24H Hot Coins & Headlines | Circle Achieves $42M Revenue in Q1, Surges to $134 Intraday; U.S. President Trump to Pay State Visit to China (May 12)
- Core View: The cryptocurrency market is exhibiting structural divergence, with leading coins showing mixed performance, while small and mid-cap coins, along with Meme coins, remain active; Industry fundamentals show Circle's non-interest income hitting a new high, signaling a diversification of its business model. Meanwhile, macro events such as Trump's visit to China and continued capital inflows into the AI sector are injecting new momentum.
- Key Factors:
- Among popular CEX tokens, OSMO (+68.43%) and RAD (+28.52%) led the gains; on-chain, Meme coins like TURBO performed notably, indicating market capital is chasing high-risk, high-volatility assets.
- Circle's Q1 non-interest income reached $42 million, an all-time high, suggesting a reduced dependency on interest rates and the successful commercialization of products like its platform services; its stock price broke above $134, pushing its market cap to $33.06 billion.
- On the macro front, U.S. President Trump is invited to visit China in May, with Musk expected to accompany him, leading to an immediate spike in Tesla's stock price. This event may indirectly impact expectations for blockchain policy between the U.S. and China.
- FTX/Alameda unstaked 200,000 SOL (approximately $19.4 million), a move that could exert short-term supply and price pressure on Solana's secondary market.
- On the technology front, the Ethereum Foundation is advancing the "Glamsterdam" upgrade, with ePBS already running on a devnet, indicating continued progress in Ethereum's scalability and protocol mechanism reforms.
- In the AI-crypto crossover sector, startup Ciridae secured a $20 million seed funding round led by Accel, with participation from a16z, showing sustained capital interest in the combination of decentralized technology and vertical-specific AI.
- On the regulatory and compliance front, Crypto.com received the UAE's first crypto SVF license, enabling crypto asset payments for government services, marking a significant milestone in the regulation of crypto payments in the Middle East.
1. Popular CEX Tokens
Top 10 CEX Trading Volume & 24h Change:
- BNB: +1.45%
- BTC: -0.12%
- ETH: -0.75%
- SOL: +1.46%
- DOGE: +0.46%
- TON: -1.05%
- RAD: +28.52%
- SUI: -2.78%
- XRP: +1.02%
- OSMO: +68.43%
24h Gainers List (Data source: OKX):
- PARTI: +17.76%
- ROBO: +13.27%
- ASP: +10.11%
- MOVE: +9.78%
- PENDLE: +8.75%
- CRV: +8.25%
- GMT: +7.29%
- BASED: +7.00%
- INJ: +6.93%
- ZBCN: +6.95%
24h Stock Gainers List (Data source: msx.com):
- VCX.M: 55.52%
- MRAM.M: 53.2%
- AAOI.M: 28.9%
- POET.M: 27.67%
- NA.M: 25.45%
- DXYZ.M: 23.96%
- QUBT.M: 22.71%
- SWMR.M: 22.55%
- BTBT.M: 20.56%
- LITE.M: 17.23%
2. Top 5 On-chain Memes (Data source: GMGN):
- TURBO
- RKC
- XMONEY
- RTKC
- Bufo
Headlines
Circle's Q1 financial report shows other revenue (non-reserve interest) reached $42 million, an all-time high, demonstrating a multi-quarter growth trend. This indicates Circle's revenue diversification is progressing well, with decreasing reliance on interest rates. Products like platform services, API tools, and Agent Stack have already generated substantial commercial returns.
Circle Surges 18%, Breaks Above $134
Circle (CRCL) stock price expanded its intraday gains to 18%, breaking above $134 to trade at $134.36, with a market cap of $33.06 billion.
US President Trump to Pay State Visit to China
Ministry of Foreign Affairs spokesperson announced that, at the invitation of President Xi Jinping, US President Trump will pay a state visit to China from May 13 to 15. (CCTV)
Polymarket IPO Date Allegedly Leaked, Possibly December 31st This Year
A TradingView page allegedly showed Polymarket's IPO date as December 31st this year. However, the same date is displayed for Kalshi on the same page, casting doubt on the information's accuracy.
Industry News
Musk Reportedly to Join US Delegation for Trump's China Trip
According to market sources, Musk will join the US delegation for Trump's visit to China. Tesla's stock price surged over 1% immediately following the news. Earlier, sources indicated that NVIDIA CEO Jensen Huang was not invited and would not accompany the trip to Beijing.
FTX/Alameda Unstakes 200,000 SOL Worth $19.4 Million
According to Onchain Lens monitoring, FTX/Alameda has unstaked 199,263 SOL, valued at approximately $19.4 million.
Project Updates
The Ethereum Foundation disclosed the latest progress on the next upgrade, "Glamsterdam": ePBS is running stably on the multi-client devnet, the EIP-8037 repricing mechanism has been finalized, and the FOCIL prototype for the Hegotá expansion direction is functional. Additionally, the Protocol Cluster has completed a leadership restructuring, with former leads Tim Beiko and Barnabé Monnot gradually stepping back from management roles.
Frax Finance: Tangent Opens Pre-deposits in One Week, frxUSD Becomes Default Stablecoin
DeFi project Tangent will open pre-deposits in one week. frxUSD, alongside USDC, will serve as one of the protocol's default stablecoins for initial liquidity deployment. The project will be built on the frxUSD PegKeeper pool on Curve Finance.
Tether Launches Developer Grant Program, Applications Now Open
Tether announced the launch of a developer grant program with no overall funding cap. Payments are made based on technical deliverables, with individual grants ranging from approximately $1,500 to $4,000. The program covers areas such as wallet infrastructure, browser extensions, and e-commerce payment integrations, and will further develop the open-source Wallet Development Kit (WDK).
Crypto.com becomes the first virtual asset service provider in the UAE to obtain a Stored Value Facility (SVF) license from the Central Bank. Partnering with the Dubai Ministry of Finance, it will allow UAE residents to pay for government services using crypto assets. Future plans also include integrating crypto payments with Emirates Airlines and Dubai Duty Free.
St. Jude Children's Research Hospital received a donation of 0.5% of the total ASTEROID token supply approximately two years ago. As the market cap grew from ~$20,000 to over $150 million, the hospital sold the tokens in 12 tranches, eventually realizing over 290 ETH (~$676,000). The funds will be used for childhood disease treatment and research.
Fundraising
AI Startup Ciridae Raises $20M Seed Round Led by Accel
AI startup Ciridae completed a $20 million seed funding round led by Accel, with participation from a16z and General Catalyst. The company was co-founded by a former a16z partner and a former head of machine learning at Apple, focusing on AI-driven digital transformation for mid-sized enterprises in sectors like home services, construction, and industrial distribution. (Fortune)
Key Voices
Trump stated the war in Iran will end soon, adding that he will meet with a group of generals to discuss the Iran issue. (Jin Shi)
JPMorgan: Forecasts 2026 Average Oil Price at $96/Barrel
JPMorgan forecasts the average oil price for the full year 2026 to be $96 per barrel, with Q2, Q3, and Q4 averaging $103, $104, and $98 per barrel respectively. (Jin Shi)
