The U.S. Securities and Exchange Commission issued a no-action letter to Fuse, a Solana-based decentralized physical infrastructure network, confirming it will not recommend enforcement action against FUSE token sales under specified conditions. The letter stipulates tokens must be distributed exclusively as rewards for network infrastructure maintenance and may only be redeemed through third-party venues at market rates. Separately, Kevin Hassett has emerged as a leading candidate to replace Jerome Powell as Federal Reserve chair, with sources indicating his openness to digital asset innovation.

U.S. Bank has launched a pilot program to test custom stablecoin issuance on the Stellar network, representing a significant step by a major American financial institution into programmable digital currency. The initiative was disclosed during a Money 20/20 podcast featuring executives from U.S. Bank, the Stellar Development Foundation, and PwC.

The European Central Bank has warned of emerging financial stability risks linked to rapid stablecoin market expansion, despite limited euro-area adoption. The combined market capitalization of all stablecoins has surpassed $280 billion, representing approximately 8% of the total crypto-asset market, according to an ECB report published November 24, 2025. Tether (USDT) at $184 billion and USD Coin (USDC) at $75 billion dominate the sector, while euro-denominated stablecoins remain minimal at €395 million.

Grayscale Investments has launched the Grayscale XRP Trust (GXRP) on NYSE Arca, providing exposure to XRP, the third-largest digital asset by market capitalization. The product is structured as an exchange-traded product rather than a registered investment company under the Investment Company Act of 1940. The XRP Ledger has processed over 4 billion transactions since launching in 2012.

Digital asset investment products saw $1.94 billion in net outflows over the past week, extending a four-week withdrawal streak to $4.92 billion, data show. The sustained redemptions mark the third-largest consecutive outflow period since 2018. Assets under management have declined 36% during this cycle, though year-to-date inflows remain at $44.4 billion.

Deutsche Börse Group has formed a strategic alliance with Société Générale and SG-FORGE to incorporate CoinVertible stablecoins into its market infrastructure. The MiCA-compliant tokens will support settlement, collateral management, and liquidity functions across Clearstream and digital trading platforms.

BitMEX co-founder Arthur Hayes attributes Bitcoin's 25% decline from its all-time high to contracting U.S. dollar liquidity rather than political factors. Hayes notes his proprietary USD Liquidity Index has fallen 10% since April, even as Bitcoin initially rallied 12% during the same period. He identifies spot Bitcoin ETF flows and basis trades as temporary factors that masked underlying macroeconomic weakness.

Strategy, Michael Saylor's bitcoin-focused holding company, acquired 8,178 BTC for $835.6 million at an average price of $102,171 per bitcoin during the week of November 10–16, 2025, according to a regulatory filing. The purchase brings the firm's total holdings to 649,870 BTC with an aggregate cost basis of $48.37 billion. The company financed the acquisition through sales of preferred and common stock under its at-the-market programs.

Federal Reserve Governor Stephen I. Miran warned that expanding dollar-backed stablecoins could pressure the neutral interest rate downward by increasing U.S. Treasury purchases. The CFTC is preparing to authorize leveraged spot cryptocurrency trading on regulated exchanges as early as next month, Acting Chair Caroline Pham confirmed. Senate lawmakers released a bipartisan draft bill that would grant the CFTC jurisdiction over spot digital commodities including Bitcoin and Ether.