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Asia Morning Briefing: Thai Banks Poised to Hold Crypto Assets, SCB 10X CEO Foresees Surge in Regional Fintech Innovation
PLUS: SCB 10X’s newly appointed CEO Kaweewut Temphuwapat anticipates clearer crypto regulations and AI integration will spark a wave of dealmaking across Southeast Asia.
Welcome to today’s Asia Morning Briefing, your go-to recap for key developments during U.S. trading hours alongside a snapshot of market movements across the region. For a deeper dive into North American market action, visit CoinDesk’s Crypto Daybook Americas.
Uniswap UNI Rises 5% Amid Highest Monthly Volume Since February
Uniswap’s governance token UNI rallied 5% in the last 24 hours, climbing from $6.00 to $6.65. This gain contrasts with a 1.8% drop in the broader CoinDesk 20 Index. The surge is underpinned by record monthly trading volume topping $73 billion, contributing to over $380 million in revenue year-to-date. Renewed institutional interest, including a whale buying nearly $4 million worth of UNI, is helping sustain momentum.
SCB 10X CEO Highlights Crypto and AI as Key Drivers for Southeast Asia
Kaweewut Temphuwapat, recently named CEO of SCB 10X — the venture capital arm of Thailand’s Siam Commercial Bank — identified the intersection of artificial intelligence and cryptocurrency as the future of fintech innovation.
“We’re laser-focused on combining AI with crypto technologies,” Temphuwapat told CoinDesk, emphasizing this dual strategy as a core investment theme.
He expects regulatory clarity emerging from the U.S. will unlock more deal flow into Asia’s resilient crypto markets, with Thailand’s forward-thinking regulators and strong payments infrastructure providing a competitive advantage.
Temphuwapat also forecasted that Thai banks, including SCB, might soon hold crypto tokens directly on their balance sheets, initially through controlled regulatory sandboxes.
James Wynn Shifts From Massive Bitcoin Trades to Leveraged Memecoin Bets
Famous Hyperliquid trader “James Wynn” (aka “moonpig”) has moved from billion-dollar bitcoin wagers to high-risk memecoin positions.
After closing a $1.2 billion BTC long with a $17.5 million loss and profiting around $3 million from a 40x short, Wynn reported a total $25 million gain on his trades and announced a pause from perpetual trading.
He’s now betting $1 million with 10x leverage on Pepe (PEPE), already up $500,000 as the memecoin rallies nearly 6%.
Strategy (MSTR) Adds 4,020 BTC for $427M, Total Holdings Surpass 580K BTC
Strategy, the largest corporate bitcoin holder, purchased an additional 4,020 BTC over the past week, paying roughly $427 million and pushing its total bitcoin inventory to 580,250 coins.
These purchases were financed via three concurrent at-the-market (ATM) stock offerings, including common and preferred shares.
With an average buy-in of $106,237 per coin for this batch, Strategy’s total bitcoin investment exceeds $40.6 billion at an average cost of $69,979 per coin, reflecting a steady accumulation strategy funded through equity issuance.
Market Highlights
- Bitcoin (BTC): Holding steady near $109,000 despite thin holiday trading and tariff worries, with steady accumulation by long-term holders.
- Ethereum (ETH): Staying above $2,500 amid volatility, buoyed by strong institutional inflows into ETH spot ETFs.
- Gold: Slight dip after tariff postponement, but holding above $3,310 amid ongoing inflation and budget concerns.
- Hang Seng: Closed lower at 23,304, weighed down by tech sector losses, including Meituan’s 4.9% drop.
- Nikkei 225: Slightly down 0.13%, reflecting investor caution ahead of tariff developments.
- S&P 500: Closed Monday for Memorial Day.
