The Northern Mariana Islands, a Pacific territory of the United States, passed a bill to allow Tinian, a subordinate island, to issue stablecoins, overturning the veto of Governor Arnold Palacios on April 11. The bill was passed by the House of Representatives with 14 votes in favor and 2 votes against, and the Senate also reconsidered it on May 9 with 7 votes in favor and 1 vote against. According to the bill, the Tinian government can issue, manage, and redeem the stablecoin "Marianas US Dollar" (MUSD) to the authorized Secretary of the Treasury. If it is issued before July, Tinian may become the first US public entity to issue a stablecoin, ahead of Wyoming, which also plans to issue a stablecoin.

In this article, Attorney Mankiw will talk to you about how RWA works in the United States based on Ondo’s RWA model.

Yesterday (May 15th, Eastern Time), the total net inflow of Bitcoin spot ETFs was US$115 million.

The suspects were charged with one count of theft and three counts of dealing with property known or believed to represent the proceeds of an indictable offence. They pleaded guilty and were convicted at the Hong Kong High Court yesterday and were sentenced to a total of 78 months in prison.

As a key bridge between on-chain contracts and off-chain real-world data in the blockchain ecosystem, the importance of oracles is becoming increasingly prominent, and they are being upgraded from a single data relay tool to the "intelligence center" of the on-chain world. It is recommended to focus on three major directions: modular oracles, AI-integrated oracles, and RWA identity-bound oracles. Oracles are transforming from supporting roles to "value anchors" of on-chain order, ushering in structural investment opportunities.

John Thune, the majority leader of the U.S. Senate, has formally submitted a motion to end the debate on the GENIUS Act, which is scheduled to be voted on on May 19. This stablecoin regulatory bill requires that issuers with assets exceeding $10 billion be regulated by the Federal Reserve, and small institutions be regulated at the state level; all stablecoins must be fully backed by assets such as U.S. dollars or treasury bonds. The latest bipartisan amendment proposes to add three clauses: 1) stricter rules for technology companies to get involved in financial assets; 2) strengthen consumer protection mechanisms; 3) strengthen supervision of government officials (including Musk and others). The House of Representatives has previously passed a similar "STABLE Act", requiring issuers of stablecoins such as USDT to operate in a completely transparent manner.

The Russian Central Bank has named Bitcoin as the best performing asset in the Russian financial market in April 2025, with the price of Bitcoin rising 11.2% that month. The bank also highlighted that Bitcoin's performance year-to-date also topped the list, with a return of 17.6%, surpassing stocks, bonds and gold. Despite a short-term volatility drop of 18.6% between January and April 2025, Bitcoin has been identified as the world's best performing investment product since 2022, with a cumulative return of 121.3%.

FTX Trading Ltd., the parent company of the bankrupt cryptocurrency exchange FTX, will launch the second phase of the Chapter 11 reorganization plan on May 30, 2025, distributing more than $5 billion to creditors. The FTX bankruptcy management team announced on Thursday that convenience and non-convenience creditors who meet the pre-distribution requirements will receive their funds from Bitgo or Kraken within one to three business days from that date. Although the bankruptcy management team has been criticized by some former customers for FTX's previous successful investments in startups such as Anthropic and tokens such as Solana, which have enabled customers to "recover their money" at market lows. However, many cryptocurrency traders believe that these allocated funds may be beneficial to token prices if traders choose to reinvest.

The U.S. Securities and Exchange Commission (SEC) is investigating whether Coinbase falsified user data before its IPO in 2021. The SEC focused on the "100 million verified users" indicator claimed by the exchange in its direct listing registration documents, which was quietly deactivated two years later. Coinbase Chief Legal Officer Paul Grewal responded that this was an investigation left over from the previous administration, and the relevant indicators had been deactivated and fully disclosed two and a half years ago.

The latest 13F document disclosed by the Wisconsin Investment Committee shows that the agency has liquidated $321 million worth of BlackRock Spot Bitcoin ETF (IBIT). The document shows that the committee no longer holds any IBIT shares as of the end of the March quarter. The investment committee has not completely withdrawn from crypto-related investments, and the document shows that it still holds about $19 million worth of Coinbase shares. Previously, the agency had liquidated Grayscale Bitcoin Trust (GBTC). It is worth noting that the BlackRock IBIT fund has just set a record of 20 consecutive days of net inflows, with capital inflows exceeding $5 billion.