Hi Investors,
Another busy week in the DAE, marked by real momentum across institutional partnerships, onchain market structure, and the regulatory landscape. Kraken continued its expansion in Europe through a deep integration with Deutsche Börse and the acquisition of Backed, while Kalshi advanced both its onchain strategy and mainstream distribution footprint. But the most notable signal came from Washington: incoming SEC Chair Paul Atkins stated that all U.S. markets will be on chain within two years - a clear validation of the direction in which financial infrastructure is heading. Across RWAs, stablecoins, and decentralized AI, adoption trends continued to accelerate, underscoring how quickly digital-asset rails are becoming embedded in the global financial system.
Below are the key developments:
Market Moves
Incoming SEC Chair Paul Atkins said “all U.S. markets will be on chain within two years,” calling tokenization inevitable and infrastructure-upgrading
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Kalshi began tokenizing thousands of its CFTC-regulated prediction markets on Solana, enabling onchain trading via Jupiter, DFlow, and other venues
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The CFTC approved listed spot crypto products on CFTC-registered exchanges for the first time, with Bitnomial set to launch spot and leveraged spot markets
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Vanguard reversed its long-standing stance and will now allow crypto ETFs to trade on its platform
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Binance appointed co-founder Yi He as co-CEO alongside Richard Teng, marking its biggest governance shift since CZ’s exit
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Paribu acquired CoinMENA in a deal valued up to $240MM, Türkiye’s largest fintech transaction to date
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BlackRock said accelerating U.S. debt growth will be a key driver of crypto adoption, highlighting Bitcoin and tokenized assets in a new report on AI and macro trends
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Sony Bank plans to launch a USD-pegged stablecoin for games and anime content, partnering with Bastion and pursuing a U.S. banking license
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Polymarket began opening access to its U.S. app for waitlisted users ahead of a broader domestic rollout
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Portfolio Headlines
Bitfury committed $50MM to Gonka as the first deployment from its $1Bn ethical tech initiative
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Circle partnered with OpenMind to develop USDC-powered machine-to-machine micropayment standards for autonomous AI transactions
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Doodles announced a Solana expansion with a free claim of 25,000 “Doopie Cubes” for OG holders and Dooplicators
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Kraken and Deutsche Börse Group formed a multi-layer partnership linking FX, crypto, and tokenized assets under a shared institutional stack
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Kraken agreed to acquire Backed Finance, bringing xStocks tokenized-equity issuance and infrastructure fully in-house
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Kraken launched a high-touch VIP program with dedicated coverage, enhanced liquidity access, and priority support for ultra–high-net-worth traders
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Ledger researchers disclosed an unpatchable boot ROM flaw in MediaTek’s Dimensity 7300 chip that enables EM attacks compromising smartphones and mobile wallets.
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Charts of the Week
Figure now represents over 70% of all onchain RWA private credit outstanding, with no other issuer operating at comparable scale
Stablecoin activity now accounts for roughly 40% of all Ethereum mainnet transactions
Solana now accounts for nearly half of all x402 transactions over the past week, continuing to take share from Base
Notable Raises
Bitstack – MiCA-Licensed Bitcoin Savings App
Raised $15MM in a Series A round to expand its regulated Bitcoin savings and investment platform across Europe
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Canton / Digital Asset – Institutional Blockchain
Raised $50MM from BNY, iCapital, Nasdaq, and S&P Global to accelerate deployment of the Canton Network and expand its enterprise tokenization tools
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Fin – Stablecoin-Based Global Payments Platform
Raised $17MM in a Series A led by Pantera to build a high-value, instant global payments network powered by stablecoins
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Ostium – Onchain Perpetuals for Traditional Markets
Raised a $20MM Series A (plus a prior $4MM strategic round) to scale its Arbitrum-based perpetuals platform offering crypto-native access to traditional assets
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Portal to Bitcoin – Atomic Cross-Chain OTC Desk
Raised $25MM to launch its atomic-swap OTC desk enabling large cross-chain trades without wrapped assets or custodial risk
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Industry News
Plume launched its first Nest Vaults on Solana, offering institutional RWA yield products backed by private credit and U.S. Treasuries
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Lighter expanded beyond derivatives by launching spot trading, starting with ETH, following strong volume growth
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Curve launched its first onchain FX pool (CHF/USD) on Ethereum using ZCHF and crvUSD with its new FXSwap algorithm
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Germany and Switzerland shut down a $1.4Bn crypto mixer in a Europol-led anti–money laundering operation
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China signaled a renewed crackdown on crypto activity as authorities moved to curb speculative trading
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Kalshi asked a federal court to block Nevada regulators from applying state gambling rules to its prediction markets after a cease-and-desist order
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The FDIC said it will propose a framework for implementing the GENIUS Act, including licensing and prudential standards for bank-affiliated stablecoin issuers
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Canada’s tax authority obtained data on 2,500 Dapper Labs users in its second crypto tax probe, highlighting enforcement gaps despite $72MM recovered since 2020
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Poland became the EU’s lone MiCA holdout after parliament failed to overturn the president’s veto of its crypto bill, forcing lawmakers to restart the process
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X is hiring for its payments platform as Elon Musk explores onchain integrations, with Solana ecosystem teams signaling interest in supporting the buildout
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Startale launched USDSC, an institutional-grade USD stablecoin for Sony’s Soneium L2, with M^0 providing the infrastructure
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Opera and the Celo Foundation expanded their MiniPay partnership to scale low-cost stablecoin payments across Asia and South America
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Israel’s central bank released updated stablecoin oversight as it advances development of a digital shekel
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Stablecoin issuer First Digital is exploring a SPAC merger to go public and accelerate global expansion
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Taurus partnered with Everstake to add institutional staking (Solana, NEAR, Cardano, Tezos) to its Taurus-PROTECT custody platform
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Crypto.com and Trump Media moved closer to launching a publicly traded Cronos (CRO) treasury via a business combination with Yorkville’s SPAC
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Fanatics and Crypto.com launched Fanatics Markets, a two-phase prediction-markets app starting with sports/finance/economics before expanding to crypto, stocks, and culture
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Looking Ahead
December 8th-9th: Bitcoin MENA
December 8th-9th: Blockchain Association Policy Summit
December 11th-13th: Solana Breakpoint
Media & Insights
📄 Research Piece of the Week: Anthropic
AI agents find $4.6MM in blockchain smart contract exploits
📌 Post of the Week: Adi Dave
Solana DEX Wars