Ten major European banks have formed Qivalis, a Dutch-based entity, to launch a regulated euro stablecoin in the second half of 2026. The consortium includes BNP Paribas, ING, UniCredit, and seven other lenders. Qivalis is seeking an Electronic Money Institution license from the Dutch central bank to issue a fully backed token under the EU's Markets in Crypto-Assets framework.

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.

Kraken has entered into an agreement to acquire Backed Finance, the issuer of tokenized assets that powers its xStocks trading service. The acquisition strengthens Kraken's position in real-world asset tokenization as it prepares for a 2026 IPO. The xStocks platform has generated over $5 billion in cumulative trading volume since launch.

Crypto venture capital funding totaled $14.54 billion in November 2025, up 219% from October, with Naver's $10.3 billion all-stock acquisition of Dunamu accounting for most of the increase, data show. Deal volume dropped 28% to 57 transactions. Excluding the Naver-Dunamu transaction, DeFi captured 30.4% of deals and CeFi 12.5%, with Kalshi raising $1 billion and Ripple securing $500 million at a $40 billion valuation.

Polish President Karol Nawrocki vetoed the Crypto-Asset Market Act on December 1, 2025, citing threats to property rights and personal freedoms. The rejected legislation would have imposed comprehensive regulatory controls over Poland's digital asset sector, including website-blocking authority. Government officials criticized the decision, while crypto advocates argued existing EU frameworks provide sufficient investor protections.

The Federal Reserve ended its quantitative tightening program on December 1, injecting $13.5 billion into the U.S. banking system through overnight repurchase agreements. Data show this represents the second-largest liquidity injection since the COVID-19 era, exceeding levels seen during the Dot Com Bubble. The move marks a shift from the balance sheet reduction that began in April 2022.

The Federal Deposit Insurance Corporation is advancing the first regulatory framework for stablecoin issuers under federal banking supervision. The FDIC's proposal establishes qualification requirements and approval mechanisms for companies issuing dollar-pegged tokens under the GENIUS Act. The rule is expected to be submitted to the House Financial Services Committee before the end of the month.

Israel's central bank announced stricter oversight rules for private stablecoin operators as the country prepares to roll out its digital shekel by 2026. Bank of Israel Governor Amir Yaron stated that new licensing, reserve, and reporting requirements will target firms serving local users, citing concerns over market concentration dominated by Tether and Circle.