Stablecoin

On 23 December 2025, the Bank of Russia unveiled a draft framework enabling retail participation in crypto under tight conditions. Non-qualified buyers would need a knowledge test and face a 300,000-ruble annual cap, while qualified investors gain wider access. Residents could transact via foreign platforms through Russian intermediaries if they notify tax authorities.

Amplify ETFs announced on Tuesday that it has rolled out two new crypto-focused exchange-traded funds, the Amplify Stablecoin Technology ETF (STBQ) and the Amplify Tokenization Technology ETF (TKNQ). STBQ tracks the MarketVector Stablecoin Technology Index, while TKNQ follows the MarketVector Tokenization Technology Index, with each fund allocating 25% to 50% of its portfolio to qualifying crypto-related assets at rebalancing.

By late 2025, major financial institutions were using Ethereum to support tokenized dollars, T+0 settlement and onchain fund administration, often without naming the network. The period included quarterly throughput above $5 trillion, a stablecoin market cap at $300 billion after July 2025 legislation, and JPMorgan’s MONY money market fund going live on Ethereum in December 2025.

On December 19, Rep. Max Miller and Steven Horsford introduced a bipartisan discussion draft that would exempt regulated stablecoin payments under $200 per transaction from capital gains tax. The Digital Asset PARITY Act also proposes allowing taxpayers to defer income recognition on staking and mining rewards for up to five years, with those rewards later taxed as ordinary income at fair market value.

Hong Kong plans to introduce explicit rules allowing insurance companies to invest in cryptocurrencies, stablecoins and digital infrastructure, with the Insurance Authority proposing a 100 per cent risk charge on volatile tokens. A public consultation on the framework is scheduled from February to April 2026, and even limited allocations from the sector's HK$635 billion in 2024 gross premiums could significantly increase liquidity in digital asset markets.

In a December 23, 2025 press release from Johannesburg, VALR said it secured an FSCA Over‑the‑Counter Derivatives Provider licence and grew to over 1.7 million registered users. The company added 100+ tradable coins, enabled payments at 31,000 stores and 700,000 locations, listed USDPC and xStocks, and reported over $1 million in user rewards during 2025.

Erebor, the digital bank co-founded by Palmer Luckey and backed by Peter Thiel, has reportedly raised $350 million at a $4.35 billion post-money valuation led by Lux Capital. The company recently obtained conditional approval from the OCC and a 12‑month deposit insurance approval from the FDIC, moving it closer to full bank status with a focus on crypto, AI and stablecoin-related services.

Venezuelan economist Asdrubal Oliveros said in a recent podcast that the country now collects roughly 80% of its crude oil export revenue in Tether's USDT and other stablecoins. PDVSA has required USDT payments for spot oil sales since March 2024, while Caracas struggles to convert growing stablecoin balances due to currency controls and sanctions. Despite these constraints and U.S. measures including a 25% tariff and tanker seizures, Venezuela's GDP reportedly increased from $102.38 billion in 2023 to $119.81 billion in 2024.

Shiba Inu's price advance is struggling as about 81.5 trillion SHIB remain on exchanges, keeping strong sell pressure in place. Ripple's RLUSD stablecoin has removed 500,000 tokens from circulation via an on-chain burn, while Cardano-based NIGHT has posted 24-hour trading volume of roughly $4 billion after its Dec. 8 launch. These moves highlight contrasting supply and trading dynamics across major altcoins in the current market.

On December 22, 2025, Circle CEO Jeremy Allaire said he wants the company to underpin a new internet layer for global money movement. Since its June 5 IPO, Circle launched the Arc Layer 1, partnered with BlackRock, Visa and AWS, and signed a multiyear Intuit deal. Q3 revenue and reserve income reached $740 million.