Stablecoin

Cryptocurrency transfers from South Korea to Cambodia surged 1,400-fold in 2024, exposing significant gaps in the country's anti-money laundering framework. Bithumb processed approximately 12.4 billion won ($9 million) in suspicious transactions, while Upbit handled 366 million won ($271,000), primarily in USDT stablecoins sent to a sanctioned Cambodian marketplace.

Robinhood Markets reported third-quarter 2025 revenue of $1.27 billion, up 100% year-over-year, with net income of $556 million. Cryptocurrency revenue surged 339% to $268 million, representing approximately 20% of total revenue. Diluted earnings per share hit $0.61, exceeding the Wall Street consensus estimate of $0.51 per share.

Ripple has publicly supported the U.S. Federal Reserve's proposed "skinny" master account framework for non-bank financial institutions. Chief Legal Officer Stu Alderoty characterized the limited-access model as a pragmatic compromise that could advance payment innovation while respecting traditional banking sector concerns, according to Reuters.

USDX, a stablecoin designed to maintain a $1 peg, fell to $0.37 on November 6, marking a 63% decline within hours. On-chain investigators accused founder Flex Yang of draining liquidity from DeFi protocols using USDX as collateral. Lista DAO implemented emergency measures to protect users.

Elixir Protocol has discontinued its deUSD synthetic stablecoin after Stream Finance suspended withdrawals. The protocol completed redemptions for 80% of deUSD holders on November 7 and will enable full 1:1 USDC redemptions for remaining balances through an upcoming claims portal. Elixir's exposure to Stream Finance exceeded $68 million, part of Stream's total debt obligations surpassing $285 million across multiple lending partners.

Ripple announced a collaboration with Mastercard, WebBank, and Gemini to test RLUSD stablecoin settlements on the XRP Ledger. The initiative aims to enable blockchain-based payments between Mastercard and WebBank using the regulated stablecoin. Initial onboarding is planned for the coming months, pending regulatory approval.

Fireblocks, Polygon Labs, Mysten Labs, the Monad Foundation, the Solana Foundation, the Stellar Development Foundation, and the TON Foundation launched the Blockchain Payments Consortium on November 6, 2025. The initiative aims to establish unified technical and compliance standards for cross-chain stablecoin transactions. The founding members collectively process over $10 trillion in annual stablecoin transaction volume.

U.S.-based Solana exchange-traded funds attracted more than $400 million in capital within days of their late October launch, according to Farside Investors and CoinShares. Bitcoin ETFs recorded $1.7 billion in net outflows during the same period, while Ethereum products lost $473 million. SOL currently trades near $156, consolidating below key resistance at $165 as institutional demand diverges from broader market trends.

USDX, a synthetic stablecoin issued by Stable Labs, fell below $0.60 on Thursday, down from a circulating supply of $683 million. Lista DAO reported monitoring vaults with abnormally high borrowing rates on USDX collateral without repayment activity. PancakeSwap advised users to review positions involving affected vaults, stating the platform will continue sharing updates as needed.

Ark Invest CEO Cathie Wood has lowered her 2030 Bitcoin price projection to $1.2 million from $1.5 million, a $300,000 reduction. The revision reflects stablecoins increasingly capturing roles Wood initially expected Bitcoin to fulfill as a store of value and settlement system, according to CNBC. Despite the adjustment, Wood maintains a bullish outlook on Bitcoin, citing institutional adoption as a key growth driver.