Headlines
Telegram Officially Terminates TON Blockchain Project
On May 13 at 1:00 AM UTC, Pavel Durov, CEO and founder of Telegram, announced the shutdown of its blockchain project TON (Telegram Open Network). The decision came after a U.S. court injunction prohibited further development and research on TON.
Durov likened the situation to miners being barred from selling gold to investors, emphasizing that the court's restriction primarily targeted Telegram's sale of GRAM tokens. Despite the shutdown, he acknowledged TON's technological advancements in blockchain infrastructure.
Key Points:
- SEC issued a cease-and-desist order against TON and GRAM tokens in 2019.
- Multiple delays preceded the final shutdown due to regulatory hurdles.
Cryptocurrency Updates
DeFi Trends: Bitcoin Locks Hit All-Time High While ETH Declines
- Bitcoin: Locked BTC in DeFi surged to 2,238 BTC on May 12 (DeFi Pulse).
- Ethereum: ETH locked in DeFi dropped by 5% since January’s peak of 3.235 million ETH.
👉 Explore DeFi trends and investment opportunities
Grayscale’s Crypto AUM Reaches $3.7 Billion
Grayscale reported a new high of $3.7 billion in managed assets, citing U.S. fiscal deficits as a potential catalyst for crypto adoption (The Daily Hodl).
Stablecoin Supply Breaks $100 Billion
- Total stablecoin supply crossed $104 billion on May 12, led by Tether (85.1% market share).
- USDC ranked second with 7.2% dominance (The Block).
Tether Mints 100 Million USDT on TRON Network
Tether authorized 100 million USDT for TRON, earmarked for future issuance requests (Whale Alert).
Mining and Auctions
- Lubian Pool: Briefly entered Bitcoin’s top 10 mining pools with 5,650 PH/s (BTC.com).
- Celo’s cGLD Auction: Raised $1 million** at an average price of **$5.1 USDC (Dutch auction via CoinList).
Blockchain Industry
渣打银行 Issues First Offshore RMB Blockchain Letter of Credit
渣打银行 partnered with Contour to issue a blockchain-based RMB信用证 for宝武钢铁’s iron ore import from Australia, marking a milestone in paperless trade (财联社).
摩根大通 Now Services Crypto Exchanges
摩根大通 is onboarding Coinbase and Gemini for cash management services, a first for the bank (华尔街日报).
Investments
Blockdaemon Secures $5.5 Million for Node Expansion
The blockchain infrastructure provider plans to expand into Asian and European markets (The Block).
Global Policies
Mauritius Nears CBDC Pilot
The central bank is finalizing a retail-focused digital currency, aiming to maintain financial stability (CoinDesk).
央行上海总部 Warns Against Crypto Scams
Investors cautioned against schemes disguised as “blockchain” or “virtual currency” investments (央行上海总部).
Expert Insights
Anthony Pompliano: COVID-19 Policies Fuel Crypto Adoption
The Morgan Creek founder argues that fiscal stimulus fears will drive demand for inflation hedges like Bitcoin (Cointelegraph).
👉 Stay ahead with the latest crypto strategies
FAQ
Q: Why did Telegram shut down TON?
A: A U.S. court order barred development and token sales, citing regulatory non-compliance.
Q: What’s driving stablecoin growth?
A: Demand for dollar-pegged assets amid market volatility and DeFi expansion.
Q: How does摩根大通’s move impact crypto?
A: Legitimizes exchanges by providing traditional banking services, easing fiat transitions.
Disclaimer: This content reflects market trends and does not constitute financial advice.
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