Stablecoin

The Monetary Authority of Singapore will trial tokenized MAS bills issued to primary dealers and settled using central bank digital currency. Managing Director Chia Der Jiun said tokenization has moved from experimental phases into real-world commercial deployment, though structural obstacles remain before widespread adoption. Detailed trial specifications will be released next year.

The US Department of Justice, FBI, and Secret Service formed the Scam Center Strike Force on November 12, 2025, to target cryptocurrency fraud operations linked to Chinese transnational crime groups. The initiative addresses investment scams that defraud Americans of billions annually through fake crypto platforms, according to US Attorney Jeanine Ferris Pirro. Federal authorities have seized over $401 million in cryptocurrency assets to date.

Cathie Wood's Ark Invest purchased $30.5 million in Circle Internet Group shares on Wednesday across three ETFs. Circle's stock fell 12.2% to $86.3 despite the company reporting third-quarter revenue of $740 million, up 66% year-over-year, and net income of $214 million.

Sui Network will launch USDsui, a native stablecoin, in 2025 through Bridge, a Stripe subsidiary. The stablecoin will integrate with Sui's wallets, DeFi protocols, and major platforms to enhance liquidity and cross-platform interoperability. The development connects Sui's blockchain infrastructure with traditional payment systems.

Bitwise Chief Investment Officer Matt Hougan expects regulated Initial Coin Offerings to drive the cryptocurrency market's next growth phase. Hougan highlighted Coinbase's November 10 launch of a token sale platform as a turning point that could transform blockchain fundraising through strict compliance standards. He projected that by 2026, multiple billion-dollar ICOs will occur through similar platforms, positioning them as alternatives to traditional IPOs.

Sui launched USDsui, a native stablecoin built on Bridge's Open Issuance platform, on November 12. The move aims to retain stablecoin revenues within Sui's ecosystem rather than directing them to external issuers. Bridge, acquired by Stripe for $1.1 billion in February 2025, provides the enterprise infrastructure powering USDsui.

Visa announced a pilot program on November 12, 2025 enabling businesses to send payments directly to stablecoin wallets. The initiative targets freelancers, gig workers, and online creators, delivering funds in USDC and other dollar-backed stablecoins. The program aims to accelerate cross-border transactions by eliminating traditional banking intermediaries.

Circle Internet Group, issuer of the USDC stablecoin, reported net income of $214 million for the third quarter on Wednesday, a 202% increase from the same period last year. Earnings per share reached $0.64, well above the analyst consensus of $0.22. Total revenue and reserve income doubled to $740 million, driven by interest on reserves and expanding adoption across payment networks.

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 has finalized regulations placing cryptocurrency service providers under banking supervision. Stablecoin transactions and certain self-custody wallet transfers will be classified as foreign-exchange operations, extending anti-money laundering and compliance requirements to virtual assets. The rules take effect in February 2026.