stac

According to CoinDesk, Wall Street broker Bernstein pointed out in a recent report that the rapid integration of the market technology stack is increasing the likelihood of a new round of mergers and acquisitions in the field of sports event contracts and financial markets.The report states that in the past eight months, major prediction platforms have been developing towards simultaneously controlling customer distribution and exchange infrastructure. Although Kalshi and Polymarket have core technology stacks, their distribution capabilities are relatively lagging, making them potential acquisition targets.Recent actions include DraftKings acquiring Railbird to launch DKeX, Robinhood collaborating with Susquehanna to create Rothera, and Coinbase acquiring The Clearing Company. Bernstein believes that Robinhood and Coinbase are currently in a relatively advantageous position in the competitive landscape, as both have large consumer user bases and fully owned regulated infrastructures, while Kalshi and Polymarket are viewed as potential acquisition targets due to their lack of large-scale distribution capabilities.

According to Coindesk, former 21Shares co-founder Ophelia Snyder stated that there is a significant communication misalignment between the crypto industry and traditional finance regarding the issue of tokenization.Snyder pointed out that current discussions mostly focus on the settlement speed of blockchain and the ability to transfer assets, but overlook the operational processes from trade execution to final settlement. She believes that tokenization projects are feasible in small-scale tests, but face enormous challenges in supporting the massive flow of funds in the U.S. capital markets.The main difficulties include: how to integrate tokenized assets into existing ledger systems, compliance processes, and regulatory reporting frameworks, as well as how to adjust the risk management framework to accommodate round-the-clock trading. Additionally, many third-party software solutions relied upon by financial institutions have yet to support blockchain-native transactions.She stated that the real challenges will become apparent when institutions incorporate tokenized infrastructure into their core business pathways. The industry is still in the pilot phase, and there is still a long way to go before large-scale implementation.

According to Jinshi News, Nvidia has released "Halos for Robotics," which is the industry's first full-stack safety system for physical artificial intelligence.

Galaxy Research Director Alex Thorn posted that the U.S. Securities and Exchange Commission (SEC) plans to abolish Rule 611 "Order Protection Rule" and Rule 610(e) in the National Market System Regulation (Reg NMS), which could become an important turning point for the development of tokenized stocks.Thorn pointed out that Rule 611 requires trades to adhere to the best quotes across the entire market (NBBO), while AMMs cannot route orders in real-time, access low-latency market data, or pause trading due to better quotes existing on other exchanges. Therefore, it has long been difficult to meet regulatory requirements, becoming one of the main structural obstacles for tokenized U.S. stocks to land in the DeFi scenario. He stated that if the future replaces the regulatory requirements for trade-by-trade supervision with brokers' "best execution obligations," on-chain liquidity pools and AMM mechanisms will be more easily incorporated into the compliance framework.Although tokenized securities still face issues such as trading venue registration and clearing and settlement, the SEC's subsequent plan to introduce an "innovation exemption" mechanism is expected to further promote related developments. Thorn believes this is an important step for the SEC to implement the "Project Crypto" roadmap, paving the way for innovations in tokenized stocks, AMMs, and on-chain securities trading by removing key market structure barriers.

Alex Thorn, Head of Research at Galaxy Digital, posted on the X platform that the U.S. Securities and Exchange Commission (SEC) has proposed to abolish Rule 611 of Reg NMS (Order Protection Rule) and Rule 610(e) (Locking/Crossing Market Restrictions). Rule 611 requires each trading center to prevent trades from being executed at prices inferior to protected quotes displayed by other exchanges, and it has been a core rule of the U.S. stock market structure since 2005. Alex Thorn stated that Rule 611 is one of the biggest obstacles to trading tokenized stocks in DeFi. Automated market makers cannot comply with this rule, and any liquidity pool for tokenized stocks would continuously violate the regulation, essentially constituting an illegal trading center.After the abolition of Rule 611, it will be replaced by the "best execution" principle, which applies at the broker level and is based on a rules-based framework rather than a trade-by-trade review, thus being compatible with automated market makers. Alex Thorn mentioned that this is part of the SEC's execution of the "crypto project" plan, first abolishing the most challenging market structure barriers and then addressing venue registration issues through "innovation waivers."

According to a report by Cai Lian She, OpenAI released a statement regarding the recent "Mini Shai-Hulud" supply chain attack incident targeting the popular open-source library TanStack. After monitoring the malicious attacks on several commonly used npm packages, the security team quickly investigated the internal systems and found no evidence of user data being leaked or accessed illegally.OpenAI pointed out that although its core services were not directly compromised, to ensure the security of local environments, all macOS users using its official applications must complete software updates by June 12, 2026.

According to Decrypt, USDC issuer Circle has launched the Agent Stack toolkit, allowing AI agents to autonomously hold funds, pay fees, and conduct transactions using USDC without human intervention. The core products include agent wallets, a command line interface, an agent marketplace, and a nano payment protocol that supports micro-transfers of $0.000001 without gas fees.Circle stated that traditional financial systems are designed for humans, and AI agents cannot operate independently, thus requiring a rebuild of the infrastructure. Circle co-founder Jeremy Allaire said that Agent Stack is the first financial services suite to treat AI agents themselves as clients.

Movement makes a strategic investment in the full-stack stablecoin business infrastructure Stableyard. This investment will provide operational support to Stableyard, including merchant onboarding and ecosystem integration, and plans to fully integrate Stableyard's payment stack on the Movement network to promote the practical application of stablecoins in compliant, seamless, and large-scale scenarios.In addition, Stableyard's consumer application DopePay is currently open for a waiting list, supporting QR code scanning and Tap-to-Pay payments.

According to The Information, OpenAI was unable to complete approximately $18 billion in financing from external lenders, which was originally planned to support the early deployment of its custom chip project developed in collaboration with Broadcom. This project plans to deploy OpenAI's self-developed chips with a computing power of 10 gigawatts, which is a core strategy for the company to reduce its reliance on Nvidia. The original agreement announced in October 2025 had a total hardware construction scale of approximately $500 billion.The background of the financing obstacles is that lenders are becoming increasingly cautious about AI infrastructure deals backed by OpenAI's expected revenue, compounded by recent reports that OpenAI has not met its internal growth targets, further heightening investor concerns. More broadly, capital expenditures for AI in large-scale enterprises are estimated to reach $600 billion to $720 billion by 2026, but Nvidia's accounts receivable have approached $33 billion, indicating that buyer settlement cycles are generally extended. OpenAI currently faces three paths: restructuring this round of financing, changing lenders, or scaling back the chip deployment.

U.S. lawmakers have reached an agreement on the stablecoin yield provision, which had previously stalled the Clarity Act in the Senate for months.Senators Tom Tillis and Angela Alsobrooks have finalized the text of the relevant compromise, which stipulates in Section 404 that crypto companies may not offer interest or yields that are economically or functionally equivalent to bank deposits, but allows for activity incentives related to the use of real platforms. Coinbase CEO Brian Armstrong stated that the Senate Banking Committee should be urged to review the bill as soon as possible. This progress may provide the conditions needed to advance the previously stagnant review process.

According to The Block, Gemini's Olympus division has officially obtained a Derivatives Clearing Organization (DCO) license issued by the Commodity Futures Trading Commission (CFTC), allowing it to act as an internal clearinghouse for settlement, risk management, and collateral management without relying on third-party clearing, which is expected to reduce operational costs.Combined with the previously obtained Designated Contract Market (DCM) license, Gemini is now capable of conducting full-stack compliant operations in the fields of futures, options, perpetual contracts, and prediction markets. Currently, Gemini is further applying for a Futures Commission Merchant (FCM) license to complete its full suite of CFTC qualifications and compete directly with Kraken and Coinbase.

The gaming public chain Ronin announced that it will migrate to Ethereum Layer 2 on May 12, during which there will be an approximately 10-hour downtime for on-chain operations. Normal operations will resume after the migration is completed, and its underlying architecture will be built on the OP Stack, with EigenDA integrated as the data availability layer.It is recommended that users unstake RON before the migration date, or the system will automatically unstake for users after the migration is completed. The core goal of this migration is to allow Ronin to leverage Ethereum's security, data availability, and finality capabilities, while injecting mature on-chain gaming infrastructure into the Ethereum ecosystem. As the underlying network for well-known on-chain games like Axie Infinity and Pixels, this move is seen as an important milestone in its ecological development.After the migration is completed, the annual inflation rate of RON will be reduced from over 20% to below 1%, and the treasury will gain continuous income from staking, Sequencer net revenue, and Marketplace fees (which will increase from 0.5% to 1.25%).

a16z crypto released an analysis report titled "The New Stack of Global Finance: The Stablecoin Edition." The report points out that stablecoins have evolved from niche trading tools into fundamental financial pipelines, giving rise to a new type of "banking as a service" model that is driving the reconstruction of the financial system. The report believes that the transition to on-chain finance has "crossed the point of no return."The report categorizes blockchains into three types: general-purpose chains (such as Solana, Ethereum, and L2), payment-specific chains (such as Stripe's Tempo), and institutional networks (such as Canton). It also notes that the bottlenecks in the banking industry are easing, with a number of crypto-friendly banks actively connecting on-chain infrastructure with traditional fiat systems. The competition for stablecoin issuance has shifted to regulatory positioning, with issuers vying to obtain OCC national trust charters.The report states that payments are the "first act," while credit may be the more important "second act." The large-scale issuance of stablecoins will give rise to a new on-chain credit market, allowing capital to form outside the traditional banking system. The report also emphasizes that stablecoins not only enhance the dominance of the dollar but also provide emerging market users with access channels to the dollar.

According to informed sources, the AI cloud platform FluidStack plans to raise about $1 billion at a valuation of $18 billion, with Leopold Aschenbrenner's institution Situational Awareness in talks to participate and co-lead the investment. This round of financing is expected to be used to accelerate FluidStack's expansion in the fields of AI computing and cloud infrastructure.It is reported that FluidStack has previously signed cooperation agreements with several Bitcoin mining companies, including TeraWulf, Cipher Mining, and Hut 8.

According to market news, the UK Liberal Democrats have written to the Financial Conduct Authority (FCA), requesting an investigation into the relationship between Reform UK leader Nigel Farage and the Bitcoin company Stack BTC.The party questions whether Farage's appearance in the company's promotional video, while holding shares in Stack BTC, violates market rules and presents a conflict of interest. Stack BTC recently disclosed that it purchased 37 bitcoins as company reserves, valued at approximately $2.7 million, and Farage holds a 6.31% stake in Stack BTC through his media company. At the same time, the UK government is advancing a proposal to ban political donations in cryptocurrency to prevent external funding from interfering in elections. The FCA stated that it will review the relevant correspondence and respond.