Grayscale Investments filed an S-1 registration statement with the Securities and Exchange Commission on November 13, 2025, seeking to convert its Dogecoin Trust into a spot exchange-traded fund. The trust holds physical DOGE tokens and has designated Coinbase as prime broker and custodian. Bloomberg ETF analyst Eric Balchunas projected a potential launch as early as November 24, 2025, pending the SEC's standard 20-day review period.

The global stablecoin market reached $300 billion by November 2025, marking 48% growth from January levels. The European Central Bank warned that large-scale redemptions could trigger mass Treasury sales, potentially disrupting European monetary policy and reserve management. Dollar-pegged tokens control 99.58% of market share, with major issuers holding most reserves in U.S. Treasury securities.

Chainlink has expanded beyond its original oracle network function into full-stack blockchain infrastructure serving institutional finance. The protocol now supports over 80% of real-world asset data feeds and cross-chain interoperability solutions, according to Messari. Major banks including J.P. Morgan, UBS, and Fidelity are deploying Chainlink's Cross-Chain Interoperability Protocol for tokenized asset operations, with total value locked across tokenized RWA platforms exceeding $10 billion in 2025.

Canary Capital launched the XRPC Exchange-Traded Fund on Nasdaq on November 13, 2025, drawing $245 million in net inflows and $58.5 million in trading volume on its first day. The fund provides spot exposure to XRP through compliant cold storage custody managed by Gemini and BitGo. XRPC operates under the Investment Company Act of 1940 and tracks the CoinDesk XRP Price Index.

Luxembourg's Intergenerational Sovereign Wealth Fund allocated 1% of its portfolio to Bitcoin in October 2025, representing approximately €7 million from its $730 million in managed assets. Finance Minister Gilles Roth disclosed the decision at Bitcoin Amsterdam on November 13, 2025. The move marks the first time a European sovereign fund has established direct Bitcoin exposure.

The Czech National Bank acquired $1 million in Bitcoin and a USD stablecoin on November 13, 2025, through regulated exchanges. The purchase represents a pilot program to build operational expertise in digital asset management. The bank maintains internal custody with segregated wallet storage and conducts no active investment strategy.

Taiwan's Central Bank and Executive Yuan approved a formal Bitcoin reserve review on November 12, 2025, according to joint official statements. The pilot program will use seized Bitcoin from criminal cases to test integration methods, storage protocols, and valuation frameworks without purchasing new assets. Legislator Ko Ju-Chun of the Kuomintang party introduced the proposal in May 2025, citing Bitcoin's potential as a hedge against geopolitical risks.

JPMorgan Chase activated its USD-pegged institutional deposit token JPMD on Base, Coinbase's Ethereum Layer 2 network, following a pilot that began in June 2025. The token enables round-the-clock blockchain settlements through the bank's Kinexys platform, with each unit backed one-to-one by USD deposits in segregated JPMorgan accounts. Unlike retail stablecoins, JPMD targets banks and investment funds exclusively, with no public market trading currently available.

Brazil's Central Bank issued regulatory requirements on November 10, 2025, extending banking compliance standards to virtual asset service providers including exchanges, wallet services, and payment platforms. The framework mandates anti-money laundering protocols, customer due diligence, and Central Bank authorization for all crypto firms. The regulations take effect in February 2026.