Ndax Weekly TL;DR May 11

ECB favors tokenized deposits over euro stablecoins

• European Central Bank President Christine Lagarde said during a speech in Spain that the case for euro-denominated stablecoins is “far weaker than it appears.” She cited risks around market runs, bank deposit substitution, and monetary-policy transmission. Instead, she pointed to tokenized commercial bank deposits as a safer route that still leverages blockchain infrastructure.(ECB)
• Why it matters: Lagarde’s comments highlight a divide in digital money. Central banks may be more comfortable with tokenized deposits compared to privately issued stablecoins. That matters because the future of digital payments, especially in Europe, may not be a simple stablecoin narrative. Rather, it could become a competition between privately issued tokens, tokenized bank deposits, and central bank-backed systems.

CLARITY Act support carries electoral boost, HarrisX poll finds

• A new HarrisX poll found that 52% of registered U.S. voters support the CLARITY Act, while 47% would consider crossing party lines for a candidate who backs the bill. Support was higher among crypto users, at 72%. The poll also showed support across Democrats, Republicans, and independents. (Cointelegraph)
• Why it matters: The poll suggests crypto regulation may be becoming a more visible bipartisan issue in the U.S. The CLARITY Act could help shape digital-asset market rules, but its timing and final form remain uncertain. For the crypto industry, the results point to continued voter interest in clearer rules for digital assets.

Solana co-founder updates on Alpenglow upgrade

• Solana co-founder Anatoly Takovenko said last week during CoinDesk’s Consensus conference that the network’s Alpenglow upgrade could arrive as soon as next quarter. The upgrade is designed to improve Solana’s consensus system and reduce confirmation times. (CoinDesk)
• Why it matters: Alpenglow is a meaningful network-level update because it addresses a factor that matters most for Solana’s long-term performance: how quickly and reliably transactions are confirmed. This creates a new potential infrastructure angle rather than another price or sentiment update.

Canadian spotlight: HIVE Digital graduates to TSX

• HIVE Digital announced last week that its stock is uplisting from the TSX Venture Exchange to the Toronto Stock Exchange after satisfying more stringent listing requirements. HIVE is a digital asset miner that now operates data centres in multiple countries, serving both Bitcoin and high-performance computing clients. (TMX Newsfile)

• BTC Weekly Range: $108K-$112K
• ETH Weekly Range: $3.1K-$3.2K

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• May 12: U.S. Core CPI for April
• May 14: U.S. Initial jobless claims
   

• Crypto ended the week in a constructive but still uneven position. Bitcoin held above the C$100,000 level, but the market is still more fragile than equities. U.S. major indices in particular are trading well within their all-time highs, signalling investor risk appetite is stronger. Still, Bitcoin ETF flows last week showed that institutional demand remains active, even when price action is choppy. The infrastructure story continues to improve, while investors appear to be waiting for stronger conviction before it can fully catch up with the momentum seen in traditional equities.

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