Stablecoin

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.

ARK Invest CEO Cathie Wood lowered the firm's long-term bitcoin price projection by approximately $300,000, attributing the adjustment to stablecoins' expanding adoption in emerging markets. Wood noted that stablecoins now fulfill payment and savings functions previously expected for bitcoin, directly impacting ARK's bullish scenario modeling. The revision references ARK's earlier forecasts, though the firm had raised its 2030 bull-case target to $2.4 million in April.

Market maker Wintermute warned that new capital has stopped flowing into the cryptocurrency market, with current trading activity driven by reallocation of existing funds rather than fresh inflows. The firm noted that stablecoins, ETFs, and digital asset treasury companies expanded from $180 billion to $560 billion since early 2024, but growth momentum has since slowed. Price rallies are now shorter and produce smaller gains as capital rotates internally among existing participants.

Coinbase submitted recommendations to the U.S. Treasury on November 5, 2025, regarding implementation of the GENIUS Act. The exchange called for precise regulations that foster stablecoin innovation while protecting consumers. Coinbase emphasized that payment stablecoins should be treated as cash equivalents for tax purposes and warned against broad interpretations of the Act's interest prohibition provisions.

Ripple has formed strategic partnerships with Mastercard, Webster Bank, and Gemini to integrate its RLUSD stablecoin into traditional payment infrastructure, the company announced. The stablecoin operates on XRP Ledger and Ethereum, enabling direct fiat-to-crypto conversions with regulatory compliance through FDIC-backed banking. RLUSD facilitates cross-border transfers in under one second at costs below SWIFT fees, with minted supply exceeding $50 million within weeks of regulatory approval.

The Bank of England will release its formal consultation on stablecoin regulation on November 10, Deputy Governor Sarah Breeden confirmed. The framework will establish a dual-tier system, with systemic stablecoins facing stricter oversight under the BOE while smaller stablecoins remain under the Financial Conduct Authority's lighter requirements. The regime will include temporary holding caps of £20,000 for individuals and £10 million for businesses.

Coinbase Global has submitted formal comments calling on the U.S. Treasury Department to implement GENIUS Act regulations that strictly adhere to the statute's original intent. The exchange argued that non-financial software, blockchain validators, and open-source protocols should remain outside regulatory scope. It also emphasized that stablecoin intermediaries offering loyalty rewards should not be subject to the Act's prohibition on interest payments, which applies only to issuers.