Major U.S. banks are moving to bring deposits onto blockchain rails, stepping up competition with the fast-growing stablecoin market. CoinDesk reports that JPMorgan Chase, Bank of America, Citibank and other institutions plan to launch a shared tokenized deposit network via The Clearing House by the first half of 2027. The system would allow bank deposits to be represented onchain, enabling 24/7 transfers and settlement while keeping funds inside the regulated banking framework. The initiative is aimed squarely at stablecoins such as USDC and USDT, which are widely used for crypto trading, cross-border payments and some store-of-value purposes. Banks worry that broader adoption of stablecoins in mainstream payments could pull customer money out of traditional accounts and into crypto wallets, pressuring core deposits. The stated objective is to keep customer funds within the banking system. Tokenized deposits would effectively mirror customer deposits as digital tokens that move across blockchain infrastructure. Unlike stablecoins, the underlying funds remain on bank balance sheets, with banks retaining control over account relationships, compliance checks and clearing. Reid Noch, vice president of U.S. Equity Market Structure at TD Securities, said stablecoins, tokenized deposits and tokenized money market funds are vying to become the leading "onchain cash instruments." He added that banks pushing these networks now signals they view stablecoins as credible competitors. Jefferies has flagged potential deposit pressure. In a March report, the firm estimated stablecoins could drive 3% to 5% core deposit losses over the next five years and cut average bank profitability by roughly 3%, a backdrop that is encouraging banks to accelerate onchain payment efforts. Proponents say the main benefit is payment efficiency. Traditional wire transfers, especially cross-border, can be expensive and typically take one to two business days. Blockchain-based interbank transfers could move closer to near-real-time settlement and operate around the clock. The Clearing House is expected to lead and coordinate the shared network. If development proceeds as planned, early use cases are likely to focus on corporate payments and treasury management, where customers prioritize compliance, security and control within established banking channels. Despite using blockchain technology, the bank-led model is expected to differ materially from the open networks favored by the crypto industry. Commentator Noelle Acheson notes that banks have spent years testing private or closed systems designed to improve internal and interbank transfer efficiency while maintaining tight control over participants and transactions. That design choice could limit overlap with public-chain stablecoins, which benefit from deeper liquidity, broader distribution and the ability to circulate freely on open networks. Bank tokenized deposits are more likely to appeal to corporate clients that want onchain functionality without stepping outside existing compliance frameworks. If The Clearing House network launches on schedule, the competitive map for onchain dollars could shift. Stablecoins, tokenized deposits and tokenized money market funds may increasingly collide in payments, clearing and corporate treasury management.

U.S.-listed spot Ethereum ETFs continued to shed assets this week. The 10 active products posted a combined $168 million in net outflows, marking a fourth straight week of withdrawals. The pace of redemptions eased compared with recent weeks: the steepest week in the past month came in mid-May, when the group saw about $255 million leave the funds.

Hyperion DeFi said it will unwind $29 million worth of HYPE-related transactions involving Felix and Native Markets as USDH is sunset.

A new wave of ETFs tied to Hyperliquid is drawing fresh money even as Bitcoin and Ethereum weaken and spot crypto ETFs see redemptions. CoinDesk, citing CNBC, reported that recently listed products from Bitwise, 21Shares and Grayscale have attracted close to $160 million in inflows shortly after launch. Bitwise and 21Shares rolled out spot ETFs tracking the HYPE index in May, trading as BHYP and THYP. Data cited in the report show their combined assets under management nearing $150 million, with net inflows on most trading days since debut. Grayscale added to the lineup on Wednesday with the Hyperliquid Staking ETF, ticker HYPG. The flows stand out against broader crypto ETF performance. The report said spot Bitcoin ETFs remained in outflow territory during the recent drop in Bitcoin, with BlackRock's IBIT down about 16% on the week. Hyperliquid is a decentralized perpetual futures exchange that runs on its own blockchain and primarily serves 24-hour traders outside the United States. Interviewees pointed to HYPE's "value capture" model as a key reason the ETFs are resonating with traditional investors. Bitwise CIO Matt Hougan said 99% of fees generated on the Hyperliquid platform are used to repurchase HYPE tokens, tying platform activity more directly to token value. 21Shares macro head Stephen Coltman likened the structure to public companies buying back shares with cash. Grayscale research head Zach Pandl said the products could bring in first-time investors to this niche category rather than simply rotating existing crypto allocations away from Bitcoin. ETF analyst Nate Geraci added that spot crypto ETFs are increasingly becoming a gateway for traditional finance to access DeFi, and that the HYPE-focused ETFs have helped raise awareness of the Hyperliquid platform. The report also noted that Hyperliquid drew attention last summer as geopolitical tensions boosted demand for weekend crude-oil trading. 21Shares said crude oil-related volume on the platform climbed to roughly $1 billion per day at the time. Interviewees cautioned that Hyperliquid still has limited mainstream recognition and may face intensifying competition from traditional financial venues and other DeFi protocols, with regulatory shifts potentially adding pressure.

Shielded Labs and other Zcash ecosystem participants have put forward the Ironwood network upgrade, noting that users currently cannot independently verify whether ZEC's circulating supply was affected by any exploitation of the recently disclosed Orchard counterfeiting vulnerability. The group said it considers exploitation unlikely, but cannot definitively rule it out. Under the proposal, Zcash would regain consensus-level supply verifiability by introducing a new shielded pool and blocking the existing Orchard pool from creating new outputs. A deployment timeline has not been set.

A wallet linked to Ethereum co-founder Joseph Lubin moved 110,000 ETH to reinforce collateral backing a $259 million DAI debt position.

Solana (SOL) remained under pressure, sliding to $61 before a modest rebound. The move marks its lowest level since November 2023, a 31-month low. At the time of writing, SOL was trading around $62, down 4.6% on the day. The selloff has been driven by broad capital outflows, with many investors cutting exposure and short-term speculators stepping aside until conditions improve. Institutional selling adds to downside Institutional sentiment has deteriorated as losses mount, prompting funds to close positions. Data show SOL spot ETFs flipped negative after staying positive for much of the past month, with spot net inflows posting two straight days of outflows (Source: Sosovalue). That shift points to accelerated institutional distribution, which typically reinforces downside momentum. A recent example illustrates the impact: in March, when SOL ETFs turned into sellers, SOL fell from $91 to $81, underscoring how large players can influence price direction. Rising losses fuel caution The shift appears tied to deepening losses tied to Solana-focused treasuries. Forward Industries, for instance, is reported to be down more than $1.3 billion on its SOL position, with other firms also recording sizable declines (Source: Coingecko). Over the past 24 hours, Solana DATs fell 29%, and the total value of SOL held dropped to $1.1 billion. As those positions sour, risk appetite across the market has weakened. Key level in focus: $60 support Bearish momentum has intensified. SOL's Relative Strength Index (RSI) sank further into oversold territory, reaching 15, signaling strong seller control and limited buyer participation (Source: TradingView). With price now probing $60 as a key support zone, downside pressure is building. If current conditions persist, SOL could break below $60, with $53 identified as the next support area. Summary SOL extended its decline, falling about 4% to a 31-month low near $61. After a month of net accumulation, SOL spot ETFs turned into sellers, and rising losses appear to be driving renewed institutional risk-off behavior.

Goldman Sachs has launched a blockchain-native tokenized real estate fund on its GS DAP platform, working with Apex Group, Archax, LRC Group and Ownera to enable regulated on-chain share issuance for European real estate investors. The first tokens for the LRC real estate fund were issued on April 27, 2026 via GS DAP. The vehicle is formally structured as the LRC Tokenized Real Estate Fund SCSp, SICAV-RAIF, domiciled in Luxembourg and distributed across the European Economic Area. Public details surfaced around June 4. Apex Group, which services more than $3.5 trillion in assets across 52 countries, is covering the AIFM, administration and depositary functions for the Luxembourg-domiciled fund through its Fundrock LIS entity and local operations, including banking services. The product is positioned for institutional investors across the EEA. No retail access has been announced, and there are no details yet on secondary-market trading. The setup brings together a regulated end-to-end stack. Goldman Sachs operates GS DAP, a permissioned distributed ledger technology platform built on the Canton Network using DAML smart contracts. GS DAP supports issuance, settlement, custody and transfer of digital assets, and has previously been used for tokenized money market funds and a European Investment Bank digital bond. LRC Group, a London-based real estate investment manager founded in 1995, serves as fund manager. The firm says it has acquired and managed more than €10 billion in real estate assets since inception and currently manages about €3.6 billion, with a focus on the UK and pan-European residential sectors. Archax, a regulated digital asset platform operating across the UK, EU, U.S. and UAE, is acting as custodian for the digital securities and as the fund's first distribution partner. Ownera is providing the interoperability layer via its open-source FinP2P technology to connect participants across networks and blockchains. The company reports $5 billion in monthly trading volume orchestrated through its infrastructure. Under the structure, the fund issues blockchain-native shares directly on GS DAP within a regulated Luxembourg vehicle, pairing on-chain ownership records with traditional fund governance, depositary oversight and regulatory reporting. Goldman Sachs and its partners have not disclosed the fund's current assets under management, underlying portfolio composition or performance metrics. Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, said issuing blockchain-native fund units on GS DAP allows more precise exposure to real estate assets while creating a pathway for smoother share transferability over time, describing the launch as another step toward on-chain markets for digital assets. Agnes Mazurek, Global Head of Digital Assets at Apex Group, said institutional-scale tokenization depends on trusted, regulated infrastructure. She added that real estate is a natural starting point and that the structure demonstrates how on-chain issuance can be integrated into established fund models without weakening governance or investor protections. In the broader real-world asset (RWA) tokenization market, institutional adoption in real estate has lagged tokenized treasuries and money market funds, in part due to distribution complexity and ongoing servicing needs. The partners said the new structure addresses both by operating within existing regulatory frameworks and assembling a full-service provider stack. The launch adds to a growing set of tokenization initiatives from major financial institutions, as firms including Blackrock have expanded tokenized fund and bond offerings through 2025 and into 2026.