SoFi Launches SoFiUSD Stablecoin to Its Bank App Users
On May 27, SoFi Technologies announced that its U.S. dollar-pegged stablecoin, SoFiUSD, is now accessible to all of its 14.7 million members. Users can directly purchase, sell, hold, and trade the stablecoin within the SoFi app. This marks the first stablecoin offering issued by a U.S. national bank and integrated into a retail banking platform’s interface.
SoFiUSD currently runs on both Ethereum and Solana blockchains. The company plans to add additional features to the stablecoin in upcoming updates, including FDIC-insured tokenized deposits, cross-border transfer functionality, and connectivity with the Bullish exchange.
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US Stock Market Surges, Attracting Capital into the Chainlink Ecosystem: HIP-3 Holdings Reach All-Time High, with Trade.xyz Accounting for 94.2%
On May 27, Hyperinsight monitoring data indicates that driven by a sharp rally in the U.S. stock market, open interest in the HIP-3 ecosystem surged past $2.71 billion, hitting a new all-time high. Trade.xyz accounted for a massive 94.2% of this total (roughly $2.56 billion), also reaching a record peak, with a 24-hour trading volume of $1.775 billion. Meanwhile, Hyperliquid’s overall open interest jumped to $9.647 billion, marking the highest level since last November, with a trading volume of $7 billion during the same period.
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The Crypto Market at a Key Juncture: Bitcoin Tests $75,000 Support, Deviates from US Stock Trends
May 27th (Wednesday) – The cryptocurrency market hit a critical crossroads midweek. After failing to sustain a move above $78,000 on Tuesday, Bitcoin dipped below what analyst Tom Lee defines as the "Bear Market Line" at $76,000 and is now closing in on the $75,000 support level. Ethereum also pulled back from its Tuesday peak of $2,150, slipping toward the $2,000 mark before bouncing back to around $2,050. Meanwhile, AI-themed tokens RENDER, FET, and NEAR gave back most of their Tuesday gains.
The crypto’s performance stood in sharp contrast to U.S. equities: S&P 500 and Nasdaq 100 futures both notched fresh all-time highs, advancing roughly 0.3%.
In derivatives markets, crypto futures trading volume surged 54% to $201 billion over the past 24 hours, while liquidations spiked 87%. This uptick is largely tied to post-U.S. holiday trading activity, however. Bitcoin open interest climbed to 740,000 coins, with a negative 24-hour trade volume delta—an indicator that traders are actively
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Prominent Trader: Current Drawdown Period May Not Be Sufficient to Confirm Bear Market Bottom
May 27th: Top trader Killa (@KillaXBT) noted in a post that from a 180-day realized price standpoint, investors likely haven’t spent enough time in loss positions during this latest correction. Historical data shows bear markets typically involve extended stretches of consistent losses, leaving many investors holding long-term unrealized losses. If history repeats itself, the current correction could take more time to play out, and the market may still need a lengthier bottoming process.
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Singapore Prosecutors Sue Former Hodlnaut CEO for Alleged False Statements and Fraud
May 27: Singapore authorities have filed criminal charges against the former chief executive of defunct crypto lending firm Hodlnaut, alleging fraud and false statements. This marks the latest development in Singapore’s ongoing enforcement actions targeting misconduct in the cryptocurrency space.
The specific charges claim the ex-CEO made misleading statements about Hodlnaut’s financial health before its 2022 collapse, potentially deceiving both investors and regulatory officials. Hodlnaut suspended all user withdrawals in August 2022, later entered judicial management, and was eventually liquidated—its downfall tied to the widespread 2022 crypto credit crisis that roiled the global digital asset industry.
This case highlights the Monetary Authority of Singapore (MAS) and local police’s push to hold crypto company executives accountable, demonstrating intensified criminal enforcement against misconduct by digital asset firms. The former CEO has been formally charged, and the case is
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