Stablecoin

On December 30, South Korea postponed submitting its Digital Asset Basic Law to 2026 because of disagreements between the Financial Services Commission and major banks over stablecoin oversight. The draft law targets investor protection and requires stablecoin issuers to hold more than 100% of issuance in reserves, but the delay has introduced uncertainty for the country's digital asset market.

On 29 December 2025, Bitcoin was reported to be in a fragile phase as on-chain metrics signaled stalling liquidity. According to Alphractal and CryptoQuant, exchange inflows of USDC and USDT fell from roughly $136 billion in early autumn to around $70 billion, indicating weaker deployable capital.

Russia ended 2025 with a marked shift in crypto policy, capped by the central bank's late‑December concept for comprehensive regulation. Mining gained legal status in late 2024, and in March 2025 an experimental regime enabled limited cross‑border crypto use, with derivatives allowed in May. A full framework is targeted for adoption by July 1, 2026.

In the last week of 2025, the overall crypto market cap remains 7% below its $3.15 trillion peak, while the stablecoin sector has risen 25% year-to-date to $315 billion. At the same time, stablecoin inflows to exchanges have fallen from about $136 billion to roughly $70 billion since September, suggesting liquidity is cautious ahead of a macro-heavy week.

On December 29, WeFi CEO Maksym Sakharov stated that crypto markets are increasingly centered on corporate balance sheets and stablecoin regulation, supported by frameworks such as the GENIUS Act and MiCA. He noted that stablecoin payments have exceeded $9 trillion and are becoming a core part of enterprise finance, while WeFi’s WFI token trades around $2.75 with a market cap above $211.11 million and strong recent price growth.

Stablecoin transfers in European time zones expanded in 2025, totaling 113.3 million transactions excluding December. Ethereum and Solana-based tokens saw strong uptake across the region even as rules tightened, while the ECB in November 2025 warned of financial stability risks. Monthly volumes peaked in January and February at 14.9 million and 13.7 million, respectively.

During a Tetragrammaton podcast appearance, Coinbase CEO Brian Armstrong argued that Bitcoin serves as a market-based check on U.S. fiscal and monetary policy by signaling when confidence in the dollar weakens. He said this alternative asset can discourage excessive inflation and deficit spending, even as U.S. national debt nears $37.65 trillion and policymakers debate Bitcoin reserves and stablecoin regulation. Other voices, including Peter Schiff and stablecoin advocates, offered sharply different views on whether Bitcoin, dollar-backed tokens, or gold will shape the future reserve landscape.

China's central bank introduced a framework permitting commercial banks to pay interest on digital yuan wallet balances starting Jan. 1, 2026. The shift is intended to move e-CNY from a cash-like instrument to deposit-style money and let banks account for it in asset-liability management, according to deputy governor Lu Lei.

Trend Research bought $35 million of Ether, lifting its stash above 601,000 ETH valued at about $1.83 billion. Founder Jack Yi said he will keep adding and is positive on the first half of 2026, while Fundstrat's Tom Lee outlined a potential ETH low near $1,800 in the first quarter of 2026.

China's central bank, the People's Bank of China, announced on December 29 that a new action plan for managing the digital yuan will take effect on January 1. The framework aims to strengthen monitoring and measurement of e-CNY as it moves into full-scale domestic and cross-border use, with transaction volumes reaching RMB 14.2 trillion by September 2025. Governor Pan Gongsheng also outlined measures to expand bank participation, enhance international operations centers, and maintain strict enforcement against domestic virtual currency speculation.