JPMorgan Chase issued $50 million in short-term bonds on Solana, settled in USDC: JPMorgan Chase issued $50 million in U.S. commercial paper for Galaxy Digital on the Solana blockchain, with Coinbase and Franklin Templeton participating in the subscription. Payment and redemption were both completed in USDC. This milestone transaction validates the efficiency of on-chain bond issuance, and JPMorgan Chase plans to expand to more securities categories in the future.
The SEC has approved the DTCC tokenization plan, enabling stocks, bonds, and government bonds to be tokenized on the blockchain: The U.S. Securities and Exchange Commission (SEC) has officially approved the DTCC's plan to tokenize stocks, bonds, and government bonds. SEC Chairman Paul Atkins emphasized that "the U.S. financial market is moving towards blockchain operation," and regulators are actively promoting the integration of traditional finance and blockchain.
Coinbase Launches AI Stablecoin Payment Protocol x402 V2: Coinbase has released an upgraded version of the x402 V2 protocol, designed specifically for AI agents. It supports wallet identity authentication, dynamic payment recipients, compatibility with multiple chains and fiat currencies, and provides a modular toolkit to enhance the flexibility and scalability of autonomous payment systems.
Keel Launches $500 Million Plan to Attract RWA to Solana: Keel, the on-chain capital platform of the Sky ecosystem, has launched a "tokenization competition" program, investing $500 million to support the issuance of RWA on the Solana network. Selected projects will receive funding and operational support, covering asset types such as debt and credit, to accelerate the on-chaining of real-world assets.
The Financial Stability Oversight Council (FSOC) removed its cryptocurrency risk warning from its latest report, strongly supporting dollar-denominated stablecoins. The report also withdrew its general warning about financial institutions' involvement in cryptocurrencies, stating that the growth of dollar-denominated stablecoins will strengthen the dollar's global position and that only the risk of abuse needs to be addressed—a stark contrast to the regulatory stance taken during the Biden administration.
The CFTC has revoked its 2020 guidance on "physical delivery" of digital assets: The acting chairman of the CFTC announced the revocation of the old guidance from 2020, calling it "outdated and complex," and stating that it aligns with the recommendations of the Digital Assets Working Group to further advance a crypto-friendly regulatory framework.
Substantial progress has been made in US crypto legislation, with the Senate nearing a vote. Regulatory officials stated that bipartisan senators met with Wall Street bank executives, and negotiations on a crypto market structure bill have made "substantial progress," aiming to solidify the US's status as the "global crypto capital." Trump's nominees, CFTC Chairman Mike Selig and FDIC Chairman Travis Hill, passed procedural votes and will face a final vote next week.
The SEC will host a crypto roundtable focusing on financial surveillance and privacy: The SEC’s crypto task force is scheduled to hold an in-person roundtable on December 15 to discuss policies related to financial surveillance and privacy. The meeting will be streamed live on the SEC’s website to gather feedback for the refinement of future regulatory rules.
124 Crypto ETPs are Registering in the US, with BTC-related ones accounting for the largest share: According to Bloomberg analyst data, as of the end of 2025, there are 124 crypto-related ETP registration applications in the US market, including 21 Bitcoin-related applications (18 of which are derivative structures), 10 XRP-related applications, 9 Solana-related applications, 7 Ethereum-related applications, and 42 spot applications.
CBOE Approves 21Shares XRP ETF Listing: The Chicago Board Options Exchange has officially approved the listing of the 21Shares Ripple ETF, introducing more compliant investment channels to the XRP ecosystem. XRP has already seen a continuous influx of large amounts of capital. Binance Launches Spot Gold Perpetual Contracts, Expanding Traditional Asset Classes: Binance Futures has added XAU (spot gold) perpetual contract trading, its first perpetual contract product in a traditional asset category, further bridging the gap between crypto and traditional financial market trading categories.
ETHZilla plans to redeem $516 million in convertible bonds ahead of schedule: Ethereum treasury company ETHZilla announced that it plans to redeem $516 million in convertible bonds in full by December 30, at a redemption price of 117% of face value (including accrued interest), with the funds coming from the release of restricted cash collateral.
Terra-Luna collapse verdict: Do Kwon sentenced to 15 years in prison. Do Kwon, founder of Terraform Labs, was sentenced to 15 years in prison by the Southern District of New York for the 2022 Terra-Luna collapse (which wiped out $40 billion), a longer term than the 12 years proposed by prosecutors. The judge found him guilty of misleading investors and concealing systemic flaws.
21Shares predicts: Bitcoin will end its four-year cycle and RWA will reach $500 billion: 21Shares released its 2026 report, predicting that Bitcoin will break away from the traditional four-year cycle and become a mature macro asset; the global size of crypto ETPs will increase to $400 billion, the supply of stablecoins will reach $1 trillion, and the total locked value of RWA will exceed $500 billion.
Vanguard is bullish on blockchain but cautious about Bitcoin: Vanguard's John Ameriks stated that blockchain technology can improve settlement efficiency and reduce costs, but he questions whether it can be used without cryptocurrencies. He believes that if asset tokenization cannot become mainstream, Bitcoin is merely a "digital toy."
Alliance DAO Co-founder: Quality Stocks to Outperform L1 Tokens Over the Next 10 Years: QwQiao, co-founder of Alliance DAO, stated that growth in the blockchain industry does not equal profit, and competition will lower industry profits. He believes that quality stocks will outperform the L1 token index over the next 10 years, refuting the notion that "growth inevitably leads to market capitalization increases."
The US government's $9 trillion debt will mature in 2026, and interest costs will double: Most of the US government's $9 trillion debt will mature in 2026, which consists of low-interest treasury bonds issued in 2021 (interest rate of 0.8%). The rollover rate will rise to 4.0%, and interest costs will increase fourfold. Interest payments on treasury bonds may exceed $1 trillion for the first time in 2026, requiring the issuance of $11 trillion in treasury bonds to cope with the situation.
HSBC predicts the Fed will keep interest rates unchanged in 2026-2027: HSBC Securities stated that the Fed will maintain the interest rate range of 3.5%-3.75% in the next two years. Powell stated after the meeting that he is open to further rate cuts, but there are two-way risks in economic evolution, and the conditions for continued rate cuts are not yet in place.
The probability of the Federal Reserve keeping interest rates unchanged in January is 75.6%: CME's "FedWatch" data shows that the probability of the Fed keeping interest rates unchanged in January is 75.6%, while the probability of a 25 basis point rate cut is 24.4%; the cumulative probability of a 25 basis point rate cut by March is 40.4%, while the probability of a 50 basis point rate cut is only 7.6%.
