Headline
▌Fidelity's Ethereum-based tokenized fund surpasses $250 million in size, up 15% monthly
Fidelity's Ethereum-based tokenized U.S. Treasury fund has grown by 15% in the past month, surpassing $250 million in size. The report states that 2025 is the year of RWA, and the total on-chain value of RWA has now exceeded $36 billion, more than doubling since the beginning of the year. This market consists of tokenized U.S. Treasury bonds, bonds, and private credit. Private credit accounts for more than half of the industry's market capitalization, reaching $18.7 billion. In terms of the tokenization methods of these assets, Ethereum dominates, holding $11.6 billion worth of risk-weighted assets (RWA), accounting for more than 63.7% of the industry's total.
The National Bank of Kazakhstan (NBK) is considering investing up to $300 million in crypto assets, but the final size has not yet been determined and may be between $50 million and $250 million. NBK Chairman Timur Suleimenov stated that the recent sharp decline in the crypto market necessitates a cautious approach after the dust settles, and the funds will come from the central bank's foreign exchange reserves rather than the national fund. Kazakhstan has previously established a national crypto fund, Alem Crypto Fund, and completed its first investment in BNB. As of press time, according to CoinGecko data: BTC price is $90,571.78, a 24-hour change of -0.3%; ETH price is $3,000.28, a 24-hour change of +0.3%; BNB price is $881.55, a 24-hour change of +0.8%. SOL price is $135.28, a 24-hour change of -0.6%; DOGE price is $0.1468, a 24-hour change of -1.2%; XRP price is $2.17, a 24-hour change of -1.6%; TRX price is $0.2818, a 24-hour change of +0.3%. The price of WLFI is $0.159, with a 24-hour change of -0.7%; the price of HYPE is $32.22, with a 24-hour change of -6.3%. Policy: ▌Virtual currency speculation is on the rise; thirteen departments join forces to crack down on illegal financial activities. The People's Bank of China recently convened a meeting of the coordination mechanism for combating virtual currency trading and speculation. Officials from thirteen departments, including the Ministry of Public Security and the Cyberspace Administration of China, attended the meeting. The meeting required continued adherence to the prohibitive policy on virtual currencies and sustained crackdowns on illegal financial activities related to virtual currencies. The meeting pointed out that in recent years, all units have resolutely cracked down on virtual currency trading and speculation, and rectified the chaos in the virtual currency market, achieving significant results, in accordance with the requirements of the "Notice on Further Preventing and Handling Risks of Virtual Currency Trading and Speculation" jointly issued by the People's Bank of China and ten other departments in 2021. Recently, influenced by various factors, virtual currency speculation has resurfaced, and related illegal and criminal activities have occurred from time to time, posing new situations and challenges to risk prevention and control. The meeting emphasized that virtual currencies do not have the same legal status as legal tender, do not have legal tender status, and should not and cannot be used as currency in the market. Virtual currency-related business activities constitute illegal financial activities. Stablecoins are a form of virtual currency, and currently cannot effectively meet the requirements for customer identification and anti-money laundering, posing a risk of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers. This meeting required all units to regard risk prevention and control as a perpetual theme of financial work, continue to adhere to the prohibitive policy on virtual currencies, and continuously crack down on illegal financial activities related to virtual currencies. All units should deepen coordination and cooperation, improve regulatory policies and legal basis, focus on key links such as information flow and capital flow, strengthen information sharing, further enhance monitoring capabilities, severely crack down on illegal and criminal activities, protect the safety of people's property, and maintain the stability of economic and financial order.
▌US Secretary of State Rubio: Expects More Progress in Ukraine Talks
US Secretary of State Rubio: Expects More Progress in Ukraine Talks. US Secretary of State Rubio met with the Ukrainian negotiating delegation in Florida, and Rubio expressed his hope for an end to the Russia-Ukraine conflict.
Blockchain Applications
▌Nasdaq Crypto Head Matt Savarese Pledges to "Move Forward as Quickly as Possible" the Stock Tokenization Process
According to the head of Nasdaq's crypto business, the Nasdaq Stock Exchange is prioritizing obtaining approval from the U.S. Securities and Exchange Commission (SEC) for its proposal to "provide tokenized versions of listed stocks".
In an interview on Thursday, when asked if the SEC might approve the proposal this year, Matt Savarese, head of digital asset strategy at Nasdaq, said, "We will move this forward as quickly as possible." Savarese stated, "I think we first need to carefully evaluate the public feedback, and then respond to the SEC's questions one by one." He added, "We hope to begin collaborating with the SEC as soon as possible."
▌Musk: Grok is open-source software, anyone can use it for free
According to Jinse Finance, Tesla CEO Elon Musk stated that Grok is open-source software, and anyone can use it for free, without paying royalties or even attribution. We only ask for corrections of any errors so that it becomes more objective and accurate over time.
▌Google is marketing its TPUs to major clients, including Meta Platforms
According to The Information, Google is now marketing its Tensor Processing Units (TPUs) to major clients, including Meta Platforms, for use in their own data centers, directly eroding Nvidia's main business model.
Cryptocurrency
▌On-chain holdings in US spot Bitcoin ETFs reach $150 billion
According to Dune data, the total on-chain holdings in US spot Bitcoin ETFs have reached approximately 1.321 million BTC, representing 6.62% of the current BTC supply, with an on-chain value of approximately $149.7 billion.
▌Tether CEO Responds to FUD: Tether's Holding US Treasury Bonds Generates Approximately $500 Million in Profits Monthly
Tether CEO Paolo Ardoino posted on the X platform that, according to the latest forensic report for the third quarter of this year, Tether holds billions of dollars in excess reserve buffers, and Tether's total assets have reached approximately $215 billion, while stablecoin liabilities are approximately $184.5 billion. Furthermore, S&P's mistake lies in not considering that Tether's holdings of US Treasury bonds alone generate approximately $500 million in profit per month, and they may be doing this intentionally to support Tether's competitors.
▌Michael Saylor Releases Bitcoin Tracker Information Again, Possibly Hinting at Further Increase in BTC Holdings
Strategy founder Michael Saylor has again released information related to Bitcoin Tracker.
Based on past patterns, Strategy always discloses its increased Bitcoin holdings the day after the relevant news is released. Strategy CEO Phong Le recently stated publicly that the company will only consider selling Bitcoin if its mNAV falls below 1 and it cannot obtain new funding through financing—calling it a "last resort." Phong Le emphasized that this is not a long-term policy shift or a proactive sell-off plan, but rather a "financial decision" to be made only in extreme market and capital environment deterioration. Strategy released a new "BTC Credit" dashboard this month in response to recent market concerns about its debt and liquidity. The company stated that even with a prolonged period of low Bitcoin prices, its debt structure and cash flow coverage remain robust. BlackRock Executive: $2.34 Billion Outflow from IBIT This Month is Normal; Confident in the Long-Term Prospects of Spot ETFs
BlackRock's Bitcoin spot ETF, IBIT, experienced a net outflow of $2.34 billion in November, with approximately $463 million flowing out on November 14th and approximately $523 million on November 18th, breaking previous single-day outflow records twice. Cristiano Castro, BlackRock's Director of Business Development, stated that the $2.34 billion outflow is normal, and BlackRock remains confident in its long-term prospects. Bitcoin spot ETFs have become one of BlackRock's most important revenue sources, and their rapid growth is astonishing. The November outflow was simply due to previously strong demand.
Cristiano Castro told reporters, "Spot ETFs are very liquid and powerful tools; they exist to allow investors to flexibly allocate capital and manage cash flow. What we are seeing now is perfectly normal—this happens with any asset during a price correction, especially with a tool where retail investors make up a large proportion." With Bitcoin returning above $90,000 on Thursday, IBIT investors' cumulative unrealized gains are currently around $3.2 billion, successfully erasing losses from the previous Bitcoin correction. According to on-chain analyst @ai_9684xtpa, a 2016 ETH whale with a cost as low as $203.22 has allegedly sold 7,000 ETH in the past month via Wintertermute, with an average transfer price of $3,024. If sold, it would have yielded a profit of $19.745 million. The most recent suspected sell-off occurred an hour ago, with 1,000 ETH (worth $3.01 million) deposited into Wintermute; the whale currently holds 26,992.67 ETH, with a total value of approximately $80.99 million. Ethereum founder Vitalik Buterin posted on social media: "I hope Zcash can resist the erosion of 'token voting.' Token voting is problematic in many ways, and I think it's even worse than Zcash's current governance. Privacy is precisely that kind of property that will be eroded over time if left to the 'median preference of ordinary token holders.'" Rayls will conduct its TGE on December 1st. Rayls has announced that it will conduct its TGE on December 1st, 2025. Coinbase added Rayls (RLS) to its listing roadmap yesterday.
▌SUI, ENA, SANTOS and other tokens will see large-scale unlocking this week
According to Token Unlocks data, SUI, ENA, SANTOS and other tokens will see large-scale unlocking this week (all times are Beijing time). Specifically: Sui (SUI) will unlock approximately 55.54 million tokens at 8:00 AM on December 1st, accounting for 0.56% of the total supply, worth approximately $85 million; Ethena (ENA) will unlock approximately 95.31 million tokens at 8:00 AM on December 2nd, accounting for 0.64% of the total supply, worth approximately $27.2 million; Santos FC Fan Token (SANTOS) will unlock approximately 5.7 million tokens at 8:00 AM on December 1st, accounting for 19% of the total supply, worth approximately $12.7 million.
▌Hassett: I would be very happy to serve if Trump nominates me as Fed Chair
White House National Economic Council Director Hassett stated that he would be "very happy to serve" if President Trump nominates him as Fed Chair.
According to CME's "FedWatch," the probability of the Federal Reserve cutting interest rates by 25 basis points in December is 87.4%, while the probability of keeping rates unchanged is 12.6%. The probability of the Fed cumulatively cutting rates by 25 basis points by January next year is 67.5%, the probability of keeping rates unchanged is 9.2%, and the probability of a cumulative rate cut of 50 basis points is 23.2%. Central bank officials from various EU countries have pointed out that stablecoins backed by the US dollar may pose a threat to their monetary policy-making capabilities. The stablecoin market has experienced explosive growth over the past year, largely due to the legal certainty provided by the United States. Stablecoins are hitting record monthly market capitalizations, but European Central Bank (ECB) policymakers worry that increased adoption of these dollar-denominated assets during crises could trigger a range of problems. Issuers of euro- and pound-sterling-backed stablecoins acknowledge these risks, but argue that proposed solutions like a digital euro cannot quickly provide viable alternatives, and question the suitability of central bank digital currencies (CBDCs). Instead, issuers believe the key to addressing Eurodollarization lies in building a thriving European stablecoin ecosystem. Monetary policymakers are already pushing forward with the Eurozone's digital currency project. According to the ECB, the project aims to reduce the Eurozone's reliance on non-European providers, help consolidate the fragmented payments sector, and support innovation and competition. Significant uncertainties remain: it is unclear whether the digital euro will operate on blockchain or other proprietary systems; proposed holding limits will offset many inherent advantages of private stablecoins, such as scalability and decentralized access. Whether it's a private stablecoin or a digital euro closely overseen by the ECB, the sovereignty of European monetary policy depends on the development of digital currencies.
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