Bitcoin climbed about 2% in Asian trading on Wednesday to around $87,000, while regional equities posted modest gains following a mixed US jobs report. Analysts highlighted record-low Bitcoin exchange reserves and upcoming US CPI data as key drivers for expectations on 2026 Federal Reserve rate cuts and a potential move toward $90,000.

On December 17, 2025, HashKey began trading in Hong Kong with a brief 3% jump before sliding 2.1% by press time. Its IPO raised $206 million at HK$6.68 per share, near the top of the HK$5.95–HK$6.95 range, and early backers included Fidelity, UBS, CDH Investments and Cithara Fund.

HashKey Holdings (3887.HK) began trading on the Hong Kong Stock Exchange on December 17, 2025, with shares opening at HK$6.70 and reaching a high of HK$7.12. The company, which positions itself as Asia's largest onshore digital asset platform, is using IPO proceeds for product development and branding while emphasizing a regulatory-compliant growth strategy.

The FDIC released a 38-page proposal setting out how FDIC‑supervised banks could issue payment stablecoins through subsidiaries under the GENIUS Act. The plan outlines approval criteria spanning reserves, redemption, governance, and safety and soundness, and is open for public consultation before further rule-making. If approved, the FDIC would serve as the primary federal regulator for those subsidiary activities.

On December 15, Anatoly Aksakov said Russia will not recognize cryptocurrencies as legal tender, limiting them to investment use. The State Duma's stance aligns with the central bank's opposition to crypto payments and reinforces ruble-only settlement rules. Earlier Finance Ministry ideas on exchange oversight and taxation signal differing views within government.

On December 17 2025, Bitwise stated that institutional demand for crypto ETFs could surpass the entire new supply of Bitcoin, Ethereum and Solana in 2026, potentially creating a supply squeeze. The firm, which oversees more than $15 billion across 30 products, also expects over 100 crypto ETFs to launch in the US in 2026 and predicts Bitcoin may break its historical four-year cycle as spot ETF flows gain influence. Bitwise emphasized that these are forward-looking projections rather than guaranteed outcomes.

On Tuesday, Governor Tiff Macklem said the Bank of Canada will permit only fiat-linked, high-quality stablecoins, requiring a 1:1 peg and backing with high-quality liquid assets, under rules expected in 2026. A November 2025 budget report outlined reserve, redemption and risk-management obligations for issuers, while Canada advances real-time payments and open banking.

In 2025, Binance has seen crypto inflows reach $1.17 trillion and is projected to record about $7 trillion in spot trading volume, sharply outpacing rival exchanges. Data shows record spot and perpetual futures activity on Binance, alongside a notable increase in hedging demand as market volatility returns after a previously stable six‑month period.