Kraken has completed its acquisition of Backed Finance AG to accelerate expansion of its xStocks tokenized equities platform. The platform surpassed $10 billion in trading volume within six months of launch. The deal consolidates issuance, trading, and settlement operations under Kraken's infrastructure.

Grayscale launched GDOG, the first spot Dogecoin exchange-traded fund in the United States, on NYSE Arca on November 24, 2025. The product carries a standard management fee of 0.35%, waived to 0% for the first $1 billion in assets under management or the initial three months of operation, whichever occurs first. Dogecoin is trading at $0.1452, down 8.25% over the past week.

The Bank of England has published a consultation paper proposing oversight rules for systemic sterling-denominated stablecoins used in payments and settlements. The framework requires issuers to hold at least 40% of reserves at the central bank and up to 60% in short-term UK government debt. Temporary holding limits are set at £20,000 for individuals and £10 million for businesses during the implementation phase.

UBS has completed the world's first live tokenized fund transaction in collaboration with UBS Tokenize and DigiFT. The transaction processed subscription and redemption requests for the UBS USD Money Market Investment Fund Token (uMINT) on Ethereum. The operation utilized Chainlink's Digital Transfer Agent (DTA) technical standard to automate fund workflows and enhance efficiency across the fund lifecycle.

ETHZilla Corporation has sold $40 million in Ethereum to finance share repurchases under its $250 million board-approved buyback authorization. The company has deployed $12 million of the proceeds to repurchase approximately 600,000 common shares, according to company disclosures. Shares surged 14.53% to $20.65 on October 27, 2025.

Kyrgyzstan has launched its national stablecoin on BNB Chain and confirmed its central bank digital currency, the digital som, is ready for deployment. The government will use the CBDC for official transactions, while the stablecoin will support broader payment and remittance operations. Binance founder Changpeng Zhao disclosed the developments following meetings in Bishkek.