The Wire: May 28, 2026

The Wire: May 28, 2026

Cash App Opens USDC Transfers on Solana and Ethereum Block's Cash App now lets its 57 million monthly users send and receive USDC on Solana and Ethereum. The integration marks the first time a mainstream U.S. payments app has supported stablecoin transfers across multiple chains. Cash App already supported Bitcoin purchases since 2018, but native USDC transfers open the door to DeFi on-ramps for a retail audience that has never touched a DEX. For Solana, this is a distribution win: direct access to tens of millions of wallets that previously had zero exposure to the network. (Source: The Block)

SoFi Rolls Out SoFiUSD Stablecoin on Ethereum and Solana Fintech bank SoFi launched SoFiUSD, a dollar-pegged stablecoin available to its banking app users across Ethereum and Solana. SoFi becomes one of the first FDIC-insured neobanks to issue its own stablecoin, blurring the line between traditional banking and DeFi rails. The move comes weeks after the GENIUS Act cleared the Senate, giving regulated issuers clearer ground to operate. SoFiUSD targets payments and remittances first, with yield products expected later this year. (Source: Decrypt)

Ethereum Traders Turn Bearish as ETFs Bleed and ETH Sinks Near $2,000 Prediction market Myriad shows traders now consider a dump to $1,500 more likely than a move to $3,000. Spot ETH ETFs posted another week of net outflows, extending the worst streak since their January launch. ETH is trading around $2,028, down roughly 2% in 24 hours. The bearish sentiment contrasts with Ethereum's technical progress (Pectra upgrade, blob throughput gains), suggesting the market is pricing macro risk over fundamentals. (Source: Decrypt)

Bitcoin Miners Pivot to AI as Cipher and Hut 8 Hit Fresh Highs The miner-to-AI infrastructure trade is accelerating. Cipher Mining and Hut 8 both hit all-time highs this week as investors bet on their data center capacity being repurposed for AI workloads. The thesis: mining rigs depreciate, but rack space and power contracts hold value when redirected to GPU clusters. Bitcoin itself trades at $74,579, down 1.7% on the day, but miner stocks are decoupling from BTC price action as the AI narrative takes hold. (Source: The Block)

Stake DAO Exploited: Attacker Mints Trillions of vsdCRV Tokens Security researchers flagged an ongoing exploit targeting Stake DAO's vsdCRV governance wrapper on Ethereum. The attacker minted trillions of vsdCRV tokens by exploiting a vulnerability in the minting logic. The Stake DAO team acknowledged the incident and is working on mitigation. Funds in the underlying Curve gauges appear unaffected so far, but the exploit is a reminder that governance token wrappers carry their own smart contract risk layer beyond the base protocol. (Source: The Block)

Mastercard Secures New York BitLicense for Stablecoins Push Mastercard obtained a BitLicense from the New York Department of Financial Services, anchoring its compliance-first approach to stablecoins and tokenized deposits. The license positions Mastercard to offer crypto-native settlement and custody services within New York's strict regulatory framework. The card network has been expanding its crypto infrastructure quietly: it already supports USDC settlement on certain corridors and partnered with multiple wallet providers for on/off ramps. (Source: Decrypt)

Kraken Launches Bitcoin Vault With Yield on BTC Holdings Kraken expanded its Earn suite with a Bitcoin Vault product that pays yield on BTC deposits. The vault lends BTC to institutional borrowers through Kraken's existing lending desk. Rates were not disclosed at launch, but the product targets holders who want passive income without converting to stablecoins or moving to DeFi. Kraken joins Coinbase and Gemini in the race to offer native BTC yield within CeFi platforms. (Source: The Block)

Numbers

• BTC: $74,579 (-1.7%)
• SOL: $82.81 (-1.0%)
• ETH: $2,028 (-2.0%)
• Solana DeFi TVL: $5.4B
• Top USDC yield (Solana): Kamino Lend at 5.42%

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