Sberbank, Russia's largest bank, has begun testing several decentralized finance (DeFi) solutions. This strategic approach is a direct response to clients' growing interest in trading cryptocurrencies and managing digital assets. Anatoly Popov, the bank's deputy chairman, told RBC that the bank is actively exploring DeFi options, a significant shift for traditional banking. Client Demand Fuels Initiative Sberbank customers are interested in easy access to cryptocurrencies, and many are actively looking for ways to invest in digital assets. Popov said that cryptocurrencies are quite popular in Russia, as seen by the central bank's prediction that wallet volumes will reach $10.5 billion by March 2025.  Because of this growing need, the bank has added DeFi offerings as a supplementary service rather than a competing one. This way, it can quickly answer customer requests while still conducting its regular banking business. The demand reflects broader market trends, as ordinary investors are increasingly seeing crypto as a good addition to their portfolios amid unstable traditional markets. Testing and Working Together With Regulators Sberbank plans to work closely with Russian regulators to make these digital asset solutions, with compliance being the priority, to ensure the launch goes smoothly. "Sberbank is already testing different DeFi products," Popov said. We are sure that traditional banking and DeFi will soon come together.  Testing covers a wide range, from private networks to public blockchains. It focuses on asset tokenisation and making it easy to connect to well-known DeFi systems. This all-encompassing strategy enables the bank to explore real-world use cases while mitigating the risks associated with decentralized systems. Concentrate on the Ethereum Infrastructure The bank wants to collaborate with networks like Ethereum because they offer strong smart contract capabilities, can be easily integrated, are open and honest, and provide access to foreign markets. Popov went on to say, "We are not limited to private networks." Sberbank is also working on projects that use public blockchains for specific tasks, such as tokenizing assets or connecting to DeFi networks.  Tokenized assets are becoming a primary focus for testing, in line with global financial trends that Russia now wants to accelerate at home. Ethereum's well-established ecosystem has the infrastructure needed for safe, scalable DeFi experiments that meet the needs of institutions. Wider Effects on Banking This project puts Sberbank at the forefront of traditional finance's use of decentralized technologies, which could change the way banks conduct trading, settlement, and asset management. Executives see DeFi as an essential link for making operations more efficient by speeding up transactions and cutting out middlemen. Full customer access depends on regulatory approval, but the fact that testing is still underway shows that institutions are adopting crypto even as market demand grows.  Analysts believe this convergence could change how businesses compete. For example, Sberbank could use its vast customer base of over 100 million people to create new hybrid financial models. Sberbank's drive into DeFi shows how the bank is practically adapting to the global crypto trend, blending new ideas with oversight. This is especially important for Russia, which faces a unique geopolitical situation.

The crypto presale market has seen a shift in 2025, with projects moving from hype to solving real problems. This article explores four such projects taking different paths right now. Zero Knowledge Proof (ZKP) leads with its innovative daily presale auctions and fully built privacy-focused AI network. IPO Genie works to democratize private startup investments, and Ozak AI focuses on making blockchain data simpler to understand.  Bitcoin Hyper, meanwhile, tackles Bitcoin's speed issues through faster transaction layers. As these projects develop, each one is competing to position itself as a leading crypto presale by solving real gaps in the blockchain space. Let’s see which one has actually managed to pull ahead today. 1. Zero Knowledge Proof: Daily Presale Auctions Go Live! Zero Knowledge Proof (ZKP) is building a decentralized network for AI that keeps data private. The platform uses advanced technology to verify information without exposing sensitive details. And now, ZKP crypto is gaining attention as one of the best crypto presales due to its unique and fair distribution model and focus on privacy. The ZKP crypto presale auction is live right now. Unlike typical presales with fixed prices, ZKP crypto runs a fresh 24-hour presale auction every single day. Here's how it works: participants contribute using popular cryptocurrencies like ETH, USDC, USDT, or BNB. At the end of each day, exactly 200 million ZKP coins are split among everyone based on their share of the total contributions. For example, if someone contributes 10% of the day's total pool, they receive 10% of that day's 200 million coins. Everything happens on the blockchain, so it's completely transparent. There's a $50,000 daily limit per person to keep things fair and prevent large holders from dominating. People are actively rushing to join these 24-hour windows, and each day brings a fresh opportunity. This rising momentum and privacy-focused AI vision position ZKP crypto as one of the best crypto presales in the current market. 2. IPO Genie: Bringing Private Investments to Everyday Traders IPO Genie is a blockchain project that wants to help regular people invest in private companies. Normally, only big investors and venture capital firms can access these early-stage startup deals. This platform aims to change that. The project uses AI technology combined with human experts to find and review investment opportunities. This approach is meant to make it easier for users to discover deals in the private market. The system is designed to bring more transparency to an area that has traditionally been closed off to most people. To truly become one of the best crypto presales, it will need to prove it can deliver real value and keep users engaged over time. 3. Ozak AI: Data Analytics for Blockchain Networks Ozak AI is a project that combines artificial intelligence with blockchain data analysis. It's designed to help users make sense of complex blockchain information and network activity. The platform aims to turn complicated data into insights that regular people can understand and use. Ozak AI is currently in its presale stage and has outlined a roadmap for future development. The project's design emphasizes simplicity and ease of use. To prove itself, Ozak AI will need to show that its analytics tools provide real value and that users find them genuinely helpful for making decisions. 4. Bitcoin Hyper: Making Bitcoin Faster Bitcoin Hyper is a Layer 2 project built on top of the Bitcoin network. It aims to speed up transactions and add smart contract functionality to Bitcoin, which the main blockchain doesn't natively support. By building this additional layer, Bitcoin Hyper wants to make Bitcoin more useful for everyday applications that require faster processing times. The project is currently selling its tokens in a presale phase. It's attracting people who want Bitcoin to work better for daily use. To become one of the best crypto presales, Bitcoin Hyper will need to prove that people actually use its faster system and that it works as promised. Conclusion: Which is the Best Crypto Presale for 2025? Each project addresses different blockchain challenges. IPO Genie focuses on private investments, Ozak AI on data analytics, and Bitcoin Hyper on transaction speed, but all three depend on future adoption and real-world performance. On the other hand, Zero Knowledge Proof (ZKP) stands out with measurable activity happening right now. The daily presale auction provides transparent on-chain pricing and clear participation rules that anyone can verify. While other projects outline future promises, ZKP crypto delivers immediate structure through its live 24-hour windows. For those evaluating the best crypto presale 2026, ZKP crypto's active presale auction is the clear choice, offering a level of clarity that standard presales lack.

Australia’s corporate regulator has moved to impose a sweeping reset at ASX Group after an interim inquiry report identified urgent shortcomings in governance, capability, risk management and culture. The Australian Securities and Investments Commission (ASIC) said it has obtained ASX commitments to a reform package intended to restore confidence in the operator of critical national market infrastructure, while the Reserve Bank of Australia (RBA) and ASIC will also step up their joint supervisory approach. ASIC Chair Joe Longo framed the intervention as a turning point, warning that incremental remediation is no longer sufficient. ‘ASX needs to embrace a new era of accountability, investment, and stewardship to increase confidence, and meet the expectations of the market and the Australian public.’ He added: ‘This package is a circuit-breaker.’ The message from the regulator is that the problems did not emerge overnight—and that the pathway back to resilience will require sustained leadership attention and investment rather than quick fixes. The Inquiry, announced in June 2025 and led by an expert panel, has already conducted around 140 stakeholder interviews, reviewed written submissions, undertaken international benchmarking, held staff focus groups, and reviewed nearly 10,000 documents. ASIC said the interim report’s conclusions were shared early due to the urgency of the reset required, allowing ASIC to engage with ASX on immediate commitments while the panel continues its work ahead of a final report due by 31 March 2026. What ASX Has Agreed to Change in Clearing, Settlement, and “Accelerate” Delivery The reform package centres on strengthening the independence and governance of ASX’s clearing and settlement functions, alongside a strategic reset of ASX’s multi-year transformation program, “Accelerate.” ASIC said the reset must come with clear milestones and accountability, with new targets and benchmarking to be agreed with ASIC and the RBA to refocus ASX’s purpose “first and foremost as a critical market infrastructure provider.” ASIC also said the clearing and settlement facility boards must have the capability, resources and “voice” to meet their duties. ASX, in its response, committed that the boards of the clearing and settlement facility licensees will be “fully comprised of only independent, non-ASX Limited directors,” covering ASX Clear, ASX Settlement, ASX Clear (Futures) and Austraclear. ASX said this will be implemented through an orderly board renewal process, with dedicated resources and clearly defined shared services support from the ASX group. The interim report’s critique went beyond structure, concluding that ASX’s governance arrangements have not ensured the independence of its clearing and settlement subsidiaries or the investment levels required for their role. Leadership tone and culture were also placed under the microscope, with the interim findings describing a defensive culture that has limited the organisation’s ability to deliver meaningful change. ASX Chair David Clarke acknowledged the severity of the critique: “Today’s agreement is significant for ASX. While the Panel’s report was challenging reading, our commitment to the strategic actions will provide the reset needed for ASX to ensure we deliver resilient market infrastructure for Australia.” ASX Managing Director and CEO Helen Lofthouse added: “There is no doubt this is a tough report. It has placed ASX under a critical lens and the assessment from the Panel is that we must get better.” Takeaway: ASIC is forcing a hard reset at ASX—tightening governance independence in clearing and settlement, demanding measurable delivery in the “Accelerate” program, and raising the financial buffer ASX must hold—signalling that resilient market infrastructure now takes priority over incremental change. The $150m Capital Charge Raises the Stakes for ASX’s Financial and Operational Roadmap Alongside governance and delivery commitments, ASIC has imposed an additional $150 million capital charge on ASX Limited, intended to ensure robust financial resources remain in place until remediation is complete. The capital must be accumulated by 30 June 2027 and held until milestones in the revised Accelerate program are completed to ASIC’s satisfaction. ASIC also said it will review its regulatory guidance for market licensees’ financial resource requirements, while it and the RBA will step up work to uplift their joint supervisory model for clearing and settlement facilities. ASX said it currently meets all regulatory capital requirements, but the new charge reflects an elevated risk profile identified by the inquiry panel. To fund the additional buffer, ASX updated its dividend payout ratio policy range to between 75% and 85% of underlying net profit after tax, and said the payout ratio is expected to be at the bottom end of that range for at least the next three dividends. ASX also plans to operate a discounted dividend reinvestment plan for at least the next three dividends, while lowering its medium-term return on equity target range to between 12.5% and 14.0%. ASIC emphasised the reset is about rebuilding foundations rather than delivering a rapid turnaround. Mr Longo said: ‘Many of the problems the report identifies took years to develop, and while there are some immediate actions that will be put in place, the key issues are going to take time and resources to resolve. There are no quick fixes or shortcuts.’ He added: ‘ASIC will ensure ASX’s commitments are delivered in full. We are determined to see lasting change that restores trust and confidence in the ASX and the integrity of Australia’s financial markets.’ For ASX, the near-term challenge is to execute a credible plan under intensified scrutiny, while convincing market participants that operational resilience and stewardship will now drive decisions across the group.  

What the partnership actually means DMCC, the Dubai-based trade hub that sits at the centre of global flows for commodities like gold, diamonds, energy and agricultural products, has signed a strategic partnership with Crypto.com. The goal is straightforward: explore how blockchain technology can be used to modernise how commodities are financed, traded and settled. Under the agreement, both sides will look at practical use cases rather than abstract concepts. These include the potential tokenisation of commodities, how those assets might be custodied, how liquidity could be supported, and whether digital assets could play a role in payments across DMCC’s platforms and member companies. Any listings on Crypto.com would still need to pass regulatory checks and listing requirements, but the door is now open for serious evaluation. This is not about launching a flood of new tokens overnight. It is about testing whether existing trade infrastructure can be improved using blockchain rails that already exist, under clear regulatory oversight. Why commodities are a logical next step for tokenisation While crypto markets move at internet speed, commodities trading often does not. Settlement can take days, financing ties up capital, and price transparency varies widely by market and geography. These inefficiencies have been accepted as “just how things work” for decades. Tokenisation offers a way to chip away at those frictions. Putting real assets on-chain can shorten settlement cycles, make ownership easier to track, and potentially open access to a broader pool of market participants. For a hub like DMCC, which hosts more than 26,000 companies across trade and technology, even modest efficiency gains can have a meaningful impact. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “The rapid ascent of tokenisation is a structural opportunity to modernise how commodities are financed, traded and settled, bringing greater transparency and widening access to global markets. For a sector that still relies on legacy systems and slow settlement cycles, the ability to move real assets on-chain is a practical step toward a more efficient trading environment. By partnering with Crypto.com, we will explore high-value applications ranging from the secure issuance and management of tokenised commodities to new models for custody, liquidity and digital asset payments, reinforcing the foundations for the next evolution of global trade. This work positions Dubai firmly at the centre of that transition.” Dubai’s regulatory setup also matters. DMCC’s work builds on its earlier partnership with the Dubai Virtual Assets Authority (VARA), signalling that this effort is meant to fit within a compliant framework rather than operate on the margins. That distinction is critical if tokenised commodities are ever going to be used at scale. Investor Takeaway Tokenised commodities remain early, but infrastructure-led pilots like this reduce hype risk. The real value is in faster settlement and better transparency, not short-term trading buzz. Crypto.com’s role beyond trading For Crypto.com, the partnership reflects a broader shift in focus. Large exchanges are no longer just competing on fees and token listings. Increasingly, they are positioning themselves as infrastructure providers for real-world assets. Working with DMCC gives Crypto.com access to a deep pool of institutional participants and real trade flows. It also allows the exchange to apply its experience in custody, liquidity and compliance to assets that already have established demand outside the crypto-native world. Eric Anziani, President and Chief Operating Officer, Crypto.com, said: “Tokenised real-world assets represent one of the most significant advancements in the digital economy. Working with DMCC – a global leader in trade facilitation and an established hub for innovation – provides an exceptional platform to explore these opportunities responsibly and at scale. Together, we aim to advance infrastructure that supports the next chapter of tokenisation, global trade and digital financial services.” Mohammed Al Hakim, General Manager UAE of Crypto.com, said: “It is an honour to be working with DMCC to enhance Dubai’s digital asset ecosystem and introduce innovative ways blockchain technology can integrate and interact with traditional financial infrastructure. DMCC is the key institution in the development and enhancement of Dubai’s business sector and we are proud to help this community thrive." The collaboration also includes education and technical initiatives through the DMCC Crypto Centre. These programmes are aimed at helping businesses understand what tokenisation can and cannot do, which is often missing in early-stage adoption cycles. What to watch as this develops The biggest challenge will be execution. Commodities tokenisation raises hard questions around legal ownership, cross-border enforcement, and integration with existing trade finance systems. These are not problems that technology alone can solve. That said, the partnership signals intent from both sides to move beyond theory. If DMCC and Crypto.com can demonstrate even a few working models—such as tokenised settlement for specific commodities or clearer custody frameworks—it could encourage other trade hubs to follow a similar path. For Dubai, this fits neatly into a wider strategy of positioning itself as a bridge between traditional trade and regulated digital finance. For investors and market participants, it is another sign that blockchain adoption is gradually shifting toward areas where it can deliver measurable, real-world improvements. Investor Takeaway The upside here is long-term and operational. Watch for pilot projects and regulatory approvals rather than headline-grabbing launches. If tokenisation is going to matter beyond crypto markets, it will likely start in places like this—quietly improving how real assets move, settle and are financed across borders.

GC Exchange A/S, part of the GCEX Group, has been granted a Markets in Crypto-Assets (MiCA) licence by the Danish Financial Supervisory Authority, marking a significant regulatory milestone for the digital prime broker. The approval positions GCEX to offer regulated crypto services to institutional and professional clients across European Union member states under a single, harmonised framework. MiCA represents the first comprehensive, pan-European regulatory regime for crypto-asset service providers, designed to bring consistency, transparency and enhanced market protections to the sector. For firms operating at an institutional level, regulatory clarity has increasingly become a prerequisite for growth, particularly as banks, asset managers and trading firms expand their exposure to digital assets. By securing MiCA authorisation, GCEX strengthens its standing as a compliant infrastructure provider in Europe’s evolving digital asset landscape. The licence enables the firm to scale its crypto offering across the EU while operating within a clearly defined regulatory perimeter, reducing uncertainty for clients navigating cross-border crypto markets. What MiCA Means for Institutional Crypto Clients The MiCA framework is intended to bridge the gap between innovation and investor protection, providing a consistent rulebook for crypto-asset service providers across Europe. For institutional clients, this consistency is critical, as fragmented national regimes have historically complicated onboarding, compliance, and risk management for cross-border digital asset activity. Michael Aagaard, Managing Director at GCEX, said the licence reflects the firm’s long-term regulatory strategy. “Achieving our MiCA license underscores our long-standing dedication to regulatory compliance and transparency,” he said. “We have always believed that clear and consistent regulation is the foundation for institutional trust and broader global adoption of digital assets. With MiCA in place, we are able to provide our clients across the EU with the assurance that they are operating in a fully regulated framework.” With MiCA authorisation, GCEX can broaden its regulated product suite while continuing to position itself as a bridge between traditional finance and digital assets. The move aligns with a broader industry trend, as institutional participants increasingly prioritise regulated venues and counterparties when engaging in crypto markets. Takeaway: GCEX’s MiCA licence gives institutional crypto clients a regulated EU-wide framework, reinforcing trust and supporting broader adoption of digital assets under clear regulatory rules. How the Licence Fits GCEX’s Global Regulatory Strategy GCEX’s MiCA approval builds on an existing multi-jurisdiction regulatory footprint. In addition to its new status as a MiCA-authorised crypto-asset service provider and currency exchange under the Danish FSA, GCEX also holds a Virtual Asset Service Provider licence from Dubai’s Virtual Assets Regulatory Authority. This dual-regulatory presence reflects a strategy of operating in major financial hubs under clear supervisory regimes. The firm’s institutional trading solutions are delivered through multiple access points, including its recently launched XplorDigital app. XplorDigital forms the core of GCEX’s digital asset offering, combining trading, risk management, credit utilisation, analytics, reporting and account management within a single ecosystem. The platform also includes the firm’s “Crypto In A Box” white-label solution, designed for institutions seeking rapid deployment of crypto trading capabilities. As MiCA comes into force across Europe, GCEX’s regulatory positioning allows it to compete for institutional flow in a market where compliance is increasingly a differentiator. With regulated infrastructure spanning Europe and the Middle East, the firm is positioning itself to support institutional clients as digital assets continue to integrate more deeply into global capital markets.

IG Group reported a sharp lift in performance for the three months ended 30 November 2025, with organic net trading revenue rising 29% year-on-year to £270.7 million. Total revenue increased 26% to £307.6 million, supported by stronger client activity and continued execution against product and marketing initiatives, while the Group highlighted double-digit new customer growth and high single-digit growth in active customers. Growth was driven by strength across all major product categories. OTC derivatives remained the largest contributor, with revenue up 27% year-on-year to £210.9 million, while exchange traded derivatives rose 29% to £44.0 million. Stock trading and investments also accelerated, with organic revenue up 64% year-on-year to £15.5 million, reflecting momentum in share dealing following the rollout of a zero-commission UK proposition earlier in 2025. Customer metrics underscored the demand backdrop. Organic first trades rose 64% year-on-year to 28.2k, supported by new products and higher marketing effectiveness, while organic monthly active customers increased 8% to 289.0k. Net interest income declined 18% organically to £27.7 million, as expected, reflecting lower interest rates and increased pass-through to customers even as customer cash balances grew to £4.9 billion. US Expansion, Share Dealing Rollouts, and Crypto Licences Shape the Growth Story The United States continued to stand out as IG’s fastest growing market, with tastytrade delivering total net trading revenue of $65.3 million, up 51% year-on-year and 19% quarter-on-quarter. Within exchange traded derivatives specifically, tastytrade revenue rose 46% year-on-year to $58.2 million, and IG said a new divisional leadership team is in place to strengthen propositions and accelerate growth in North America. In the UK and Ireland, the share dealing push drove a step-up in volumes, with organic trades in the quarter exceeding 775k, up 99% year-on-year and 20% quarter-on-quarter. The Group said the zero-commission proposition launched in April 2025 has since been expanded to Ireland in October and to both Singapore and France in November, with overseas volumes accounting for 42% of the total. Alongside share dealing, IG pointed to enhanced product velocity in OTC derivatives, including the launch of 24/5 trading, pre-IPO markets, and an improved professional client offering. IG also set out a clearer path for expanding its spot crypto business in 2026, following the award of a UK cryptoasset licence from the FCA on 30 September 2025 and an EU licence under MiCA on 20 November 2025. Chief Executive Breon Corcoran said: "We have made good progress this quarter, with strategic initiatives translating into strong revenue growth and accelerating customer acquisition. This momentum gives us confidence to achieve our medium-term revenue growth targets ahead of schedule in 2026." Takeaway: IG’s quarter highlights a mix of stronger trading conditions and execution: broad-based revenue growth, faster customer acquisition, and expanding product distribution—paired with a more confident 2026 revenue outlook and a larger buyback programme. Buyback Extended to £200m as IG Brings Forward 2026 Growth Confidence Alongside the trading update, IG extended its share buyback programme by £75 million to £200 million, citing a strong capital position and cash generation. The existing £125 million programme began on 4 September 2025 and was expected to complete by 30 January 2026; completion is now expected by 31 March 2026. As of 12 December 2025, IG had repurchased 7.6 million shares at a cost of £84.0 million, with the Board indicating it will consider a further buyback alongside full-year results, subject to share price performance and other demands on capital. The Group also updated investors on the transitional reporting period after announcing on 4 November 2025 that it is changing its financial year end from 31 May to 31 December with immediate effect. For the transitional seven-month financial year ending 31 December 2025, IG guided to total revenue of approximately £630 million, up around 3% on the prior year, with net trading revenue forecast at roughly £565 million and interest income slightly over £65 million. IG said this assumes softer trading conditions experienced in early December continue through year end, with full results due on 19 March 2026. Looking ahead, IG said it now expects organic total revenue growth (excluding Freetrade and Independent Reserve) around the mid-point of its guided mid-to-high single-digit range in calendar year 2026, accelerating its earlier guidance and expressing confidence in meeting market expectations for EBITDA and cash EPS in 2026. The outlook is supported by stronger new customer acquisition, an extensive product pipeline, the full-year benefit of customer income retention initiatives, and expected interest rate dynamics, while the company also signalled higher marketing investment in 2026 to accelerate long-term growth and highlighted that the proposed Independent Reserve acquisition remains on track to complete in early 2026.  

Crypto ETF flows on Monday, December 15, 2025, showed a significant divergence in institutional demand, with XRP-linked products continuing their record inflow streak while Bitcoin and Ethereum ETFs faced pressure amid macro caution and price weakness. The overall market sentiment was "risk-off," reflected in Bitcoin's price slide below the $87,000 mark during the day. XRP ETFs Maintain Record Inflow Streak XRP Spot ETFs were the clear institutional favorite, extending a streak of daily net inflows that has now lasted for approximately one month. While specific data for December 15 may not be finalized until later, the continuing momentum suggests XRP ETFs maintained their positive flow, with the cumulative total nearing the $1 billion assets under management (AUM) milestone. Data through the previous week showed total inflows around $975 million to $991 million. Analysts attribute this consistent accumulation to structural demand, meaning institutional investors are adding XRP as a long-term portfolio component following its regulatory clarity, rather than using the products for tactical, short-term trading. This stands in stark contrast to Bitcoin and Ethereum. Importantly, this strong institutional demand is occurring despite XRP's spot price struggling, trading near $1.92 and repeatedly being rejected at the $2.00 psychological and technical resistance level, a phenomenon analysts point to as large Over-The-Counter (OTC) acquisition by issuers masking the true buying pressure. Bitcoin and Ethereum ETFs Face Outflow Pressure Bitcoin and Ethereum ETFs, the largest crypto categories by AUM, struggled with demand on December 15, reflecting a cautious institutional stance ahead of a heavy week of central bank decisions and US economic data. Market sentiment was subdued on Monday due to leverage unwinding and a sharp drop in BTC's price. While broader weekly data shows overall net inflows into BTC products, the daily figures for Bitcoin Spot ETFs have been choppy, often reflecting net outflows or very weak inflows. Institutional confidence, as reflected in capital flows for ETF futures, has shown a decline in exposure over the past week, suggesting this pattern of reduced demand likely persisted on Monday. Similarly, Ether ETFs have shown a trend of choppier flows and sensitivity to macro uncertainty. While the preceding trading week ended with strong net inflows, the overall pattern has been volatile, and the weaker price action on Monday suggested that the segment was likely under renewed pressure from investors looking to reduce risk exposure. In essence, December 15 reinforced the narrative of a maturing crypto ETF landscape where institutional capital is diversifying selectively, favoring assets with regulatory clarity (like XRP) for structural allocation, while using Bitcoin and Ethereum products more tactically based on global macro risk appetite.

The race to succeed Jerome Powell as Chair of the Federal Reserve has encountered a major hurdle for front-runner Kevin Hassett, the current National Economic Council Director, as influential voices close to President Donald Trump express significant reservations. Hassett's candidacy is facing pushback that centers not on his economic qualifications but on the perceived threat his close relationship with the President poses to the Federal Reserve's political independence. The concern is that Hassett’s strong alignment with the administration’s publicly stated desire for sharper and faster interest rate cuts might spook financial markets and ultimately damage the central bank’s credibility in its mission to control inflation. The Source of the Pushback The central worry among advisors and influential bond investors is that Hassett’s appointment would signal an end to the Fed's traditional political autonomy. Financial Times reported that key bond investors conveyed warnings directly to the U.S. Treasury, expressing concern that Hassett might pursue "indiscriminate" rate cuts aligned too closely with the President's public demands. The fear is that a politically aligned Fed would continue to cut rates even if inflation remains above the official 2% target, potentially undermining confidence in the U.S. dollar and the stability of the economy. Hassett’s direct access to the President and his vocal support for aggressive economic easing, which were initially seen as assets for securing the nomination, have ironically become his greatest liability. This closeness is seen as a risk that could increase long-term borrowing costs if investors demand a higher premium to hold bonds due to concerns over future inflation. This internal pushback has reportedly benefited a rival candidate, former Fed Governor Kevin Warsh, who has recently seen his odds rise in prediction markets. President Trump himself added uncertainty on Friday by stating he has "Kevin and Kevin" at the top of his shortlist, suggesting the race is far from decided. Hassett's Defense of Fed Independence In response to the mounting criticism, Hassett has publicly sought to reassure markets and officials about his commitment to the Fed's institutional integrity. In a recent interview on CBS News' "Face the Nation," Hassett stated that if he were appointed Fed Chair, President Trump's opinions on interest rates would have "no weight" on formal decisions made by the Federal Open Market Committee (FOMC). He clarified that while he would continue to speak with the President and present data-backed arguments to the Committee, the FOMC would vote based solely on economic data and its dual mandate of maximum employment and price stability. Despite his reassurances, the fundamental policy disagreement remains sharp. Hassett has openly criticized the current Fed under Powell for being unduly slow in cutting rates, a stance that aligns perfectly with the President's long-running public criticisms of Chair Powell. This disagreement, however, may create challenges for Hassett even if nominated, as he would need to win over consensus from the 12-member FOMC, many of whom are skeptical of aggressive rate cuts.

Bank of America (BofA) Global Research has released a new report predicting that the U.S. banking industry is entering a multi-year, structural transformation that will see core financial activities migrate to blockchain technology, establishing a future dominated by on-chain banking. This bullish forecast is driven not just by technological potential, but by a major inflection point in U.S. cryptocurrency and stablecoin regulation. Regulatory Catalyst for Adoption The BofA report highlights that the shift in regulatory sentiment is the critical accelerator, moving the banking sector from deliberation to implementation. The recent conditional approval of national trust bank licenses by the Office of the Comptroller of the Currency (OCC) for five digital asset companies, including major players like Ripple and Circle, is cited as a key turning point. BofA considers this a crucial step toward federal acceptance of stablecoins and crypto custody services, signaling that digital asset firms can operate within the regulated financial mainstream. The report also notes expected action from the Federal Deposit Insurance Corporation (FDIC), which is anticipated to release a regulatory proposal for payment stablecoins this week. This is in line with the GENIUS Act, which mandates finalized rules by July 2026, with implementation set for January 2027. Federal Reserve officials are also collaborating with banking regulators to establish capital, liquidity, and diversification standards specifically for stablecoin issuers, further integrating these digital assets into the regulatory perimeter. The Migration of Real-World Assets On-Chain The report predicts that traditional assets and transactions will increasingly migrate to blockchain platforms, requiring banks to rapidly evolve their infrastructure. Specifically, BofA anticipates that bonds, stocks, money market funds, and cross-border payments will be among the first major segments to transition on-chain. This shift is already being explored by major financial institutions like JPMorgan Chase, which is working on its JPM Coin and tokenized deposit initiatives, and Singapore’s DBS Bank, both of which are exploring interoperable frameworks for tokenized value transfer across public and permissioned blockchains. To prepare for this inevitable shift, the report states that banks must not only become familiar with blockchain technology but also show a readiness to experiment with tokenized assets and on-chain settlement mechanisms. Tokenized deposits, issued by licensed institutions and subject to banking regulations, are seen as a vital intermediate step, offering enhanced efficiency and 24/7 services.

The cryptocurrency market experienced a sharp and broad-based correction on Monday, December 15, extending into Tuesday, as Bitcoin (BTC) plummeted below the crucial $86,000 support level, dragging the global altcoin market down significantly. This latest price action marks a continuation of the bearish streak following BTC's recent rejection from the $94,000 interim highs. Causes of the Market Plunge The sell-off is not attributable to a single factor but rather a confluence of macro and internal crypto market pressures. The primary driver of the sudden drop was a cascade of long liquidations in the derivatives market. After moving sideways near the $89,000–$90,000 range, Bitcoin broke key technical support, triggering automatic forced closures of highly leveraged long positions. This created a vicious cycle, as the selling pressure from the liquidations amplified the price decline, pulling BTC down to briefly bottom near $86,000. Data suggests a clear liquidity imbalance where, while retail and mid-sized wallets were active in buying the dip, absorbing nearly half a billion dollars in demand, this was decisively overshadowed by an estimated $2.78 billion in selling from large holders, or "whales." This distribution from large players is the core mechanical reason for the sustained downward pressure. Furthermore, the crypto market is reflecting a wider "risk-off" shift across global financial markets. Uncertainty surrounding the US Federal Reserve's future Chair, rising US fiscal stress, and the recent delay of US crypto market structure legislation to 2026 have all contributed to caution among institutional investors, prompting them to reduce exposure to volatile assets. Finally, as Bitcoin dominance stabilizes, the correlation between BTC and altcoins remains high during market downturns. With Bitcoin falling, major altcoins like Ethereum (ETH), XRP, Solana (SOL), and Binance Coin (BNB) experienced even steeper percentage declines, with many falling over 9% in 24 hours. The weakness in altcoins reinforces the overall negative market sentiment. Market Outlook and Key Levels The market sentiment, as reflected by various indices, remains in the "fear" zone, though not yet at "extreme fear," suggesting some traders anticipate a short-term reversal. Analysts are now eyeing the next major psychological and technical support zone between $82,000 and $84,000. Defending this range is crucial to prevent a slide back to mid-cycle lows. Relief rallies in altcoins are expected to be tactical and short-lived until the selling pressure from larger Bitcoin holders eases and broader macro signals stabilize. Investors are advised to avoid excessive leverage and maintain a defensive posture.

Former Federal Reserve Governor Kevin Warsh has surged ahead of current National Economic Council Director Kevin Hassett to become the new favorite on prediction platforms like Polymarket and Kalshi for the next Chair of the Federal Reserve. This dramatic shift occurred after President Donald Trump publicly named Warsh as a top contender and influential Wall Street figures raised concerns about Hassett's political alignment compromising the Fed's independence. The Shift in Prediction Markets Warsh's odds saw a sharp spike—reportedly leaping by 17 to 24 percentage points on prediction markets—following two key developments last Friday. First, President Trump told The Wall Street Journal that he was primarily leaning toward "the two Kevins" (Warsh and Hassett) to replace Jerome Powell, whose term ends in May 2026. Importantly, Trump remarked that Warsh "thinks you have to lower interest rates," aligning with the President's long-standing push for aggressive rate cuts. Second, Wall Street support played a crucial role. JPMorgan Chase CEO Jamie Dimon reportedly signaled support for Warsh during a private conference, while others on Wall Street explicitly voiced concerns that Hassett's close ties to the White House would prioritize political goals over price stability, potentially disrupting the Treasury market. As of Monday, December 15, Warsh's odds of being nominated had climbed to approximately 50% or more on platforms like Kalshi, surpassing Hassett, whose odds fell sharply from a high of nearly 78% to around the 40% mark. Warsh's Policy Stance and Appeal Warsh's increasing appeal to the White House and investors stems from his dual identity: an established Fed veteran who also supports the President's goal of lower rates. Warsh served as a Fed Governor from 2006 to 2011, making him a central figure during the 2008 financial crisis. This institutional experience is seen as a safeguard for the Fed's independence, a critical concern for bond investors. He is perceived as more autonomous than Hassett, who is deeply integrated into the current administration. While historically considered a hawk (favoring tight monetary policy), Warsh now advocates for lower interest rates through an unusual, yet pragmatic, path. He proposes that the Fed should create room for lower rates by aggressively shrinking its balance sheet (Quantitative Tightening or QT), a process he calls "practical monetarism." This view aligns with the President's desire for lower rates while offering a technically rigorous rationale focused on reducing the size and scope of the Fed's market interference, addressing a concern Warsh has long championed. Warsh is also a vocal critic of the Fed's recent management, bluntly stating that "Inflation is a choice" made by the central bank, not an accident caused by external factors like supply chain issues. His focus on regaining central bank credibility aligns with market needs for a strong anti-inflation mandate. The market has signaled that while the next Fed Chair must be open to lower rates, maintaining the institutional independence of the central bank is a non-negotiable factor. Warsh currently provides the most appealing combination of those two demands.

As a judge at the 2025 NYU China–US Startup Competition, product leader and community builder Ryan Zhang brings a rare combination of Wall Street experience, Web3 insight, and public-interest focus to the next generation of founders. On November 22, 2025, from 1:00 to 9:00 p.m. in New York, founders from both China and the United States will gather at NYU for the 2025 NYU China–US Startup Competition. Among the judges is Ryan Zhang, a fintech and Web3 product leader whose career has been defined by one consistent theme: refining traditional financial systems and building the bridge to Web3 and decentralized finance, helping make the next generation of the U.S. financial infrastructure more open, resilient, and accessible. Only 15 judges being selected as the judges for this competition among more than 50 industry experts. Zhang was invited to serve on the judging panel and comment from a Web3 perspective, representing both his community initiative , BreakLine Society , and his non-profit venture , Arievia Foundation. His role is not to push every startup toward blockchain, but to evaluate how each team thinks about ownership, transparency, and interoperability in a digital economy that is rapidly being reshaped by Web3. “My lens is simple,” Zhang explains. “Who owns the value your product creates, and can your system be trusted at scale? Web3 is just one set of tools to answer that question—but a very powerful one.” Building Trust-Centric Finance in the U.S. Before stepping into the Web3 and non-profit arenas, Zhang spent years building products inside some of the most demanding environments in U.S. financial services. He worked as a product manager at USAA, the member-owned financial institution known for serving U.S. service members and their families. There, Zhang focused on digital banking experiences, collaborating with cross-functional teams to improve the reliability, clarity, and accessibility of core banking tools. Through these improvements, his work meaningfully supported U.S. veterans and active-duty military members and their families by helping them manage critical financial needs with greater confidence and ease. The work required meticulous attention to risk, compliance, and user experience—often for customers man’aging their finances across time zones and challenging circumstances. Later, Zhang joined Goldman Sachs as a Senior Product Manager, supporting a major U.S. consumer credit program in partnership with a leading technology company. Operating in a tightly regulated and highly visible environment, he helped design and improve large-scale payment and credit experiences used by millions of customers. Rather than emphasizing any single feature, Zhang highlights what these roles taught him about systems as a whole. “When you work inside regulated financial institutions, you learn that great UX isn’t enough,” he says. “The underlying rails—risk, compliance, operations, and data—have to be just as well designed. Otherwise, people get hurt when something goes wrong.” This grounding in trust, reliability, and consumer protection now shapes how he evaluates all forms of financial innovation, including Web3. It is also through this deep exposure to traditional finance that Zhang began to envision its next reform—recognizing how Web3 and decentralized finance could help address systemic risks like opaque processes, centralized points of failure, and limited user control by building more transparent, resilient, and user-owned financial rails. A Pragmatic Web3 Perspective: Beyond Hype and Speculation Zhang’s interest in Web3 did not come from speculation or trading. It came from seeing, firsthand, how difficult it can be to move money across borders, across platforms, and across different financial institutions. As stablecoins, tokenized assets, and on-chain payments began to mature, he recognized their potential to address real infrastructure problems—if built and governed responsibly. Over the past several years, Zhang has advised and collaborated with Web3 and fintech teams on topics such as: How stablecoins might reduce friction in cross-border payments and settlements. How to design risk and compliance frameworks for on-chain products by borrowing best practices from traditional finance. How to align user ownership and long-term incentives, instead of treating financial products purely as short-term growth engines. His approach is distinctly pragmatic: Web3, in his view, should be judged by whether it improves reliability, transparency, and access—not by how novel it sounds. “If the system becomes more fragile or more confusing for everyday users, that’s not progress,” Zhang says. “The bar should be higher, not lower, just because it’s new technology.” BreakLine Society: A Community for Responsible Innovation To take these conversations beyond conference rooms and closed meetings, Zhang founded BreakLine Society, a New York–based community that connects professionals from fintech, Web3, and creative industries. BreakLine organizes events, panels, and forums that focus on real-world applications of Web3 and financial technology—such as stablecoins, tokenization, and cross-border payments—rather than pure speculation. The community has brought together founders, product leaders, investors, and legal experts to discuss how to build systems that are both innovative and compliant. In these settings, Zhang often serves as moderator and curator, shaping dialogues that emphasize long-term value creation, regulatory awareness, and the social impact of financial infrastructure. Drawing on experience in both traditional finance and decentralized systems, he acts as a fluid bridge between institutional rigor and Web3 experimentation. He translates the constraints of regulation into constructive design principles and grounds emerging ideas in real-world financial needs. Arievia Foundation: Institutionalizing Public-Interest Work To give this public-interest work a more formal home, Zhang is in the process of building the Arievia Foundation, a non-profit platform dedicated to education, research, and ecosystem building at the intersection of finance and Web3. The foundation’s mission is threefold: Education – Create accessible content, workshops, and programs that demystify stablecoins, tokenization, and on-chain financial tools for students, professionals, and policymakers. Dialogue – Provide a neutral venue where industry, academia, and regulators can have detailed, technically informed conversations about the future of financial infrastructure. Impact Projects – Support initiatives that use Web3 tools to improve real-world outcomes—for example, by lowering cross-border remittance costs or improving transparency in financial aid and funding flows. By placing this work under a non-profit structure, Zhang aims to ensure that it is guided by public-interest goals, rather than short-term market cycles. Judging at NYU: Bringing a Web3 Lens to the Next Generation of Founders The 2025 NYU China–US Startup Competition is a natural extension of Zhang’s cross-border and cross-domain work. On November 22, 2025, at NYU in New York City, he will serve as a judge throughout the event day, evaluating finalist teams across sectors such as healthcare, education, entertainment, and AI-driven marketing. His unique contribution lies in how he applies Web3 principles even to startups that are not explicitly “crypto projects.” In practice, that means asking questions like: Who owns the data and value your platform generates? How do you build verifiable trust—through governance, transparency, or technology? Can your product interoperate with other systems, or is it a closed silo? What does long-term fairness look like for your users, partners, and ecosystem? Rather than pushing a specific technology, Zhang focuses on ownership, trust, and interoperability as universal design questions that will shape the next decade of innovation. “Whether you’re building in AI, healthcare, or education, you can’t ignore the question of who controls the infrastructure and the data,” he notes. “Web3 is part of that conversation, and I’m here to help founders think about it in a grounded, responsible way.” A Cross-Border, Cross-Disciplinary Bridge What makes Ryan Zhang stand out is not just his background in U.S. financial institutions or his knowledge of Web3 protocols. It is his consistent effort to bridge worlds: Between traditional finance and decentralized systems. Between China and the United States. Between commercial success and public-interest responsibility. As he steps onto the NYU stage as a judge and Web3 commentator, Zhang is less interested in predicting which startup will become the next unicorn and more interested in a deeper question: what kind of financial and digital infrastructure will we all have to live with in the years ahead? His answer, reflected in his work across fintech, community-building, and non-profit initiatives, is clear: it should be infrastructure that is transparent, interoperable, and ultimately built in service of people, not just markets.

PayPal Holdings, Inc. has officially submitted applications to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions to establish a Utah-chartered industrial loan company (ILC), to be named PayPal Bank. This strategic move aims to secure a U.S. banking charter, allowing the digital payments giant to significantly expand its financial services, particularly small business lending, and reduce its reliance on third-party bank partners. This application is the culmination of years of planning and marks a major step in PayPal's evolution from a simple payment processor to a full-service financial platform. Rationale for Seeking an ILC Charter Obtaining an ILC charter would grant PayPal many of the powers of a full commercial bank, allowing it to function more efficiently and control key aspects of its financial offerings. The primary stated goal is to bolster its small business lending capabilities. PayPal has already provided access to over $30 billion in loans and working capital to small businesses globally since 2013, but currently does so through partners like WebBank. The ILC charter would allow PayPal to originate loans directly, strengthening its business, improving capital efficiency, and giving it greater control over credit risk and funding costs. This move toward greater vertical integration is key to its long-term strategy, as a charter would allow PayPal to offer merchant credit, merchant acquiring, and consumer savings products without relying on external bank partners whose business changes could potentially disrupt PayPal's services. If approved, PayPal Bank plans to offer interest-bearing savings accounts to customers, which would be eligible for FDIC insurance coverage. This allows PayPal to attract and hold customer deposits directly, securing a cheaper and more stable funding source than third-party arrangements. Finally, PayPal Bank would seek direct membership with major U.S. card networks for processing and settlement activities, complementing existing banking relationships while offering more control over transaction speed and cost. Structure and Regulatory Context An ILC is a state-chartered, bank-like lender that can accept deposits and make loans. Crucially, it can often be owned by non-bank commercial firms, unlike a conventional commercial bank. PayPal chose Utah, which has historically been accommodating to ILC applications from financial technology (fintech) firms, with other major fintechs, including Block Inc. (formerly Square Inc.), having successfully obtained Utah ILC charters. PayPal has named Mara McNeill, a financial services veteran and former President and CEO of Toyota Financial Savings Bank, as the president of the proposed PayPal Bank, signaling a serious commitment to regulatory compliance and banking expertise. This application comes at a time when the regulatory environment, particularly under the current administration, is showing a renewed openness to fintech companies seeking to integrate into the regulated banking system, although ILCs remain a point of regulatory debate due to their commercial ownership structure.

XRP has failed to sustain the critical $2.00 psychological and technical support level, with price action on December 16, 2025, confirming a breakdown below this key pivot. After weeks of tight consolidation and repeated rejections at the $2.10 resistance area, the selling pressure proved dominant, shifting the short-term technical structure to bearish. This move aligns with broader market caution driven by upcoming US economic data releases. Technical Breakdown and Near-Term Targets The loss of the $2.00 level triggers a bearish continuation signal, validating the descending structure that has contained the price since its peak earlier in the year. The $2.00 price point had acted as a major psychological floor and had bounced the price multiple times in recent weeks. Its conversion into a near-term resistance level now confirms a structural weakness. The immediate pressure is now on the next cluster of demand to halt the decline. The first strong demand zone is now projected to be between $1.90 and $1.95. This area aligns with the recent low-end of the consolidation range and has historically attracted buyers. Analysts view this as the new "line in the sand" for bulls. A clean daily close below $1.90, however, would represent a significant structural invalidation, leading to a much sharper decline. Should the $1.90 support fail, the next likely targets for sellers are the $1.82 to $1.88 zone, followed by the ultimate support area near  $1.75. Divergence: Institutional Inflows vs. Price Action The breakdown is paradoxical, as it occurs simultaneously with extremely strong institutional backing for the asset.The primary counter-narrative to the bearish chart is the continued, uninterrupted inflow into Spot XRP Exchange-Traded Funds (ETFs). Institutional money continues to accumulate XRP, viewing it as a long-term, structurally sound asset due to its regulatory clarity. However, this demand is largely being absorbed by Over-The-Counter (OTC) desks and long-term holders taking profit (whale distribution), preventing the buying pressure from translating into immediate spot price appreciation. This dynamic creates an "accumulation zone disguised as stagnation," where the long-term floor is raised by institutional buying, but short-term price remains vulnerable to exchange-based selling. The immediate-term outlook for XRP is now dominated by the $1.90 support level. A successful defense and bounce from this area would preserve the constructive, long-term accumulation pattern, while a decisive failure could trigger a cascade of liquidations down toward the $1.82 mark.

Delphi Digital, the influential crypto research and investment firm, has highlighted social trading and the broader concept of agentic finance (AI) as a major growth vector for the cryptocurrency market in its "Year Ahead for Markets 2026" report. The firm views the intersection of social networking, automated trading, and decentralized finance (DeFi) as a pivotal trend for the next cycle, predicting a shift from individual decision-making to a collective, automated process. The Agentic and Social Trading Revolution Delphi Digital's analysis suggests that the core friction points in crypto—complexity, information overload, and the need for constant monitoring—will be solved by the increasing sophistication of platforms that allow users to copy, pool, and automate strategies, ushering in the era of Agentic Finance. A key component of Delphi's thesis is the emergence of "Agentic Finance," which involves specialized AI agents or bots that perform on-chain tasks autonomously, such as maximizing yield, rebalancing portfolios, or executing complex strategies. The prediction is that these AI agents will automate capital allocation and financial operations, fundamentally changing how passive and active investors interact with DeFi protocols. Social trading, which allows users to replicate the positions of experienced or "leader" traders (via copy trading or mirror trading), is seen as the primary vehicle for onboarding the next wave of retail users. The global market for social trading platforms is already projected to grow significantly, driven by a younger demographic that favors collaborative and digital tools. Delphi believes decentralized protocols that facilitate this type of seamless strategy sharing will capture immense value by tokenizing trading strategies or portfolios, allowing users to invest in a basket of trades managed by a verified expert, often without ever leaving the blockchain environment. 2026 Macro Outlook and Structural Growth Delphi Digital's prediction for social trading growth is framed within a generally bullish macro outlook for 2026, driven by an expected pivot in global monetary policy, moving away from liquidity withdrawal and elevated policy rates. The firm argues that 2026 marks a "critical inflection point." An expected shift to a looser policy environment, driven by the Federal Reserve potentially lowering interest rates and ending quantitative tightening, is forecast to create a net positive liquidity environment—the first since early 2022. This liquidity injection is the macro catalyst expected to fuel a recovery and attract significant investor attention, including into the specialized sectors like social trading. Delphi cautions that the 2026 growth period will not be the "euphoric boom of past cycles" but rather a "compounding buildout of a global, programmable financial layer." This new phase is anchored by structural factors like clearer regulatory frameworks, institutional adoption (including the ongoing Bitcoin ETF flywheel), and the practical implementation of tokenization. The firm believes this strong foundation will lead to milder corrections and a more sustainable, if less explosive, upward trajectory. Social and agentic trading relies heavily on decentralized finance, and Delphi predicts that DeFi's Total Value Locked (TVL) could surge as infrastructure improves and user experiences become simpler, creating the foundational liquidity and protocols required for complex automated strategies to thrive at scale.

Nasdaq has taken the first formal step toward establishing near round-the-clock trading for U.S. stocks and Exchange-Traded Products (ETPs), following a surge in global investor demand for American equities. The exchange submitted a proposal with the U.S. Securities and Exchange Commission (SEC) on Monday, December 15, 2025, to expand its trading hours from the current 16 hours a day to 23 hours a day, five days a week (5x23 model). This move is a direct response to the globalization of financial markets, the always-on nature of crypto trading, and competitive pressure from rival exchanges that are also extending their hours. The New 23/5 Trading Schedule Under the proposed new structure, which Nasdaq targets for a rollout in the second half of 2026, the trading week would effectively be near-continuous, with only a brief daily pause for maintenance. The trading week would start on Sunday at 9:00 p.m. Eastern Time (ET) and end on Friday at 8:00 p.m. ET after the day session. The 23-hour trading day would be divided into two main sessions. The Day Session would run from 4:00 a.m. to 8:00 p.m. ET, which already incorporates the current pre-market, regular market (9:30 a.m. to 4:00 p.m.), and post-market hours. This would be followed by a One-Hour Maintenance Break from 8:00 p.m. to 9:00 p.m. ET for essential maintenance, system testing, and trade clearing. Finally, the Night Session would operate from 9:00 p.m. to 4:00 a.m. ET the following calendar day, with trades executed between 9 p.m. and midnight being accounted for as part of the following calendar day's trading. Market Rationale and Industry Alignment Nasdaq's decision is driven by both strategic competition and meeting overwhelming global market demand. The U.S. stock market represents almost two-thirds of the world's listed company value, and the new 23/5 schedule directly addresses the need of international investors, whose total foreign holdings of U.S. equities reached $17 trillion last year, to access U.S. stocks during their business hours. This filing follows similar plans and initial approvals for extended hours from rivals like the New York Stock Exchange (NYSE) and Cboe Global Markets. Furthermore, the successful rollout is contingent on key industry infrastructure upgrades. The U.S. Depository Trust and Clearing Corporation (DTCC), which handles clearing, has submitted its plan to begin clearing equity trades 24 hours a day, five days a week by the second quarter of 2026, which is critical for supporting the continuous trading model. The extension is expected to allow for faster, more efficient price discovery by allowing the market to react quicker to global news and earnings reports released outside the current six-and-a-half-hour trading window. However, this also presents risks, as lower liquidity during the overnight "Night Session" typically increases volatility and widens bid-ask spreads for participants.

Aster, the performance-driven on-chain trading platform, has announced the launch of Shield Mode, a newly developed protected trading environment integrated directly into Aster Perpetual. This feature marks a significant step in solving the challenge of "toxic order flow" in decentralized finance (DeFi), specifically targeting the issues of front-running and visible trading strategies that plague fully transparent on-chain markets. Enhancing Discretion and Performance for Traders Shield Mode is designed to bring the full high-leverage trading experience of Aster Perpetual into a single, discreet interface, catering primarily to professional and advanced traders. The core motivation behind Shield Mode is to offer greater control, discretion, and protection for trading intent. While Aster previously introduced Hidden Orders to mask order price and size, Shield Mode extends this principle by offering a fully protected trading mode that removes the need for traders to interact with a public order book altogether. This means traders can execute complex, high-volume strategies without being forced to broadcast their moves to the market, drastically reducing the vulnerability to front-running and MEV (Maximal Extractable Value) attacks. Shield Mode streamlines the trading workflow by allowing users to open and manage long or short positions within a single account structure, eliminating fragmented cross-chain processes and repetitive on-chain transaction signing. This results in a smoother, faster, and more controlled trading experience that preserves the core advantages of Aster's high-leverage model. Crucially, the platform’s core features remain intact, including up to 1001x leverage for major assets like BTC and ETH, zero slippage, and no opening fees. Furthermore, Shield Mode enhances efficiency by eliminating closing fees and gas costs entirely, setting a new benchmark for cost-efficient on-chain perpetual trading. Flexible Fee Structures and Future Vision Alongside improved protection and performance, Shield Mode introduces the foundation for a more flexible approach to trading costs. In upcoming updates, Aster plans to allow users to choose between two distinct fee models. Commission Mode is a transparent fixed percentage fee per trade, designed to suit consistent and high-volume trading strategies. Alternatively, PnL Mode is a performance-based structure where fees are only charged on profitable trades, offering traders greater control over costs aligned with their risk profiles. To mark the launch, all fees associated with Shield Mode will be waived until the end of the year. The CEO of Aster noted that Shield Mode reflects the belief that the future of on-chain trading is about control and protection, not just leverage and speed, positioning Aster as a leading competitor in the evolving high-performance decentralized finance space.

KuCoin and production studio Casual Films were among the standout winners at the 2025 Vega Digital Awards, picking up four Platinum awards and one Gold for a brand film featuring professional golfer Adam Scott. The Vega Awards, now in their tenth year, attracted more than 1,200 entries this season from companies and agencies across multiple industries. Winners were selected through blind judging by an international panel of senior creatives and marketing professionals. The KuCoin film was recognized for its restrained storytelling and strong visual execution. Rather than leaning into fast-paced crypto marketing, the campaign focused on themes that cut across both professional sport and finance: discipline, trust, and consistency under pressure. Why this campaign stands out Crypto advertising has often relied on hype, big promises, and short-term narratives. This project took a different route. The film avoids explaining products or pushing features. Instead, it draws a parallel between elite athletic performance and the mindset required to navigate financial markets responsibly. That approach reflects a broader shift happening across the crypto sector. As regulation tightens and institutional participation grows, exchanges are under pressure to communicate stability rather than speed. KuCoin’s decision to anchor its message around Adam Scott — a player known for longevity and precision — fits that change in tone. The timing also matters. The film launched alongside KuCoin’s expanding regulatory presence in Australia, where the company recently secured registration as a Digital Currency Exchange provider with AUSTRAC. Together, the campaign and the regulatory milestone reinforce the same message: long-term credibility over short-term noise. Investor Takeaway Brand messaging across crypto is maturing. Campaigns that emphasize trust and discipline often signal a shift toward regulated and institutional markets. Industry reaction and creative execution Casual Films developed the project in close collaboration with KuCoin, focusing on clarity and tone rather than spectacle. The result is a film that feels closer to a premium financial brand campaign than a typical crypto ad. According to Casual Films’ Executive Producer and Creative Director Thomas J Elliott, the creative direction was driven by a desire to connect the mental discipline of elite sport with the operational reliability KuCoin aims to represent. This year’s Vega Awards included entries from global brands and institutions spanning travel, education, and consumer goods. KuCoin’s recognition places it alongside companies investing in longer-form, story-led brand communication — an area where crypto firms have historically lagged behind. Momentum beyond the awards The campaign gained additional visibility thanks to Adam Scott’s recent competitive form. In the weeks surrounding the awards announcement, Scott secured a win at the Cathedral Invitational and posted strong finishes at the Australian PGA Championship and the Crown Australian Open. While the results were not part of the campaign itself, they reinforced the narrative the film set out to tell: consistency over time matters more than momentary spikes. For KuCoin, the awards recognition adds another layer to its ongoing repositioning. As exchanges compete for trust in increasingly regulated environments, independent validation — whether from regulators or creative institutions — plays a growing role in shaping perception. Investor Takeaway Independent awards don’t move markets, but they do reinforce brand credibility — especially as crypto firms court institutional and regulated audiences. What comes next The Vega Awards win won’t change KuCoin’s business overnight. But it highlights how the exchange is choosing to communicate as the industry matures. If the broader trend continues, expect more crypto firms to invest less in aggressive promotion and more in messaging built around reliability, governance, and long-term performance. For KuCoin, the recognition is less about celebration and more about alignment — between brand, regulation, and the direction digital asset markets are heading.  ? Vega Awards – KuCoin Brand Film by Casual Films

What Triggered Bitcoin’s Drop Below $87,000? Bitcoin fell under $87,000 on Monday as a wave of sell orders hit the market shortly after Wall Street opened, triggering more than $200 million in liquidations of BTC longs. Data from Cointelegraph Markets Pro and TradingView captured a sharp move lower, with BTC reaching $86,625 during the session. The pullback followed several days of uneven trading, and traders noted that distribution began accelerating once U.S. equity markets resumed activity. Market participants pointed to Binance and Wintermute as notable sources of sell pressure. CoinGlass data showed that long liquidations surpassed $200 million within barely an hour — one of the more aggressive wipeouts in recent weeks. The sudden move reset bullish sentiment heading into the final stretch of the year. Many traders who had already turned defensive saw nothing in the charts to suggest an immediate recovery. The tone across trading desks leaned toward expecting fresh lows before the market stabilizes. Investor Takeaway Rapid liquidations and thin spot demand continue to drive sharp intraday swings. Traders watching short-term floors warn that deeper tests remain likely before a durable rebound forms. How Are Traders Reading the Current Price Action? Short-term traders described the move as a continuation of the choppy structure that has dominated the market in recent weeks. Roman, a trader active on X, noted that selling interest was noticeable but not overwhelming. “My only issue now is selling volume isn’t very high so we will likely catch another bounce around 84k,” he wrote. At the same time, he said lower levels remain likely: “Even if we bounce, I still believe we get to 76k in due time.” Others reviewing liquidity placement saw the move as part of a broader pattern. Daan Crypto Trades called the current environment a “massive liquidity hunt,” adding that he expects “more bart moves all over,” referring to chart formations where price surges or drops only to return to the starting level soon after. Some traders kept a more constructive medium-term view. AlejandroBTC pointed out that the market had been trapped in a range since early December, and the latest break lower may simply clear out remaining stops. “We finally broke the range that’s been forming since early December. This tells me we’re going to sweep the next set of lows still operating inside a larger range,” he wrote. He added, “Nothing has changed. Direction is unclear short-term, but I still expect a test of 100K–105K once this range resolves.” Did Strategy’s Latest BTC Purchase Affect Market Sentiment? Adding to the timing of the downturn, Strategy — the public company known for holding the world’s largest corporate Bitcoin position — disclosed another major purchase. A filing with the U.S. Securities and Exchange Commission showed that the firm bought 10,645 BTC at an average price of $92,098 per coin. The news hit as the market was already moving lower, and some traders complained that prior buying announcements have coincided with near-term volatility. Strategy’s accumulation has been a recurring talking point throughout the year, especially during periods when market structure is fragile. On-chain analysts argued that the broader pattern is more important than the reaction around the filing. One analyst, posting under On-Chain College, said futures data supports the view that a base is slowly forming. “As expected, the premium that Bitcoin longs are paying shorts on leveraged trades reversed at the top of the descending pattern that we've seen since July,” the post said. “This chart suggests a bottom is being ironed out but a further drop in both price and funding rates is expected first.” Investor Takeaway Price is still searching for a clean bottom. Futures funding, liquidity clusters and recent range breaks all point to more downside tests before large buyers regain control. What Comes Next as Bitcoin Heads Toward Year-End? Bitcoin’s failure to hold above $90,000 last week set the stage for this slide, and the market continues to flip between supply-driven sell-offs and brief intraday recoveries. The recent break of the early-December range has traders watching levels in the mid-$80,000s and high-$70,000s as areas where liquidity may consolidate. While long-term sentiment remains intact for many, especially those targeting six-figure levels after the current structure resolves, trading conditions into the new year remain volatile. Funding rates, order-book imbalances and liquidations continue to drive short windows of sharp movement. The next clean signal, traders say, will come from whether spot demand returns once leverage resets. For now, the market sits at a crossroads: deep enough into a correction to unsettle longs, but not yet at levels that have attracted strong dip-buying. The next few sessions will determine whether Bitcoin stabilizes around the mid-$80,000s or continues to hunt for lower liquidity pockets before attempting a recovery.

What Did Circle Acquire—and Why Now? Circle has acquired Interop Labs team members and proprietary technology, bringing the initial developers behind the Axelar Network into the stablecoin issuer’s engineering ranks. CEO and co-founder Sergey Gorbunov will also join Circle, according to a spokesperson. The company said, “Interop Labs’s engineering and product teams represent some of the brightest minds in the industry, including CEO and Co-founder Sergey Gorbunov.” Circle noted that the acquisition is tied to its effort to make digital assets issued on Arc interoperable across multiple blockchains. The company did not disclose financial terms but said the deal is expected to close early next year. The move expands its in-house capability to create uniform settlement pathways between chains—an area that has become increasingly important as stablecoin usage grows across different networks. Nikhil Chandhok, Circle’s Chief Product and Technology Officer, said, “Circle is committed to supporting interoperability with many onchain networks, just as we have with USDC, CCTP, and other blockchain infrastructure products from Circle.” Investor Takeaway Circle is strengthening its control over cross-chain tooling, a key component for stablecoins meant to function across multiple networks. The acquisition deepens its long-term infrastructure stack rather than expanding into new products. How Does This Impact Axelar and Interop Labs? Circle clarified that its acquisition does not include Axelar’s open-source IP. A spokesperson said, “The IP we're acquiring is specific to Interop Labs's proprietary technology. It does not include the open source IP, which will be transitioned to Common Prefix.” Common Prefix will take over the responsibilities previously handled by Interop Labs. Gorbunov said, “Axelar continues as an open-source innovator, and we are working closely with the Common Prefix team to ensure continuity and long-term support.” Axelar’s core technology—built for cross-chain messaging, routing and asset movement—remains community-driven. Earlier this year, the Axelar Foundation reported selling $30 million worth of AXL tokens to support the network’s development and operational runway. By separating acquired proprietary technology from Axelar’s open-source stack, both Circle and Axelar aim to avoid friction within developer ecosystems while still enabling collaboration where needed. Axelar maintains its own governance and roadmap independent of the Circle acquisition. Why Interoperability Is Becoming a Priority for Stablecoin Issuers The acquisition comes at a moment when stablecoin issuers are racing to reinforce their infrastructure ahead of major U.S. regulatory changes. Congress recently approved a legislative framework that outlines disclosure, reserve and issuance rules for dollar-pegged tokens, paving the way for expanded use by financial institutions and fintech platforms. Ripple, another U.S. stablecoin issuer, announced an expansion to Layer 2 networks on Monday in its own bid to improve cross-chain utility. Both companies are working to ensure that their tokens can move through different ecosystems without friction, especially as payment rails, trading venues and custody systems adopt multi-chain operations. Stablecoins increasingly operate across a growing network of chains including Ethereum, Solana, Avalanche, Base, Arbitrum and Cosmos-aligned environments. For issuers, ensuring consistent minting, redemption and settlement logic across these networks is turning into a core competitive factor. Investor Takeaway Cross-chain reliability is now a key battleground for stablecoin issuers. Circle’s acquisition focuses on internal engineering depth rather than market expansion, indicating where the infrastructure race is headed. What Comes Next for Circle and Arc? Circle’s plan is to make digital assets issued on Arc compatible across numerous blockchains through native transport rather than wrapped or bridged forms. The company’s past infrastructure work — including USDC’s multi-chain expansion and the Cross-Chain Transfer Protocol (CCTP) — hints at how Arc may integrate into broader settlement flows. The acquisition also reflects Circle’s intent to rely less on third-party cross-chain systems and build more of its tooling internally. Folding in Interop Labs engineers gives Circle direct access to a team that has written production-grade interoperability code for one of the largest networks designed for chain-to-chain messaging. Circle said the acquisition will close early next year, after which integration of personnel and technology will begin. Axelar, meanwhile, continues under the stewardship of Common Prefix, which now oversees the open-source components and development process. As stablecoin networks spread across more chains and more jurisdictions, the divide between proprietary infrastructure and open-source connectivity is becoming more important. Circle’s acquisition adds engineering firepower, while Axelar’s transition keeps the network’s governance outside any single corporate entity.