TL;DR:

• JP Morgan doubles down on crypto with a new stablecoin available to its institutional investors and a new interbank network in the works with DBS bank.

• Cash App supports stablecoins and BTC payments.

• Franklin Templeton is bullish on stablecoins and RWA. 

• Several companies are working to integrate digital assets into their economies. 

• Bybit shared a security report stating that 16 popular blockchains have hidden security features. 

• Harvard tripled its BTC holdings. 

A New BNY Report on the Digital Revolution 

BNY released a presentation titled “The Digital Revolution: Transforming Financial Market Infrastructure” in November 2025. In this report, the bank outlines four major drivers shaping the future of financial markets: Increased adoption of blockchain technology, growth of digital cash and tokenization, interoperability and network effects, and regulations driving innovation. 

James Crowley, Global Head of BNY Pershing, said that the next generation of investors will transact at any time, “heralding a fundamental shift in how everyone from emerging wealth to high-net-worth individuals engaged with their financial future.”

Leigh-Ann Russell, Chief Information Officer and Global Head of Engineering, added, “The power of the programmable nature of blockchain coupled with AI is catalyzing change.”

The report also predicts that digital money market funds (MMFs) and tokenized deposits will reach 3.6T USD by 2030.

A key insight on the future of payments came from Jennifer Barker, Global Head of Treasury Services and Depository Receipts:

“The future of payments will be defined not just by how fast we can move money, but by how seamlessly and securely we can embed trust and transparency into every transaction. Digital solutions are emerging at the forefront, rewriting the rules of commerce and unlocking new levels of financial inclusion.”

The report emphasizes that digital assets are not just memes, but serious investment instruments with growing demand from BNY’s most established institutional clients. Brian Ruane, Global Head of Clearance & Collateral Management, Credit Services, and Corporate Trust, noted that BNY Mellon plays a significant role in the settlement infrastructure of the U.S. Treasury market and the broader collateral management ecosystem, and digital asset interoperability can help connect and enhance these services.

In closing, Carolyn Weinburg, Chief Product and Innovation Officer, stated:

“We stand at a powerful inflection point that may fundamentally transform how global capital markets function and how participants transact. At BNY, we’re partnering with market participants to streamline operations, unlock new growth categories and invest across tokenization, blockchain, and AI to help drive next-generation financial infrastructure.”

BNY Mellon also introduced the BNY Dreyfus Stablecoin Reserves Fund (BSRXX), a new money market fund designed to help U.S. stablecoin issuers comply with Federal Reserve requirements under the GENIUS Act. Launched in November 2025, the fund invests in ultra-safe short-term assets to support fully compliant, highly liquid reserve management. Anchorage Digital provided the initial investment, signaling growing institutional confidence.

Stephanie Pierce, Deputy Head of BNY Investments, stated:

“Stablecoins are at the forefront of this profound transformation, and we are proud to provide our liquidity leadership and expertise to stablecoin issuers with the launch of the BNY Dreyfus Stablecoin Reserves Fund.”

Blackrock’s BUIDL Liquidity Fund 

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), issued by Securitize, is a 2.5 billion USD tokenized treasury fund and is now accepted as off-exchange collateral for trading on Binance as of November 14, 2025. This major integration allows institutional and VIP clients to use BUIDL tokens as regulated, interest-bearing collateral without relinquishing custody of their assets, enabling more efficient capital deployment on Binance’s platform. 

Additionally, BUIDL has launched a new share class on the BNB Chain, extending its on-chain presence and interoperability with DeFi applications. Catherine Chen, Binance’s Head of VIP and Institutional Adoption, stated:

"Our institutional clients have asked for more interest-bearing stable assets they can hold as collateral while actively trading on our exchange." 

Cash App and Lightning 

As of November 13, 2025, Cash App enables users to spend Bitcoin (BTC) through the Lightning Network at any merchant that accepts Bitcoin. Users do not need to hold BTC to make purchases, as the app seamlessly converts USD to BTC on the spot. Additionally, Cash App’s Auto Invest feature for Bitcoin now carries no fees, making automatic BTC purchases more affordable. Soon, users will also be able to send and receive stablecoins within the app, with stablecoins automatically converted into USD upon receipt.

Stablecoin functionality is also on the way. Users will be able to send stablecoins directly from the Payments tab and receive them in the Money tab, where Cash App will automatically convert incoming stablecoins to USD.

Franklin Templeton Interview 

On November 11, 2025, Binance interviewed Christopher Jensen, Director of Digital Asset Research at Franklin Templeton, about the firm’s outlook on global crypto adoption, stablecoins, tokenized assets, and the accelerating convergence between traditional finance and blockchain.

For the industry, the symbolism was notable: a legacy asset manager speaking directly to Binance’s global crypto audience, underscoring how deeply digital assets have moved into mainstream institutional strategy.

Global expansion: Jensen emphasized that the most significant shift between 2024 and 2025 is the move to make Franklin Templeton’s digital-asset products fully global. As he explained:

“One of the biggest things that jumps out for me when I look at 2025 versus last year is just how much more globally focused we are from a digital asset standpoint. We've primarily been incubating many of these products and strategies in the United States. But now it’s about how do we take them global – registering these security tokens in different jurisdictions around the world.”

He added that this reflects the firm’s broader approach to blockchain infrastructure: “When I look at 2025, it’s very much like how we now take these products and the blockchains that they travel on, kind of be more permissionless.”

Institutional demand: After years of research and exploratory pilots, Jensen said institutional appetite has finally arrived in full force, even with rising ETF interest. 

“Earlier on, they would explore this technology and this asset class… maybe do a proof of concept here or a proof of concept there. But the big takeaway this year is that it’s actually happening right now.”

Stablecoins: Jensen highlighted stablecoins as crypto’s most undeniable adoption curve, calling them one of the space’s earliest and strongest use cases.

"Stablecoins really are one of crypto's earlier killer apps here — the ability to send a digital dollar anywhere in the world for under a second, for under a penny, without any intermediaries involved. That really is kind of a zero-to-one moment, I feel like."

He noted that regulatory clarity is helping fuel this momentum:

"The regulation behind it, right? So, I do think the GENIUS Act, the stablecoin bill, was pretty monumental. And obviously, there's more coming, right? It doesn't stop there because we still need a regulatory framework for the blockchains that these stablecoins travel on."

Real-world assets and tokenization: Jensen sees tokenization reshaping both financial and non-financial markets, especially in large private-asset sectors.

“The private asset market is actually quite substantial. So I think we’re going to see a lot more done there.”

He described the future digital wallet as a unified home for every category of value:

“It’s going to have crypto-native assets, it’s going to have tokenized real-world assets, and it’s going to have non-financial assets too.”

2026 outlook: When asked what theme should headline Binance Blockchain Week, Jensen pointed to the merging of on-chain rails and traditional finance:

“So, I think that’s what excites me most as I look towards next year, 2026. The coming together of these two worlds — like the on-chain world and the traditional world — I think it is really happening now.”

J.P. Morgan and its JPM Coin 

As of November 12, 2025, J.P. Morgan has taken a notable step into on-chain finance with the launch of JPM Coin, a digital deposit token available exclusively to J.P. Morgan’s institutional clients on Coinbase’s Base network. Unlike stablecoins, JPM Coin represents claims on existing deposits, meaning holders can earn interest while gaining a new on-chain vehicle anchored in traditional banking. According to the company, this marks the “first USD deposit token on a public blockchain.”

Operating JPM Coin on Base enables continuous settlement that is significantly faster than traditional financial systems, including transactions beyond standard banking hours. This represents a profound advancement over legacy financial rails, with J.P. Morgan indicating plans to extend the token’s reach to additional blockchains in the future.

The bank has already piloted the token with Mastercard, Coinbase, and B2C2 through its Kinexys by J.P. Morgan blockchain business unit since June 2025. This underscores that JPM Coin is fully backed by existing funds, not a new form of stable-value asset. The asset is currently available only to J.P. Morgan institutional clients on the Base network under the ticker JPMD.

Global co-head of Kinexys by J.P. Morgan, Naveen Mallela, said: 

“Kinexys by J.P. Morgan is leading the way in digital payments through our private blockchain. With JPM Coin now available to our institutional clients, we’re moving the industry forward in transacting on public blockchains, beginning with Base, the Ethereum Layer 2 public blockchain built within Coinbase. JPM Coin delivers the security of bank-backed deposits and settlement, combined with the speed and innovation of 24/7, near real-time blockchain transactions, increasing efficiency and unlocking liquidity."

DBS and Kinexys by J.P. Morgan 

DBS and Kinexys by J.P. Morgan have introduced a new framework to enable interbank transfers of tokenised deposits across both public and permissioned blockchains. Unlike JPM Coin, which is available only to J.P. Morgan’s institutional clients, this initiative is designed to connect deposit tokens issued by multiple banks, allowing clients at different institutions to move tokenised deposits seamlessly and in real time.

The project focuses on bringing crypto-level settlement efficiency to traditional banking while improving cross-border liquidity. Rachel Chew, Group COO and Head of Digital Currencies at DBS, said: 

“We see tokenised deposits as a promising avenue to enhance liquidity and settlement efficiency across borders.”

While JPM Coin is already live on Base, the DBS and Kinexys effort represents a larger, multi-bank architecture still under development. It is intended to support tokenised deposits from multiple issuers, creating a more interoperable foundation for future institutional payment networks.

Exchange Updates and Products 

Bybit Report Report Uncovering Blockchain Security Risks 

The Bybitt Lazarus Security Lab released a report uncovering 16 major blockchain networks that contain hidden or undocumented functions enabling the freezing or restriction of user funds. These findings resulted from an AI-assisted framework later verified by humans. 

These mechanisms fall into three categories: 

• hardcoded freezing within the protocol (BNB Chain, VeChain)

• control through validators or foundations (Sui, Aptos)

• contract-based blacklists.  (HECO)

While these functions have been used to prevent large-scale thefts or to comply with regulatory requirements, their existence challenges the fundamental principle of decentralization in blockchain technology. The report calls for greater transparency and public disclosure around such fund-freezing capabilities to maintain user trust and promote responsible governance in the blockchain ecosystem. This finding has sparked debate about balancing security and decentralization in the evolving crypto space.

An early precedent for a chain freezing funds occurred in 2019, when VeChain froze 6.6M USD in funds due to a breach. There is also suspicion that Cosmos's modular design might allow for this type of action in the future. 

David Zong, Head of Group Risk Control and Security at Bybit, stated: 

"Blockchain was built on the principle of decentralization — yet our research shows that many networks are developing pragmatic safety mechanisms to respond quickly to threats. At Bybit, we believe transparency builds trust. Our goal is to encourage open dialogue and better governance across the industry."

Coinbase Providing Savings for UK Users 

As of November 11, 2025, Coinbase has introduced a new savings account for its UK users, marking the first time a major crypto exchange has combined a high-yield savings product with traditional finance in the British market. The Coinbase Savings Account, launched with ClearBank, offers eligible users 3.75% AER interest (variable), paid daily on GBP balances. There are no minimum balance requirements or lockup periods, and deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.

This new product reflects Coinbase’s strategy to make its platform a comprehensive financial suite, bridging the gap between crypto and conventional banking offerings for UK consumers. The move follows Coinbase’s recent registration as a VASP (Virtual Asset Service Provider) with the UK Financial Conduct Authority, making it the country's largest registered crypto exchange. The company aims to address UK-specific financial needs and position itself as a leading financial app, integrating crypto savings and payments into everyday financial life.

Harvard’s Bitcoin Adoption

Harvard University’s endowment made headlines after boosting its holdings of BlackRock’s iShares Bitcoin Trust (IBIT) from roughly 1.9 million shares to 6.81 million shares. At current prices, this represents 364–443 million USD in Bitcoin exposure, making IBIT one of Harvard’s largest publicly reported investments. The allocation reinforces the growing view among major endowments that bitcoin represents a long-term strategic position rather than a speculative trade.

The Canada Pension Plan (CPP) also registered meaningful crypto-linked exposure during this period, purchasing 127 million USD in MicroStrategy shares. Because MicroStrategy holds one of the world’s largest corporate Bitcoin treasuries, this investment gives CPP significant indirect exposure to Bitcoin through a regulated, publicly traded asset.

Gemini’s New Privacy Withdrawal 

As of November 7, 2025, the Gemini exchange now supports Zcash Orchard Unified Addresses, allowing users to send and receive ZEC holdings without revealing the sender, recipient, or transaction amount. Built on the advanced Halo 2 cryptographic system, Orchard offers stronger security with increased speed. Unified Addresses simplify transactions by merging private and public payment types into a single, easy-to-use address format, making private payments more accessible and seamless for everyone. 

Presently, Gemini is the only centralized exchange that allows users to withdraw funds to a transparent address, marking a significant shift towards privacy and shielding..  

US Crypto Regulations Updates 

Nebraska Grants First-Ever U.S. Charter for a Digital Asset Bank

As of November 14, 2025, Nebraska made digital-asset history by granting Telcoin Digital Asset Bank the nation’s first charter for a digital asset bank under the Nebraska Financial Innovation Act. The new institution will operate under state regulation to issue and manage stablecoins backed largely by U.S. government bonds or FDIC-insured deposits—bridging traditional finance and blockchain innovation.

Governor Jim Pillen called the move proof that “Nebraska is open for your business,” positioning the state as a leader in next-generation payments. Kelly Lammers, Director of the Nebraska Department of Banking and Finance, emphasized that the structure is built to ensure every stablecoin remains fully backed and “always good.”

According to the Telcoin press release: 

“By aligning digital assets within a regulated banking framework, Telcoin Digital Asset Bank bridges the 4 trillion USD blockchain economy with traditional finance to unlock this technology for modern money, capital markets, and finance on the internet. This model demonstrates how Digital Cash can strengthen community bank balance sheets, empower small businesses, and modernize payments at scale, setting a new standard for how blockchain and banking can work together.”

By formally recognizing a regulated digital-asset bank with authority to mint stablecoins, Nebraska is setting a precedent that could guide future U.S. crypto-banking policy—and expand stablecoins as a mainstream payment option alongside checks, debit cards, and digital wallets.

Matador Technologies to buy more Bitcoin 

Toronto-based Matador Technologies (TSXV: MATA) has finalized a 100 million USD secured convertible note facility with ATW Partners, making it one of the largest recent Bitcoin treasury financings by a public company. The company completed its first drawdown, using 10.5 million USD to purchase 92 BTC at an average price of 102,752 USD per BTC, with custody provided by BitGo Trust Company.

This acquisition more than doubles Matador’s Bitcoin holdings to approximately 175 BTC, reinforcing its Bitcoin-first treasury strategy and long-term accumulation plan. CEO Deven Soni called the financing “a testament to our conviction and ability to execute,” while Chief Visionary Officer Mark Moss emphasized the firm’s focus on disciplined, long-term growth.

Matador’s strategy includes acquiring up to 1,000 BTC by 2026 and building toward 6,000 BTC by 2027, aiming to rank among the top 20 corporate holders globally. The proceeds from the facility are restricted to Bitcoin purchases, supporting Matador’s commitment to building a regulated, public-company Bitcoin treasury program.

SoFi Launches Crypto Trading

On November 11, 2025, SoFi, a nationally chartered and FDIC-insured bank, became the first U.S. bank to offer crypto trading to consumers. The SoFi Crypto platform, available under the NASDAQ ticker SOFI, allows users to buy, sell, and hold 12 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Access to the service will roll out in phases, with more members gaining entry in the coming weeks.

SoFi positions itself as a one-stop financial hub, integrating crypto trading with checking, savings, and interest-earning accounts, as well as borrowing. While SoFi’s traditional banking products are FDIC-insured, crypto holdings are not covered by insurance, as they are not considered bank deposits.

CEO Anthony Noto stated:

“I believe blockchain technology will fundamentally change EVERY way finance is done throughout the world by making money movement faster, cheaper and safer, while opening new ways for people to borrow better, invest better, spend and save better. It’s critical to give our members a secure and regulated way to step into the future of money. As the first and only nationally chartered bank to launch crypto trading to consumers, we are uniquely positioned to drive this innovation and set a new standard built on security, stability, and transparency.”

SoFi’s own survey found that 60% of its users prefer holding crypto with a registered bank rather than a crypto exchange. To encourage adoption, SoFi is offering a waitlist promotion: users who join before November 30, 2025, open a crypto account, and complete three transactions of 10 dollars or more are entered to win one Bitcoin.

Countries are Investing In Crypto

Kyrgyzstan: TOJSC, a Virtual Asset Issuer, launched a gold-backed dollar stablecoin, known as USDKG. OJSC is 100% funded by the Kyrgyzstan Ministry of Finance. They minted with an initial investment of 50M USD to create these stablecoins with an initial volume of 50.1M USD, which equates to 4.38B KGS in local currency. While it is pegged to the USD, it is backed by physical gold. 

The Central Bank of Kyrgyzstan holds roughly 40 tons of gold. In addition to the 40 tons of gold in the central bank, it is projected that there are over 1,000 tons of gold underground. The US GENIUS bill expected people to keep US Treasuries as reserves for stablecoins, so this is a deviation from that bill. In addition to this gold-backed stablecoin, Kyrgyzstan also has a stablecoin, KGST, pegged to KGS.  

In addition to stablecoins, the country of Kyrgyzstan has launched Berket Bank on November 2, 2025, with a focus on digital assets. This is part of President Sadyr Japarov's focus on "financial digitization."

UAE: The UAE has reached a landmark in its digital finance journey by completing its first government transaction using the Digital Dirham, issued by the Central Bank of the UAE. Conducted between the Ministry of Finance and Dubai Finance through the mBridge platform, the transaction was settled in under two minutes, showcasing the efficiency and technical sophistication of the nation's next-generation financial systems. 

China: China has accused the United States of orchestrating the 2020 theft of approximately 127,000 Bitcoin, valued at around 13 billion USD, from the LuBian mining pool—one of the largest crypto heists in history. Beijing's cybersecurity agency alleges the operation was state-sponsored, citing the slow and stealthy movement of the funds as evidence. The US Department of Justice later seized the stolen Bitcoin in connection with charges against Cambodian billionaire Chen Zhi for alleged crypto fraud. While the US government maintains the seizure was a lawful action targeting illicit proceeds, China calls the incident a high-level cyber theft. This disputed stash represents roughly 0.65% of the total Bitcoin supply.

Czech Republic: The Czech National Bank has taken its first step into digital assets by creating a 1 million test portfolio that includes bitcoin, a dollar-pegged stablecoin, and a tokenized deposit. The pilot is kept completely separate from the bank's official reserves and is designed to help the CNB gain practical experience with custody, compliance, settlement, and risk-management processes as digital assets become more integrated into global financial systems.

Governor Aleš Michl said, "The aim was to test decentralised bitcoin from the central bank's perspective and to evaluate its potential role in diversifying our reserves."

Japan: Japan has officially joined the global movement of government-backed Bitcoin mining, launching a 4.5-megawatt project set to begin operations in late 2025. The initiative is a collaboration between Canaan Inc. and a state-owned utility provider, utilizing hydro-cooled Avalon A1566HA rigs to harness excess renewable energy from solar and wind sources. The project is overseen by Japan's Ministry of Economy, Trade, and Industry (METI). It is designed to act as a digital load balancer, adjusting mining output in response to grid supply and demand.

This move positions Japan as the 11th country to integrate Bitcoin mining into its national energy strategy, joining nations such as Russia, France, Bhutan, Iran, El Salvador, UAE, Oman, Ethiopia, Argentina, and Kenya. The initiative reflects a broader trend among governments to leverage Bitcoin mining to improve energy efficiency and grid stability, rather than simply regulating or taxing the sector. 

Kazakhstan: Kazakhstan is preparing to launch a 500M–1B crypto fund in January 2026, composed of seized digital assets. Central Bank Governor Timur Suleimenov told Bloomberg Law that the country remains "very careful about direct exposure to cryptocurrencies," preferring instead to invest through ETFs and crypto-related companies.