Plasma, a blockchain purpose-built for stablecoins and backed by Bitfinex and Founders Fund, will launch the first public sale of its XPL token using Echo's new token sale infrastructure, Sonar.

Daily top performer — WalletConnect (WCT)

The S&P 500 rose 2.05% on Tuesday, lifted by Trump’s delay of a 50% EU tariff and hopes for corporate-friendly policies. Investors now await Nvidia earnings and FOMC minutes for further market direction. Gold dropped 1.2% to $3,302 as Trump’s EU tariff delay lifted risk sentiment and the dollar, pressuring safe-haven demand. The Coindesk Indices, which tracks the broader crypto market, rose 1.18%, with Bitcoin and Ether up 0.71% and 4.14%, respectively in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today’s top performer is WCT up 31.4% after WalletConnect brings $WCT to Solana with key partner integrations.

WalletConnect (WCT), founded in 2018, is a secure, open-source protocol that links mobile wallets to DApps via QR code, using a decentralized network for reliable, scalable access across DeFi. WalletConnect 

 that its token $WCT is launching on Solana via Wormhole NTT, with initial partners including Phantom, Jupiter, Backpack, and Solflare.

Check out the latest prices, charts, and data of 

, a blockchain purpose-built for stablecoins and backed by Bitfinex and Founders Fund, will launch the first public sale of its XPL token using Echo's new token sale infrastructure, Sonar. The sale will distribute 10% of XPL at a $500M FDV, matching the valuation of Founders Fund’s equity investment. Participants earn allocations by depositing stablecoins into a Plasma vault on Ethereum, with tokens distributed after Mainnet Beta. XPL will secure consensus, power EVM execution, and support a Bitcoin bridge. Plasma also announced key partnerships in payments and DeFi to support its goal of global stablecoin adoption.

Yesterday, BTC spot ETFs saw a net outflow of $23.9 million, with $26.9 million pulled from GBTC and a $3.0 million inflow into non-GBTC funds.

, a decentralized stablecoin protocol, has launched its governance token, RESOLV, with a 10% supply airdrop available to eligible wallets until June 27. RESOLV holders can vote on protocol decisions and earn fee shares. The protocol also includes USR, an interest-bearing stablecoin, and RLP, an insurance fund token. USR is delta-neutral and backed by ETH, currently yielding 11% via stUSR. RLP offers a higher 18.3% yield. Resolv’s TVL stands at $422 million.

Beginner

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Plasma to launch $XPL token sale via Echo’s Sonar at $500M valuation

Discover why every crypto trader should own stocks in 2025 — diversify risk, boost stability, and tap into the tech fueling blockchain’s growth.

The origins of the crypto market date back to 2010, when the first cryptocurrency exchange, BitcoinMarket, began operating. Since then, the market has matured significantly. It has entered the financial world’s mainstream with an extended web of centralized and decentralized exchanges, 

 (ETF) products offered by traditional finance (TradFi) providers. Liquidity levels have also risen significantly, with daily crypto trading volumes measured in tens or hundreds of billions.

Despite its ongoing maturation and substantial liquidity levels, the crypto market remains highly volatile. While it might offer high potential returns, there are associated risks. In this environment of elevated volatility, it’s crucial for investors to diversify their holdings by adding other, more stable asset classes to their portfolios. In this respect, the stock market offers some of the best diversification opportunities for cryptocurrency traders. It is established, more relatively stable and less volatile, and it has an abundance of assets with low correlations to crypto.

Any financial market has its own share of risks, but they are particularly noticeable in highly volatile markets, including the cryptocurrency market. Even the most stable and actively traded crypto assets, such as 

 than most equities. This volatility creates opportunities for outsized returns, but it also heightens the trading risk. Investors are using several strategies to reduce risk, among which 

 is one of the most popular and frequently employed.

The theory of portfolio diversification was first introduced in 1952 when economist Harry Markowitz noted that holding different assets with low or negative correlations to each other could act as a powerful hedge against market risks. This is how the modern portfolio theory (MPT) was born. Since then, it has been used successfully in various markets and has been established as a key tool to reduce investment risks.

Based on the principles of MPT, investors can diversify a cryptocurrency-focused portfolio by adding stocks to it. In general, while the crypto and stock markets have had periods of low and high correlations with each other, these asset classes are considered sufficiently dissimilar and driven by somewhat different forces, making them an ideal match in a well-diversified portfolio.

, which now offers stock trading through contract for differences (CFDs) for 78 major stocks.

Besides reducing risk through diversification, crypto investors gain other significant benefits when they extend their reach to the equities market. Among these is access to stable and well-regulated assets linked to the growth of the crypto and blockchain industries. For instance, a subset of the stock market is represented by companies that facilitate crypto investment via regulated channels.

Some institutional investors offer products like 

 based on BTC and ETH. Notable examples include BlackRock (BLK), Robinhood (HOOD) and Charles Schwab (SCHW). Crypto investors may diversify into the stock market by holding ETFs offered by these funds and investing in their equities directly.

Another group of companies includes infrastructure providers or technological enablers of crypto and blockchain tech. Notable stocks in this area are Alphabet (GOOG), Coinbase (COIN) and Block (XYZ).

By choosing the stocks of these companies, investors can gain indirect exposure to the long-term growth potential of the crypto or blockchain sectors.

Technology companies like Apple (AAPL) and NVIDIA (NVDA) play a key role in driving growth in many of the niches that are also important for the development of the cryptosphere. These include areas like 

 (AI), cloud computing, fintech, augmented reality (AR) and virtual reality (VR), the Internet of Things (IoT) and big data. Investing in stocks of companies in these segments may also provide exposure to technologies underpinning the growth of crypto.

The crypto environment is known for featuring high-growth and high-risk opportunities. Growth rates in the stock market are typically considered to be on a lower scale, but for a long-term-focused investment, stocks may provide better risk-adjusted returns. And, as noted earlier, combining crypto and stocks in a well-diversified portfolio may be the optimal strategy — crypto for big gains in the short term, stocks for long-term stability and peace of mind!

This strategy can be particularly useful during crypto bear markets, when BTC and other key cryptocurrencies lose ground, while many stocks may continue on their slow but steady upward course.

Purchasing stocks can also give crypto investors access to a higher-liquidity, more regulated, credible market. While the crypto market’s liquidity levels have risen to respectable levels, they are far lower than the liquidity offered on the stock exchanges. Typical daily trading volumes in stocks are at least half a trillion USD, often more, which is about three to four times as high as in the crypto market. Stocks also offer better protection to investors because they are regulated.

Top stocks for crypto traders to consider

Having been recently added to the S&P 500 (on May 13, 2025), COIN is by far the most high-profile and highest-capped stock directly linked to the crypto industry. As the operator of one of the world’s largest cryptocurrency exchanges, Coinbase acts as the flagman of crypto representation on the stock market. Many analysts believe that COIN is so intertwined with the crypto industry that its stock is likely to correlate with major cryptos, particularly Bitcoin, too strongly for a well-diversified portfolio.

However, the data doesn’t support this seemingly intuitive assumption. As of the time of writing on May 28, 2025, COIN stock’s one-year correlation with BTC stands at 

. This reveals that their price changes are not closely related, making it a surprisingly weak proxy for direct BTC exposure despite being a major crypto exchange. However, it is imperative to note that this correlation fluctuates over time depending on factors like market conditions and Coinbase’s development.

NVDA is among the stock market’s star performers of the last few years. The world’s dominant producer of graphics processing units (GPUs), NVIDIA’s growth has partly been driven by the strong demand from the blockchain industry. The company’s products are used extensively in crypto mining machines, metaverse and web3 gaming applications, decentralized computing platforms, web3-linked AI solutions and more.

As the blockchain and crypto sectors develop, NVIDIA is expected to continue playing a key role in supporting these industries.

Mark Zuckerberg’s Meta Platforms has never hidden its ambitions in relation to the 

, AI, payment infrastructure solutions and other niches highly intertwined with crypto-related technologies. 

The company has the highest potential consumer base on file, with around 3.6 billion users (close to 80% of the entire internet population) across all Meta-owned platforms. As crypto makes further inroads into the mainstream consumer’s world, Meta will undoubtedly leverage its enormous user community to benefit from this growth. 

Owning META stock opens up unparalleled opportunities to benefit from the company’s expected leadership on the consumer side of crypto applications.

Owning a non-tech stock may also be a great idea for a well-diversified portfolio. While tech companies might be affected by the same technology cycles that influence the blockchain industry, stocks in areas like banking provide exposure to a different market segment. And among banking stocks, few can rival the stability, credibility and long-term potential of JPMorgan Chase & Co., the leading banking company in terms of 

. If there’s a beacon of stability among blue chips in the market, it would be JPM. 

The corporation has also recently embraced a more pro-crypto stance by allowing customers to buy crypto through the bank, albeit without providing custody services. It has even released a 

 Bank of America, Citigroup and Wells Fargo.

JPM’s unique blend of TradFi services with emerging crypto asset alignment makes investing in its stock a strategic move for those seeking resilience and relevance in the digital asset era.

Combining crypto and stocks is one of the best hedges against market turbulence and bear markets. As a crypto investor, owning equities in your portfolio ensures a long list of benefits, including but not limited to diversification, access to institutional growth, exposure to technology driving the crypto and blockchain revolutions, more stable returns over the long term, regulatory protections, credibility and access to a more liquid market.

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Why every crypto trader should have a stock portfolio in 2025

Master stablecoin spread arbitrage on Bybit using USDe & USDtb. Learn how to earn over 10% yield via low-risk leveraged crypto trading strategies.

 have been an essential part of the cryptosphere for more than a decade. Backed by collateral or 

 mechanisms and pegged to an established traditional finance asset, often the US dollar, they offer rate stability in the turbulent world of cryptocurrency. Traditional stablecoins, however, don’t generate yields. Their real value erodes over time due to inflation. 

 have entered the market in recent years to combat this issue.

Yield-bearing stablecoins feature an operational mechanism that allows them to stay pegged to a traditional asset and generate returns on the principal amount. This enables crypto investors to enjoy low-risk returns on their investments.

The yield-bearing nature of these assets also opens up a way to optimize their returns via spread arbitrage, particularly the leveraged version.

In its most basic form, leveraged spread arbitrage allows you to profit from the difference in borrowing and earning interest rates. Bybit offers a great way to earn higher stablecoin yields using this technique. You can borrow funds at lower interest through the margin trading option in your account by using your 

 principal and invest the borrowed amounts for interest in USDe or USDtb, two yield-bearing stablecoins offered by one of the leading 

What are USDe and USDtb, and why do they offer high yields?

The Ethena protocol is among the leading providers of yield-bearing stablecoins in the crypto market. The project’s first and best-known stablecoin, 

, is an algorithmic crypto pegged to USD that uses 

 contracts, to generate yield. ENA calls USDe a synthetic dollar. Thanks to its yield-bearing properties, USDe has been a tremendous market success. As of late May 2025, it ranks fourth among all stablecoins by 

Following the success of USDe, ENA launched 

, another dollar-pegged yield-bearing stablecoin. Unlike USDe, USDtb isn’t based on algorithmic trading strategies. Instead, it is indirectly backed by high-grade, low-risk traditional assets. USDtb is directly based on 

 (BUIDL), which invests in US treasury bills, repurchase agreements and other cash equivalents. As BUIDL generates yield from these assets, it flows over to USDtb, delivering low-risk, institutional-grade returns for the stablecoin’s holders.

While USDe and USDtb feature different models for generating returns — the former via active decentralized trading strategies and the latter via the backing of traditional assets — they are both known as yield-bearing assets. Their typical annual yields range from around 4% to 15%, depending on market conditions.

Spread arbitrage opportunity through interest rate gaps

Spread arbitrage is a trading technique that allows you to earn returns using the difference between borrowing and investing interest rates.

Using spread arbitrage at the most basic level involves borrowing funds at X% APR and investing them in a financial product that generates Y% APR. You earn a profit when Y is larger than X.

USDe and USDtb offer healthy yield opportunities and, under favorable market conditions, can generate yields that may exceed borrowing rates for assets like USDT and USDC. This creates opportunities for spread arbitrage using a combination of these stablecoins.

For instance, you may borrow USDT/USDC for 

 (UTA). You can then buy USDe/USDtb with your borrowed funds to enjoy a potential rate difference between their yields and the interest you pay on your borrowed USDT/USDC. Bybit regularly offers campaigns based on zero fees for swaps between key stablecoin pairs, potentially making your entire spread arbitrage process even more cost-efficient.

An example of a simple version of spread arbitrage involves swapping your USDT/USDC funds to USDe and earning stable returns. This scenario assumes no leverage and, therefore, no borrowing interest to pay. While this is a great way to earn low-risk returns from USDe, it doesn’t maximize the spread arbitrage strategy’s potential.

A more advanced version that delivers potentially higher returns is via the use of leverage. This involves borrowing funds in USDT, or preferably in USDC, which usually features lower borrowing interest, and investing the borrowed funds along with your own principal in USDe to boost the total yield from the stablecoin. For instance, if the USDC borrow rate is 4% and USDe’s APR is 5%, the difference in the rates, 1%, represents your profit.

Let’s review a typical example of how you can benefit from leveraged spread arbitrage, assuming your initial capital is 1,000 USDT and the leverage ratio is 6x.

You start with 1,000 USDT of your own crypto funds.

You then borrow 5,000 USDT, using your 1,000 USDT as collateral. This gives you 6,000 USDT of total capital to use for your spread arbitrage trading.

You take the 6,000 USDT and convert it to USDe. For example, let’s assume that you can earn a USDe yield of 5% annually from the stablecoin — a relatively conservative estimate. 

 USDe on ENA may deliver much higher returns depending on market conditions and the protocol’s performance (USDe’s yield rate as of late May 2025 is 6.2%). Let’s also assume that your borrowed USDT has an interest rate of 3.73%.

With the assumed yield from USDe of 5%, you earn:

Assuming the 4% interest rate on USDT, you must pay:

Performing spread arbitrage using USDe/USDtb on Bybit gives you multiple benefits:

1. Open a UTA account (if you don’t already have one) and enable margin trading for USDe/USDtb, USDT and USDC.

Set USDe/USDtb, USDT and USDC as collateral.

For the website version, here are the relevant screenshots.

If you use the Bybit mobile app, refer to the screenshots below.

, set 10x leverage, execute a trade to sell 4,000 USDT, or whatever amount you prefer to allocate to spread arbitrage, and borrow 4,000 USDC.

Use the borrowed USDC to buy USDe. Since Bybit offers you a way to earn interest on USDe on the platform, simply hold the borrowed funds in your UTA account to start earning yield.

Track your yields and repayments to see how your spread arbitrage is performing.

If you decide to stop using spread arbitrage, simply sell USDe and repay USDC.

Naturally, just like any other trading strategy, spread arbitrage using stablecoins involves certain risks.

One is the depegging risk. If USDe falls below $1, you may incur magnified losses. For example, with a 5x leverage, a 1% drop in the stablecoin’s rate will result in a 5% total loss.

 is the second type of risk. If yields from USDe drop below the borrowing costs, the entire spread arbitrage strategy will result in a net loss.

Leveraged spread arbitrage using stablecoins is a great way to earn returns with manageable risk. It may be suitable for users comfortable and familiar with the use of margin; traders looking for alternatives to earning yield from staking, 

 and similar DeFi strategies; and those who prefer more passive ways to generate yield from their funds.

However, this strategy is not particularly suitable for beginners, users not comfortable with leverage trading or those skeptical of synthetic stablecoins.

The spread arbitrage strategy described above, along with the examples, does not constitute financial advice. Before applying this strategy in any form, 

Intermediate

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How to unlock over 10% yield using USDe/USDtb Spread Arbitrage strategy on Bybit

This is a thought leadership article written by Mazurka Zeng, Head of Fiat at Bybit.

This post is written by Mazurka Zeng. Mazurka is the Head of Fiat at Bybit.

Stablecoins have become a cornerstone of the digital asset ecosystem, providing a crucial bridge between fiat currencies and the crypto world. 

As Head of Fiat at Bybit, I've seen firsthand how user needs are diversifying, pushing innovation beyond traditional fiat-pegged stablecoins.

Exponential growth in the stablecoin sector

The stablecoin sector is maturing, driven by increasing adoption and regulatory progress, like the 

 the US House Financial Services Committee, with the GENIUS Act 

 to final passage by the US Senate on May 20.

In my role overseeing Bybit's fiat operations, we've integrated stablecoins deeply into our ecosystem. They enable seamless transactions on the 

 platform. Further, they provide yield in 

 and facilitate seamless spending via the 

. This expanding utility fuels the need for a broader range of stable assets.

This growth is undeniable. The market capitalization of fiat-backed stablecoins surged to an all-time high market cap of $248 billion by May 22, 

 with a $151.9 billion market cap, even as it is facing MiCA compliance hurdles in Europe. This dominance, however, prompts a vital question: 

What's next for stablecoins beyond the established fiat-backed giants?

One compelling alternative that is gaining traction is 

. Unlike fiat-backed stablecoins, XAUT is pegged 1:1 to one fine troy ounce of physical gold, securely stored in Swiss vaults and meeting the LBMA Good Delivery standard. This offers users direct digital ownership of gold, combining its historical stability with blockchain efficiency.

Gold has long been valued as an inflation hedge. In 2025, amid ongoing economic uncertainty and geopolitical tensions, XAUT saw significant interest, reflected in its 25% year-to-date price surge. Furthermore, XAUT solves the traditional challenges of physical gold ownership — storage costs and accessibility issues. It allows for fractional ownership (down to 0.000001 troy ounce) and easy, borderless transfers, 24/7.

 markets. The strong user interest confirms a clear appetite for stablecoins backed by tangible, non-fiat reserves, especially during times of market volatility.

Another exciting development is the rise of regionally focused, MiCA-compliant stablecoins. In March 2025, Bybit.NL 

, issued by Quantoz Payments and StablR Limited, respectively. Both are fully backed by fiat reserves (USD) and designed explicitly to meet the EU's rigorous MiCA regulations, offering enhanced transparency and user protection within the European Economic Area (EEA).

, based in Malta, have both secured investment from Tether. Significantly, both issuers leverage Tether's new 

, designed to streamline the issuance and management of regulated digital assets. This backing signals strong confidence in these newcomers and their potential to foster compliant stablecoin adoption in Europe.

The stablecoin market is clearly diversifying. Gold-backed options like XAUT could increasingly appeal to those seeking stores of value outside the traditional USD-dominated financial system. Their stability profile offers a different kind of hedge compared to fiat-pegged tokens.

Simultaneously, MiCA-compliant, locally issued stablecoins like USDQ and USDR are poised to bridge traditional finance and crypto within Europe more effectively. Their regulatory clarity may foster greater trust among users and institutions, facilitating seamless digital euro and dollar transactions across the region.

At Bybit, our focus remains on empowering users. We're committed to providing a wide array of stablecoin options — from established leaders to innovative newcomers like XAUT, USDQ and USDR. By offering diverse assets and supporting regional compliance efforts, we aim to provide the tools users need to navigate the evolving digital economy confidently.

In a world where trust and flexibility are key, stablecoins must do more than just hold value — they must create value. At Bybit, we’re proud to be shaping that future.

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Stablecoins beyond USDT: Exploring the potential of XAUT and newcomers USDQ & USDR

Bybit Learn

Options

The calculation for call and put options can be complicated. Learn how to calculate them accurately.

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How to Determine the Profit and Loss of an Options Contract

The profit and loss of an options contract are determined when the holder decides to close the contract. The calculation is simple, involving the subtraction of the buy order and sell order at the index price, and the trading fee when the position hasn’t yet expired. 

When the options contract expires, there will be implied value resulting from volatility and time consumed. The calculation for the P&L of the option held to expiration will involve the strike price and the index price at expiration, the premium paid and the trading fees.

When an option position isn’t held to expiration but is closed early, the profit and loss calculation is very simple. Every trade involves a buy order and a sell order, so you simply subtract what you paid for the option from what you sold it for.

Types of Options Orders (European Options Contract)

There are four types of Option orders: Buy call, sell call, buy put and sell put. 

The market price of BTC at the start of March is $54,000. Ann thinks the price of BTC will be much higher at the end of the month. Bob believes that BTC’s price will decrease.

 Ann buys the call option at a price of $1,000. This means that she has the right to buy 1 BTC at $45,000 when the contract matures. Bob sells call options. 

Scenario A: Upon expiration, BTC’s settlement price is $48,000. 

Scenario B: Upon expiration, BTC’s settlement price is $43,000. 

Let’s say that BTC is trading for $38,000 on June 1. Based on Bob’s research, he thinks BTC’s price will drop by the end of the month. Ann thinks the price of BTC is going to rise.

Bob buys a BTC put option at a price of $800. This means that Bob has the right to sell 1 BTC at $37,000 when the contract matures. Ann sells put options. 

Scenario A: Upon expiration, BTC’s settlement price is $35,000. 

Scenario B: Upon expiration, BTC’s settlement price is $39,000. 

: The above examples have excluded the calculation for the trading fees. These are gross profits or losses.

Let’s take the Bybit Options (European-style) contract as an 

Trading fees are charged in USDC when opening or closing a position. With Bybit, maker orders and taker orders use the same fee rate. 

: The trading fee for a single contract can never be higher than 12.5% of the option price.

Trading Fee = Minimum (Taker/Maker Fee Rate × Index Price, Maximum Proportion of

Transaction in Order Price × Option Traded Price) × Option Traded Size

Let’s take Ann’s order for a call option (above) as an example:

When the BTC index price is $42,000. Ann places a 0.30 BTC call option and trades it all at a price of $3,000.

In this case, Ann needs to pay a trading fee of 3.78 USDC, based on the following calculation:

Trading Fee = Minimum (0.02% × 42,000, 12.5% × 3,000) × 0.3 = 3.78 USDC

Profit and loss for options can be calculated fairly simply. However, traders tend to forget about trading and delivery fees, which can impact their final earnings or losses from an options contract. We encourage you to trade responsibly and make it a habit to practice first. Head over to Bybit Demo Trading to practice before diving into the actual product. 

Profit and Loss Calculations for Call and Put Options

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