Following a late-2025 sell-off, Zcash (ZEC), Monero (XMR) and OKB still closed the year with large YTD gains. ZEC rallied roughly +800% with an October spike over 400%; XMR added about 129% after April catalyst flows; OKB gained 115% on an August burn plan and X Layer upgrades.

The International Monetary Fund published a 56-page departmental paper on December 2, 2025, warning that foreign-currency stablecoins can accelerate currency substitution in economies with weak institutions. Approximately 97% of the $300+ billion stablecoin market references the U.S. dollar, with concentration in USDT and USDC issuance. The fund recommends harmonized legal definitions, strict reserve standards, and cross-border supervisory coordination to prevent jurisdictional arbitrage.

El Salvador purchased approximately 1,090 BTC this week in its largest single-day acquisition, bringing national reserves to roughly 7,470–7,500 BTC. The $100 million transaction occurred as Bitcoin briefly traded below $90,000 on November 17 and 18, 2025, marking the first time the cryptocurrency fell under that level in seven months. The purchase aligns with President Nayib Bukele's dollar-cost-averaging strategy of acquiring 1 BTC daily, announced in November 2022.