21Shares filed Form 8-A with the SEC on November 8 to launch a spot XRP exchange-traded fund for U.S. investors. The submission initiates a 20-day regulatory review period. Approval would provide institutional investors with regulated access to XRP, potentially increasing capital flows into the cryptocurrency.

Kazakhstan plans to establish a national cryptocurrency reserve fund valued between $500 million and $1 billion using seized overseas assets. The fund will prioritize investments in crypto ETFs and equities of digital currency companies rather than direct cryptocurrency holdings, according to Central Bank Governor Timur Suleimenov. The initiative targets operational readiness by late 2025 or January 2026.

Stream Finance's xUSD stablecoin collapsed to zero following a $93 million loss, sparking $1 billion in outflows across DeFi platforms. The incident marks the largest stablecoin withdrawal event since the UST collapse in 2022. Protocols including Coinshift, Elixir, and Euler experienced significant total value locked declines, with Euler recording $137 million in bad debt.

Compound Finance suspended its Ethereum-based USDC, USDS, and USDT lending markets on November 6 following a liquidity crisis involving Elixir's deUSD and sdeUSD stablecoins. Stream Finance reported a $93 million loss linked to the exposure, according to risk management firm Gauntlet. Withdrawals for USDC and USDS markets resumed the same day as Compound governance works to restore full operations.

A whale withdrew $114.9 million USDT from Aave's main market, driving the platform's USDT utilization rate to 92.83% and exceeding its optimal threshold. The withdrawal activated Aave's automatic interest rate adjustment mechanism, which increases rates to discourage excessive borrowing and incentivize new deposits.

Changpeng Zhao, former CEO of Binance, pleaded guilty on November 21, 2023, to violating the U.S. Bank Secrecy Act, according to the Department of Justice. Binance agreed to pay $4.3 billion in penalties. The case marks the first criminal prosecution of a chief executive at a major cryptocurrency exchange.

Coinbase CEO Brian Armstrong announced the x402 protocol on November 2, enabling stablecoin payments to integrate directly with web requests. The protocol's ecosystem has surpassed $1.19 billion in market cap, with transaction volume exceeding 932,000 within one week of launch. Armstrong described the growth trajectory as "crazy," reflecting strong early engagement.

Tether CEO Paolo Ardoino told Bloomberg the company expects to generate $15 billion in profit during 2025 with a 99% margin. The stablecoin issuer is advancing regulatory discussions in the United States. The company has confirmed it will not pursue a public offering.