Asia Opening Note: Crypto in Thai Banks? SCB 10X CEO Suggests Sandbox Entry Is on the Horizon

Asia Morning Briefing: Thai Banks Near Crypto Adoption as SCB 10X CEO Highlights Regulatory Progress and Fintech Innovation

Also: SCB 10X CEO Kaweewut Temphuwapat foresees strong crypto deal flow fueled by clearer regulations and AI growth across Southeast Asia.

Welcome to your Asia Morning Briefing, delivering the latest updates from overnight U.S. markets and a snapshot of key Asian market movements. For an in-depth look at U.S. market activity, see CoinDesk’s Crypto Daybook Americas.

Uniswap’s UNI Token Rises 5% to $6.65 on Surging Institutional Interest

Uniswap’s UNI rallied from $6.00 to $6.65 in the past 24 hours, a 5% gain, even as the broader CoinDesk20 Index dipped 1.8%. The decentralized exchange has recorded its highest monthly volume since February, topping $73 billion in trades and generating over $380 million in revenue year-to-date. The uptick was fueled by a major whale re-entering the market, buying nearly $4 million worth of UNI tokens.

SCB 10X CEO Sees AI and Crypto Driving Southeast Asia’s Fintech Boom

Kaweewut Temphuwapat, recently named CEO of SCB 10X — the venture capital arm of Siam Commercial Bank — highlighted the firm’s focus on the synergy between AI and crypto.

“We are heavily focused on AI and crypto, as well as their intersection,” Temphuwapat said in an interview with CoinDesk. He predicts that the U.S.’s clearer crypto regulatory framework will channel more deal activity toward resilient Asian markets.

Praising Thailand’s progressive regulatory environment and strong payments infrastructure, he anticipates Thai banks like SCB will soon hold crypto assets on their balance sheets, initially through sandbox initiatives.

Crypto Trader James Wynn Shifts From Bitcoin Giants to Memecoin Bets

Known for making huge bitcoin wagers on the onchain platform Hyperliquid, pseudonymous trader “James Wynn” has shifted gears toward memecoins, recently opening a $1 million 10x leveraged long on Pepe (PEPE).

Wynn had earlier closed a $1.2 billion BTC long position at a $17.5 million loss, before profiting around $3 million from a 40x leveraged bitcoin short. He announced stepping back from perpetual futures trading after accumulating $25 million in total profits.

His new high-leverage Pepe trade has already gained half a million dollars following a nearly 6% rise in the memecoin.

Strategy Adds 4,020 BTC for $427M, Total Holdings Surpass 580,000 BTC

Strategy, the largest corporate bitcoin holder, boosted its stash by 4,020 BTC between May 19 and 25 at a cost of roughly $427 million, increasing total holdings to 580,250 BTC.

This purchase was financed through three at-the-market equity programs involving common and preferred stock sales totaling $427 million.

The average price for this batch was $106,237, bringing Strategy’s total bitcoin investment to over $40.6 billion, with an average cost basis of $69,979 per coin.

Market Recap

• Bitcoin (BTC): Steady near $109,000 amid quiet U.S. holiday trading and tariff-related volatility, with steady accumulation from long-term holders.
• Ethereum (ETH): Holding firm above $2,500, buoyed by continued institutional ETF inflows.
• Gold: Slight dip following tariff delay but remains strong above $3,310 amid inflation concerns.
• Hang Seng: Opened lower at 23,304, pressured by tech sector losses including Meituan’s 4.9% slide.
• Nikkei 225: Down 0.13% as markets react to tariff developments.
• S&P 500: Closed Monday for Memorial Day.