Stablecoin

Market maker Wintermute warned that new capital has stopped flowing into the cryptocurrency market, with current trading activity driven by reallocation of existing funds rather than fresh inflows. The firm noted that stablecoins, ETFs, and digital asset treasury companies expanded from $180 billion to $560 billion since early 2024, but growth momentum has since slowed. Price rallies are now shorter and produce smaller gains as capital rotates internally among existing participants.

Coinbase submitted recommendations to the U.S. Treasury on November 5, 2025, regarding implementation of the GENIUS Act. The exchange called for precise regulations that foster stablecoin innovation while protecting consumers. Coinbase emphasized that payment stablecoins should be treated as cash equivalents for tax purposes and warned against broad interpretations of the Act's interest prohibition provisions.

Ripple has formed strategic partnerships with Mastercard, Webster Bank, and Gemini to integrate its RLUSD stablecoin into traditional payment infrastructure, the company announced. The stablecoin operates on XRP Ledger and Ethereum, enabling direct fiat-to-crypto conversions with regulatory compliance through FDIC-backed banking. RLUSD facilitates cross-border transfers in under one second at costs below SWIFT fees, with minted supply exceeding $50 million within weeks of regulatory approval.

The Bank of England will release its formal consultation on stablecoin regulation on November 10, Deputy Governor Sarah Breeden confirmed. The framework will establish a dual-tier system, with systemic stablecoins facing stricter oversight under the BOE while smaller stablecoins remain under the Financial Conduct Authority's lighter requirements. The regime will include temporary holding caps of £20,000 for individuals and £10 million for businesses.

Coinbase Global has submitted formal comments calling on the U.S. Treasury Department to implement GENIUS Act regulations that strictly adhere to the statute's original intent. The exchange argued that non-financial software, blockchain validators, and open-source protocols should remain outside regulatory scope. It also emphasized that stablecoin intermediaries offering loyalty rewards should not be subject to the Act's prohibition on interest payments, which applies only to issuers.

World Liberty Financial (WLFI), the cryptocurrency initiative associated with U.S. President Donald Trump, has partnered with Bonk and Raydium to expand its USD1 stablecoin onto the Solana blockchain. The collaboration will establish USD1-based trading pairs and liquidity pools on Raydium, while Bonk.fun will integrate the stablecoin into its memecoin launchpad. USD1 aims to compete with Circle's USDC, which accounts for over $9 billion of Solana's $14.12 billion stablecoin market.

Citi's tokenized cash platform is live in the U.S., U.K., Hong Kong, and Singapore, processing billions in client transactions for supply chain payments and capital markets settlements. Executives from Citi, DTCC, and Taurus speaking at Chainlink's SmartCon 2025 conference said blockchain infrastructure is operationally ready, but fragmented regulatory frameworks and lack of interoperability standards remain the primary barriers to scaled adoption.

The Bank of England will publish its consultation on stablecoin regulation on November 10, Deputy Governor Sarah Breeden said. The proposals are expected to include holding caps of £20,000 for individuals and £10 million for businesses, with initial rules applying to systemic stablecoins.

Mastercard is collaborating with Ripple and Gemini to trial a blockchain-based credit card settlement system using the RLUSD stablecoin on the XRP Ledger. The pilot connects Gemini's WebBank-issued credit card to on-chain infrastructure, replacing conventional bank clearing processes with stablecoin transfers. This marks a rare instance of a regulated U.S. bank engaging with public blockchain settlement.

Tron founder Justin Sun deposited 45,000 ETH worth $154.5 million into the Lido staking protocol on November 5. His total Ethereum holdings now reach $534 million, surpassing his TRX holdings of $519 million. The move came as Ethereum experienced a 12% decline to $3,166 amid broader market volatility.