The Wire PM - May 28, 2026

The Wire PM - May 28, 2026

Cash App Opens USDC Transfers on Solana and Ethereum. Block's Cash App now lets users send and receive USDC across Solana and Ethereum networks. The move marks a significant shift for a platform historically centered on Bitcoin under Jack Dorsey's leadership. With 57 million monthly active users, Cash App brings massive retail distribution to on-chain stablecoin rails. Circle's USDC gains another high-traffic entry point as the race for stablecoin distribution heats up across fintech. (Source: The Block)

SoFi Launches SoFiUSD Stablecoin on Two Chains. SoFi, the publicly traded neobank, rolled out SoFiUSD to its banking app users. The stablecoin runs on both Ethereum and Solana, positioning SoFi as one of the first major US fintechs to issue its own dollar-pegged token. Early details suggest a 1:1 USD backing model. If SoFiUSD gains traction, it could pull traditional banking users into on-chain finance for the first time, especially those already comfortable with SoFi's existing savings and lending products. (Source: Decrypt)

Kraken Opens Bitcoin Yield Vault. Kraken expanded its Earn product line with a dedicated Bitcoin Vault that pays yield on BTC holdings through institutional lending. The product targets users who want to put idle BTC to work without leaving the exchange. As centralized exchanges compete to retain depositors, yield products on BTC and stablecoins become a key retention lever. Kraken joins Coinbase, Binance, and OKX in the BTC yield race. (Source: The Block)

ETH Slides Near $2,000 as ETF Outflows Continue. Ethereum dropped to $2,029, down 1.9% in the last 24 hours. Spot ETH ETFs saw sustained outflows this week, and derivatives data shows traders increasingly positioning for more downside. The gap between ETH and BTC performance continues to widen, with ETH underperforming BTC by over 15% year to date. Developers point to the upcoming Pectra upgrade as a potential catalyst, but market sentiment remains cautious. (Source: Decrypt)

Mastercard Secures New York BitLicense. Mastercard obtained a BitLicense from New York's DFS, clearing the path for its stablecoin and tokenized deposit initiatives in the state. The payments giant has been building crypto infrastructure for months, and this license gives it regulatory cover to operate in the US's strictest crypto jurisdiction. For DeFi, the signal is clear: TradFi is moving from experimentation to operational deployment on stablecoin rails. (Source: Decrypt)

Numbers (Updated)

• BTC: $74,608 (-1.6%)
• SOL: $82.78 (-1.0%)
• ETH: $2,029 (-1.9%)

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