Brevan Howard's Nova Digital subsidiary obtained a one-year refund right on its $25 million investment in Berachain's Series B round, according to documents reviewed by Unchained. The arrangement allows the firm to recoup its stake until February 6, 2026, despite co-leading the $69 million funding at a $1.5 billion valuation. BERA currently trades around $1, down approximately 67% from the $3 investment price.

The European Central Bank has assessed that stablecoins currently present limited financial stability risks to the euro area, primarily due to low adoption rates and the EU's comprehensive regulatory framework. The assessment notes that crypto trading remains the dominant use case for stablecoins, with minimal integration into traditional payment systems.

The U.S. digital asset industry is entering a transformative phase as regulatory frameworks take shape. Market concentration among dominant exchanges may face disruption as compliance barriers lower and institutional infrastructure matures. Stablecoin payment volumes surged over 70% in 2025, while publicly traded companies holding Bitcoin grew nearly 40% in Q3 2025.

Six major Japanese asset management firms are developing cryptocurrency investment trust products in anticipation of regulatory changes expected by 2026. The Financial Services Agency plans to reclassify digital assets under financial securities law, enabling investment trusts and implementing a 20% tax rate on crypto gains. SBI Global Asset Management aims to achieve ¥5 trillion in crypto assets under management within three years.

The European Central Bank identified stablecoins as a potential systemic risk in its financial stability assessment released on November 24, 2025. The bank warned that widespread adoption could destabilize bank funding if consumers shift deposits into digital assets. The ECB called for global regulatory alignment to prevent firms from exploiting jurisdictions with weaker oversight.

Digital asset investment products saw $1.94 billion in net outflows over the past week, extending a four-week withdrawal streak to $4.92 billion, data show. The sustained redemptions mark the third-largest consecutive outflow period since 2018. Assets under management have declined 36% during this cycle, though year-to-date inflows remain at $44.4 billion.

South Korea's Financial Intelligence Unit is proceeding with enforcement actions against major domestic cryptocurrency exchanges for alleged anti-money laundering violations. The regulator plans to issue institutional fines and individual sanctions following on-site inspections completed at Upbit, Bithumb, Coinone, Korbit, and GOPAX. The enforcement follows sequential reviews conducted since August 2024, with penalties potentially reaching hundreds of billions of won across the sector.

Digital asset treasury companies face heightened scrutiny following a $45 billion contraction in crypto holdings during the fourth quarter. Industry participants defend the sector against claims of creating market selling pressure, with major treasury operators showing no evidence of liquidating positions despite holdings falling from $140 billion to $97 billion.