Stablecoin

BlackRock registered the iShares Staked Ethereum Trust in Delaware on November 19, establishing a legal structure for a staking-enabled Ethereum ETF pending regulatory approval. The Delaware filing does not constitute a formal SEC application but positions the asset manager to offer yield-bearing ETH products. Current spot Ethereum ETFs operate without staking functionality, causing investors to forfeit approximately 3% in annualized network rewards.

Hong Kong has imposed a HK$25 million minimum capital threshold for entities seeking to issue fiat-backed stablecoins. The Hong Kong Monetary Authority administers the licensing framework, which became legally operative in 2024. Issuers must hold reserves in low-risk, highly liquid assets and guarantee 1:1 fiat redemption within short timeframes.

Citi and Swift have successfully tested a Payment-versus-Payment model that settles fiat currency and blockchain assets simultaneously. The trial used smart contracts to enhance Swift's existing network rather than replacing traditional banking infrastructure. The breakthrough addresses a key bottleneck in institutional digital asset adoption by eliminating settlement risk between traditional and on-chain transactions.

Tether has accumulated more than 100 tons of physical gold, contributing to tightened global supply as prices climbed over 50% to approximately $4,080 per ounce in 2025, according to Jefferies. The stablecoin issuer added roughly 26 tons in Q3 alone, representing about 2% of total quarterly demand. Analysts at the investment bank say the buying activity has materially influenced market dynamics alongside central bank flows.

MegaETH will open pre-deposits for its USDm stablecoin on November 25, with a $250 million cap on a first-come basis. The stablecoin uses Ethena's USDtb infrastructure to generate yield that will offset sequencer costs. Participation is restricted to users who completed KYC during the project's token sale, which drew over $1.39 billion in bids.

The Office of the Comptroller of the Currency issued Interpretive Letter 1186 on November 18, permitting national banks to hold cryptocurrency on their balance sheets to cover blockchain network fees. The ruling enables banks to maintain native tokens like ETH for operational gas costs without relying on third-party providers, removing a key barrier for institutions running on-chain custody and stablecoin services. Banks may hold these assets as principal where they have a reasonably foreseeable operational need, the OCC stated.

India is developing the Asset Reserve Certificate (ARC), a rupee-pegged stablecoin, in partnership with Polygon Labs and Bengaluru-based fintech Anq for launch in Q1 2026. The stablecoin will be fully collateralized with cash, government securities, or fixed deposits and will operate alongside the Reserve Bank of India's central bank digital currency. Issuance will be restricted to business accounts under Liberalised Remittance Scheme rules, with transactions limited to whitelisted addresses.

BNB is trading at $906.22, down 6.2% over seven days and 15.15% in thirty days, while holding a critical support level. Real-world asset deployments on BNB Chain have surpassed $1 billion, led by Circle's USYC and tokenized treasury products from Franklin Templeton and Securitize, data show. The divergence between weakening retail sentiment and accelerating institutional activity creates a pivotal moment for the asset's 2025 trajectory.

Crypto-collateralized lending reached an all-time high of $73.59 billion in the third quarter of 2025, marking a $20.46 billion increase from the previous quarter, according to Galaxy Research. On-chain lending now accounts for 66.9% of all crypto-collateralized debt. The growth was driven by DeFi protocols and collateralized debt positions, with lending applications capturing over 80% of the on-chain market.

Cash App plans to transition money transfers to blockchain infrastructure in early 2026. Users will send digital dollars instantly through stablecoins without requiring crypto expertise. The initial deployment will utilize USDC on Solana.