Headline
▌JPMorgan Chase Deploys JPM Coin on the Base Blockchain
JPMorgan Chase has deployed its digital deposit token, JPM Coin, on Coinbase's Base blockchain, marking the Wall Street giant's first large-scale integration into a public blockchain ecosystem. Unlike stablecoins, JPM Coin is a digital mapping of interest-bearing bank deposits, transfers limited to whitelisted users. This move responds to institutional clients' demand for on-chain bank deposit products, currently primarily used for collateral and margin payments in crypto trading. JPM emphasizes that its deployment method features complete access control and risk isolation, reflecting the shift of traditional finance towards DeFi.
Solana treasury company Forward Industries puts FWDI shares on-chain through Superstate. Forward Industries (FWDI), a Solana treasury company, announced the issuance of its SEC-registered shares on the Solana blockchain through Superstate's Opening Bell platform, making it publicly traded equity directly usable in DeFi. The company holds approximately 6.8 million SOL tokens, with net assets of approximately $832 million, exceeding the combined size of the next three largest Solana digital asset treasuries. The tokenized FWDI uses Solana's SPL standard, allowing for broad integration within the Solana DeFi ecosystem and already supporting collateral for the Kamino lending protocol, enabling stablecoin lending via the Pyth real-time price oracle. As of press time, according to CoinGecko data: BTC price is $85,510.76, a 24-hour change of -0.6%; ETH price is $2,830.06, a 24-hour change of +0.2%; BNB price is $829.53, a 24-hour change of -1.5%. SOL price is $119.63, a 24-hour change of -2.8%; DOGE price is $0.1224, a 24-hour change of -3.0%; XRP price is $1.81, a 24-hour change of -2.5%; TRX price is $0.2794, a 24-hour change of +0.1%. WLFI price is $0.126, 24-hour change -2.5%; HYPE price is $22.54, 24-hour change -7.6%. Policy: David Sacks: We are “closer than ever” to passing cryptocurrency market structure legislation. White House cryptocurrency and artificial intelligence director David Sacks stated on the X platform that we are “closer than ever” to passing cryptocurrency market structure legislation and expect to complete this work in January.
▌ECB President Lagarde: Digital Euro to Reach a Crucial Moment
ECB President Lagarde: Digital euro is reaching a crucial moment; it is now a top priority for the Governing Council and Parliament.
Blockchain Applications
▌ICE, Parent Company of NYSE, in Talks to Invest in Crypto Payments Company MoonPay
Bloomberg, citing sources familiar with the matter, reported that Intercontinental Exchange (ICE)—the owner of the New York Stock Exchange—is in talks to participate in a funding round for crypto payments company MoonPay.
**Trump Media Technology Group to Merge with TAE Technologies in an All-Stock Transaction** Market News: Trump Media Technology Group (DJT.O) will merge with TAE Technologies in an all-stock transaction, with the deal expected to close in mid-2026. Following the merger, the company expects to select a site and begin construction of its first utility-scale nuclear fusion power plant in 2026. Fusion energy will pave the way for US AI dominance and energy security. The deal values each TAE share at $53.89. **Fuse Energy, a Solana-based DePIN project, Raises $70 Million in Series B Funding** According to SolanaFloor, Fuse Energy, a DePIN project based on the Solana blockchain, announced the completion of a $70 million Series B funding round. This funding round was led by Lowercarbon Capital and Balderton Capital, valuing the company at $5 billion. Cryptocurrency ▌Approximately $23 billion in Bitcoin options will expire next Friday
According to a Bloomberg article, approximately $23 billion in Bitcoin options will expire next Friday, representing more than half of the open interest on Deribit, the largest Bitcoin options platform, indicating a significant increase in market volatility.
▌BlackRock transfers approximately 6,952 ETH to Coinbase Prime, worth nearly $20 million
According to Arkham monitoring data, yesterday BlackRock transferred a total of approximately 6,952 ETH, worth approximately $19.86 million, to a Coinbase Prime address through its Ethereum exchange-traded fund ETHA.
▌Total stablecoin supply has grown by 33% this year, exceeding $304 billion
According to data from Delphi Digital, the total supply of stablecoins has grown by 33% this year, exceeding $304 billion; its adjusted monthly transaction volume has now surpassed Visa and PayPal.
▌Total market capitalization of gold-backed stablecoins has exceeded $4 billion
According to market news: Currently, the total market capitalization of gold-backed stablecoins has exceeded $4 billion, nearly doubling from $1.3 billion at the beginning of 2025. Among them, Tether Gold (XAUT) dominates, with a market capitalization of approximately $2.2 billion, accounting for 50% of the total market capitalization in this sector.
▌Bitwise Files S-1 Registration Statement with SEC for SUI Spot ETF
According to market news, Bitwise has filed an S-1 registration statement with the US SEC for its SUI spot ETF.
▌A Whale's Multi-Signature Wallet Stolen Due to Private Key Leak, Losing Approximately $27.3 Million
According to PeckShield monitoring, a whale's multi-signature wallet was stolen due to a private key leak, resulting in a loss of approximately $27.3 million.
The attacker has laundered $12.6 million (equivalent to 4,100 ETH) through TornadoCash and still holds approximately $2 million in liquid assets. Furthermore, the attacker also controls the victim's multi-signature wallet, which still holds a leveraged long position on the decentralized lending platform Aave—collateralizing $25 million worth of ETH and borrowing $12.3 million in the decentralized stablecoin DAI.
Important Economic Developments
▌Hassett: Latest CPI Report Surprisingly Good; Fed Has Significant Room for Rate Cuts
On Thursday, White House National Economic Council Director Hassett welcomed the November CPI report, stating that the US economy is showing signs of high growth and declining inflation.
▌US Core CPI Unexpectedly Slows to Lowest Level Since 2021
According to a report affected by the government shutdown, the US underlying inflation rate rose year-on-year in November, but at its slowest pace since the beginning of 2021. Data released by the US Bureau of Labor Statistics on Thursday showed that the core CPI, excluding volatile food and energy prices, rose 2.6% in November. Two months earlier, the year-on-year increase was 3%. The overall CPI rose 2.7% year-on-year in November. Due to the government shutdown, the US Bureau of Labor Statistics was unable to collect most of the price data for October, which limited the agency's ability to determine broader inflation indicators and month-on-month changes in many key categories in November.
▌US interest rate futures market pricing indicates that the Federal Reserve is expected to cut interest rates by 62 basis points next year
US interest rate futures market pricing indicates that the Federal Reserve is expected to cut interest rates by 62 basis points next year after the release of CPI data.
▌The probability of the Federal Reserve keeping interest rates unchanged in January next year is 73.4%
According to CME's "FedWatch": the probability of the Federal Reserve cutting interest rates by 25 basis points in January next year is 26.6%, and the probability of keeping interest rates unchanged is 73.4%. By March next year, the probability of a cumulative rate cut of 25 basis points is 46.8%, the probability of keeping interest rates unchanged is 41.8%, and the probability of a cumulative rate cut of 50 basis points is 11.5%.
▌US interest rate futures market pricing indicates that the Federal Reserve is expected to cut interest rates by 62 basis points next year after the release of CPI data.
▌The probability of the Federal Reserve keeping interest rates unchanged in January next year is 73.4%.
Golden Encyclopedia
▌How Prediction Markets Exacerbate Insider Trading and Credit Risk
Prediction markets such as Kalshi and Polymarket are booming, with trading volumes reaching billions of dollars. But observers are concerned about the ethical issues and potential credit risks posed by large prediction betting platforms. In recent weeks, concerns about false reporting and insider trading have intensified, with some analysts arguing that this is further exacerbating credit risk. Prediction markets open up a wide range of possibilities for betting events, from specific aspects of sports competitions to the outcome of wars. In some cases, this has led to insider manipulation of the market for specific purposes.
Allegations of market manipulation are not limited to insider trading.
A report released in November by researchers at Columbia Business School showed that fraudulent trading—that is, "buying and selling securities to artificially inflate trading volume without holding actual net positions"—has rebounded to nearly 20% of total trading volume by October 2025, and averaged 25% of all trading volume on Polymarket. This year, prediction platforms have received several important regulatory approvals. Others argue that this could pose a risk to the financial and credit system. These risks could put pressure on credit quality, and the online gambling market "presents a new kind of risk to lenders that they have never encountered before, and underwriting models may need to be adjusted." In addition to lacking proper gambling licenses, these platforms also pose a "serious risk" to consumers, who may not realize that betting on these illegal platforms does not guarantee the safety of their funds or information.
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