Crypto Stabilizes, Creditor Distribution, and Stablecoin Adoption

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Happy Friday, TM Family!

Welcome to the Token Metrics Daily newsletter, your go-to source for the latest developments in the cryptocurrency market.

Our insights are drawn from authoritative sources and recent market data to provide our community of readers and investors with accurate and actionable information.

Let’s dive in! 

In Today’s Edition

1. Market Watch: Bitcoin and Ethereum Show Resilience Amid Volatility

2. Coinbase Milestone: S&P 500 Inclusion Amid Data Breach Challenges

3. FTX Creditors to Receive Over $5 Billion in Upcoming Distribution

4. Yield-Bearing Stablecoins: A Rising Trend in Crypto Treasury Management

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Now, let’s get back to the key stories of the day.

1. Market Watch: Bitcoin and Ethereum Show Resilience Amid Volatility

The cryptocurrency market continues to demonstrate resilience despite inherent volatility. As of May 16, 2025, Bitcoin (BTC) is trading at approximately $103,703, reflecting a modest 1.7% increase over the past 24 hours. Ethereum (ETH) holds steady at around $2,589, maintaining its value with a 24-hour trading volume of over $24B. 

This market stability is attributed to sustained institutional interest and capital inflows. Bitcoin's ability to hold above $100,000 is driven by institutional flows, with investors viewing it as a store of value amid economic uncertainties. Ethereum’s price stability is supported by its role in decentralized finance (DeFi) and the ongoing adoption of Ethereum-based applications. 

$MOODENG turned bullish on the Token Metrics’ platform on April 27, 2025, at $0.04. As of now, it is trading at $0.22, a 5.5x growth, and it also went up as high as $0.3, a 7.5x growth since the signal turned bullish. 

Another token, $PRCL, also turned bullish recently, on April 29, 2025, and is already up 40%. Sign up on Token Metrics today to never miss another bullish signal and stay ahead of the curve. 

2. Coinbase Milestone: S&P 500 Inclusion Amid Data Breach Challenges

Coinbase has achieved a historic milestone by becoming the first cryptocurrency company in the S&P 500 index. The inclusion, effective before trading opens on Monday, May 19, 2025, has propelled Coinbase’s stock price upwards, reflecting market enthusiasm for crypto’s growing mainstream acceptance. 

However, this achievement is overshadowed by significant challenges. On 14 May 2025, Coinbase disclosed a data breach resulting from social engineering attacks targeting international employees and contractors.

The breach compromised sensitive information, including names, email addresses, physical addresses, phone numbers, partial social security numbers, banking details, government-issued IDs, balance snapshots, transaction histories, and internal corporate documents. 

The breach affected less than 1% of monthly transacting users and prompted hackers to demand a $20M ransom, which Coinbase refused. Coinbase is offering a $20M reward for information leading to the perpetrator’s arrest and conviction. The estimated costs to address the breach range from $180M to $400M, including voluntary reimbursements. 

3. FTX Creditors to Receive Over $5 Billion in Upcoming Distribution

The bankrupt cryptocurrency exchange FTX is preparing to distribute over $5B to creditors starting 30 May 2025, marking a significant step in resolving its November 2022 collapse. Creditors will recover between 54% and 120% of their original claims, based on the U.S. dollar value at the time of the collapse. 

The distribution process, handled by BitGo and Kraken, will see funds transferred within one to three business days from 30 May. Over 90% of claims are already in the distribution pipeline, suggesting an efficient process. This follows FTX’s efforts to liquidate assets and settle claims, relieving creditors affected by one of the largest crypto failures in history. 

4. Yield-Bearing Stablecoins: A Rising Trend in Crypto Treasury Management

Yield-bearing stablecoins are experiencing a surge in demand, offering investors a unique combination of price stability and passive income. Coinshift’s csUSDL stablecoin, for example, has surpassed $100M in total value locked (TVL), reflecting growing interest in assets that generate returns through decentralized finance (DeFi) protocols or real-world asset (RWA) backing. 

The total stablecoin market cap is $241B, the yield-bearing stablecoin market cap is just $8.7B, and the all-time yield paid out is $577M. 

Lending and borrowing protocols on platforms like Aave or Compound distribute interest to holders, providing DeFi native yield. As used by Ethena Finance’s USDe, strategies like delta-neutral hedging stabilize value while generating returns. Backing stablecoins with assets like U.S. Treasury bills shares interest with holders. 

Meme of The Day

References 

1. Bitcoin Holds Above $100,000

2. Fintechs, Funds ‘Hoarding Bitcoin’

3. Coinbase Added to S&P 500

4. SEC Is Probing Coinbase

5. FTX to Pay Over $5B to Creditors

6. Coinshift’s csUSDL Stablecoin Tops $100M in TVL

7. Trade $MOODENG on Token Metrics

8. Trade $PRCL on Token Metrics

9. Sign up on Token Metrics 

That’s all for today, folks!  Happy weekend. Let’s talk on Monday.

Your Friends at Token Metrics