Meta Platforms Inc. (NASDAQ:META) appears ready to re-enter the crypto space with a fresh angle—Meta stablecoin payments targeted at microtransactions and global payouts for content creators. According to a recent Fortune report citing five anonymous sources, the tech giant is exploring stablecoins as a means to reduce transaction friction, particularly for influencers on platforms like Instagram.

This would mark the first notable crypto development at Meta since the failure of its high-profile Libra project. However, this new strategy appears significantly more modest in scope and aims to address practical payment challenges rather than overhaul global finance.

From Libra to Utility: Meta’s Crypto Reboot

The pivot to Meta stablecoin payments signals a potential course correction following the collapse of Libra—later renamed Diem. Libra aimed to launch a multi-currency-backed stablecoin and was backed by heavyweights like PayPal (NASDAQ:PYPL), Visa (NYSE:V), eBay (NASDAQ:EBAY), and Mastercard (NYSE:MA). Regulatory pressure, particularly during the Biden administration’s early crypto-skeptic phase, forced the project’s shutdown. In 2022, Meta sold the remains of Diem to Silvergate Bank.

Now, instead of taking on the global monetary system, Meta is reportedly focused on streamlining small payouts to creators across borders—one of the most practical use cases for digital currencies. Stablecoins can provide near-instant, low-cost settlement, avoiding high conversion fees and slow bank transfers, especially in emerging markets.

Stablecoin Adoption on the Rise

The timing of Meta’s renewed crypto interest aligns with growing institutional adoption of stablecoins. Payment giants like Visa and Mastercard have already begun experimenting with stablecoin integration into their networks. Visa, for instance, has conducted USDC-based settlement pilots on Ethereum (ETH), indicating growing confidence in stablecoin infrastructure.

Last month, Citigroup (NYSE:C) released a report projecting the global stablecoin market cap could grow to $3.7 trillion under bullish conditions. The forecast was tied to positive regulatory trends and increased institutional trust in blockchain-based payment rails.

For Meta, joining this wave with a utility-driven focus—like stablecoin payments for Instagram influencers—may offer a realistic path to rebuilding its crypto credibility while sidestepping the scrutiny that tanked Libra.

Ginger Baker’s Role in Crypto Push

Leading Meta’s exploration of this new initiative is Ginger Baker, the company’s VP of product who joined earlier this year. Baker brings significant experience in fintech and crypto, and her involvement suggests the company is taking a cautious but informed approach to its payment evolution.

The reported discussions with infrastructure providers remain preliminary. No specific blockchain network or service partner has been named yet, though sources say the conversations focus on small-payout use cases—likely involving USD-pegged stablecoins such as USDC or USDT.

While no formal announcement has been made, the tone within Meta seems pragmatic. CEO Mark Zuckerberg recently called the Libra project “dead” during a public discussion with Stripe’s co-founder John Collison, distancing the new plans from the failed experiment.

A Smarter, Smaller Crypto Play

The idea of Meta stablecoin payments represents a shift from ambition to application. Rather than reinventing money, Meta may simply want to make it easier to pay creators in Nigeria, India, Brazil, or Indonesia without navigating slow, expensive fiat rails.

If executed correctly, this could not only reintroduce Meta to the crypto world in a friendlier light, but also improve user retention on its creator platforms by offering faster, borderless compensation.

Whether Meta eventually scales this solution beyond creator payouts remains to be seen. For now, the strategy appears to be: stay useful, stay quiet, and avoid the mistakes of the past.

With regulators more open to utility-based stablecoin use, and stablecoins themselves becoming part of the financial mainstream, Meta stablecoin payments might just stick.

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A massive Bitcoin short squeeze triggered nearly $1 billion in liquidations across the crypto market Thursday, marking the largest squeeze since 2021. The sudden surge propelled Bitcoin (BTC) above the $100,000 mark for the first time in months, shaking out over-leveraged traders and reigniting bullish momentum across digital assets.

The spike came after weeks of stagnant trading, catching many short sellers off guard. Ethereum (ETH) also broke out, soaring past a key resistance level at $2,100 and contributing to widespread market volatility.

Short Sellers Burned as Bitcoin Tops $100K

Thursday’s rally was one of the most dramatic in recent memory. According to Coinglass, more than $964 million in crypto futures were liquidated within 24 hours. Of that, $834 million came from short positions—bets that prices would fall—making it the largest Bitcoin short squeeze event in over three years.

Bitcoin alone accounted for $416 million in liquidations, including one massive $11.97 million BTC/USDT position on Binance. At the height of the frenzy, Bitcoin surged past $100,000 and briefly touched $102,000 before pulling back slightly. This marks the first time Bitcoin has traded in six-figure territory since early February.

The total crypto market cap also soared, hitting $3.3 trillion, its highest level since March.

Trade Deal Sparks Risk-On Sentiment

What triggered this historic Bitcoin short squeeze? A key catalyst was a newly announced U.S.-UK trade agreement. President Donald Trump described the deal as the beginning of “more global partnerships,” a comment that appeared to boost sentiment across risk assets, including crypto.

The renewed optimism came amid an already fragile market dynamic, with many traders positioned bearishly after weeks of consolidation. The sudden bullish reversal ignited a classic short squeeze—forcing short sellers to buy back their positions to cover losses, which only intensified upward momentum.

Ethereum Joins the Breakout

Ethereum followed closely behind Bitcoin’s move, surging past $2,100 after struggling for weeks. Despite concerns over the recent Pectra upgrade and the distracting rise of meme coins, ETH managed to outperform most major altcoins.

According to Santiment, an on-chain analytics firm, the Bitcoin short squeeze also benefited Ethereum, which saw $259 million in short liquidations. The firm called the move “contrarian,” noting that the market often reverses when retail sentiment hits extremes—a pattern that played out once again.

FOMO Returns, But for How Long?

As Bitcoin’s breakout reverberates through the market, analysts warn of a potential cooldown. While optimism is high, the rally was partially fueled by retail FOMO (fear of missing out) and aggressive media coverage, both of which have historically preceded short-term corrections.

Santiment suggested that the recent price spike could mark the beginning of another speculative cycle. However, with Bitcoin above $100K and the largest short squeeze since 2021 behind us, the path forward may depend on macroeconomic developments and continued institutional support.

Market Outlook After the Squeeze

The crypto market’s recovery has reignited interest in digital assets, especially among sidelined investors waiting for a signal. Still, whether this breakout proves to be a sustained uptrend or a temporary blowoff remains to be seen.

With Bitcoin reclaiming $100,000 and Ethereum showing renewed strength, all eyes are now on the Federal Reserve, inflation data, and geopolitical headlines that could shape the next phase of this volatile market.

For now, the Bitcoin short squeeze stands as a reminder of the crypto market’s explosive potential—and its unforgiving nature for those caught on the wrong side of momentum.

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Coinbase (NASDAQ:COIN) made headlines this week by announcing its $2.9 billion acquisition of Deribit, a leading crypto derivatives exchange. The Coinbase Deribit acquisition is now the largest merger in crypto history, and it signals a strategic push into the booming crypto options market. The landmark deal includes $700 million in cash and 11 million Coinbase shares, underscoring the company’s aggressive expansion beyond traditional spot trading.

In a blog post revealing the acquisition, Coinbase emphasized the significance of this move: “This isn’t just another addition; it’s foundational to our vision of creating the most comprehensive, compliant, and user-friendly derivatives platform globally.” This statement underscores how central Deribit will be to Coinbase’s future ambitions.

Deribit, founded in 2016, has become one of the world’s most trusted and liquid crypto options platforms. The firm raised $40 million in 2022 at a $400 million valuation, with backing from QCP Capital and Polybius Capital, according to Crunchbase. The Coinbase Deribit acquisition represents not only a substantial premium but also a major consolidation play in the evolving world of digital asset derivatives.

A Bold Expansion into Crypto Derivatives

Coinbase’s core business has historically centered around spot crypto trading, but declining trading volumes and tightening competition from international platforms have forced the company to diversify. By acquiring Deribit, Coinbase secures a dominant position in the high-margin crypto derivatives sector—particularly options, which have surged in popularity among institutional and professional traders.

Crypto derivatives allow traders to hedge risk, speculate on price movements, and manage volatility more efficiently. The addition of Deribit’s infrastructure to Coinbase’s compliance-forward ecosystem could help bridge the gap between crypto-native products and regulated financial markets.

This acquisition also sends a clear message: Coinbase intends to lead in every segment of the digital asset economy.

Crypto M&A Heats Up

The Coinbase Deribit acquisition is the latest in a flurry of high-value deals reshaping the crypto landscape. In recent months, Ripple Labs made waves by acquiring brokerage firm Hidden Road for $1.25 billion. Ripple, best known for its XRP token and blockchain payment technology, has seen a resurgence after the U.S. Securities and Exchange Commission (SEC) dropped its lawsuit accusing the company of selling unregistered securities.

Kraken, another major U.S. exchange, also jumped into the M&A game by acquiring retail-focused futures platform NinjaTrader for $1.5 billion. These moves signal a shift from survival mode to expansion, particularly as expectations grow that the re-election of Donald Trump may lead to more favorable crypto regulation in the U.S.

Venture Funding Surges in Q1

M&A isn’t the only trend heating up—venture capital is flowing back into the space. According to Crunchbase, crypto and blockchain startups raised $3.8 billion in Q1 across 220 deals, representing a 138% increase over the prior quarter. That jump was largely fueled by Binance, which secured a $2 billion investment from MGX, an Abu Dhabi-based firm. It stands as the largest single investment in a crypto company to date.

The renewed investor interest, combined with consolidation among major players, paints a bullish picture for the future of crypto markets. Coinbase’s move to acquire Deribit is not just a signal of confidence in derivatives, but a sign of the industry’s next evolution: one that is institutional, global, and ready for mainstream adoption.

Looking Ahead

The Coinbase Deribit acquisition may set a new standard for how regulated U.S.-based crypto companies approach international markets. With Deribit’s stronghold in Europe and Latin America, Coinbase will gain access to new customer bases while potentially smoothing regulatory hurdles through its established compliance practices.

As crypto markets mature and global competition intensifies, this bold acquisition reflects a pivotal shift toward consolidation and strategic diversification. Whether it becomes a turning point for Coinbase—or for the crypto industry as a whole—remains to be seen, but one thing is clear: the game is changing.

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Efforts to advance stablecoin legislation in the U.S. Senate hit a major roadblock last week as partisan tensions and conflict-of-interest concerns derailed progress on the Genius Act. The bill, aimed at creating a federal framework for regulating stablecoins, failed to secure the 60 votes needed to proceed, sending shockwaves through the cryptocurrency industry and financial markets.

Stablecoin legislation has long been seen as a necessary step toward legitimizing digital assets backed by fiat currencies. The U.S. stablecoin market, valued at over $246 billion, has grown rapidly but operates in a legal gray zone. The Genius Act, proposed by Senate Republicans and backed by Senator Tim Scott, sought to clarify that status—but Democrats raised alarms over potential risks to consumers, national security, and the broader financial system.

Why the Genius Act Failed to Advance

The Senate vote on Thursday ended with 48 in favor and 49 opposed, falling short of the threshold required to advance the legislation without a filibuster. While Republicans largely supported the bill, two broke ranks, joining a majority of Democrats in opposing the motion.

Senate Majority Leader John Thune expressed frustration over the outcome. “I just don’t get it,” he said. “Six versions of this bill were drafted to address concerns, yet Democrats are unwilling to move forward.”

But Democratic leaders, including Senator Elizabeth Warren, were steadfast in their opposition. Warren argued that the bill “ignores basic protections that apply to every other financial product in America,” referring to its lack of consumer safeguards and regulatory oversight for issuers of dollar-backed cryptocurrencies.

The Trump Factor in Crypto Regulation

One of the more controversial issues surrounding the bill was former President Donald Trump’s involvement in the digital asset sector. Trump-affiliated companies, such as World Liberty Financial, have issued their own stablecoin, raising concerns over conflicts of interest.

While Trump’s crypto ventures were not officially cited by all dissenting Democrats, they became a focal point during Senate deliberations. Lawmakers questioned whether fast-tracking stablecoin legislation would benefit entities closely linked to Trump and his family, thereby undermining the bill’s legitimacy.

Senator Chuck Schumer and other high-ranking Democrats said the legislation lacked meaningful anti-money laundering safeguards and failed to set boundaries for stablecoin integration into the U.S. banking and payments system. Senator Ruben Gallego and eight other Democrats who initially supported the bill’s advancement later withdrew support over these concerns.

Industry Reactions and What Comes Next

Despite the failure to pass the Genius Act, the crypto industry remains hopeful. Kristin Smith, the outgoing CEO of the Blockchain Association, released a statement calling for continued bipartisan collaboration. “We look forward to next steps in this process and bipartisan discussion,” she wrote on X (formerly Twitter).

Similarly, Miller Whitehouse-Levine of the Solana Policy Institute echoed that sentiment, stating: “We are optimistic that bipartisan commitment to enact stablecoin legislation will get the Genius Act over the finish line.”

Meanwhile, activity in the House of Representatives suggests the debate is far from over. GOP lawmakers recently introduced a market structure bill that seeks to define regulatory jurisdictions between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) for digital assets. If passed, this legislation could provide the clarity needed for traditional institutions to enter the crypto space with confidence.

Impact on Crypto Stocks

While the broader crypto market took the Senate setback in stride, companies like Coinbase (NASDAQ:COIN), Ripple Labs, and Kraken, all of which are impacted by stablecoin regulation, will likely monitor future developments closely. These firms have long advocated for regulatory clarity, viewing it as a catalyst for institutional adoption and product innovation.

For now, the failure to advance stablecoin legislation underscores the challenges of governing emerging financial technologies in a highly polarized political environment. But with both sides acknowledging the need for oversight, the path forward—though delayed—remains open.

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SINGAPORE, May 8, 2025 /PRNewswire/ — HTX DeepThink is a flagship market insights column created by HTX, dedicated to exploring global macro trends, key economic indicators, and major developments across the crypto industry. In a world where volatility is the norm, HTX DeepThink aims to help readers “Find Order in Chaos.”

This week, what does Trump’s emerging token plan mean for crypto markets? Why is the Fed holding rates steady? Behind Bitcoin’s rebound, are hidden risks lurking? In this edition of HTX DeepThink, Chloe (@ChloeTalk1) from HTX Research breaks it all down.

Trump Media Group’s Utility Token: A Potential Shift in U.S. Equity Tokenization

On April 30, Trump Media & Technology Group announced it would collaborate with the Truth digital wallet to launch a new utility token called DJT. Initially, DJT will facilitate payments for the Truth+ subscription service, with plans to expand its utility across the Truth ecosystem.

It’s the first time a publicly listed U.S. media company is launching a utility token tied to a real-world product ecosystem, signifying a historic convergence between traditional equities and on-chain asset formats. Although the team has yet to announce a release date, blockchain platform, or tokenomics, the rollout appears to follow Trump’s classic strategy: hype first, details later.

DJT is hitting the market at just the right moment as memecoin mania is cooling and narratives are shifting toward utility and payment integration. Similar to HTX’s recent listing of WLFI’s USD1, demand for “practical crypto assets” is surging. DJT combines powerful political branding with real ecosystem support, offering long-term value potential far beyond that of short-lived meme-driven tokens.

U.S.-China Trade Talks: A Temporary Easing Amidst Persistent Tensions

This weekend, U.S. Treasury Secretary Scott Besant and Trade Representative Jamison Greer will meet with Chinese Vice Premier He Lifeng in Geneva. This meeting, the first high-level U.S.-China trade talks since heightened tensions in spring 2025, signals a potential diplomatic thaw.

Although both sides still dispute who initiated the talks, the meeting alone sends a strong signal of reengagement and diplomatic thawing. With tariffs at historic highs, markets are interpreting the summit as a short-term de-escalation of geopolitical risks—sparking a relief rally in risk assets.

Following the news, Bitcoin rose by approximately 3.6%, briefly surpassing $97,000. This reflects how sensitive capital flows remain to macro-level easing signals. While structural differences between the two nations are far from resolved, the current window of policy détente may offer a short-term liquidity boost for digital assets, gold, and tech stocks.

Powell Throws : “Now Is Not the Time to Cut Rates”

On May 8, the Fed held interest rates steady at 4.25%–4.50% for the third consecutive meeting. While it was widely expected, Fed Chair Jerome Powell struck a noticeably more cautious tone during the press conference:

• “Now is not the time for us to lead with a rate cut.”
• “The cost of waiting is relatively low.”
• “Whether we cut this year depends on how things develop.”

The Fed is currently caught in a “dual bind”: on one hand, disinflation has stalled, with PCE and CPI both above the 2% target. On the other, the central bank’s fiscal position is deteriorating. A 25–30 bps rate cut could shave $20 billion off annual income, further reducing remittances to the Treasury and raising concerns over the Fed’s policy independence.

As a result, despite markets currently pricing in three rate cuts in 2025, the Fed is more likely to take a “data-driven, delayed transition” approach.

Bitcoin’s Market Dynamics: Macroeconomic Data to Dictate Direction

Despite BTC rebounding to around $99,000 on geopolitical and monetary optimism, the options market is not confirming a strong directional bias. Deribit data shows implied volatility on June and July calls rising only modestly, while 25d risk reversals remain neutral to slightly bearish, and skew curves are relatively flat. Notably, large Gamma exposures are clustered around the $95,000–$100,000 range, indicating that BTC is currently trapped in a “high-volatility, low-conviction” zone awaiting macro catalysts.

If CPI and jobs data for May–June remain hot, the Fed may push back on rate cut expectations—risking a BTC pullback. Conversely, if inflation cools and unemployment ticks up, Powell may pivot dovishly, providing a green light for BTC to break out of its volatility compression range and resume its bullish trend.

*The above content  is not an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product.

About HTX Research

HTX Research is the dedicated research arm of HTX Group, responsible for conducting in-depth analyses, producing comprehensive reports, and delivering expert evaluations across a broad spectrum of topics, including cryptocurrency, blockchain technology, and emerging market trends.

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