Welcome back. 👋 Each week we cut through the noise and explain what’s driving crypto. This week, Mastercard obtains a difficult to achieve license while Iran has its Crypto seized by the US Government.

- Validator Digital

Crypto fell across the board this week. JPMorgan points to one cause: the unwinding of the debasement trade, the bet that heavy government spending and inflation would drive investors into hard assets like bitcoin and gold. With US and Iran tensions easing, that hedge looks less necessary, so money is leaving both at once, and spot Bitcoin ETFs just logged their worst outflow streak since launching in 2024. With volume at 2023 lows and $70,000 broken, analysts are watching the 200-week moving average near $61,500 as the next major support.

Some read this as the later stages of the bear market rather than the start of a deeper one, with locked-in losses running about half of what past cycles showed by now. The clearest turn would be those ETF outflows flipping back to inflows, and a catalyst like the CLARITY Act reaching a Senate floor vote this summer could pull buyers back in.

What Happened
On May 27, New York regulators granted Mastercard a BitLicense, the state's approval to handle crypto. New York has the strictest crypto rules in the country, so earning its license is treated as the gold standard across the industry. The permit lets Mastercard move money and complete payments using stablecoins, building on its March deal to buy payments firm BVNK for $1.8 billion.

Why It Matters
Mastercard sits between more than a billion cards and millions of stores. Once it runs payments on stablecoins, a transfer that used to take days moving from bank to bank can finish in seconds, with no middlemen taking a cut. That threatens the fees the current system depends on, and it pushes rivals like Visa and American Express to follow or risk being left behind.

The Bottom Line
For anyone who already swipes a Mastercard, the shift is invisible: the same payment, just settled faster and cheaper behind the scenes.

Iran Turned to Crypto to Dodge Sanctions. It Did Not Work.
Tehran used crypto to dodge US sanctions, but the Treasury says it has clawed back close to $1 billion since March, one of the largest hauls on record. The public ledger that critics call crypto's weakness is exactly what let investigators trace and freeze the money.

Cash App Dollars Are No Longer Stuck in Cash App
Cash App is rolling out a way for its nearly 60 million users to send dollars to anyone with a crypto wallet, not just other Cash App users, with a stablecoin carrying the value behind the scenes. It is early, but the direction is clear: digital money you can send to anyone, on any app, like handing someone cash.

Indians Abroad Turn to Crypto to Cut the Cost of Sending Money Home
India has more crypto users than any country, around 119 million, and remittances are the main reason. Banks have long charged 2 to 7% to send money home from abroad, so families are turning to crypto to do it for a fraction of the cost.

Bitcoin Trading Volume Falls to a 2023 Low
Bitcoin spot trading has dropped to about $5 billion a day, the quietest since 2023 and down roughly 80% since October 2025, as everyday buyers and sellers sit on their hands. Volume tends to lead price, so until trading picks back up, rallies will keep running on headlines instead of real buying, and a lasting move higher stays unlikely.

Crypto’s Letting Everyday People Act Like a Bank
A fast growing corner of crypto lets everyday people do what banks do: put up money for real loans, like home loans, and earn the interest as borrowers pay it back, often 8% - 15% a year. The market crossed $1 billion in under 200 days. The catch is the same one banks live with: if borrowers stop paying, you lose money.

Tokenized Real World Assets Have 6x'd Since 2022
The value of real world assets recorded on a blockchain, things like Treasuries, private credit, and commodities, has grown from about $5 billion in 2022 to roughly $32 billion today, signaling an accelerated level of adoption for tokenized assets.

Last week we showed how easy buying crypto has become: open an app, link a bank, tap a button. But owning it is only the start. So what can you actually do with the coins once they land in your account?

Think of crypto like the cash that hits your checking account on payday. You can let it sit, spend it, send it, or put it to work. Crypto does all four.

Hold it. The simplest use is to own it and wait, the same way you might hold gold or a stock, on the bet that it is worth more later. For most people this is still the main reason they buy.

Spend it. A growing list of cards and apps let you pay with crypto at checkout, and stablecoins, digital dollars that hold a steady value of one dollar, make it practical because the price will not move between lunch and dinner.

Send it. Moving money across borders normally takes days and a bite in fees. Crypto can do it in minutes for pennies, which is why millions of people in countries like India and the Philippines use it to receive money from family working abroad.

Earn on it. Some coins let you stake them, which means locking them up to help run the network in return for a steady reward, a little like earning interest in a savings account.

The point is that crypto is no longer something you only buy and hope about. It is something you can use. Of course, holding it also means keeping it safe, and that is where we go next.

Next Week: How Do You Keep Crypto Safe?
Last Week: How Do People Actually Buy Crypto Today?

What story from this week are you watching most closely? Hit reply and let us know.

See you next week,

Don’t speculate, validate.
- Validator Digital

Disclaimer: Individuals have unique circumstances, goals, and risk tolerances, so you should consult a certified investment professional and/or do your own diligence before making investment decisions. The author is not an investment advisor and may hold positions in the assets covered. Certified professionals can provide individualized investment advice tailored to your unique situation. This newsletter is for general educational purposes only, is not individualized, and as such should not be construed as investment advice.