Ripple Managing Director Reece Merrick projects that by the end of 2026, major banks, asset managers, and payment networks will hold meaningful crypto exposure, helped by clearer stablecoin rules. At the same time, Shiba Inu futures open interest has risen 3.42% to 11.03 trillion SHIB, while the XRP Ledger's AlphaNet has begun testing Dilithium-based, quantum-resistant transactions, putting it ahead of Bitcoin on this front.

On Dec. 12, 2025, the stablecoin market’s total value reached $310 billion, up 70% year over year. USDT at $172 billion and USDC at $145 billion dominate activity, and stablecoins often comprise about 80% of exchange trading. The asset class is increasingly used for faster, lower-cost cross‑border payments and as core collateral in DeFi.

Russian banking group Sberbank is examining the launch of ruble loans secured by cryptocurrency, according to Deputy Chairman Anatoly Popov. The move follows a new regulatory concept from the Central Bank of Russia, which plans to recognize cryptocurrencies and stablecoins as currency assets and broaden access for retail investors by July 1, 2026. Sberbank is also expanding activity on its digital asset platform, where it has supported over 160 issues of digital financial assets, including the country's first real estate and oil tokens.

Sentiment gauges show extreme fear, with the Crypto Fear & Greed Index recording fear or extreme fear for more than 30% of 2025. Since mid-November, other trackers have read 10–25 out of 100, while Bitcoin fell about 30% after an October all-time high near $126,000 and many large altcoins slid up to 90% from their highs.

BlackRock expects only measured Federal Reserve rate reductions in 2026 as policy moves toward neutral. The December 2025 dot plot shows a median path from about 3.6 percent in 2025 to roughly 3.4 percent in 2026, implying one to two 25 bp cuts. The firm's baseline centers on 25–50 bp of easing, conditional on incoming data.

On Thursday, China's yuan moved through the ¥7-per-dollar mark for the first time since September 2024, with offshore trading at 6.9964 and the onshore rate closing at 7.0067. The currency has risen more than 3.8% this year alongside a stronger central bank fixing, while developer China Vanke faces renewed pressure as holders of a 3.7 billion yuan bond vote on repayment delay options. Analysts say the yuan remains weak relative to fundamentals, and Vanke continues to manage about $50 billion in interest-bearing debt as it negotiates with creditors.

Prime Minister Takaichi Sanae said Japan will set a ¥122.3 trillion budget for the fiscal year starting April 2026, up 6.3% from FY2025's ¥115.2 trillion. She plans to issue ¥29.6 trillion in new bonds, trimming debt reliance to 24.2% from 24.9%, while allocations rise for social security and defense amid persistent inflation.

The crypto derivatives market in 2025 shifted decisively toward institutional participation, with total trading volume around $85.70 trillion and average daily turnover near $264.5 billion. CME Group overtook Binance in Bitcoin futures open interest in 2024 and narrowed the gap in Ethereum derivatives by 2025, while OKX, Bybit and Bitget retained notable market share.