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Lending

Lending protocols form the backbone of the decentralized money market, allowing users to lend or borrow digital assets without intermediaries. Using smart contracts, platforms like Aave and Morpho automate interest rates based on supply and demand while requiring over-collateralization for security. The 2026 lending landscape features advanced permissionless vaults and institutional-grade credit lines. This tag covers the evolution of capital efficiency, liquidations, and the integration of diverse collateral types, including LSTs and tokenized RWAs.

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Created: 2026/02/02 18:52
Updated: 2026/02/02 18:52
From Award-winning Journalist to Animation Scriptwriter: Introducing Dawn-Maria France BY Suzi King

From Award-winning Journalist to Animation Scriptwriter: Introducing Dawn-Maria France BY Suzi King

Dawn-Maria France is a vibrant and inspiring voice in writing and animation scriptwriting, driven by her deep passion for storytelling and commitment to inclusion. Her career highlights the power of narratives to uplift and unitecommunities, particularly across all communities. Through her work, France authentically captures cultural intricacies and personal experiences, crafting stories that entertain while […] The post From Award-winning Journalist to Animation Scriptwriter: Introducing Dawn-Maria France BY Suzi King appeared first on TechBullion.

Author: Techbullion

2025/11/26

Yi Lihua Backs Buybacks, ETH Faces Short Squeeze

Yi Lihua Backs Buybacks, ETH Faces Short Squeeze

The post Yi Lihua Backs Buybacks, ETH Faces Short Squeeze appeared on BitcoinEthereumNews.com. Key Points: WLFI rises 50% as Ethereum braces for potential short squeeze. Yi Lihua backs WLFI and highlights ETH’s undervaluation. Market reactions signal confidence in buyback strategies. Yi Lihua, founder of Liquid Capital, announced on Platform X that WLFI rose 50% due to aggressive buybacks, while ETH might face a short squeeze amid heavy institutional shorting. This surge and potential ETH short squeeze highlight key market dynamics and investor strategies amid undervaluation perceptions, drawing attention to underlying fundamentals and policy conditions. WLFI Spikes 50% Driven by Strategic Buybacks Yi Lihua, founder of Liquid Capital, asserted that WLFI’s major buybacks fueled a 50% increase against the market. WLFI’s alignment with larger DeFi lending agreements, such as with Aave, enhances its ecosystem integration. Lihua also indicated Ethereum’s favorable set up despite being undervalued due to current macro conditions. The surge in WLFI’s value demonstrates Lihua’s commitment to fundamentally strong projects. The situation contrasts with Ethereum facing potential pressures from institutional shorting, creating a possibility for a future short squeeze. Market observers are closely watching the strategies at play. Responses from key figures, such as Stani Kulechov of Aave, who confirmed a partnership with WLFI, reflect growing institutional confidence in DeFi developments. Yi Lihua’s strategic allocations and macroeconomic insights are influencing investor expectations. Ethereum Faces Potential Short Squeeze Amid Institutional Strategies Did you know? WLFI’s 50% surge against market trends has been described as an exceptional event in today’s stablecoin market, showcasing the potential for stablecoins to drive market shifts comparable to historical landmarks from past cycles. Ethereum (ETH) is currently priced at $2,926.21 with a market cap of $353.18 billion and maintains a market dominance of 11.79%. Despite a 90-day loss of 35.69%, daily trading volumes were recorded at $22.62 billion. CoinMarketCap monitors ETH’s ongoing performance. Ethereum(ETH), daily chart, screenshot on CoinMarketCap…

Author: BitcoinEthereumNews

2025/11/26

Crypto Has Entered Late-Cycle Territory, Says Global Liquidity Veteran

Crypto Has Entered Late-Cycle Territory, Says Global Liquidity Veteran

Global liquidity specialist Michael Howell used an appearance on the Bankless podcast to deliver a clear, if uncomfortable, message for risk assets: the post-GFC “everything bubble” is ending as the global refinancing machine rolls over, and crypto is late in that cycle rather than at the start of a fresh one. Howell’s starting point is his own definition of liquidity, which diverges sharply from textbook aggregates like M2. “This is the flow of money through global financial markets,” he said. It is not bank deposits in the real economy, but “money that is in the financial markets… it looks at the repo markets, it considers shadow banking,” and “pretty much begins where conventional M2 definitions end.” On his Global Liquidity Index, weekly global liquidity was under $100 trillion in 2010 and now sits “just under $200 trillion” – a doubling in a decade and a half. Howell Flags Liquidity Peak What matters most to him, however, is not the level but the momentum of that liquidity. Howell has identified a remarkably stable 65-month global liquidity cycle that he interprets as a debt-refinancing rhythm. Capital markets, he argues, are no longer primarily about funding new investment: “Something like 70 to 80% of transactions… are debt refinancing transactions. They’re not about raising new capital.” Related Reading: Crypto Crash Is A Forced Crypto Seller Unwind, Glassnode Co-Founders In that world, “debt needs liquidity for rollovers but actually liquidity needs debt,” because roughly three-quarters of global lending is now collateral-backed. The result, as he puts it bluntly, is that “ironically it’s old debt that finances new liquidity.” To capture the systemic tension, Howell tracks a debt-to-liquidity ratio for advanced economies: the total public and private debt stock divided by the pool of refinancing liquidity. The ratio averages about two times and tends to mean-revert. When it drops well below that level, liquidity is abundant and “you get asset bubbles.” When it rises significantly above, “you start to see a stretched debt-liquidity ratio and you get financing tensions or refinancing tensions and you can see those basically morph into financial crisis.” Right now, he says, “we’re transitioning, unfortunately, out of a period that I’ve labeled the everything bubble,” a phase where liquidity was abundant relative to debt after repeated rounds of QE and emergency support. The COVID era deepened that imbalance by encouraging borrowers to “term out” debt at near-zero rates. “A lot of the debt that then existed was refinanced back into the late 2020s at low interest rates,” he noted. That created a visible “debt maturity wall” later this decade: heavy refinancing needs now coming due into a much tighter funding environment. Shorter-term, Howell is focused on the interaction between Federal Reserve liquidity operations, the rebuilding of the US Treasury General Account and growing stress in repo markets. SOFR, which “you’d actually expect to trade below Fed funds” because it is collateralized, has repeatedly traded above its normal range. “We’ve started to see these repo spreads blow out,” he warned, adding that “it’s not really the extent of these spikes… it’s really the frequency that’s the most important factor.” If trade fails and leveraged positions begin to unwind, “it’s going to turn quite ugly and that could be the start of the end of the cycle.” Related Reading: Crypto Markets Underestimate A Trump-Style Flood Of Rate Cuts: Expert Inside his four liquidity regimes – rebound, calm, speculation and turbulence – Howell places the US firmly in “speculation,” with Europe and parts of Asia in “late calm.” Historically, early and mid-upswings favor equities and credit, peaks favor commodities and real assets, downswings favor cash and then long-duration government bonds. LIVE NOW – The Real Crypto Cycle: What Happens When Global Liquidity Peaks Global liquidity veteran Michael Howell (@crossbordercap) joins to map out the “master variable” driving asset price: A 65-month global liquidity and debt refinancing cycle that underpins booms, busts,… pic.twitter.com/Ryl3fqHoYR — Bankless (@Bankless) November 24, 2025 The Impact On The Crypto Market Crypto, in his work, straddles categories. “Crypto generally behaves a little bit like a tech stock and a little bit like a commodity,” he said. For Bitcoin specifically, “about 40–45% of the drivers… are global liquidity factors,” with most of the rest split between gold-like behavior and pure risk appetite. On the popular notion of a hardwired four-year Bitcoin halving cycle, Howell is unconvinced. “I don’t really see any evidence of that four-year cycle,” he said, arguing that the 65-month global liquidity/debt-refinancing cycle is the more robust driver. With that cycle projected to peak around now, crypto looks “late stage in the crypto cycle. So it could be over but it might not be.” The structural backdrop, in his view, is unambiguous: “The trend towards monetary inflation… is slated to continue for another two or three decades at least.” Against that, he argues, investors “have to have” monetary-inflation hedges: “It’s not Bitcoin or gold. [It’s] Bitcoin and gold.” Tactically, though, he is cautious. “We’ve not turned bearish risk-off yet, but we are not bullish short-term,” he said – and suggested that upcoming weakness in risk assets might be “a good time to pick up some more” of those long-term hedges. At press time, the total crypto market cap was at $2.96 trillion. Featured image created with DALL.E, chart from TradingView.com

Author: NewsBTC

2025/11/26

The stablecoin market is undergoing a transformation following the crash: a massive migration of billions of dollars as funds move away from leverage and embrace real returns.

The stablecoin market is undergoing a transformation following the crash: a massive migration of billions of dollars as funds move away from leverage and embrace real returns.

Author: Frank, PANews The market crash on October 11 not only broke through the price defenses of crypto assets, but also triggered a massive migration of billions of dollars in the stablecoin sector. Data shows that since October, the total market capitalization of stablecoins has shrunk from $308.7 billion to $302.8 billion, with nearly $6 billion leaving the market. In this ebb tide, the leading compliant stablecoin, USDC, was hit hardest, with its supply on the Solana chain experiencing a precipitous drop. Meanwhile, USDe, previously a rising star in stablecoins, also saw a significant decrease in issuance due to the liquidation of revolving loan leverage. However, this is not simply a capital flight, but a brutal competition. When we peel back the layers of the data, we find that this is a shift from "speculation" to "rationality." Capital is flowing from the high-leverage on-chain gaming arena to safe havens with stronger compliance, smoother fiat currency channels, and real RWA returns. The "double whammy" of the Solana ecosystem and USDC In this wave of market capitalization decline, USDC has become the biggest "bleeding point." Data shows that USDC accounted for half of the nearly $6 billion outflow, with its total market capitalization falling from $76.3 billion to $73.5 billion, a decrease of $2.8 billion. The decline in USDC is mainly due to a 18.24% decrease in USDC issuance on the Solana chain over the past month. On October 11, the total amount of USDC issued on the Solana chain was approximately $12.8 billion, but by November 23, it had dropped to $8.7 billion, a reduction of 4.1 billion USDC. During the same period, the total value of funds (TVL) on the Solana chain also decreased from $12.9 billion to $8.79 billion, a drop similar to that of USDC's supply. Top-ranked DeFi protocols on Solana also experienced significant declines in TVL during this phase. From this perspective, after the market crash on October 11th, a large amount of capital on the Solana chain chose to directly redeem stablecoins to mitigate market risk. Taking Pump.fun as an example, according to on-chain analyst Yu Jin, in the past week, the Pump.fun project team transferred 405 million USDC to Kraken. Then, during the same period, 466 million USDC were transferred from Kraken to Circle, which likely represents a withdrawal. This money came from Pump.fun's private sale of PUMPs to institutional investors in June. However, Pump.fun co-founder Sapijiju responded, stating, "This is completely false information; Pump.fun has never cashed out," and that this was simply a fund management operation. Solana wasn't the only one experiencing a liquidity crisis. Hyperliquid, known for its highly leveraged derivatives trading, also saw its stablecoin issuance drop from $6 billion to $4.4 billion, a 25% decrease. This comprehensive contraction directly impacted Circle's performance on the US stock market. Hit by both poor revenue expectations and a sharp decline in USDC supply, Circle's stock price plummeted from a high of $240 to below its IPO price, falling to $71.3. The once-promising "compliant stablecoin unicorn" myth seems to be facing its first crisis since its IPO. USDe Crisis and Sui's Stablecoin Data Gaffe If the decline of USDC is a cyclical deleveraging, then the crisis of USDe exposes the structural vulnerability of algorithmic stablecoins in a bear market. Since October 10th, the supply of USDe has halved from $14.6 billion to $7.38 billion, and its price on Binance briefly de-pegged to $0.65 due to a short-term lack of liquidity. The main reason for this de-pegging was the mass withdrawal of liquidity providers from centralized exchanges during the panic, resulting in extremely thin order books. Meanwhile, although USDe's official redemption mechanism functioned normally, its off-exchange settlement process had a delay of several hours. This delay prevented arbitrageurs from quickly profiting during the brief flash crash, thus failing to pull the discount on the CEX back to the $1 peg, amplifying the de-pegging magnitude. The sharp drop in issuance was actually due to the market crash causing a dramatic fall in funding rates for perpetual contracts, even turning negative. This rendered the "revolving loan" leverage strategy, widely deployed on lending platforms like Aave and Morpho, economically unsustainable. With yields below borrowing costs, traders were forced to deleverage and liquidate positions on a massive scale, leading to a contraction in USDe supply. Afterwards, OKX CEO Star stated on the X platform: "USDe should not be viewed as a stablecoin pegged 1:1 to the US dollar; it is a tokenized hedge fund." Even though Ethena set a record high of $151 million in fees captured in Q3 of this year, it couldn't withstand the loss of market confidence caused by the sharp decline in yields. While USDe yields have now rebounded to above 5%, overall supply and trading volume are both declining. Amidst extreme market anxiety and a thirst for the next growth driver, a data blunder involving the Sui blockchain became an unexpected incident. On November 24th, Artemis data showed that the stablecoin supply on the Sui chain had increased by $2.4 billion. Social media users speculated that this might indicate certain institutions or "smart money" were actively deploying assets on the Sui chain. Even the official Sui team engaged in the discussion, replying with "stablesmaxxing" (stablecoin maxed out). However, PANews' investigation revealed that this may have been a misunderstanding. After careful comparison of multiple data dashboards, USDC is indeed the most issued stablecoin on Sui, with a current market capitalization of approximately $480 million. Other stablecoins on Sui have issuances in the tens of millions of dollars. According to Defillama data, the current total supply of stablecoins in the Sui ecosystem is approximately $653 million. If $2.5 billion were to flow in or be issued in a single day, it would mean that the stablecoin supply on Sui would increase by about four times. On-chain information also shows that the issuance of USDC on Sui is $482 million, with the largest holding address being the Binance exchange, holding approximately 148 million coins. Subsequently, Artemis updated this data, showing that the stablecoin supply on Sui has increased by $117 million in the past seven days. A new direction for risk aversion: embracing returns. After funds are withdrawn from high-risk areas, they do not disappear completely, but flow to safer and more functional assets. During the market downturn, USDT once again proved its dominance as the top stablecoin, with its total market capitalization not only remaining unaffected but also repeatedly breaking new records, reaching $184.7 billion. In contrast to the decline of USDC, other compliant stablecoins have seen significant growth. Since the market crash on October 11, the issuance of PYUSD has bucked the trend, increasing from $2.5 billion to $3.6 billion, a growth of nearly 50%. Among public blockchains, PYUSD's growth is mainly attributed to the growth of the Ethereum mainnet, which has increased by 57% in the past month. Data released by Token Terminal on November 9th shows that PYUSD has become one of the fastest-growing tokenized assets with a market capitalization exceeding $1 billion. Compared to other stablecoins, PYUSD's core advantages likely lie in its convenient fiat currency exchange channels and relatively stable yield. PYUSD previously maintained an APY of over 10% on the Solana blockchain through subsidized yields. Furthermore, PYUSD's compliance is also a key factor considered by many institutional investors. Furthermore, the issuance of USYC, another yield-generating stablecoin issued by Circle, has also increased by 45% in the past month, with a total issuance increase of approximately $500 million. This indicates that during periods of market turmoil, institutional investors are no longer satisfied with holding zero-interest cash or willing to take on the high risks of DeFi, but instead prefer the stable returns of RWA tokens pegged to US Treasury bonds. Data from RWA.xyz also shows that the recent issuance of RWA assets has not been affected by the market downturn and continues to grow steadily. It increased by 10%, from $33 billion on October 11th to $36 billion. A period of market turmoil has served as a litmus test for the stablecoin market. It has not only allowed the market to distinguish which stablecoins are primarily used for high-leverage trading and which are used as investment targets for large institutions, but it also reflects that the crypto market has officially bid farewell to the "wild west" era of solely relying on on-chain leverage to drive growth. Conversely, the counter-trend breakout of PYUSD and the steady growth of RWA assets prove that funds are starting to vote with their feet. In turbulent times, more convenient fiat currency channels, more transparent compliance backing, and real returns based on US Treasury bonds are the core competitive advantages for retaining funds. The outflow of $6 billion may offer us a glimpse into the next phase of the stablecoin war. It's no longer a race to print money, but a contest of scenarios, trust, and the quality of underlying assets. For issuers, the only ticket to the next bull market will be evolving from "fuel" for on-chain speculation to a "bridge" in financial and trade processes.

Author: PANews

2025/11/26

Bitcoin Could End ‘Like A Monopoly Game,’ Claims Wall Street Cassandra Michael Green

Bitcoin Could End ‘Like A Monopoly Game,’ Claims Wall Street Cassandra Michael Green

Macro investor Michael Green, who is known as the Cassandra of Passive Investing, has sharpened his critique of Bitcoin, arguing that its design makes it economically brittle and socially corrosive, setting up a winner-takes-all outcome “like a Monopoly game.” In an interview with journalist Phil Rosen, Green said “the most important thing to understand is […]

Author: Bitcoinist

2025/11/26

Important news from last night and this morning (November 25-November 26)

Important news from last night and this morning (November 25-November 26)

Franklin Templeton has filed Form 8-A with the U.S. Securities and Exchange Commission (SEC) for its Solana ETF. According to SolanaFloor, Franklin Templeton has filed Form 8-A with the U.S. Securities and Exchange Commission (SEC) for the Franklin Solana ETF, a crucial step typically taken before the product's official launch. Trading usually begins the day after such filing. The WLFI Strategic Reserve address spent 5.54 million USD to repurchase 32.93 million WLFI. According to on-chain analyst @ai_9684xtpa, the WLFI Strategic Reserve address spent 5.54 million USD1 to buy back 32.93 million WLFI in the past 3 hours, with an average cost of $0.1684. Possibly due to this concentrated on-chain buyback, the price has risen by over 5% since the purchase. A wallet suspected to be associated with Fenbushi Capital deposited 10,400 ETH into Binance 10 hours ago. According to Lookonchain's monitoring, a wallet suspected of being associated with Fenbushi Capital deposited 10,400 ETH, worth $29.88 million, into Binance 10 hours ago. Huma Finance's Q2 airdrop tracking is now live. Huma Finance announced on its X platform that its Q2 airdrop tracking is now live, allowing users to check the number of tokens airdropped. More information will be released soon. OpenAI co-founder Sam Altman's ex-boyfriend was robbed at his home, losing $11 million in cryptocurrency. According to the New York Post, San Francisco police and sources revealed that a tech investor who had dated OpenAI CEO Sam Altman was robbed at gunpoint on the evening of November 22, with $11 million worth of cryptocurrency assets stolen. The robbers, posing as UPS deliverymen, entered the victim's Dolan Street residence carrying a white box. Surveillance footage shows the robbers forcing the victim to hand over electronic devices at gunpoint after he opened the door, and then stealing cryptocurrency assets from his phone and laptop by binding him. According to sources, the suspects tortured the victim after binding him, beating him while he was on speakerphone, with a foreign accent repeatedly reciting the victim's personal information. Police responded to the call that evening and found the victim with minor injuries. They are currently investigating how the robbers transferred the cryptocurrency using the stolen devices. The homeowner, 31-year-old Lachy Groom, is a venture capitalist and the ex-boyfriend of 40-year-old Sam Altman. Property records show he purchased the home from the Altman brothers in 2021 for $1.8 million. USDe TVL has fallen to $7.6 billion, a drop of over 50% compared to October. According to The Block, Ethena's synthetic stablecoin USDe's total value locked (TVL) has fallen from $14.8 billion in October to $7.6 billion currently, a drop of over 50%. Affected by a weak market environment and reduced leverage demand, perpetual funding fees have compressed, and the stablecoin's current annualized yield is approximately 5.1%, lower than the double-digit yields at the beginning of the year. Despite the decline in TVL, USDe usage is on the rise, with on-chain transaction volume exceeding $50 billion last month. The sharp contraction in TVL is largely due to the liquidation of leveraged arbitrage strategies prevalent in DeFi protocols, especially in lending markets like Aave. These arbitrage strategies involve repeatedly depositing pledged USDe (sUSDe) as collateral, borrowing USDC at a high loan-to-value ratio, then exchanging it back for sUSDe, and repeating this process to achieve effective leverage of 10x or even higher. This trade can continue to be profitable as long as the annualized yield of USDe exceeds the borrowing cost of USDC; however, as the yield has declined and is now below the 5.4% cost of borrowing USDC on AAVE, some people have closed out their arbitrage trades. An ancient whale is suspected of dumping 20,000 ETH, worth $58.14 million, after eight months. According to on-chain analyst @ai_9684xtpa, an "ancient whale" holding 254,900 ETH in the ETH ICO market appears to have sold 20,000 ETH after eight months, worth $58.14 million, at a cost as low as $0.31. Ten hours ago, he deposited 20,000 ETH into FalcoinX at a price of $2,906.79. The last time this whale transferred tokens to an exchange, the price was only $1,452.04. He currently holds 3,070 ETH on-chain, worth $9.07 million. The acting chairman of the US CFTC is recruiting a CEO for its Innovation Committee as it expands crypto regulation. According to The Block, Acting Chair Caroline Pham of the U.S. Commodity Futures Trading Commission (CFTC) is seeking CEOs to bolster the newly formed CEO Innovation Council. This council aims to strengthen the agency's work as it expands its regulation of digital assets. Pham announced on Tuesday that she is soliciting nominations for the council, with a deadline of December 8. With bills in the House and Senate granting the agency broader regulatory powers over digital assets, the CFTC is poised to play a larger role in crypto regulation. However, the timeline for legislative action remains uncertain, progress has stalled, and previously set goals have been missed. In the meantime, the agency has launched a "crypto sprint" focused on clarifying cryptocurrency rules and plans to introduce spot trading products, including leveraged products. SKALE has partnered with Base to launch the L3 network "SKALE on Base," designed specifically for AI agent workloads. According to The Block, Layer 1 blockchain SKALE has partnered with Layer 2 network Base to launch an Ethereum Layer 3 network. Project representatives stated that the network, named "SKALE on Base," is "designed specifically for AI agent workloads," particularly well-suited for application scenarios like the x402 payment protocol, incubated by Coinbase and designed specifically for AI. They stated, "Agents require higher-quality block space to run on-chain. SKALE Expand allows the deployment of SKALE Manager (the core smart contract facilitating the operation of the SKALE chain) onto any EVM blockchain, bringing SKALE's gas-free transactions, instant determinism, and privacy protection to other EVM ecosystems." SKALE on Base enables AI agents to leverage SKALE's scalable infrastructure, as well as Base's liquidity, users, entry points, and distribution channels. The network will also introduce a computing resource credit system, meaning AI agents and users won't need to manage gas fees when using on-chain applications. Users can pre-purchase credit on Base using USDC or SKL. Tuesday's launch marks the first deployment of the SKALE Expand multi-chain initiative. The plan aims to transform SKALE into "an AI proxy layer capable of supporting multiple Layer 1 and Layer 2 networks while keeping users and liquidity on their original chains." Multicoin Capital purchased another 60,000 AAVE tokens, worth $10.68 million. According to on-chain analyst Yu Jin, Multicoin Capital purchased 60,000 AAVE tokens (US$10.68 million) through Galaxy Digital OTC four hours ago. In the past month and a half, they have accumulated 338,000 AAVE tokens (US$60.46 million) at an average price of US$219, resulting in a paper loss of US$13.5 million. After the sharp drop on October 11th, they purchased 210,000 AAVE tokens (US$51.32 million) at US$244; on November 25th, they purchased 61,637 AAVE tokens (US$10.94 million) at US$177; and on November 26th, they purchased 60,000 AAVE tokens (US$10.68 million) at US$178. Bitwise DOGE ETF receives NYSE Arca listing approval and could list as early as Wednesday. According to The Block, NYSE Arca, a subsidiary of the New York Stock Exchange Group, approved Bitwise's application for listing and registration of a Dogecoin ETF on Tuesday. The Bitwise Dogecoin ETF (ticker symbol BWOW) could list as early as Wednesday. According to a previous registration statement, the Bitwise Dogecoin ETF aims to expose investors to the value of this meme cryptocurrency, and Coinbase Custody will serve as the fund's custodian. U.S. Bancorp, the fifth-largest bank in the United States, is testing its self-developed stablecoin on the Stellar platform. According to The Block, US Bancorp stated that it is testing its self-developed stablecoin on the Stellar blockchain. The bank's choice of the Stellar blockchain appears to be based on considerations of transaction security and control. Mike Villano, Senior Vice President of Corporate Innovation at the bank, stated, "For our customers, we must consider other safeguards around the 'Know Your Customer' (KYC) principle, such as the ability to reverse transactions. After further development on the Stellar platform, we found that a major advantage of the platform is its underlying operational layer's ability to freeze assets and suspend online transactions." According to data from the Federal Reserve, as of September 30, US Bancorp was the fifth-largest bank in the United States, managing $671 billion in assets. Texas launches Bitcoin reserve program, with an initial $5 million purchase of IBIT from BlackRock. According to The Block, a post from the Texas Blockchain Council indicates that the state has made its first allocation to the Texas Strategic Bitcoin Reserve, purchasing approximately $5 million worth of BlackRock's Bitcoin Spot ETF (IBIT) last week. This transaction appears to be the first use of authorized funds under SB 21, enacted by Greg Abbott in June. This act established a state-level Bitcoin reserve managed by the Texas Fiscal Trust. Lee Bratcher, chairman of the Texas Blockchain Council, revealed on Twitter that the purchase occurred on November 20th, marking both the reserve's first allocation and the first instance of a state government purchasing Bitcoin in the US. However, state officials have not yet released any documents or statements to confirm the transaction. According to the Texas Fiscal Trust's latest 13F filing, the company holds approximately $667 million in SPY (S&P 500 ETF) and $34 million in the Janus Henderson Fund. If, as stated by Lee Bratcher, the purchase of $5 million worth of IBIT (as part of a $10 million Bitcoin allocation) will make it the third-largest holding in this portfolio. Arthur Hayes purchased $260,500 worth of PENDLE tokens from Flowdesk. According to Onchain Lens monitoring, Arthur Hayes (@CryptoHayes) purchased 105,000 PENDLE tokens from Flowdesk six hours ago, worth $260,500. Yesterday, he deposited 3.04 million USDC into Kraken, Wintertermute, Cumberland, and Flowdesk, which may indicate he is preparing for another asset purchase. Polymarket announced that it has received approval from the U.S. CFTC to re-enter the U.S. market. According to PR Newswire, prediction market platform Polymarket announced that the U.S. Commodity Futures Trading Commission (CFTC) has issued a revised designation allowing Polymarket to operate an intermediary trading platform, subject to full compliance with all applicable requirements for federally regulated exchanges. This approval will enable Polymarket to directly connect brokerage firms and clients and facilitate trading on U.S. trading venues. Currently, Polymarket is permitted to implement an intermediary access model, allowing users to trade through futures commission brokers and utilize traditional market infrastructure, custody, and reporting channels. MegaETH's pre-deposit campaign failed due to a technical glitch, abandoning plans to expand the fundraising to $1 billion. According to Cointelegraph, MegaETH's pre-deposit campaign failed on Tuesday due to a series of technical glitches. The campaign was designed to provide verified users with a controlled window to lock in their MEGA token allocations. The team stated on the X platform that the technical glitches stemmed from a configuration error and rate limiting issue with the KYC system. Simultaneously, a Safe multi-signature transaction intended for subsequent increases was executed prematurely, resulting in new deposits flowing in and causing the total fundraising amount to exceed the original $250 million limit. The protocol provider stated that this allocation was obtained by users who continuously refreshed the page and happened to be randomly opened by the system. Ultimately, MegaETH froze the total deposits at $500 million and abandoned its original plan to expand the fundraising to $1 billion. The team stated that it will soon release a rollback plan and withdrawal options, reiterating that user assets are always safe, but admitted that this operation did not meet its own standards and that no excuses were needed. Coinbase has launched spot trading of Irys (IRYS). According to an official announcement, Coinbase has launched spot trading of Irys (IRYS). Irys (IRYS) is now available on coinbase.com and the Coinbase App. Coinbase users can log in to buy, sell, exchange, send, receive, or store Irys assets. The selection process for the Federal Reserve Chair is nearing completion, and Hassett is reportedly the top choice. According to Jinshi News, sources familiar with the matter revealed that as the selection process for the new Federal Reserve Chairman enters its final weeks, White House National Economic Council Director Kevin Hassett is considered the leading candidate for the position among President Trump's advisors and allies. Sources indicated that if Hassett were appointed, Trump would be able to place a close ally he knows and trusts within the Fed. Some also stated that Hassett is seen as someone who can bring Trump's interest rate-cutting philosophy to the Fed, which is precisely the direction Trump has long sought to control. However, they also pointed out that Trump is known for his unpredictable personnel and policy decisions, so nothing is certain until the official announcement. Hassett is considered to share Trump's economic views, including the belief that interest rates need to be lowered. In a Fox News interview on November 20, he stated that if he were the Fed Chairman, he would "cut rates now" because "the data suggests we should." The South African Reserve Bank has listed cryptocurrencies and stablecoins as new financial risks. According to Bloomberg, the South African Reserve Bank (SRB) has warned that crypto assets and stablecoins, due to a lack of comprehensive regulation, have become a new risk threatening the country's financial sector. In its semi-annual Financial Stability Assessment, the SRB noted that the digital and cross-border nature of cryptocurrencies allows them to circumvent existing foreign exchange control laws, while digital assets are not yet subject to regulation. Herco Steyn, the SRB's chief macroprudential expert, stated that the risk stems from an "incomplete regulatory framework." He anticipates progress next year but warned that if progress stalls, "regulation will be inadequate." Currently, the SRB is working with the Treasury to develop new regulations to regulate cross-border crypto asset transactions and amend foreign exchange control laws to include digital assets. The SRB emphasized that as crypto asset adoption increases, the domestic regulatory framework needs to be continuously adjusted in line with market developments and risks. Data shows that the South African crypto industry is dominated by three major platforms: Luno, VALR, and Ovex. As of July, they had nearly 7.8 million registered users; and total assets reached 25.3 billion rand as of December 2024. Polymarket receives CFTC approval to amend its designation to provide brokerage access to U.S. users. According to PR Newswire, decentralized prediction market Polymarket has received a revised Order of Designation from the U.S. Commodity Futures Trading Commission (CFTC), allowing it to provide compliant market access to users within the United States through an intermediary model. With this approval, Polymarket can directly connect with brokers and users and utilize traditional custody, clearing, and reporting infrastructure through FCM channels. The company states that it has improved its monitoring, market surveillance, clearing processes, and Part 16 regulatory reporting capabilities, and will implement more intermediary trading rules before its official launch. MegaETH raises USDm deposit cap from $250 million to $1 billion. MegaETH tweeted that its USDm pre-deposit event experienced a brief outage due to excessive requests from third-party service providers. After the outage, the $250 million quota was filled within 156 seconds. The project announced that the cap will be increased to $1 billion to ensure more users can obtain USDm on the first day. The official statement said that previous participants' rights were unaffected, all contracts were audited by Zellic and Slowmist and remain secure, and the cross-chain bridge will reopen at 11:00 AM ET. Coinbase will launch Aster perpetual contract trading. According to a Coinbase Markets announcement, Aster (ASTER) perpetual contracts will be available for trading in supported regions once liquidity conditions are met. Nvidia shares plunged 6%, marking its biggest single-day intraday drop in over seven months. Nvidia (NVDA.O) plunged 6%, marking its biggest single-day intraday drop in more than seven months. Upbit may appeal a fine of approximately $25 million imposed by South Korean regulators. According to CoinDesk, Dunamu, the parent company of Upbit, South Korea's largest exchange, is considering appealing the 352 million won (approximately $25 million) fine and related sanctions imposed by the Financial Intelligence Service (FIU). The FIU alleges that Upbit committed approximately 5.3 million violations related to KYC and suspicious transaction reporting, and has suspended its new customer acquisition for three months, while also issuing a warning to management. Dunamu stated that it is internally reviewing the accuracy of the sanctions and pointed out that the FIU's decision was overturned by the court in the Hanbitco case. The regulatory body emphasized that this is part of a nationwide AML crackdown, and Bithumb, Coinone, Korbit, and GOPAX have also been found to have violated regulations. Upbit stated that it has strengthened investor protection and will improve compliance to ensure a safe trading environment. MoonPay has obtained a limited purpose trust license in New York State, enabling it to provide custody and OTC trading locally. According to Eleanor Terrett, MoonPay has received a limited purpose trust license from the New York State Department of Financial Services (NYDFS), allowing it to conduct crypto custody and over-the-counter trading business in New York State. MoonPay currently holds both a BitLicense and a trust license, a combination that only a handful of companies, such as Coinbase, PayPal, Ripple, and NYDIG, have obtained under stringent regulations. At the opening of the US stock market, Circle fell by about 5% to around $69. U.S. stocks opened higher, with the Dow Jones Industrial Average up 0.28%, the S&P 500 down 0.06%, and the Nasdaq down 0.39%. Alphabet, Google's parent company, rose 2% after reports that Google is in talks with Meta about a multi-billion dollar deal to supply custom AI chips to Meta's data centers starting in 2027. Nvidia (NVDA.O) fell 4%. Alibaba (BABA.N) rose 2%. Among blockchain concept stocks, Circle (CRCL) fell about 5% to $69, close to its opening price on its first day of trading. Newfire Technology launches Bitcoin purchase plan not exceeding $5 million Hong Kong-listed company Newfire Technology (1611.HK) announced a Bitcoin purchase plan of up to US$5 million (approximately HK$39 million). In the first phase, it has purchased approximately 24.29 Bitcoins, totaling approximately US$2 million, at an average price of approximately US$82,338, completing nearly half of the planned amount. The company stated that because the relevant percentages are all below 5%, this transaction does not constitute a disclosable transaction under Chapter 14 of the Listing Rules, and will be disclosed as required by the rules in the future. Paxos acquires DeFi wallet company Fordefi for over $100 million According to Fortune, Paxos has announced the acquisition of New York-based DeFi wallet startup Fordefi for over $100 million. Founded in 2021, Fordefi has approximately 40 employees and 300 customers, and its previous valuation was $83 million. Following the acquisition, Fordefi will continue to operate independently, and Paxos plans to integrate its technology into its own system. This transaction marks Paxos' second acquisition within a year, further expanding its reach after acquiring EU stablecoin issuer Membrane Finance in February to comply with MiCA regulations. Klarna plans to launch its own stablecoin on the Tempo chain in 2026. According to Solid Intel, Swedish fintech company Klarna plans to launch its own stablecoin on Tempo, a blockchain network powered by Paradigm and Stripe, in 2026. S&P 500 and Nasdaq 100 futures surge S&P 500 and Nasdaq 100 futures surged on news that Ukraine had agreed to a peace deal. According to ABC News, a U.S. official said Tuesday that the Ukrainian delegation had reached an agreement with the U.S. on the terms of a potential peace deal. The U.S. official said that U.S. Army Secretary Dan Driscoll held closed-door talks with a Russian delegation in Abu Dhabi, UAE, on Monday to follow up on weekend talks with Ukraine in Geneva aimed at advancing the Ukrainian peace process. The U.S. official said, "The Ukrainians have agreed to a peace agreement. There are a few minor details to be resolved, but they have agreed to reach a peace agreement." The official also stated, "The 19-point Ukrainian peace plan no longer includes any pardon clauses." Irys (IRYS) plummeted by approximately 85% after its launch on Binance Alpha. Irys (IRYS) plummeted after its listing on Binance Alpha, dropping approximately 85%. Market data shows that IRYS reached a high of $0.11 per token at the opening at 7 PM tonight, with airdropped users receiving 1200 IRYS tokens, averaging a profit of about $132. However, it quickly plunged 86%, currently trading at $0.0135 per token, with the profit rapidly shrinking to around $16. IRYS's market capitalization has now shrunk to less than $30 million. The UAE's new financial law brings DeFi and Web3 under its regulatory purview. According to Cointelegraph, the UAE's Federal Decree No. 6 of 2025, effective September 16, 2025, brings DeFi and Web3 activities, including payments, lending, trading, and custody, under the central bank's regulation, ending the "pure code" excuse. Those engaging in related activities without a license will face fines of up to 1 billion dirhams (approximately $272 million). While the law does not prohibit self-custodied wallets, services involving payment functions must be assessed for compliance with licensing requirements. Companies must complete compliance adjustments by September 2026. A whale deposited $32.1 million USDC into HyperLiquid to increase its holdings of HYPE and opened a short position to hedge. According to Onchain Lens, a whale deposited $32.1 million USDC into the HyperLiquid platform to increase its holdings of $HYPE. It currently holds 741,318 HYPE tokens, with a market value of approximately $24.63 million. It also opened a 10x leveraged short position in HYPE. QCAD approved as Canada's first compliant Canadian dollar stablecoin. According to PR Newswire, Stablecorp announced that its QCAD Digital Trust service has received a final acknowledgment of its prospectus from the Canadian Securities and Exchange Commission (SEC). QCAD is issued in compliance with the current stablecoin regulatory framework, becoming Canada's first compliant CAD stablecoin. QCAD is held in custody by regulators with a 1:1 Canadian dollar reserve, providing near-instantaneous, low-cost cross-border and domestic transfers; the reserves will be audited regularly and publicly disclosed. Metaplanet borrows another $130 million using Bitcoin as collateral. According to a Metaplanet Inc. announcement, the company executed a $130 million loan on November 21, pursuant to a credit agreement disclosed on October 28, secured by its Bitcoin holdings. The funds will be used to increase its Bitcoin holdings, expand its Bitcoin yield business, and repurchase shares, depending on market conditions. As of the end of October, the company held 30,823 BTC, with a market value of approximately $3.5 billion. The company has drawn down a total of $230 million from its $500 million credit line.

Author: PANews

2025/11/26

PBOC sets USD/CNY reference rate at 7.0796 vs. 7.0826 previous

PBOC sets USD/CNY reference rate at 7.0796 vs. 7.0826 previous

The post PBOC sets USD/CNY reference rate at 7.0796 vs. 7.0826 previous appeared on BitcoinEthereumNews.com. On Wednesday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 7.0796 compared to the previous day’s fix of 7.0826 and 7.0825 Reuters estimate. PBOC FAQs The primary monetary policy objectives of the People’s Bank of China (PBoC) are to safeguard price stability, including exchange rate stability, and promote economic growth. China’s central bank also aims to implement financial reforms, such as opening and developing the financial market. The PBoC is owned by the state of the People’s Republic of China (PRC), so it is not considered an autonomous institution. The Chinese Communist Party (CCP) Committee Secretary, nominated by the Chairman of the State Council, has a key influence on the PBoC’s management and direction, not the governor. However, Mr. Pan Gongsheng currently holds both of these posts. Unlike the Western economies, the PBoC uses a broader set of monetary policy instruments to achieve its objectives. The primary tools include a seven-day Reverse Repo Rate (RRR), Medium-term Lending Facility (MLF), foreign exchange interventions and Reserve Requirement Ratio (RRR). However, The Loan Prime Rate (LPR) is China’s benchmark interest rate. Changes to the LPR directly influence the rates that need to be paid in the market for loans and mortgages and the interest paid on savings. By changing the LPR, China’s central bank can also influence the exchange rates of the Chinese Renminbi. Yes, China has 19 private banks – a small fraction of the financial system. The largest private banks are digital lenders WeBank and MYbank, which are backed by tech giants Tencent and Ant Group, per The Straits Times. In 2014, China allowed domestic lenders fully capitalized by private funds to operate in the state-dominated financial sector. Source: https://www.fxstreet.com/news/pboc-sets-usd-cny-reference-rate-at-70796-vs-70826-previous-202511260115

Author: BitcoinEthereumNews

2025/11/26

Navigating Market Turbulence With Conviction

Navigating Market Turbulence With Conviction

The post Navigating Market Turbulence With Conviction appeared on BitcoinEthereumNews.com. In a surprising move that’s shaking up crypto circles, Multicoin Capital just poured an additional $10.7 million into AAVE tokens. This substantial Multicoin Capital AAVE investment comes despite the firm currently facing millions in unrealized losses, showing remarkable confidence in the DeFi sector’s future. What Does Multicoin Capital’s Latest AAVE Purchase Reveal? According to blockchain analytics firm EmberCN, Multicoin Capital acquired 60,000 AAVE tokens through Galaxy Digital’s OTC desk. This strategic Multicoin Capital AAVE investment represents their continued accumulation of the DeFi giant’s tokens. The firm has now purchased 338,000 AAVE over the past six weeks, demonstrating persistent conviction in their investment thesis. The timing of this Multicoin Capital AAVE investment appears counterintuitive to some observers. However, veteran investors often increase positions during market uncertainty. This approach aligns with traditional investment wisdom about buying when others are fearful. Why Continue Investing Amid Significant Losses? Multicoin Capital currently faces $13.5 million in unrealized losses on their AAVE holdings. This situation raises important questions about their investment strategy. Several factors might explain their continued commitment: Long-term vision for DeFi adoption Confidence in AAVE’s fundamental technology Strategic positioning during market lows Portfolio diversification across crypto assets The Multicoin Capital AAVE investment strategy suggests they see current prices as attractive entry points. Their consistent buying pattern indicates systematic accumulation rather than emotional trading decisions. How Does OTC Trading Benefit Large Investors? Multicoin Capital executed this Multicoin Capital AAVE investment through Galaxy Digital’s over-the-counter desk. OTC trading offers significant advantages for large-scale transactions: Avoids market impact from large orders Provides price stability during execution Offers privacy from public order books Enables customized settlement terms This approach demonstrates how sophisticated players navigate crypto markets differently from retail traders. The Multicoin Capital AAVE investment through OTC channels reflects institutional-grade execution strategies. What Does This Mean for AAVE’s…

Author: BitcoinEthereumNews

2025/11/26

Digital asset lending platform CreatorFi secures $2 million in strategic investment.

Digital asset lending platform CreatorFi secures $2 million in strategic investment.

PANews reported on November 26 that, according to PR Newswire, digital asset lending platform CreatorFi announced a strategic partnership with the Aptos Foundation and Aptos Labs. As part of the partnership, CreatorFi will launch its platform on Aptos and receive a total of $2 million in strategic funding to accelerate its development. CreatorFi, developed by Insomnia Labs, is a fintech platform that transforms digital media revenue into loanable assets, providing risk-adjusted pre-approved financing for creators, studios, and media companies.

Author: PANews

2025/11/26

Klarna Admits Stablecoins Is Cheaper Than Banking: Will Crypto Recover?

Klarna Admits Stablecoins Is Cheaper Than Banking: Will Crypto Recover?

Klarna just made a move toward crypto that nobody really saw coming. The Swedish buy-now, pay-later giant announced on Tuesday that it is launching its own stablecoin, called KlarnaUSD, marking a significant shift from its traditional lending business and positioning it squarely in the crypto payments arena. The token runs on a blockchain developed by Stripe, and Klarna is pitching it as a way to change how money moves across borders completely. The company says this setup can seriously cut costs for both shoppers and merchants who deal with international payments all the time. Introducing KlarnaUSD, our first @Stablecoin. We’re the first bank to launch on @tempo, the payments blockchain by @stripe and @paradigm. With stablecoin transactions already at $27T a year, we’re bringing faster, cheaper cross-border payments to our 114M customers. Crypto is… — Klarna (@Klarna) November 25, 2025 DISCOVER: Best New Cryptocurrencies to Invest in 2025  How Will KlarnaUSD Stablecoin Work? KlarnaUSD basically works like a private digital version of cash, backed by short-term securities or cash-like assets, and pegged to the US dollar. That stability sets it apart from volatile coins like Bitcoin, making it way more useful for everyday payments instead of speculation. By using the token, Klarna can skip the traditional international payment rails, including systems like SWIFT that handle most global money transfers today. At first, the stablecoin will mainly help Klarna move money inside its own system, especially when handling large global transfers. Why KlarnaUSD Is a Real Game Changer Just now the world’s biggest BNPL payment company @Klarna announced that it plans to issue its own stablecoin KlarnaUSD on @tempo, the L1 blockchain that @stripe is building. Since the GENIUS Act, tons of financial companies and institutions… pic.twitter.com/u2riCoS9FS — 100y.eth (@100y_eth) November 25, 2025 But the plan is to eventually use it for merchant payments and even consumer transactions. People familiar with the rollout say Klarna wants to test and fine-tune things internally before opening it up to everyone. DISCOVER: Top 20 Crypto to Buy in 2025  Klarna CEO Gone From Opposing Crypto To Issuing Stablecoin This whole move is a big shift for Klarna CEO Sebastian Siemiatkowski, who was openly against crypto not long ago. Earlier this year he even admitted Klarna would probably be the last major fintech to get into the space, but with digital currencies gaining legitimacy and clearer rules, he changed direction. Launching a stablecoin fits perfectly with Klarna’s push to move beyond buy now, pay later and turn itself into a full digital bank. It shows they want to compete across more financial services instead of staying locked into one business model. I said it then (feb 2025) and I will say it again: We were wrong on crypto and on bitcoin, must rethink! Being "last" I thought no one would care… but the reception was massive, so many reached out! Nice to see first thing out there, MORE to come…https://t.co/aLPo27vyDD — Sebastian Siemiatkowski (@klarnaseb) November 25, 2025 The timing also says a lot. Klarna’s shares have dropped more than 30 percent since the company listed on the New York Stock Exchange in September, and investors have been questioning how the loss-making fintech plans to become profitable. Rolling out a stablecoin could help diversify revenue and convince shareholders that Klarna is still innovating. Competition in this space is heating up fast. Crypto companies are taking advantage of easier regulations in the United States to apply for banking licenses, while neobanks are rushing to launch their own stablecoins so they do not fall behind. Whether KlarnaUSD succeeds will depend on adoption, regulation, and whether it actually cuts costs as the company claims. As more financial players enter the stablecoin market, the race to become the dominant platform will likely intensify, which could benefit users through cheaper and faster payments. DISCOVER: Best Meme Coin ICOs to Invest in 2025 Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways Klarna launching a stablecoin is a huge pivot and could help push it toward becoming a full digital bank.. Success depends on real adoption and cost savings, not just hype, especially with competition heating up fast.. The post Klarna Admits Stablecoins Is Cheaper Than Banking: Will Crypto Recover? appeared first on 99Bitcoins.

Author: Coinstats

2025/11/26

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