This issue's highlights are as follows:

Two financial giants are adapting to the stablecoin era along opposite paths. On one hand, JPMorgan Chase launched its deposit token JPMCoin on the Base public chain, achieving 24/7 clearing efficiency through bank credit and compliance systems, safeguarding trillions of dollars in institutional funds, marking the transition of the banking system from a closed to an open network; on the other hand, the crypto-native exchange Coinbase is penetrating traditional finance by launching a high-interest pound savings account in the UK, guaranteed by the FSCS, using fiat currency trust as an entry point to reshape the connection between retail funds and the crypto market.

Circle launched its foreign exchange settlement engine, StableFX, eliminating T+2 and cross-time zone delays with on-chain atomic settlement (PvP), releasing approximately $27 trillion in stagnant funds, and building a programmable liquidity layer for the foreign exchange market.

In addition, there are exciting market adoptions.

Cash App (with 58 million users) plans to support stablecoin payments in 2026, signifying founder Jack Dorsey's shift from a "Bitcoin monist" to a diversified crypto strategy, highlighting the dominant role of stablecoins in payment scenarios; SoFi becomes the first licensed US bank to offer crypto transactions within an app; Visa uses USDC to pay employee salaries; BNY Mellon launches a stablecoin reserve fund to meet GENIUS requirements and attract hundreds of billions of dollars in low-risk reserves back to the banking system. In this unprecedented trend of financial service integration, will customers ultimately choose "apps with banking functions" or "banks with crypto capabilities"?

Market Overview and Growth Highlights

The total market capitalization of stablecoins reached $304.979 billion (approximately US$304.979 billion), a decrease of $164.09 billion (approximately US$164 million) week-on-week. In terms of market structure, USDT continues to dominate, accounting for 60.32%; USDC ranks second with a market capitalization of $75.024 billion (approximately US$75.024 billion), accounting for 24.6%.

Market Overview and Growth Highlights

The total market capitalization of stablecoins reached $304.979 billion (approximately US$304.979 billion), a decrease of $164.09 billion (approximately US$164 million) week-on-week.

Blockchain Network Distribution

Top 3 Stablecoin Networks by Market Capitalization:

1. Ethereum: $167.541 billion ($167.541 billion)

2. Tron: $77.879 billion ($77.879 billion)

3. BSC: $13.336 billion ($13.336 billion)

Top 3 Fastest Growing Networks in a Week:

1. PayPal USD (PYUSD): +22.44% CASH (CASH): +8.42% Circle USYC (USYC): +7.07% Data from DefiLlama JPMorgan Chase launches deposit token JPM Coin and Coinbase's reverse penetration The technological dividends of stablecoins are comprehensively penetrating the global financial system, forcing traditional giants to readjust their strategies. The intensity of this game is reflected in the fact that the two largest financial entities in the world have chosen diametrically opposed paths to compete. One of them is the world's largest commercial bank—JPMorgan Chase. This week, the institution chose to further "internally absorb" this technological power, launching the deposit token JPMCoin on the Base public chain, providing institutional clients with on-chain settlement efficiency comparable to stablecoins—instant, globally accepted, and operating 24/7. Simultaneously, JPMorgan Chase also registered the "JPME" trademark, potentially launching a euro-denominated version. Deposit tokens are digital currencies issued by commercial banks, representing on-chain claims on customer deposits; essentially, they are tokenized forms of bank account balances. Unlike stablecoins, which are typically issued by non-bank institutions and backed one-to-one by government bonds or other highly liquid assets, deposit tokens are directly pegged to real deposits within the banking system. This means that JPMorgan Chase is proactively absorbing the technological benefits of stablecoins—achieving real-time clearing and 24/7 liquidity while maintaining bank-level compliance and trust. The result is a "hybrid asset": possessing the speed of cryptocurrency while retaining the security of bank deposits. When JPMCoin allows funds to flow freely even on weekends and holidays, the gap in settlement efficiency between stablecoins and bank tokens almost disappears. After the speeds converge, banks' traditional advantages—compliance, deposit insurance, and interest-bearing liabilities—once again become their competitive moat. Essentially, JPMCoin can be seen as embedding regulated deposits into the stablecoin experience—a bank asset that functions like software. With its combination of "low risk + high efficiency," this tokenized deposit will become a direct competitor to non-interest-bearing stablecoins and re-establish its dominance in the B2B settlement field. JPMorgan Chase's Kinexys Network (formerly JPMCoin Network) currently processes over $3 billion daily, while its global payments system's daily clearing volume approaches $10 trillion. This means that trillions of dollars of regulated liquidity are entering the public blockchain world for the first time in a fully compliant manner. If JPMorgan Chase is a traditional giant transforming "forward," then Coinbase is on the other side of the mirror—a crypto-native company transforming "backward," actively moving closer to the banking system. This week, Coinbase launched a regulated pound savings account in the UK with an annual interest rate of 3.75%, custodied by ClearBank and insured by the FSCS. This design combines the security of traditional banking with the digital experience of a crypto brand, targeting savings-oriented users with low risk appetites but tired of low-interest returns. Coinbase has opened up a new "yield range" for them, offering both bank-level security and returns higher than mainstream banks. However, high-interest savings are just the entry point. Coinbase's real intention is to use low-risk, low-profit fiat currency wealth management as a traffic engine to guide users into the platform's core profit area—crypto trading and investment. The savings account acts as a conduit: users can instantly transfer fiat currency into the crypto market with just a tap on the savings balance page. Coinbase uses the trust of traditional finance as an entry point and completes the conversion with the high-yield model of crypto assets, which is a reverse penetration and iteration. It can be seen that the efficiency dividend brought by stablecoins has become the background color of current financial competition. On one side are traditional giants like JPMorgan Chase. In order to maintain their trillion-dollar institutional market, they are migrating the trust and settlement capabilities of banks to the blockchain, adapting to the stablecoin era through "regulated deposits on-chain". On the other side are crypto-native institutions like Coinbase, which, in order to rebuild user trust, choose to return to the fiat currency system, redefining the retail financial experience with lower risk, higher returns, and tighter integration capabilities, and competing for core retail customers of banks through "reverse penetration". Circle launches the foreign exchange engine StableFX, building a blueprint for a liquidity internet. The efficiency revolution driven by stablecoins is leveraging the trillion-dollar foreign exchange (FX) market. This week, Circle launched its foreign exchange settlement engine, **StableFX**, attempting to position itself as the next-generation ultimate liquidity settlement engine through on-chain atomic settlement and stablecoin liquidity. Foreign exchange is the world's largest financial market, with daily trading volume exceeding $9.6 trillion. However, the infrastructure supporting this system remains stuck in the past: batch settlement, bilateral credit, cross-time zone windows, and T+2 settlement. Structural delays have resulted in approximately $27 trillion being tied up in correspondent bank accounts, becoming a hidden cost of liquidity imposed by the global payment system. The way the foreign exchange market maintains risk has come at the cost of efficiency and capital freedom—and this is precisely what needs to be rewritten. Stablecoins and the blockchains they support are resolving the long-standing contradiction between immediacy and risk. **StableFX** is designed based on this efficiency advantage. It integrates settlement, pricing, and currency channels into a three-layer structure: first, **atomic settlement (PvP)**, allowing both parties to complete the transaction simultaneously, with no time lag and no risk exposure; second, **quote aggregation**, where multiple market makers compete directly on-chain to quote prices, compressing spreads; and third, **cross-currency interoperability channels**, enabling direct interconnection between EURC, GBP, or Latin American stablecoins and USDC through Circle partner stablecoins, without the need for intermediaries in US dollar banks. The result is a 24/7, programmable foreign exchange settlement platform. Liquidity is not merely a market-driven behavior but becomes an embeddable capability that businesses can readily access in treasury management, payroll payments, and cross-border capital flows. The traditional foreign exchange system relies on locking up funds to hedge risk, while **StableFX** reshapes risk management by eliminating latency. It no longer requires bilateral trust or pre-funding, thus releasing idle liquidity back into the market. This shift—from collateral security to protocol security—is forming the core logic of the next-generation settlement system. As the StableFX white paper points out, StableFX is Circle's blueprint for building a "liquidity internet." This blueprint requires a universal layer that can connect all forms of value and be embedded in any application. Starting with institutional-grade tools, StableFX aims to materialize this vision. It not only supports stablecoin trading pairs but also plans to extend to tokenized treasury bills (USYC), deposit tokens (such as JPMD), and real-world assets. Each asset class will become a liquidity node, interconnected through the same PvP architecture. Once expanded, this system can gradually evolve into the "universal programmable value exchange layer" defined by Circle, providing a foundation of trust, compliance, and interoperability for the regulated digital currency era. If the past decade of fintech focused on connecting accounts, the next decade will revolve around connecting liquidity. **Circle** recodes trust, compliance, and finality at the protocol level, fundamentally reconstructing the logic of the global clearing and settlement system through its forex engine, **StableFX**. **Market Adoption** **Block's CashApp Announces Support for Stablecoin and Bitcoin Merchant Payments** **Key Takeaways** **Block's payment platform CashApp announced that it will provide stablecoin support to its 58 million users in early 2026. Each user will receive a blockchain address, and received stablecoins will be automatically converted to USD, while sent USD will be automatically converted to stablecoins.** **A Block spokesperson revealed on Thursday that CashApp plans to integrate USDC, the second-largest stablecoin by market capitalization, and support multiple blockchains, adopting a "follow customer needs" rather than "maximumism" strategy.** **CashApp** It will also allow users to directly pay merchants who accept Bitcoin with US dollars; the system will automatically convert the dollars into Bitcoin and send them, without requiring users to hold cryptocurrency. Why it matters: The shift of Bitcoin's biggest supporter, Jack Dorsey's company, to a diversified crypto strategy reflects the widespread recognition of stablecoins' value in the payments sector.

USDC supply doubles, on-chain growth surpasses USDT, Circle explores Arc blockchain native token

Key Highlights

• Circle disclosed it is "exploring" the possibility of launching a native token for its Arc blockchain as part of a broader strategy to drive more programmable finance onto the chain;

• The stablecoin issuer had strong Q3 results: total revenue and reserve income reached $740 million (up 66% year-over-year), net profit was $214 million (up 202% year-over-year), and USDC circulating supply reached $73.7 billion (up 108% year-over-year);

• Circle raised its 2025 "other income" forecast to $90 million-1 billion.

• Circle raised its 2025 "other income" forecast to $90 million-1 billion.

• Circle raised its 2025 "other income" forecast to $90 million-1 billion.

• Circle disclosed it is "exploring" the possibility of launching a native token for its Arc blockchain as part of a broader strategy to drive more programmable finance onto the chain;

• Circle raised its 2025 "other income" forecast to $90 million-1 billion. ... The value of USDC has increased to $100 million, previously estimated at $75-85 million, driven by growth in subscriptions, services, and transactions. Its payment network now supports eight countries, with 29 financial institutions registered and another 500 in the queue. JPMorgan research indicates that USDC's on-chain growth has surpassed Tether's USDT. William Blair describes Circle as a "top stablecoin investment," while Bernstein predicts that USDC's supply could triple by the end of 2027, accounting for about one-third of the global stablecoin market. Policy clarity under the GENIUS Act and continued institutional adoption will be driving factors. NH Nonghyup Bank, one of South Korea's five major banks, has launched a proof-of-concept (PoC) project to test a simplified VAT refund process for foreign tourists using stablecoins. This PoC is being conducted in collaboration with Avalanche, Fireblocks, Mastercard, and Worldpay, utilizing the Avalanche blockchain to test smart contract-driven automated refunds and stablecoin-based settlements. The project aims to improve the traditional paper-based tax refund process, establish a blockchain-driven digital system, and use stablecoins for zero-delay settlements and currency exchange. Why it matters. With the number of inbound tourists to South Korea increasing (reaching 16.37 million in 2024, a year-on-year increase of 48.4%), improving the 10% VAT refund experience has become crucial for enhancing tourism competitiveness. Simultaneously, South Korea is developing a regulatory framework to promote the development of the Korean won stablecoin market to strengthen its monetary sovereignty and counter the dominance of US dollar stablecoins. While the Bank of Korea insists that stablecoin issuance should be limited to regulated banks, the private sector argues that non-bank entities should also be allowed to issue stablecoins to promote market competition and innovation. BNY Mellon Launches Stablecoin Reserve Fund Targeting $1.5 Trillion Market Key Takeaways BNY Mellon has launched a money market fund called the "BNY Dreyfus Stablecoin Reserve Fund" to help stablecoin issuers meet the regulatory requirements of the U.S. GENIUS Act by holding cash equivalents as stablecoin reserves. Federally chartered crypto bank Anchorage Digital provided initial investment for the fund, which is open to qualified institutional investors, including custodians, brokers, and trustees. BNY projects the stablecoin market will grow from its current $300 billion to $1.5 trillion by the end of 2030. This fund is similar to the one BlackRock created for USDC. Circle Reserve Fund.

Why it matters

• Traditional financial giants entering the stablecoin infrastructure market reflects the accelerated deployment of compliant stablecoins by institutions following the GENIUS Act.

Regulatory Compliance

Czech National Bank Creates Crypto Asset Test Portfolio, Including Bitcoin, USD Stablecoins, and Tokenized Deposits

Key Takeaways

• The Czech National Bank (CNB) announced the creation of a $1 million crypto asset test portfolio, primarily consisting of Bitcoin, USD stablecoins, and tokenized deposits;

• This pilot project aims to test the processes related to purchasing, holding, and managing blockchain assets, and the central bank plans to share its experience over the next 2-3 years;

• Czech National Bank Governor Aleš Michl first proposed the idea of ​​investing in Bitcoin in January of this year, a move that was ridiculed by European Central Bank President Christine Lagarde.

• Czech National Bank Governor Aleš Michl first proposed the idea of ​​investing in Bitcoin in January of this year, a move that was ridiculed by European Central Bank President Christine Lagarde.

• Why it matters. This move marks the first time Bitcoin has entered a central bank's balance sheet, demonstrating that some central banks are beginning to view crypto assets as potential reserve diversification tools. The Monetary Authority of Singapore (MAS) has announced a pilot program for tokenized government bonds settled through wholesale central bank digital currencies (CBDCs), as the next phase of blockchain financial integration. The MAS is also preparing a draft bill on a stablecoin regulatory framework. MAS Chief Executive Chia Der Jiun stated that ensuring the reserve backing and redemption reliability of stablecoins will be a priority. The MAS views wholesale CBDCs as an anchor for the financial system, while allowing private settlement assets to meet different market demands. The MAS also indicated that the regulatory framework will be further strengthened if certain regulated stablecoins become systemically important. Why it matters

Singapore continues to lead the global regulation of tokenized assets, promoting near-instant settlement in areas such as foreign exchange and fixed income through Project Guardian. ... Italian banks support the ECB's digital euro but hope to extend the investment period. Key takeaways: Marco Elio Rottigni, General Manager of the Italian Banking Association (ABI), stated that Italian banks support the ECB's digital euro plan but hope to spread their high initial investment over a longer period. EU finance ministers, the ECB, and the European Commission have reached a compromise on the digital euro to address concerns about bank runs, with plans to pilot it in 2027 and officially launch it in 2029. The ABI supports a "two-pronged" approach: simultaneously developing central bank digital currencies and commercial bank digital currencies to avoid Europe lagging behind other regions that have established stablecoin regulations, such as the United States. Why it matters. The digital euro faces both support and resistance from the banking sector, reflecting Europe's cautious approach to CBDC implementation and international competitive pressure.

Bank of England Eases Stablecoin Stance: Allows 60% Investment in Government Bonds

Key Takeaways

• The Bank of England's new proposal allows systemic stablecoin issuers to invest up to 60% of their assets in short-term government debt, a significant softening of its 2023 stance requiring 100% of assets to be deposited in a non-interest-bearing central bank account;

• The central bank still maintains caps on stablecoin holdings for individuals and businesses at £20,000 (approximately $26,842) and £10 million respectively, a departure from the practices of EU and US regulators;

• Key Takeaways

  • a16z sent a letter to US Treasury Secretary Scott Bessent, requesting that the GENIUS Stablecoin Act clearly distinguish between decentralized stablecoins and payment stablecoins, excluding the former from regulatory scope;

  • The company, using Ethereum-backed LUSD as an example, emphasized that decentralized stablecoins operate through smart contracts, have no centralized controlling entity, and should not be subject to Section 3(a);

  • a16z also suggested using decentralized digital identity technology to combat illicit financial activities, utilizing zero-knowledge proofs and multi-party computation techniques for identity verification while protecting personal data.

  • a16z also recommended using decentralized digital identity technology to combat illicit financial activities, utilizing zero-knowledge proofs and multi-party computation techniques for identity verification while protecting personal data.

  • Why it matters. Clearly defining regulatory boundaries will determine the development space for decentralized stablecoins and reflects the crypto industry's efforts to secure a differentiated regulatory framework. The Central Bank of Brazil has issued crypto regulations, setting a $7 million capital threshold and incorporating crypto into foreign exchange regulation. Key points at a glance: The Central Bank of Brazil has released its most comprehensive crypto regulatory framework to date, requiring service providers to obtain licenses and meet capital requirements of $2 million to $7 million. The regulations will take effect on February 2, 2026, with existing companies having a 9-month compliance window. The framework creates a new entity type, "Virtual Asset Service Provider" (VASP), categorizing them into intermediaries, custodians, and brokers. Foreign companies must establish a local entity in Brazil. The new regulations bring crypto activities such as stablecoin trading, international payments, and self-custodied wallet transfers under foreign exchange and cross-border capital control, with a maximum limit of $10 per transaction. The amount was tens of thousands of US dollars, and the central bank was required to report detailed transaction information to the central bank monthly. Why it matters: This marks the first comprehensive regulation of South America's largest economy's rapidly growing but largely unregulated crypto industry. Balancing innovation and security, capital requirements and short compliance deadlines could impact the competitive landscape. Foreign companies must establish local entities in Brazil or face bans. SoFi becomes the first licensed consumer bank in the US to offer crypto trading, emphasizing its compliance advantages. Key takeaways: SoFi becomes the first nationally licensed consumer bank in the US to offer in-app cryptocurrency trading. Users can trade crypto assets such as Bitcoin, Ethereum, and Solana on a unified platform while managing checks, savings, and investments. A survey shows that 60% of users prefer trading cryptocurrencies through licensed banks rather than crypto exchanges. The company is rolling out its SoFi Crypto service in phases, opening it to all users in the coming weeks. After suspending its digital asset services in 2023 due to its banking license application, SoFi is now returning to the crypto space and plans to develop a USD stablecoin, further integrating crypto technology into its remittance and lending products. Why it matters: As a nationally licensed bank entering the crypto space, SoFi combines the stringent compliance of traditional banking with digital asset services. This not only provides crypto users with greater security but may also create a new model for traditional financial institutions to offer crypto services, promoting improved industry compliance.

  New Product Express

  JPMorgan Chase and DBS Bank Collaborate to Launch Cross-Border Tokenized Deposit Framework

  Key Highlights

  • JPMorgan Chase Kinexys and DBS Bank Token Services jointly developed an interoperability framework to break down their respective "walled gardens" and enable seamless circulation of tokenized deposits between public and private blockchains;

  • This system solves the problem of secure and instant payment from "Bank A Account Tokens" to "Bank B Account Tokens". Customers can use tokens to pay other bank customers on Coinbase's Base public blockchain, and the recipient can choose to exchange or hold the tokens;

  • Following the passage of stablecoin regulations in the United States in July, fintech companies have been actively entering this market, with MoonPay joining the competition from giants such as Visa, Mastercard, and Stripe. Standard Chartered Bank and DCS Launch Singapore's First Stablecoin Credit Card Service. Key Takeaways: Standard Chartered Bank announced a partnership with DCS Card Centre to support its DeCard service, a credit card that allows users to use stablecoins in actual transactions. Standard Chartered will provide DeCard Singapore users with comprehensive transaction banking and financial markets services, including cardholder top-up processing, account management, and fiat and stablecoin settlement. The partnership, initially launched in Singapore, is planned to expand to other major markets in the future. Standard Chartered's virtual accounts and API connectivity will help DCS identify and verify DeCard cardholder cross-channel payments. Why it matters! Singapore is actively positioning itself as a regulated crypto asset hub. This collaboration represents a significant integration of traditional financial institutions and crypto payments, showcasing the practical applications of stablecoins in everyday payments and setting a new standard for the integration of digital assets into the mainstream financial system. Visa Pilot Program Enables Creators to Receive Payments Directly in USDC, Achieving Instant Cross-Border Payments

    Key Highlights

    • Global payments giant Visa has launched a new pilot program that allows businesses to directly pay creators, freelancers, and gig economy workers USDC stablecoin payments, enabling near-instant cross-border payments;

    • US businesses using Visa Direct can fund payments in fiat currency, while recipients can choose to receive USDC directly, particularly beneficial for users in regions with volatile currencies or limited banking services;

    • Recipients must have a "compatible" stablecoin wallet and meet KYC/AML requirements. The program will launch with selected partners and is planned to expand in the second half of 2026 based on customer demand and regulatory developments.

    • Why it matters

    Following the passage of the GENIUS Act in the United States, Visa has accelerated its expansion in the stablecoin field, facilitating over $140 billion in cryptocurrency and stablecoin transactions. There are over 130 stablecoin-linked card issuance projects in more than 40 countries worldwide, with an annualized transaction volume of $2.5 billion. This pilot program will bring revolutionary changes to cross-border creator payments.

  Why it matters

  • Taurus and Stellar Partner to Launch Tokenization Pilot for Clean Energy Financing in Spain Key Takeaways Nasdaq-listed solar storage company Turbo Energy has partnered with institutional blockchain company Taurus and the Stellar Development Foundation to launch a tokenization pilot for renewable energy financing in Spain; The project will tokenize debt financing used for power purchase agreements (PPAs) to fund the deployment of Turbo Energy's proprietary SUNBOX solar storage system; Taurus' institutional-grade tokenization platform, Taurus-CAPITAL, will handle the issuance and management of these tokenized assets on the Stellar blockchain, providing a decentralized and scalable model for financing solar and battery projects. Why it matters

  This collaboration demonstrates the practical application of blockchain in the tokenization of physical assets, particularly in clean energy financing, providing a more efficient capital channel for sustainable energy projects, while creating new avenues for institutional investors to enter the clean energy market.

This collaboration showcases the practical application of blockchain in the tokenization of physical assets, particularly in clean energy financing, providing a more efficient capital channel for sustainable energy projects, while creating new pathways for institutional investors to enter the clean energy market.

Capital Strategy Rumble Merges with Northern Data, Tether Pledges $150 Million to Invest in AI Key Takeaways Video streaming platform Rumble has signed a merger agreement with German AI and HPC infrastructure company Northern Data. Each share of Northern Data stock can be exchanged for 2.0281 newly issued Rumble Class A shares, with a potential transaction value of approximately $967 million. The deal has received support from approximately 72% of Northern Data shareholders, including Tether, and is expected to close in the first or second quarter of 2026. Following the merger, Rumble will acquire approximately 22,400 Nvidia H100 and H200 GPUs and multiple data centers. Tether invested $775 million last year for a roughly 48% stake in Rumble and plans to launch a crypto tipping feature for Rumble's 51 million monthly active users in December, supporting BTC, USDT, and XAUT through a non-custodial Rumble wallet. Why it matters: This transaction reflects Tether's strategy to expand its investment in AI and build a "freedom-first" technology ecosystem independent of large tech companies. VCI Global Acquires $100 Million Worth of OOB, Native Token of Tether-Backed Crypto Payments Company Oobit Key Takeaways Nasdaq-listed VCI Global announced the acquisition of $100 million worth of OOB, the native token of Tether-backed crypto payments company Oobit. $50 million of this acquisition will be completed through the issuance of restricted stock to the OOB Foundation. The OOB token is migrating from Ethereum to Solana and has been renamed from its original name "OBT". It is expected to launch on November 12th. This token supports Oobit's merchant POS system click-to-pay service;

2. After the transaction, Tether will become the largest shareholder of VCI Global through its stake in Oobit, and VCI Global plans to establish a dedicated digital asset division to manage its crypto business.

Why it matters

• This transaction demonstrates Tether's continued expansion of its influence in the crypto payments space, while also driving traditional publicly traded companies into the crypto arena.

Safe Launches Venture Capital Unit Safe Ventures, Strategically Expanding its Self-Custodial Crypto Ecosystem Key Takeaways Safe Ventures launches its venture capital unit, Safe Ventures, focusing on investing in innovative teams driving the development of self-custodial crypto assets. It has already invested in 24 companies. Investment areas fall into three categories: user application development (Clave, Picnic, etc.), DeFi primitives (Wildcat, Sablier, etc.), and infrastructure tools (Pimlico, Rhinestone, etc.). Safe not only provides financial support but also creates economic connections between the Safe ecosystem and invested projects through tokens and incentive mechanisms, offering technical resources and strategic cooperation opportunities. Why it matters. Safe believes self-custody is the only way out for the future of crypto; otherwise, "we're just rebuilding traditional finance with extra steps." By building a mutually reinforcing ecosystem, Safe Ventures aims to make self-custody the mainstream option, achieving true asset ownership and decentralization. Rain Acquires On-Chain Rewards Platform Uptop, Integrating Blockchain Rewards and Stablecoin Payments Key Takeaways Enterprise-Grade Infrastructure for Stablecoin Payments Rain announced the acquisition of on-chain rewards platform Uptop, which converts everyday spending into loyalty points through simple card binding and receipt scanning; This acquisition follows Rain's completion of a $58 million Series B funding round and provides a complete technology stack: deposit channels, wallets, global payment cards, withdrawals, and native rewards; Uptop already provides rewards programs for sports teams such as the Cleveland Cavaliers (the Cavaliers program boosted sponsor spending by 21% and store sales by...) (51%), and will expand into retail, entertainment, tourism, and other fields in the future.

Why it matters

• This acquisition represents the integration of stablecoin payments and on-chain loyalty, creating a truly end-to-end blockchain financial services ecosystem. Businesses can quickly launch branded card and wallet projects through a single partner, while users can easily link their cards once and automatically earn rewards for everyday spending. Uptop's Avalanche-based architecture provides a low-latency, high-capacity loyalty experience while maintaining a simple and intuitive user interface, which will accelerate the application and popularization of stablecoins in everyday consumption scenarios. Tempo Completes First Strategic Investment of $25 Million in Open Source Team Commonware Key Takeaways Tempo, the Stablecoin-Focused Blockchain Powered by Stripe and Paradigm, Announces $25 Million Strategic Investment in Crypto Infrastructure Company Commonware, its First Venture Capital Bets As part of the deal, Tempo will adopt the Commonware Library and become a core contributor, leveraging its modular blockchain components to create differentiated payment experiences; Commonware previously completed a $9 million seed funding round with investors including Haun and Dragonfly Ventures, as well as Avalanche, Cosmos, and Angel investor in well-known blockchain projects such as Solana.

Why is it important?

• Tempo, with $500 million in funding, is actively building stablecoin payment infrastructure. This investment demonstrates its focus on creating a high-performance, open-source payment network technology stack, reshaping the future cross-chain stablecoin payment ecosystem.

Coinbase Abandons $2 Billion Acquisition of Stablecoin Startup BVNK Key Takeaways Coinbase has abandoned its $2 billion acquisition of BVNK, bringing the infrastructure company that processes $20 billion in enterprise-grade stablecoin transactions annually back to the market as the last major independent stablecoin infrastructure target. In early October, both Coinbase and Mastercard were interested in acquiring BVNK. Coinbase had signed an exclusive agreement with BVNK, but negotiations ultimately broke down. Mastercard is the most likely buyer, having just lost the bid for BVNK and currently in talks to acquire Zerohash. Acquiring BVNK would allow it to directly compete with the Stripe/Bridge combination and quickly establish stablecoin clearing capabilities. Other potential buyers include Visa, already a strategic investor in BVNK, and Citibank, which invested in BVNK in October. Both have an incentive to strengthen their own stablecoin infrastructure. Why is it important? BVNK is the last piece of the puzzle in the market with a huge trading volume of independent stablecoin infrastructure. Whoever acquires it controls the key channels for global salaries, corporate finances, and cross-border settlements. This is a high-risk strategic game about control of the infrastructure in the stablecoin era.

Macro Trends

Vitalik Buterin: DeFi as a Savings Method is Finally Feasible, Ethereum Security Achieves a Qualitative Leap

Key Takeaways

• Ethereum founder Vitalik Buterin stated that compared to "DeFi Summer," the current level of security available to DeFi users is "vastly different";

• Buterin believes that the DeFi industry has shifted from high-risk speculation to a more mature development, potentially becoming an exit for global users to escape the fiat currency system where "funds may be taken away";

• He emphasized "walkaway testing" The importance of testing ensures users can always recover their funds autonomously, preventing assets from being locked or forfeited, while encouraging developers to build applications for the Ethereum mainnet and the wider Layer 2. Why it matters? Although the total losses from crypto attacks in 2025 "far exceeded" last year, this was primarily due to the historic Bybit hack in February. Buterin emphasized that Ethereum and DeFi must remain open source, adhere to open standards, build interoperability rather than walled gardens, and maintain core characteristics such as censorship resistance. With the launch of products like Lighter that can achieve 10,000 transactions per second, Ethereum's scalability is improving simultaneously at both the L1 and L2 levels, creating conditions for applications that bring true financial freedom. BNY Report: Institutional Adoption to Drive Stablecoins and Tokenized Cash to $3.6 Trillion by 2030 Key Takeaways A report released by BNY, a major US banking firm, predicts that stablecoins and various types of tokenized cash will reach $3.6 trillion by 2030, with stablecoins accounting for $1.5 trillion and the remainder coming from tokenized deposits and money market funds; The report points out that these "digital cash equivalents" will enable faster settlement, reduce counterparty risk, and improve cross-market collateral liquidity. For example, pension funds may use tokenized money market funds to issue derivative contract margins almost instantly; It is emphasized that blockchain will not replace the traditional payment system, but will be integrated with it and operate in parallel. Mature regulation is a key driving factor, with the EU's MiCA legislation and policy developments in the US and Asia-Pacific region providing support for market innovation. Why it matters: Global financial services giant BNY predicts that institutional adoption is driving explosive growth in the digital asset market. This shift will fundamentally change how global capital markets operate and how participants trade. The combination of traditional and digital finance will create significant value for clients.