The Daily: Major US banks in talks over joint stablecoin venture, BTC and ETH ETFs see highest combined daily inflows since January, and more

The following article is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

It's Friday! Just as bitcoin was getting comfortable at new all-time highs, President Trump's threat of a 50% tariff on the EU sent jitters through the crypto market this morning, triggering a swift sell-off.

In today's newsletter, major U.S. banks are reportedly in early talks for a joint stablecoin venture, Bitcoin and Ethereum ETFs record their highest combined daily inflows since January, Cetus offers a $6 million white hat deal to recover stolen user funds, and more.

Meanwhile, Semler Scientific's bitcoin holdings surpass 4,000 BTC with its latest $50 million purchase.

Let's get started.

Major US banks in talks over joint stablecoin venture

Companies co-owned by JPMorgan, Bank of America, Citigroup, Wells Fargo, and other major U.S. banks are in early talks to launch a joint stablecoin ventur e, according to the Wall Street Journal.

• The potential consortium includes real-time payments network The Clearing House and Early Warning Services, the fintech company behind peer-to-peer payment system Zelle, the WSJ said, citing sources familiar with the matter.
• However, discussions remain subject to change, and the venture's future reportedly hinges on the outcome of U.S. stablecoin legislation currently under debate in Congress.
• Earlier this week, U.S. Senators voted to move forward with the GENIUS Act, which would mandate full dollar backing and audits for stablecoin issuers exceeding $50 billion in market cap.
• Lawmakers must still consider amendments to the stablecoin bill before progressing to a final vote and President Trump's potential sign-off.

Bitcoin and Ethereum ETFs notch highest combined daily inflows since January

U.S. spot Bitcoin and Ethereum ETFs attracted a combined $1.05 billion on Thursday — the highest daily figure since January, as BTC hit fresh all-time highs and ETH continued its best run in months.

• The spot Bitcoin ETFs brought in $934.8 million on May 22, according to data compiled by The Block — the most since Jan. 17, just before bitcoin's prior record high.
• Meanwhile, the U.S. spot Ethereum ETFs registered $110.5 million worth of net inflows on Thursday — their biggest daily addition since Feb. 4.
• Analysts said the rally still looks measured with minimal leverage use but warned that with institutional flows absent, the weekend poses a short-term risk, and bitcoin's price discovery may lose steam.

Cetus offers $6 million white hat deal to recover stolen funds

Sui-based DEX Cetus Protocol, which suffered a $223 million exploit on Thursday, has offered the hacker a $6 million white hat bounty to return $56 million in stolen funds that were successfully converted to USDC, bridged to Ethereum, and swapped for ETH.

• In a message to the attacker, Cetus and data analytics company Inca Digital requested the return of 20,920 ETH ($56.3 million), and the funds frozen on the exploiter's Sui wallets.
• Validators had blocked the attacker's addresses from transacting with the remaining funds on Sui, triggering a backlash from critics who argue the censorship exposed centralization risks.
• Cetus stated no further legal or public action would be taken if the settlement is accepted.

SEC acknowledges Canary Capital's filing for staked Tron ETF, delays other proposals

The SEC acknowledged Canary Capital's proposal for a staked Tron (TRX) ETF late Thursday, marking the first public step in the review process.

• The Tron proposal follows Canary's filings for multiple altcoin-based ETFs in recent months, including applications for Sui, Hedera, and Litecoin products.
• The SEC simultaneously delayed decisions on several other crypto ETFs on Thursday, including proposals for Bitwise's spot XRP ETF, Coinshares' spot XRP and Litecoin ETFs, and Fidelity's in-kind Bitcoin ETF filing.
• Bloomberg ETF analyst James Seyffart said the delays were expected, adding that the SEC rarely issues early approvals and final decisions likely won't come until Q4.

HYPE hits new all-time high as Hyperliquid open interest surpasses a record $9 billion

Hyperliquid's open interest soared to a record $9.2 billion on Friday, with its native HYPE spiking to fresh all-time highs above $35.

• BTC, ETH, and HYPE have led derivatives demand on the perpetual DEX built on its own Layer 1 blockchain, pushing daily trading volume to $11.5 billion and daily revenue to $3.4 million.
• One trader, James Wynn, has accumulated the platform's largest BTC-based position to date, worth over $1 billion with 40x leverage.

Looking ahead over the next 7 days

• The latest U.S. FOMC meeting minutes are released on Wednesday. U.S. GDP and jobless claims figures are out on Thursday. U.S. PCE data follow on Friday.
• U.S. Federal Reserve Chair Jerome Powell will speak on Sunday. ECB President Christine Lagarde follows on Monday.
• EigenLayer, IOTA, Artificial Superintelligence Alliance, Celo, and Moca Network are among the crypto projects set for token unlocks .
• Bitcoin 2025 kicks off in Las Vegas on Tuesday.

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