Stablecoin

Elixir has permanently closed its deUSD stablecoin after Stream Finance, which controlled nearly 90% of deUSD's circulating supply, reported a $93 million loss. The stablecoin lost its dollar peg and fell to $0.09. Elixir processed approximately 80% of redemption requests at a 1:1 ratio and warned users not to purchase deUSD.

Asset manager 21Shares has filed an amended prospectus with the Securities and Exchange Commission, initiating a 20-day regulatory countdown under Section 8(a) for its spot XRP exchange-traded fund. Canary Capital's XRP ETF proposal has entered a parallel review window. Both filings signal competitive momentum toward potential approval of XRP investment vehicles in the United States.

Federal Reserve Board member Stephen Miran said stablecoin market expansion may reshape global demand for dollar assets and influence U.S. monetary policy. Analysts project dollar-backed tokens could hit $3 trillion by the end of the decade, exceeding certain segments of the U.S. debt market. Miran noted that rising demand for these digital instruments strengthens the dollar's global position while complicating the Fed's liquidity management approach.

21Shares submitted a Form 8(a) filing with the SEC on November 7, 2025, initiating a 20-day automatic approval countdown for its spot XRP ETF. The fund would trade on Cboe BZX and track the CME CF XRP Dollar Reference Rate. Unless the regulator intervenes, the product could launch around November 27.

ARK Invest CEO Cathie Wood reaffirmed her long-term Bitcoin price projection of $1 million during November's In the Know podcast. She cited the stablecoin market's expansion past $300 billion as evidence of digital asset sector maturation. Wood anticipates improved liquidity conditions around mid-December following Federal Reserve announcements and employment data releases.

Digital asset liquidity expanded from $180 billion to $560 billion between 2024 and November 2025, representing a threefold increase driven by institutional adoption and ETF launches. Data from Wintermute shows that since August 2025, ETF inflows and stablecoin issuance have slowed significantly. Analysts attribute the shift to tighter monetary conditions, profit-taking, and reduced risk appetite following an extended bullish period.

Federal Reserve Governor Stephen Miran said Friday that expanding stablecoin adoption could push down the economy's neutral interest rate. Stablecoin reserves, backed by Treasuries and cash, add liquidity to financial markets, he explained. Miran supports faster rate cuts to reflect structural changes from digital asset growth.

Japan's Financial Services Agency is implementing comprehensive reforms to regulate crypto lending, impose caps on token sales, and support a stablecoin network led by the nation's three largest banks. The regulatory framework aims to align digital assets with traditional financial instruments while enhancing investor protection and institutional participation.

ARK Invest has reduced its bullish Bitcoin price target for 2030 from $1.5 million to $1.2 million per coin. CEO Cathie Wood attributed the $300,000 downward revision to faster-than-expected stablecoin adoption in emerging markets, where digital dollar equivalents are increasingly used for transactions and savings. Wood maintains that Bitcoin retains its role as digital gold and the crypto ecosystem's reserve currency, with stablecoins serving complementary functions in everyday commerce.

Federal Reserve Governor Stephen Miran said on November 8, 2025, that growing demand for dollar-pegged stablecoins may be lowering the U.S. neutral interest rate. He argued the Fed should cut policy rates to avoid unintentional economic tightening. Miran warned that stablecoins could become a multitrillion-dollar factor for central bankers.