24H Hot Coins & Headlines | Circle Posts $42M Revenue in Q1, Rises to $134 Intraday; US President Trump to Pay State Visit to China (May 12)
- Key Insights: The cryptocurrency market shows structural divergence, with leading coins experiencing mixed gains and losses, while small and mid-cap coins along with Meme coins remain active. Industry fundamentals indicate that Circle's non-interest income hit a record high, signaling a diversification of its business model. Meanwhile, macro events such as Trump's visit to China and continued financing in the AI sector are injecting new momentum.
- Key Factors:
- Among hot CEX coins, OSMO (+68.43%) and RAD (+28.52%) led the gains. On-chain, Meme coins like TURBO performed strongly, indicating market capital is chasing high-risk, high-volatility assets.
- Circle’s Q1 non-interest income reached $42 million, an all-time high, reflecting decreased dependency on interest rates and the successful commercialization of products like platform services. Its stock price broke through $134, with a market cap of $33.06 billion.
- On the macro front, US President Trump is invited to visit China in May, with markets anticipating Elon Musk's accompanying presence, which immediately boosted Tesla's stock price. This event could indirectly impact expectations for US-China blockchain policy.
- FTX/Alameda unwound 200,000 SOL (approximately $19.4 million) in staking, which may exert short-term supply and price pressure on Solana's secondary market.
- On the technology development side, the Ethereum Foundation is advancing the "Glamsterdam" upgrade, with ePBS already running on the devnet, indicating ongoing progress in Ethereum's scalability and protocol mechanism reform.
- In the AI and crypto intersection, startup Ciridae secured $20 million in seed funding, led by Accel with participation from a16z, showing continued capital interest in the combination of decentralized technology and vertical industry AI.
- On the regulatory and compliance front, Crypto.com obtained the UAE’s first crypto SVF license, enabling payments for government services with crypto assets, marking a significant milestone for crypto payment compliance in the Middle East.
1. CEX Hot Tokens
CEX Top 10 by 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 (Data from 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 Crypto Stock Gainers (Data from 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. On-Chain Hot Meme Top 5 (Data from GMGN):
- TURBO
- RKC
- XMONEY
- RTKC
- Bufo
Headlines
Circle Q1 Reports $42M Non-Interest Revenue, All-Time High with Five Consecutive Months of Growth
Circle's Q1 financial report shows non-reserve interest income (Other Revenue) 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 the Agent Stack are generating substantial commercial benefits.
Circle Stock Surges 18%, Breaks Above $134
Circle (CRCL) stock surged 18% during trading, breaking above $134. It currently trades at $134.36, giving it a market capitalization of $33.06 billion.
US President Donald Trump to Make State Visit to China
A Foreign Ministry spokesperson announced that at the invitation of Chinese President Xi Jinping, US President Donald Trump will make a state visit to China from May 13 to 15. (CCTV)
Polymarket IPO Date Allegedly Leaked, Possibly December 31 This Year
A TradingView page allegedly shows Polymarket's IPO date as December 31 this year, but Kalshi's same page also displays the same date, casting doubt on the information's accuracy.
Industry News
Musk May Join US Delegation for Trump's China Visit
According to market sources, Elon Musk will join the US delegation for Trump's China visit. Tesla's stock price surged over 1% immediately following the news. Earlier, sources indicated that NVIDIA CEO Jensen Huang was not invited and will 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, worth approximately $19.4 million.
Project News
The Ethereum Foundation disclosed the latest progress on the next upgrade, "Glamsterdam": ePBS is running stably on a multi-client devnet, the EIP-8037 repricing mechanism has been finalized, and a runnable prototype of FOCIL for the Hegotá expansion direction is available. 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 to Open Pre-Deposits in One Week, frxUSD Becomes Default Stablecoin
DeFi project Tangent will open pre-deposits in one week. frxUSD will join USDC as a protocol default stablecoin to support initial liquidity deployment. The project will build upon the frxUSD PegKeeper pool on Curve Finance.
Tether Launches Developer Grant Program, Now Accepting Applications
Tether announced the launch of a developer grant program with no total funding cap. Payouts 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 integration, and will enhance the open-source wallet development kit (WDK).
Crypto.com has become the first virtual asset service provider in the UAE to receive a Stored Value Facility (SVF) license from the Central Bank. It will partner with the Dubai Ministry of Finance to allow UAE residents to pay for government service fees using crypto assets. Future plans also include advancing crypto payment integration with Emirates airline and Dubai Duty Free.
St. Jude Children's Research Hospital Sells Donated ASTEROID Holdings, Cashes Out ~$676K in ETH
St. Jude Children's Research Hospital received a donation of 0.5% of the total supply of ASTEROID tokens about two years ago. As the market cap grew from ~$20,000 to over $150 million, the hospital gradually sold the tokens in 12 batches, ultimately exchanging them for over 290 ETH (~$676,000). The funds will be used for pediatric disease treatment and research.
Funding & Investments
AI Startup Ciridae Raises $20M Seed Round Led by Accel
AI startup Ciridae has 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 Apple machine learning lead, focusing on AI-driven digital transformation for mid-market companies in sectors like home services, construction, and industrial distribution. (Fortune)
Notable Quotes
Trump stated that the war in Iran will end soon and that he will meet with a group of generals to discuss the Iran issue. (Jin Shi)
JPMorgan: Expects Average Oil Price of $96/Barrel in 2026
JPMorgan stated it expects 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)
