Binance has integrated BlackRock's USD Institutional Digital Liquidity Fund as collateral for off-exchange trading operations. The tokenized fund expanded to BNB Chain on Friday, bringing its total operational networks to eight. Institutional traders can now deploy capital while maintaining exposure to tokenized Treasury assets.

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.

Hyperliquid's liquidity provider system absorbed approximately $5 million in losses following coordinated POPCAT token manipulation on November 12. The attack involved leveraged positions across multiple wallets that artificially inflated prices before triggering mass liquidations. HYPE token currently trades at $38.09, below key moving averages, while futures Open Interest has declined to $1.56 billion.

Price manipulation attacks resulted in $42 million in losses across 51 separate incidents during 2025, according to CertiK Alert. The November 12 incident involving Popcat on Hyperliquid demonstrated coordinated manipulation tactics, triggering $63 million in liquidations through artificial buy walls and sudden order withdrawals. CertiK recorded 19 incidents in Q4 alone, approaching Q2's peak of 20 cases.

Tether has deployed approximately $1.5 billion in commodity trade financing across oil, cotton, wheat, and agricultural markets. CEO Paolo Ardoino announced on November 14 the company's plan to expand lending operations using both U.S. dollars and USDT. The initiative is backed by nearly $200 billion in reserves including U.S. Treasury bills and gold.

Publicly traded companies building digital asset treasuries are increasingly accepting in-kind token deposits instead of purchasing assets on open markets. The approach enables firms to raise capital while establishing valuations for illiquid tokens, but exposes equity investors to heightened volatility from newly launched, untested assets. This strategy diverges from established Bitcoin treasury models, which typically raise funds through conventional financing before acquiring liquid market positions.

The European Commission is proposing to transfer direct supervisory authority over all cryptocurrency companies in the EU to the European Securities and Markets Authority (ESMA). The move would replace the current Markets in Crypto-Assets (MiCA) framework, which relies on national regulators for authorization and oversight. Industry representatives have warned that reopening MiCA could introduce legal uncertainty and delay the authorization process.

Coinbase has challenged banking associations seeking to broaden the GENIUS Act's interest prohibition to cover merchant discounts and third-party rewards linked to stablecoin payments. Chief Policy Officer Faryar Shirzad said on November 13, 2025, that Congress intended the Act to ban only issuer-paid interest, not benefits from external parties. The American Bankers Association and 52 state groups had urged Treasury on November 4, 2025, to treat any economic benefit tied to stablecoin holdings as prohibited interest.