Author: Deep Tide TechFlow
Market Dynamics Yesterday
The acting chairman of the US FDIC stated that a stablecoin regulatory framework will be proposed in December.
According to CoinDesk, Travis Hill, the acting chairman of the Federal Deposit Insurance Corporation ( FDIC ), plans to announce at the House Financial Services Committee hearing on Tuesday that the FDIC will propose the first implementation rules for the National Innovation Stablecoin Guidance Act ( GENIUS Act ) by the end of December, establishing a regulatory framework for applications from stablecoin issuers. In his prepared testimony, Hill stated that the FDIC has begun to formulate rules for implementing the GENIUS Act and plans to propose prudential requirements for payment stablecoin issuers under FDIC supervision early next year. The agency is also developing guidelines on the regulatory status of tokenized deposits based on recommendations from the President's Working Group on Digital Asset Markets.
Federal Reserve officials will advance the formulation of regulatory rules for stablecoins.
According to Bloomberg, Michelle Bowman, a senior banking regulator at the Federal Reserve, plans to announce on Tuesday at a hearing before the House Financial Services Committee that she will work to establish new regulatory rules for banks and stablecoins. This initiative aims to ensure healthy competition among traditional financial institutions on Wall Street, fintech companies, and cryptocurrency businesses. In her prepared remarks, Bowman emphasized that the responsibility of regulators is to encourage innovation in a responsible manner while continuously enhancing their oversight capabilities regarding the safety and soundness risks that innovation may bring.
Bank of America: Expects the Federal Reserve to cut interest rates by 25 basis points in December, while the previous forecast was no rate cut.
According to Jinshi data reports, the Global Research Department of Bank of America expects the Federal Reserve to cut interest rates by 25 basis points in December 2025, whereas the previous forecast was no rate cut.
Sony Bank will issue a US dollar stablecoin in the fiscal year 2026 in the United States.
According to a report by Nikkei, Sony Bank plans to issue a stablecoin pegged to the US dollar in the fiscal year 2026 at the earliest, and it aims to use it for payments related to gaming and anime content within its ecosystem.
Zama: A total of 10% of ZAMA tokens will be sold through a Dutch auction on the Ethereum blockchain.
According to the official announcement, the fully homomorphic encryption network Zama has officially announced that it will sell 10% of the total ZAMA token supply through a sealed bid Dutch auction on Ethereum, with the auction maintaining bid confidentiality using fully homomorphic encryption (FHE). The tokens will be unlocked immediately.
The auction period is from January 12 to 15, and the token distribution date is January 20. ZAMA is the utility token of the Zama protocol, with the mainnet expected to launch by the end of the year.
According to previous news, Zama raised $73 million in Series A funding, led by Multicoin Capital; and $57 million in Series B funding, led by Pantera Capital.
Kalshi launches tokenized prediction platform on Solana
The prediction market platform Kalshi announced that its tokenized prediction services have launched on the Solana blockchain, with over $2 million in builder grant applications now open, and plans to expand to more blockchains in the future. At the same time, Kalshi has launched the Builder Codes program, allowing developers to build applications on its global liquidity pool without permission through platforms such as DFlow or Jupiter Exchange, and earn fees and rewards proportional to trading volume.
HashKey Holdings Limited has passed the hearing by the Hong Kong Stock Exchange and plans to go public in Hong Kong.
According to the Hong Kong Stock Exchange's disclosure on December 1, HashKey Holdings Limited (a limited company registered in the Cayman Islands) has passed the hearing of the Hong Kong Stock Exchange and officially initiated the process for listing in Hong Kong. JPMorgan, Citic Securities, and Guotai Junan International are serving as joint sponsors for this IPO.
Main Information:
The company has released the information package after the hearing and is currently in the preparation stage for listing.
The expected price range for this IPO is [编纂] HKD to [编纂] HKD per share.
The number of shares issued, the number of shares publicly offered, and the number of shares allocated are all [compiled] (subject to adjustment as necessary).
Par value per share is $0.00001
The issue price is expected to be determined through negotiations between the overall coordinator and the company.
It should be noted that the data set after this hearing is only a draft and is not complete, and may undergo significant changes. Investors should wait for the official prospectus to be published and make investment decisions solely based on the official prospectus registered with the Hong Kong Companies Registry.
Binance will delist SXPUSDT, MILKUSDT, OBOLUSDT, TOKENUSDT contracts.
According to the official announcement, Binance contracts will be automatically liquidated at the following times:
December 5, 2025 17:00 (UTC+8): SXPUSDT and MILKUSDT U-margined perpetual contracts;
December 5, 2025, 17:30 (UTC+8): OBOLUSDT and TOKENUSDT U-based perpetual contracts.
After the automatic liquidation ends, Binance will delist the above perpetual contract trading pairs.
In addition, Binance will add observation tags for Tranchess (CHESS), Dent (DENT), dForce (DF), Aavegotchi (GHST), and Solar (SXP). Compared to other listed tokens, tokens with observation tags may have higher volatility and risk.
PeckShield: In November, the losses from crypto security incidents reached nearly $200 million, a 969% increase compared to the previous month.
According to PeckShield statistics, approximately 15 major cryptocurrency attacks occurred in November 2025, resulting in total losses of about $194.27 million, a staggering increase of 969% compared to October's $18.18 million. The five major attack incidents are: Balancer v2 and its branches lost $137.4 million, with $39 million ( recovered; Upbit lost $36 million; Yearn Finance lost $9 million; HLP bad debt was $4.95 million; and GANA PayFi lost $3.1 million.
Strategy establishes a $1.44 billion dollar reserve for dividends.
According to the official announcement, Strategy (formerly MicroStrategy) purchased 130 bitcoins between November 17 and November 30, with a total amount of 11.7 million dollars.
In addition, Strategy has established a dollar reserve worth $1.44 billion for dividends.
BitMine increased its holdings by 96,798 ETH last week, bringing the total holdings to 3,726,499 ETH.
BitMine announced that it increased its holdings by 96,798 ETH last week, bringing its total holdings to 3,726,499 ETH. In addition, the company disclosed that it holds 192 BTC, shares of Eightco Holdings worth $36 million, and $882 million in cash without any liabilities.
Market Dynamics
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