Stablecoin

The Office of the Comptroller of the Currency issued interpretive guidance on November 18, 2025, permitting national banks to hold digital assets on balance sheets for blockchain network fee payments. The agency confirmed banks may retain cryptocurrencies for testing crypto-related platforms and facilitating permissible activities. The guidance marks a departure from restrictions implemented during the Biden administration.

The Sky community has approved the allocation of up to $2.5 billion in USDS stablecoins to support projects developed through the Obex incubator. Framework Ventures is leading a $37 million funding round into Obex and will oversee the initiative focused on generating onchain yield within the Sky ecosystem.

BlackRock transferred 4,880 BTC and 54,730 ETH valued at $642 million to Coinbase Prime on November 17, according to on-chain data. XRP-linked investment products recorded a $15.5 million outflow during the first full week following the spot ETF launch on November 13. The outflow occurred alongside broader market withdrawals totaling $2 billion, with Bitcoin products losing $1.38 billion and Ethereum products shedding $689 million.

Obex has raised $37 million in a funding round led by Framework Ventures, LayerZero, and Sky ecosystem to launch an incubator for stablecoins backed by real-world assets. The 12-week program will provide early-stage teams with capital, technical resources, and infrastructure access. Successful projects may qualify for additional funding from Sky's $2.5 billion allocation.

Brazil's Finance Ministry is evaluating whether to apply the IOF financial transaction tax to cryptocurrency cross-border payments, two officials told Reuters. The review follows new central bank rules reclassifying stablecoins and virtual assets as foreign-exchange instruments, set to take effect in February 2026. Officials said the goal is closing a regulatory gap rather than generating revenue.

Tether has invested in Ledn, a Bitcoin-backed lending provider that has originated over $2.8 billion in loans since launch. The crypto lending market has issued more than $1 billion in loans in 2025, according to the company, signaling a recovery after the 2022–2023 collapse.

Deutsche Börse Group has formed a strategic alliance with Société Générale and SG-FORGE to incorporate CoinVertible stablecoins into its market infrastructure. The MiCA-compliant tokens will support settlement, collateral management, and liquidity functions across Clearstream and digital trading platforms.

AMINA Bank AG secured a Type 1 license uplift from Hong Kong's Securities and Futures Commission, becoming the first international bank authorized to provide regulated crypto trading and custody to institutional clients in the city. The approval covers 13 cryptocurrencies including Bitcoin, Ether, USDC, and Tether. The bank reported a 233% surge in Hong Kong trading volumes during the first half of 2025.

Cardano's privacy-focused Midnight network will launch its native NIGHT token on December 8, 2025, with exchange trading available from day one. The network is designed to enable confidential smart contracts and secure data handling while maintaining regulatory compliance. Market participants are watching ADA's price action near the $0.30 support level ahead of the launch.

Tether and Circle have issued over $14 billion in new stablecoins since October 10, with Circle recently minting an additional $750 million USDC. USDC dominance has climbed to approximately 2.33%, its highest level in nearly a year. The surge in stablecoin issuance comes as investors rotate into stable assets amid market uncertainty, with Bitcoin falling below $100,000 and altcoins extending losses that began in early October.