KakaoBank has advanced its Korean won-pegged stablecoin project into active development, according to Newspim. The digital bank, part of South Korean tech conglomerate Kakao, is recruiting blockchain backend developers with expertise in smart contracts and token standards. The move follows similar initiatives by competitor Naver, which is reportedly pursuing a merger with Upbit, the country's largest cryptocurrency exchange.

Japan's Financial Services Agency is developing legislation that would mandate cryptocurrency exchanges to maintain emergency reserves for potential liabilities. The bill is scheduled for parliamentary submission in 2026. While exchanges currently must store user deposits in cold wallets, no dedicated compensation reserves are required for incidents such as hacks or exploits.

Jack Mallers, chief executive of Strike, said JPMorgan Chase terminated his personal banking accounts last month without advance notice. The bank cited "concerning activity" but declined to provide specifics, telling Mallers it was "not allowed" to disclose details. The closure has renewed debate over whether banks continue to restrict services for cryptocurrency industry executives.

Bitcoin has recovered to approximately $87,500 after declining to $81,000 earlier in the week, gaining 1.8% over 24 hours. Analysts describe the move as a post-decline bounce characterized by thin order book depth and fragmented capital flows. Despite the modest price recovery, the Crypto Fear & Greed Index remains at 13, firmly in extreme fear territory.

U.S. spot bitcoin exchange-traded funds recorded net outflows of $903.11 million on Thursday, the second-highest daily withdrawal since their launch, according to SoSoValue data. BlackRock's IBIT led the exodus with $355.5 million in withdrawals, followed by Grayscale's GBTC at $199.35 million and Fidelity's FBTC at $190.4 million. Eight funds in total contributed to the outflows amid broader risk-off sentiment across equity and cryptocurrency markets.

Bitcoin dropped below $86,000 on Thursday after US employment data for September exceeded forecasts, diminishing expectations for a Federal Reserve rate cut in December. The cryptocurrency declined 7.32% to $85,700, its lowest level in nearly seven months. The delayed non-farm payroll report showed 119,000 jobs added in September, significantly above the 50,000 consensus estimate.

U.S. spot bitcoin exchange-traded funds posted $75.47 million in net inflows on Wednesday, halting a five-day withdrawal period that drained $2.26 billion from the products. BlackRock's IBIT led the recovery with $60.61 million in inflows, rebounding from Tuesday's record $523 million outflow. Bitcoin rose 0.72% to $92,200 as institutional sentiment showed early signs of stabilization.

Bitwise Asset Management will launch its spot XRP exchange-traded fund on the New York Stock Exchange on Thursday under ticker XRP. The fund carries a 0.34% management fee, waived for the first month on the initial $500 million in assets. XRP holds a market capitalization of $127.3 billion as the third-largest non-stablecoin cryptocurrency.

Senate Banking Committee Chair Tim Scott said Tuesday he plans to advance crypto market structure legislation through committee votes by December. The Republican senator aims to bring the bill to the Senate floor in early 2026, requiring bipartisan support for passage. The legislation addresses regulatory jurisdiction between the SEC and CFTC over digital assets.