Morgan Stanley, which manages $9.3 trillion in assets, launched the Stablecoin Reserves Portfolio for issuers like Circle on Friday. Morgan Stanley said the money market fund was designed to comply with the GENIUS Act and is available on days when the New York Stock Exchange is open. Circle currently keeps the majority of USDC reserves in BlackRock's Circle Reserve Fund, which was valued at about $78 billion on Friday.

U.S. Defense Secretary Pete Hegseth said the U.S. Navy's blockade of Iranian ports will continue and has already turned back 34 ships. Hegseth said an aircraft carrier will join the operation within a few days and that the U.S. military seized two vessels from Iran's "shadow fleet" in the Indian Ocean. Hegseth also warned that the U.S. would destroy Iranian mines in the Strait of Hormuz if Iran lays them there.

U.S. authorities froze about $344 million in Iran-linked USDT. Tether said the freeze covered two addresses. Treasury Secretary Scott Bessent said Friday that the Treasury Department was sanctioning multiple wallets tied to Iran. A U.S. official said the government traced the funds to Iranian exchanges and wallets associated with the Central Bank of Iran.

North Korean hackers stole $293 million from Kelp DAO by compromising an application built on LayerZero. The attackers later used LayerZero again to move part of the stolen funds across blockchains, making it the first documented case in which the same app was used for both the exploit and part of the laundering. Onchain records show at least $500,000 moved through LayerZero. Arbitrum’s Security Council took back about $71 million that North Korean operatives had sent to the blockchain.

The Department of Justice ended its criminal probe into Jerome Powell over alleged cost overruns on the Fed’s $2.5 billion headquarters renovation, clearing a major obstacle to Kevin Warsh’s confirmation as the next Fed chair. Senator Thom Tillis had said he would block Warsh until the probe ended, and Senate leadership now expects a committee vote and floor confirmation before Powell’s term expires on May 15. Warsh told senators he would keep rate decisions independent from the White House, but he has also criticized the Fed’s post-pandemic rate response. Bitcoin has traded in the $70,000–$92,000 range this year as traders watched signals from the central bank.

South Africa's Ministry of Finance released draft crypto capital control rules that would route larger crypto transactions through authorized financial institutions. The proposal would require pre-approval for global remittances and declaration of crypto assets held overseas. Violators could face frozen or confiscated crypto assets, fines, or prison terms of up to five years.

Wisconsin Attorney General Josh Kaul sued Kalshi, Polymarket, Robinhood, Crypto.com, and Coinbase over sports-related event contracts, and the complaint alleges Kalshi generates more than $1 billion a year from sports contracts. The lawsuits ask a Dane County court to declare the offerings illegal gambling and public nuisances under Wisconsin law. Wisconsin cited platform marketing in the filings, including Kalshi ads calling itself the first nationwide legal sports betting platform. The action follows a similar lawsuit filed Tuesday by New York Attorney General Letitia James.

Strategy said it bought 34,164 BTC for about $2.54 billion, lifting its holdings to 815,061 BTC and putting it ahead of BlackRock's IBIT. The article said tracker tallies put IBIT at 802,823 BTC on April 20 and at a reported 806,700 BTC by April 24, leaving Strategy narrowly in front. Strategy also said it still has more than $26 billion of at-the-market capacity and $1.6 billion left on its STRF preferred vehicle for more purchases. JPMorgan's near-term bull case cited in the article puts Bitcoin at $170,000 over the next six to twelve months.

Airlines are cutting schedules after the effective closure of the Strait of Hormuz pushed jet fuel prices to more than double. Lufthansa Group said it will scrap 20,000 short-haul departures through October. Domestic airfare is up about 18% from last year, or around $55 more per trip. IEA Director Fatih Birol warned that Europe has about six weeks of jet fuel stocks left.

The EU's 20th sanctions package banned Russian crypto services for participants under EU jurisdiction, making transactions with Russian-registered crypto providers illegal from May 24, 2026. A Russian bill on digital currency and digital rights would require cryptocurrency storage in depositories and ban personal wallets. Experts said the combination could raise blocking and labeling risks for wallets tied to officially registered Russian platforms. Experts also said Russia may respond by deepening domestic oversight and relying more on channels outside the EU perimeter.