Stablecoin

Ethereum processed nearly $6 trillion in stablecoin transfers during Q4 2025, with daily volumes exceeding $85 billion. The network's stablecoin supply climbed above $180 billion as median transaction fees fell to near-zero levels. Capital velocity reached record highs, driven by reduced costs and increased liquidity in decentralized finance applications.

South Korean regulators are advancing proposals to apply bank-style consumer protection frameworks to cryptocurrency exchanges. Under the proposed reforms, platforms would be required to compensate users for losses caused by system failures without requiring proof of negligence. Exchanges would also face penalties reaching 3% of annual revenue for serious violations.

Western Union unveiled a digital asset initiative targeting economies with severe inflation. CFO Matthew Cagwin presented the strategy at the UBS Global Technology and AI conference, detailing plans for a "stable card" and proprietary digital coin to protect remittance recipients in countries like Argentina, where inflation has exceeded 250%.

CoinShares Head of Research James Butterfill defended Tether's financial stability after BitMEX Co-Founder Arthur Hayes raised concerns about potential insolvency risks. Tether holds approximately $181 billion in reserves against $174.45 billion in liabilities, maintaining a $6.55 billion surplus. USDT recorded $719.83 billion in on-chain transaction volume in November.

BitMine Immersion Technologies purchased $199 million worth of Ether in two transactions, expanding its total holdings to approximately $11.3 billion. The firm now controls 3.08% of all ETH in circulation and continues advancing toward its 5% ownership target.

Western Union is building blockchain payment infrastructure on Solana, including its own stablecoin and digital wallet system. The money transfer company is targeting high-inflation markets where traditional currencies rapidly lose purchasing power. The firm's Digital Asset Network is scheduled to launch in the first half of 2025.

Ethereum is approaching $6 trillion in stablecoin transfer volume for Q4, data show. Technical analysts have identified a multi-year Wyckoff accumulation structure on the asset's chart, suggesting institutional positioning may be taking place following the 2022–2023 decline.

CoinShares head of research James Butterfill has rejected insolvency concerns about Tether following warnings from BitMEX founder Arthur Hayes. Butterfill stated that Tether maintains over $181 billion in reserves against approximately $174.45 billion in liabilities, resulting in a surplus of around $6.78 billion. Hayes had warned on November 30 that a 30% decline in Tether's Bitcoin and gold holdings could eliminate the company's equity.

Grayscale submitted an S-1 registration to the SEC for the Grayscale Sui Trust, a spot ETF that would hold SUI tokens. The filing follows 21Shares' Tuesday launch of a leveraged SUI fund on Nasdaq. Both products reflect expanding institutional interest in blockchain-focused exchange-traded vehicles beyond Bitcoin and Ethereum.

Tether faces renewed scrutiny after former BitMEX CEO Arthur Hayes questioned its reserve strategy, warning that sharp declines in Bitcoin and gold holdings could eliminate the stablecoin issuer's equity buffer. CoinShares countered by highlighting Tether's $6.8 billion surplus and nearly $10 billion in profits through the first nine months of the year, arguing the company remains financially sound despite concerns.