May Newsletter

Market Commentary

The Stable of Stablecoins

Wade Guenther and Will Cai go in-depth on stablecoins,?evaluating their place in the crypto ecosystem. This article provides an analysis of asset-backed and algorithmic stablecoins, while also exploring?risks associated with the coins.

Read the article

Digital Asset News

Kitco: Crypto Did Not Cause Bank Collapses. A report from the Congressional Research Service showed that crypto losses were not responsible for the collapses of Silicon Valley Bank, Signature Bank, or Silvergate. The banks' failures were not caused by exposure to FTX or other crypto firms, but by the negative public perception of the riskiness of the banks.?

CoinDesk: Crypto Market Recovery Unlikely Until Stablecoin Universe Stops Shrinking. In a report released by JPMorgan, the firm explained that U.S. regulatory movement, banking controversy, and continuing impact from the FTX collapse are putting pressure on stablecoins, which have lost almost $200bn in market cap.

DeCrypt: Ledger Causes Controversy with 'Recover' Feature. Ledger, a well-known hardware wallet manufacturer, faces controversy over its latest firmware update. The “Recover” feature allows the customers to recover seed phrases, which will be encrypted but stored online. The feature seems incompatible to the concept of a cold wallet. Ledger has a history of data breaches, further causing customer concern over data security.

CryptoPotato: Senator Cynthia Lummis: Biden's 30% Tax on Crypto Miners Isn't Going to Happen. U.S. Senator Cynthia Lummis does not expect Biden’s 30% excise tax on crypto miners to come to fruition. At the Bitcoin 2023 Conference, she stated that mining opportunities are available worldwide and the U.S. should take advantage of States that have excess power by allowing miners to operate without over-encumbering restrictions.

What We're Reading

Fast Company: Google: AI Should Never Be Credited as an Inventor. According to Google,?generative AI should never be credited as an inventor, even if the system made significant contributions to an invention. This opinion was provided by Google as a response to an inquiry about generative AI and patents?from the U.S. Patent and Trademark Office. Recently, a U.S. Court of Appeals agreed, ruling?that patents are exclusively for human inventors.?

Forbes:?Nvidia Stock Surges off Huge AI-Focused Earnings Report.?Chip manufacturer Nvidia exceeded Q1 earnings expectations and upgraded its revenue outlook. The company confirmed the impact of AI demand on the positive outlook. Recent advances in AI are likely to boost the entire semiconductor industry.

WSJ:?Fed Official Is Open to Forgoing June Rate Hike.?While he does not think the Fed is completely finished with raising rates, Minneapolis Fed President Neel Kashkari was open to putting the brakes on a rate hike for the upcoming June policy meeting. As the federal funds rate sits at a 16-year high, the Fed may want to take a step back to evaluate the impact of the string of rapid raises we have seen in the past years.

LiveScience:?Evidence Found of Stars 10,000 Times the Size of the Sun.?The James Webb Space Telescope has discovered evidence of supermassive stars, up to 10,000 times the mass of the sun, that were created near the beginning of the universe. While only indirect traces of these stars remain, researchers theorize that these stars burned at much higher temperatures than the ones that exist currently and may have been responsible for the dissemination of heavy elements throughout the universe.?

Wilshire Phoenix?develops innovative indexes, ETFs, and other financial products that seek to respond to the various challenges that investors face in today's increasingly complex global markets. Whether providing solutions for institutional or individual investors, Wilshire Phoenix delivers access to differentiated investment products and strategies.

? 2023 Wilshire Phoenix Funds LLC.

Wilshire Phoenix? and wShares? are registered trademarks of Wilshire Phoenix Funds LLC (the “Company”). The Company has filed two patent applications with the United States Patent and Trademark Office in connection with certain characteristics of its indexes and financial products, and all rights related to the patents remain those of the Company.

2 Park Ave | New York, NY 10016 | 917-671-9097 | [email protected]