Stablecoin

Ripple's RLUSD stablecoin has reached $1.26 billion in total supply, with $1.03 billion or 82% deployed on Ethereum and $235 million on the XRP Ledger. The distribution reflects Ethereum's mature DeFi infrastructure and deep liquidity pools compared to XRPL's emerging ecosystem. Weekly transfer volume on Ethereum now averages approximately $1.0 billion, up from $66 million at the start of the year, according to Token Terminal.

House Republicans released a 51-page report on December 1 detailing banking access challenges faced by at least 30 digital asset entities between 2022 and 2024. The documentation includes FDIC pause letters sent to approximately 24 banks and Federal Reserve guidance requiring pre-approval for crypto activities. The Trump Administration has since reversed these policies through multiple regulatory actions beginning January 2025.

First Digital Group, the Hong Kong-based issuer of the FDUSD stablecoin, plans to go public on the New York Stock Exchange through a merger with CSLM Digital Asset Acquisition Corp III. The SPAC raised $230 million in its August IPO on Nasdaq, with merger terms currently under negotiation.

Bitcoin dropped below $86,000, erasing approximately $240 billion from the cryptocurrency market. Data show large holders have reduced their accumulation rate while smaller retail wallets increased purchasing activity. Strategy acquired an additional 130 BTC for around $11.7 million, bringing total holdings to 650,000 BTC.

South Korean lawmakers have set a December 10 deadline for regulators to submit a draft stablecoin bill. If the Financial Services Commission fails to deliver, legislators plan to advance independent legislation. The debate centers on whether banks or technology firms should lead issuance of won-pegged stablecoins.

The Bank of Israel announced enhanced regulatory oversight of stablecoins, with Governor Amir Yaron identifying them as a systemic force in global finance. The move came during a Tel Aviv conference where officials presented an updated timeline for the country's central bank digital currency project. The sector has reached a market capitalization exceeding $300 billion with monthly transaction volumes surpassing $2 trillion, according to Yaron.

The People's Bank of China convened 13 government agencies on November 28, 2025, to coordinate enforcement against resurgent virtual asset speculation. Officials identified stablecoins as tools for money laundering and illegal cross-border fund transfers, reiterating that cryptocurrencies hold no legal tender status in China. Hong Kong-listed crypto-exposed firms fell sharply following the announcement, with Yunfeng Financial Group dropping over 10%.

Israel is preparing stricter regulatory supervision of stablecoins as the Bank of Israel integrates them into the national payments framework. Governor Amir Yaron outlined heightened oversight requirements at a Tel Aviv conference, citing stablecoin market capitalization exceeding $300 billion and monthly transaction volumes surpassing $2 trillion. The central bank will release digital shekel recommendations by year-end, with a 2026 roadmap for implementation.

Sony Bank will introduce a U.S. dollar-pegged stablecoin for American customers starting in fiscal 2026, Nikkei reported. The Sony banking unit plans to deploy the 1:1 USD stablecoin for payment and settlement operations across its gaming and anime divisions. The move could reduce credit card processing fees for customer subscriptions.

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.