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Svmuu reports, decentralized stablecoin USDD has published its May transparency report. Data shows that as of the end of May, USDD's total collateral assets reached $2.2 billion, with a circulation of $1.44 billion and an over-collateralization ratio maintained at 154.65%, indicating strong risk buffer capacity. Additionally, the Smart Allocator's cumulative earnings reached $18.34 million, with new earnings in the month amounting to $2.1 million, a month-over-month increase of 12.94%.
In terms of ecosystem progress, sUSDD has officially launched on the Pendle fixed-income market, providing users with more yield options; it continues to adopt a 100% on-chain verifiable reserve mechanism and is advancing multi-platform incentive plans to accelerate ecosystem expansion.

Svmuu reported that Delphi Digital has released its "Token Market Status Report," indicating that the token market in this cycle has been suppressed by multiple structural issues, including token unlocks occurring on a fixed schedule regardless of project performance, protocol revenues failing to effectively flow back to token holders, and airdrops gradually evolving into sources of exit liquidity.
The report shows that since January 2025, among all newly listed tokens on major centralized exchanges (CEX), if purchased on the listing day and held to the present, an average investment of $1,000 would have dwindled to approximately $500. The median decline is 82%, with only about 12% of tokens still trading above their issuance price, reflecting a market structure that prioritizes "listing quantity over quality."
Regarding tokenomic design, the research points out that across more than 400 unlock events, within a sample of 33, 28 tokens significantly underperformed relative to Bitcoin in the three weeks before and after the unlock, resulting in an average excess loss of approximately 7%. Moreover, most unlocks occur within 30 days, making it difficult for the market to effectively absorb the supply shock.
The report also notes that the long-standing industry issue of "missing value accrual" is beginning to change. An increasing number of protocols are starting to use "Fee Switch" mechanisms to return revenue to token holders. For example, Hyperliquid allocates nearly all its fees to buybacks, Uniswap is burning 100 million UNI tokens, Jupiter uses 50% of its fees for buybacks locked for three years, and Aave has passed a DAO-approved weekly buyback plan of $1 million.
However, the report emphasizes that fee-based buybacks alone are insufficient to resolve supply pressure. For instance, the scale of buybacks for some projects still cannot offset the selling pressure from token unlocks, leading to a situation where "buybacks only offset inflation but fail to generate net buying pressure."
Simultaneously, the structure of institutional capital is shifting. Institutional holdings of Bitcoin-related ETFs like IBIT have grown 62% year-over-year, with advisory channels increasing by 204% and sovereign wealth funds and endowments rising by 228%, while arbitrage-focused hedge funds continue to exit. Long-term capital, including BlackRock, Morgan Stanley, and Mubadala Investment Company, is increasing its allocation.
The report concludes that in the next phase, more attractive token assets will simultaneously feature "revenue accrual mechanisms" and "supply release structures linked to protocol performance." However, the current market remains in the early stages of structural repair.

Svmuu News: According to an official announcement, Binance has announced that it will delist the following spot trading pairs and suspend trading on June 12, 2026, at 11:00 (UTC+8): ADA/BNB, DUSK/BTC, EGLD/ETH, ENSO/BNB, LSK/USDC, NIGHT/BNB, and S/BNB. Binance will remove trading bot services (if applicable) from the above spot trading pairs at 11:00 on June 12, 2026 (UTC+8). We strongly recommend that users close and/or cancel any relevant spot trading bots before the trading bot services for the above pairs are discontinued to avoid any potential losses.

Svmuu News: According to an official announcement, Binance will delist and suspend trading of the following spot trading pairs on June 12, 2026, at 03:00 (UTC): ADA/BNB, DUSK/BTC, EGLD/ETH, ENSO/BNB, LSK/USDC, NIGHT/BNB, and S/BNB. At the same time, Binance will discontinue its spot trading bot service for these pairs. Users are advised to update or cancel their relevant bots before the service is discontinued to avoid potential losses.

Svmuu News: Ahead of the SpaceX IPO, the SPCX pre-market contract on several CEXs and on-chain Perp DEXs presented arbitrage opportunities due to differences in share count calculations and rebase mechanisms, which multiple KOLs capitalized on. Among them, crypto KOL Silicon Bird | Ray shared: “Last night, I went long on BN and short on HL, still capturing a 10-point arbitrage opportunity. BN issued a rebase announcement last night. Since the initially estimated share count (11.87B) differed from the actual share count (13.08B), SPCXUSDT positions will be converted at a ratio of 1.1. This means BN’s SPCX price will be divided by 1.1, while the position size will be multiplied by 1.1. This created a massive arbitrage opportunity because SPCX on Hyperliquid was also originally launched based on the 11.87B share count. However, the documentation clearly states that Hyperliquid’s SPCX will not rebase (as an HIP-3 DEX, trade.xyz doesn’t have this capability either). Hyperliquid’s current SPCX tracks the Class A common stock price. I submitted a ticket to trade.xyz and received a clear response confirming there will be no rebase.” Additionally, he analyzed the reasons behind "SPCX on trade.xyz will not rebase," stating: “There are several key reasons. Those familiar with Hyperliquid and trade.xyz understand their relationship: the former is a trading-specific L1 blockchain, while the latter is a DEX based on Hyperliquid’s HIP-3. trade.xyz is somewhat like an outsourced team, essentially just setting up a platform within Hyperliquid’s ecosystem.
1. We need to understand that a rebase is an extremely complex operation, involving halting trading, forced liquidations, and reopening positions. This is a major engineering challenge even for large CEXs (such as OKX and BN, which are undergoing this rebase). Smaller exchanges like Bitget have simply given up and opted for a relist. For an on-chain team dependent on another blockchain, this is an even more daunting task.
2. When trade.xyz first launched the contract, it mentioned an estimated share count of 11.87B. However, they later realized this could be controversial and promptly removed any mention of the estimated share count from their documentation. They clearly emphasized that the price tracked by SPCX on trade.xyz is the Class A common stock price of SPCX, and added extensive disclaimers stating there will be no rebase.”
Crypto KOL KyleChen also posted last night: “The optimal hedging strategy should be on OKX’s pre-market perpetual. The IPO subscription cost is 142u, leaving around 14% profit margin. Comparison of three pre-market platforms:
- OKX Pre SpacX: 162u, essentially confirmed as per-share price
- Binance current price: 167u, with an announced rebase scheduled for 6/10 at a factor of 1.1, resulting in an adjusted price around 151.2u
- Hyperliquid: 168u, its pre-market contract is provided via trade.xyz based on HIP-3. From a technical infrastructure standpoint, the contract does not directly support a rebase. The corresponding share count is 11.87 billion, which differs significantly from the actual issued shares of 13.08 billion. It is likely that the old contract will be settled at some point, and a new per-share price contract will be listed.” Finally, in a post today, he noted: “The discount or premium of SPCX across different platforms reflects the market’s pricing of rules and probabilities.”
It is worth noting that this price discrepancy arbitrage opportunity has now narrowed to approximately 3%, and the practical trading window has closed. The above content is intended solely for sharing ideas and does not constitute investment advice.

Svmuureports that the Hong Kong Monetary Authority (HKMA) held a media briefing in Beijing. During the meeting, HKMA Chief Executive Eddie Yue stated that the HKMA is continuously discussing further optimization and expansion of the Cross-boundary Wealth Management Connect (WMC) with mainland financial regulatory authorities. There is room for expansion in terms of quota, product categories, and types of participating investors. Currently, a specific timeline for the launch of WMC 3.0 has not yet been determined. (Shanghai Securities News)

Svmuu reports that Coinbase, in partnership with Cardless, has launched a credit card backed by stablecoins, primarily targeting users who hold digital assets but are unable to obtain credit cards through traditional channels. Applicants are required to pledge a portion of their USDC holdings as collateral. (CoinDesk)

Svmuu reports that BIT Group posted on X platform, stating that with only days remaining until the SpaceX IPO, market expectations are heating up, with a general consensus that the stock is likely to perform well post-listing. Unlike many recent IPOs, there are currently few signs that SpaceX will raise its offering price, indicating that the target fundraising amount of $75 billion has already received fairly sufficient subscription coverage.
Meanwhile, SpaceX-related pre-IPO synthetic perpetual contracts are trading at around $157 on Hyperliquid (calculated based on the old 11.9 billion share count) and quoting $169 on Binance, both significantly higher than the expected IPO price of $135. Although prices have fallen from around $200 a few days ago and undergone a repricing, the current implied valuations on both platforms still approach nearly $2 trillion, indicating that traders still anticipate a strong market debut for SpaceX. Prediction markets are also leaning towards optimism, with the current probability of SpaceX's valuation exceeding $2 trillion by the end of the year standing at 68%.

Svmuu reports: Bitcoin mining hosting and cloud service company Applied Digital discloses it has signed a new data center lease agreement at Delta Forge 2, with pre-market U.S. stocks rising over 10%. It is reported that the company has secured $300 million in senior secured bridge financing led by Goldman Sachs to advance its AI data center project construction. (Jin Shi)

Svmuunotes that Stephen Davies, founder and CEO of Javelin Wealth Management, stated that the current market’s investment enthusiasm for SpaceX, Anthropic, and OpenAI has significantly outpaced their fundamentals. The valuations of these companies have already priced in a substantial amount of future growth expectations. While artificial intelligence has real-world applications and long-term value, the market still needs clearer verification of profitability. Without stable proof of earnings, the valuation expansion of AI-related assets carries the risk of excessive optimism.
Regarding SpaceX, Stephen Davies believes the company still needs to establish a stronger track record of commercialization and market performance before it can become a core allocation in his portfolio. Overall, the current valuation levels of some high-growth tech assets have entered a "somewhat extreme" range, and investors should pay more attention to actual earnings support. (CNBC)

According to Svmuu, Claudio Galimberti, Chief Economist at Rystad Energy, an independent energy research and business intelligence firm, stated that if the conflict in the Middle East continues, international oil prices could rise to $150 per barrel in the coming months.
He pointed out that global crude oil inventories are currently at low levels and warned that if the conflict remains unresolved and supply does not increase, inventories will continue to decline, further pushing up prices. He said: "Under current circumstances, unless we resolve (the Middle East conflict), unless we start to see an increase in supply flow, inventories will keep falling, which means prices will keep rising."
As of June 9, 2026, Brent crude oil was priced at approximately $92 per barrel, and WTI crude oil was around $90 per barrel. (Jinshi Data)

SvmuuNews Zcash developers have finalized consensus rule changes for the upcoming Ironwood upgrade, targeting activation in July. This upgrade stems from a previous vulnerability in the Orchard pool that could have allowed an attacker to mint an unlimited amount of counterfeit ZEC. Due to the privacy features of the Orchard pool, the team could not determine whether any counterfeit ZEC was minted before the vulnerability was patched.
The Ironwood upgrade will introduce a new privacy pool using the Orchard protocol, while the old pool will be phased out. It will also add a control flag within the zero-knowledge proof circuit. When enabled, this flag will disable the ability to transfer funds to other users within the pool while retaining the change functionality. After the upgrade is activated, this flag will be enabled for the old Orchard pool, and user transfers to addresses in the old pool will be automatically redirected to the new pool.

Svmuu News: The U.S. Federal Deposit Insurance Corporation's (FDIC) public comment period for its proposed rule regarding stablecoin issuers ended on June 9. The proposal aims to clarify that the payment stablecoin itself does not constitute an insured deposit. While the reserve assets held as corporate deposits by the stablecoin issuer may be insured, stablecoin holders themselves are not entitled to pass-through FDIC insurance coverage.
In the feedback received, standard-setting organizations called for a common reporting framework to support interoperability. Community banks advocated prohibiting stablecoin providers from attracting users through interest payments, cashback, or similar incentives, arguing that such practices would divert deposits from banks and reduce local lending resources. The proposal also requires issuers to maintain highly liquid reserve assets, limit exposure to any single financial institution to no more than 40% of reserve assets, and establish custody controls and asset segregation requirements. (pymnts)