Stablecoin Strategy & RWA Momentum

This week, we’re joined by special guest Tarun Gupta, CEO and co-founder of Coinshift, to discuss stablecoin adoption globally and his long-term vision for decentralized finance.

In the market update, we highlight large inflows into BTC, CME flows up over 100% month-over-month, and a strong front-month basis at 11%. We also break down what's next for BTC and key support levels.On the macro front, we recap last week’s Non-Farm Payrolls, discuss equity market valuations, preview this week’s FOMC decision, and consider what to expect from the Milken Conference and key crypto earnings. In the news section, we cover Arizona’s rejection of a proposal to create a Strategic Bitcoin Reserve—and Schwab and Morgan Stanley's plans to launch crypto trading. We also cover the revival of virtual asset platforms with the launch of Genesis, and continued explosive growth in real-world assets (RWAs), including Telegram’s $500M tokenized bond fund and BlackRock’s BUIDL reaching $2.8B in TVL, up from $665M in March. BlackRock has also filed to tokenize a $150B Treasury trust fund on Ethereum.

Onchain, we discuss Apple’s relaxation of crypto app rules—allowing Bitcoin and crypto payments, NFTs, and reduced App Store fees—and Solana’s patch of a zero-day vulnerability in its ElGamal Proof program. We close with key upcoming catalysts: the FOMC decision on May 7, and Ethereum’s Pectra upgrade also expected on May 7.

Topics Covered:

• Special Guests:Tarun Gupta on stablecoin adoption
• Market Update: BTC inflows, CME flows +100% MoM, front-month basis at 11%, key support levels
• Macro Overview: Non-Farm Payrolls, equity market valuations, FOMC expectations, Milken Conference, crypto earnings
• News & Policy: Bitcoin reserve proposal rejections, Schwab & Morgan Stanley crypto plans, virtuals revival, Telegram & BlackRock RWA expansion
• Onchain Insights: Apple relaxes app rules, Solana patches zero-day vulnerability
• Catalysts Ahead: FOMC Meeting (May 7), Ethereum Pectra Upgrade (May 7), multiple crypto company earnings (May 8)

Host:
Ben Floyd, Head of Execution Services

Speakers:
David Duong, Head of Institutional Research
Brock Miller, Senior Staff Software Engineer
Joshua Pak, Senior CES Sales Trader

Coinbase News:

• MANTLE-USD, WLD-USD available on Coinbase Exchange and Advanced Trade

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