JPMorgan completed a $50 million commercial paper offering for Galaxy Digital on the Solana blockchain, with settlement conducted entirely in USDC. Coinbase Global and Franklin Templeton bought the tokenized short-term debt, while JPMorgan led the structuring and plans to extend similar on-chain issuance models. The transaction brought multiple institutions into a single workflow and is being used to test how public blockchains can support capital-markets funding.

On December 5, 2025, OKX laid out plans to end OM services and migrate users by late December, prompting a warning from MANTRA CEO JP Mullin on December 8. MANTRA says Governance Proposal 26 allows migration only after ERC-20 OM is deprecated on January 15, 2026 and links the timing to further technical review. The project is urging users to keep direct custody of their OM and withdraw from OKX, arguing that the exchange’s dates conflict with official governance rules.

Circle and Bybit announced a partnership to broaden USDC availability and bolster liquidity for the dollar-backed stablecoin across multiple markets as its market capitalization nears $80 billion. The deal extends USDC's role in Bybit's trading and payments stack and leverages recent regulatory milestones and growing stablecoin demand in the EEA, Eastern Europe, the Middle East, Africa, Turkey, and Latin America, the companies said.

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

Huione Pay halted operations and froze customer withdrawals, triggering crowds outside its Phnom Penh headquarters. The suspension, set to last until January 5, follows a surge in withdrawal requests that overwhelmed the platform's liquidity. Users now face locked accounts and uncertainty about fund recovery.

Ethereum co-founder Vitalik Buterin cautioned the Zcash community on November 30, 2025, against implementing token-based voting systems. He argued such governance structures could compromise the network's long-term privacy protections. Buterin described token voting as "worse than Zcash's status quo," warning that privacy features risk erosion when governance power concentrates among token holders.

Bitwise Asset Management has launched the BWOW Dogecoin ETF on NYSE Arca on November 26, 2025, following months of community requests for regulated DOGE exposure. As of November 25, 2025, Dogecoin holds a $22 billion market cap and daily trading volume exceeding $1 billion. The fund tracks Dogecoin price performance with Coinbase Custody Trust Company holding underlying assets.

Texas completed a $10 million Bitcoin acquisition on November 20, 2025, at approximately $87,000 per coin, becoming the first U.S. state to establish a formal government digital asset reserve. The purchase was executed through BlackRock's iShares Bitcoin Trust (IBIT) as an interim measure while the state finalizes its self-custody infrastructure. The transaction follows legislation signed in June 2025 that authorized a Strategic Bitcoin Reserve with cold-storage requirements and minimum holding periods.

Six major Japanese asset management firms are developing cryptocurrency investment products in anticipation of regulatory changes that would permit digital assets in investment trusts for the first time. The Financial Services Agency plans to submit legislative proposals during the 2026 parliamentary session to reclassify cryptocurrencies under the Financial Instruments and Exchange Act. Current regulations prohibit cryptocurrencies from being included in investment trust structures, limiting retail and institutional access to digital assets through mainstream channels.