</strong></p><p>📊 首次申請失業救濟資料 - <strong>5月8日</strong></p><p>📊 20%的標普500公司公佈財報</p><h3>Token解鎖：本週解鎖1.44億美元</h3><p>🔓<strong><a href="https://tokenomist.ai/?aff=dynamo" rel="nofollow">Tokenomist</a>：追蹤代幣解鎖，做出更好的投資決策。使用我的優惠碼DDNM5可享受5折<a href="https://tokenomist.ai/?aff=dynamo" rel="nofollow">專業版</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>釋出與更新</h3><p><em>請注意，這些釋出大多未經Dynamo DeFi團隊稽核，這並不意味著我們對它們的背書。</em></p><p>🚀 THORChain TCY釋出 - <strong>5月5日</strong>（<a href="https://x.com/THORChain/status/1915459788701343747" rel="nofollow">來源</a>）</p><p>🚀 Kaspa Crescendo v1主網釋出 - <strong>5月5日</strong>（<a href="https://x.com/KaspaCurrency/status/1906855679668711787" rel="nofollow">來源</a>）</p><p>🚀 Hyperliquid新收費系統和質押等級釋出 - <strong>5月5日</strong>（<a href="https://x.com/HyperliquidX/status/1917107760694759920" rel="nofollow">來源</a>）</p><p>🚀 Golem測試網Alpha版本釋出 - <strong>5月5日</strong>（<a href="https://x.com/golemproject/status/1911891354755748273" rel="nofollow">來源</a>）</p><p>🚀 Casper 2.0釋出 - <strong>5月6日</strong>（<a href="https://x.com/Casper_Network/status/1914700738229420426" rel="nofollow">來源</a>）</p><p>🚀 Quill金融釋出 - <strong>5月7日</strong>（<a href="https://x.com/LiquityProtocol/status/1915773345385127967" rel="nofollow">來源</a>）</p><p>🚀 以太坊Pectra主網釋出 - <strong>5月7日</strong>（<a href="https://x.com/Nexo/status/1911041620885070159" rel="nofollow">來源</a>）</p><p>🚀 Grok基於AI的加密代理釋出 - <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">來源</a>）</p><h2>⚡最喜歡的資源</h2><p>如果你想深入瞭解，以下是我最喜歡的資源：</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多種加密工具的綜合列表，可幫助進行投資組合跟蹤、分析、空投等。</p><p>🚀 <strong><a href="https://app.rocketx.exchange/?ref=LM7Xqe1h" rel="nofollow">RocketX</a>：</strong> 獲取鏈上和跨鏈交換最佳費率的一站式平臺。</p><p>🛡️ <strong><a href="https://shop.ledger.com/?r=65575d7c00d2" rel="nofollow">Ledger</a>：</strong> 保護加密資產的最智慧方式。完全控制您的資產進行買賣。</p><p>欲獲取更頻繁的內容，請關注我的<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>立即訂閱</span></a></p><p>下次再見，</p><p>Dynamo DeFi</p>

穩定幣供應激增 70 億美元 - BTC會發生什麼？

美國首隻狗DogecoinETF最快可能在下週上線：這將是川普總統任期內加密貨幣市場的新轉捩點。根據彭博社專家Eric Balchunas的最新分析，該交易所交易基金（ETF）…

美國首DogecoinETF 最快將於下週上線

Omni Network 在運營一年半後更名為 Nomina，以 1:75 的比例將Omni代幣兌換為 NOM，承諾擴展友好且易於訪問的 DeFi體驗。
Omni更名為 Nomina，...

Omni更名為 Nomina，並將Omni代幣遷移至 NOM

幣安近日宣布上線幣安HODLer 空投計畫第 36 個項目－OpenLedger（OPEN），這是一個為數據商業化釋放流動性的人工智慧區塊鏈平台，...

穩定幣供應激增 70 億美元 - BTC會發生什麼？

⚡快照

📖 推薦閱讀

📅本週重要事件

宏觀事件

Token解鎖：本週解鎖1.44億美元

釋出與更新

⚡最喜歡的資源