HashKey Holdings Limited has passed the Hong Kong Stock Exchange listing hearing, moving closer to a public offering. The operator of Hong Kong's largest licensed crypto exchange disclosed the regulatory approval in its Post Hearing Information Pack on December 1, 2025. The company plans to use IPO proceeds to expand its technology infrastructure, product offerings, and international operations.

Sony Bank plans to introduce a dollar-pegged stablecoin in the United States by fiscal 2026, according to sources cited by Nikkei. The digital currency will target U.S. consumers purchasing Sony's gaming and anime content. Sony Bank filed for a U.S. banking license in October and has partnered with stablecoin issuer Bastion to support the project.

Crypto analyst Colin Talks Crypto estimates a 20% probability that Bitcoin will advance directly to new all-time highs from current levels. His primary outlook projects a rally toward $100,000–$115,000, followed by a multi-month correction before the cycle's next major phase. Multiple analysts note that current market conditions lack typical signals associated with cycle peaks.

South Korea's ruling and opposition parties have agreed on a stablecoin regulatory framework, with lawmakers targeting passage of the Digital Asset Basic Act by January 2026. The legislation establishes a consortium model requiring banks to hold at least 51% equity, while technology firms may participate as minority stakeholders. A December 10 deadline has been set for government proposal submission.

Ripple Labs received regulatory approval from the Monetary Authority of Singapore to expand its payment services under its Major Payment Institution license. The expanded scope allows Ripple Markets APAC to provide a wider range of regulated payment activities to banks and corporate clients in Singapore. The approval supports infrastructure development for cross-border payment solutions using digital tokens including RLUSD and XRP.

U.S. spot bitcoin exchange-traded funds recorded $3.48 billion in net outflows during November, the steepest monthly decline since February. Spot ether ETFs posted $1.42 billion in exits, marking their largest monthly outflow to date. The withdrawals followed bitcoin's rally to record highs and coincided with year-end portfolio adjustments.

Elon Musk argued that Bitcoin derives value from energy consumption, making it harder to manipulate than fiat currencies, according to a resurfaced interview with Nikhil Kamath. Peter Schiff countered that Bitcoin lacks inherent value and criticized MicroStrategy's business model. Derivatives data shows more than $7.8 billion in short positions could be liquidated if Bitcoin breaks above $100,000, according to CoinGlass and Whale Insider.

Bitcoin dropped below $87,000 on December 1, 2025, following renewed regulatory pressure from China's central bank targeting stablecoins and crypto speculation. The decline triggered over $600 million in leveraged position liquidations within 24 hours. Major altcoins including Ethereum, Solana, and XRP posted losses between 6% and 9%.