TickerTape
Weekly Global Stablecoin & CBDC Update
This Week's Stories (So Far)
The People’s Bank of China (PBOC) published the outcomes of a coordination meeting on virtual currency trading, where it explicitly categorized stablecoins as a type of “virtual currency” subject to strict prohibition. The central bank warned that stablecoins currently fail to meet adequate anti-money laundering (AML) and customer identification standards, posing significant risks for illicit cross-border fund transfers and fraud. While PBOC officials acknowledged the potential utility of stablecoins in global finance, they reaffirmed that mainland China’s ban on crypto trading and speculation remains absolute. Analysts suggest this solidified stance may force mainland institutions to be more cautious when engaging with Hong Kong’s nascent regulated stablecoin market, despite the “One Country, Two Systems” financial separation.
Key Takeaways:
- PBOC explicitly classifies stablecoins as “virtual currency” in new guidance dated Nov 29, 2025.
- Warning cites failure of stablecoins to meet AML standards and risks of illegal cross-border flows.
- Reinforces mainland China’s strict ban, distinguishing it from Hong Kong’s pro-crypto regulatory approach.
Why It Matters:
- Clarifies that China’s digital finance strategy remains focused solely on the e-CNY (CBDC), rejecting private stablecoins.
- Creates a “firewall” effect that may limit capital flows from mainland investors into Hong Kong’s approved stablecoin issuers.
- Signals that despite global trends (e.g., Japan and Europe advancing stablecoins), Beijing is not softening its crypto ban.
December 1, 2025 marks the close of the book-building period for Superbank (formerly Bank Fama), the Indonesian digital lender backed by Grab, Singtel, and KakaoBank. The bank targets raising up to 3.1 trillion rupiah (S$241.8 million) in an IPO scheduled for listing on the Indonesia Stock Exchange on December 17. Superbank plans to issue ~4.4 billion new shares (13% of enlarged capital) priced between 525 and 695 rupiah. The move follows a sharp financial turnaround, with the bank posting a 60.13 billion rupiah net profit in Q3 2025, driven by an 84% surge in loan disbursements leveraging Grab’s ecosystem data.
Key Takeaways:
- Superbank (Grab/Singtel/Kakao) closes IPO book building on Dec 1; listing set for Dec 17.
- Aims to raise ~$242M to fund loan expansion to underserved SMEs and consumers.
- First major digital-only bank listing in Indonesia since the pandemic boom.
Why It Matters:
- Tests investor appetite for Southeast Asian digital banks after the sector’s volatility.
- Proves the “ecosystem model” (leveraging Grab’s data for credit scoring) can drive profitability.
- Sets a valuation benchmark for other regional digital banks (e.g., GXS, MariBank) eyeing public markets.
Acting FDIC Chairman Travis Hill has told Congress that the FDIC will publish its first rulemaking under the GENIUS Act before the end of December, marking the start of a formal federal licensing regime for U.S. payment stablecoin issuers. The initial proposed rule will define the application framework for subsidiaries of FDIC‑supervised insured depository institutions that want to issue payment stablecoins. A second proposal, expected early next year, will lay out prudential standards, including capital, liquidity, and reserve diversification requirements, for these issuers. Hill also flagged upcoming guidance on tokenized deposits, aiming to clarify when tokenized bank liabilities remain traditional deposits. Together, these measures begin operationalizing the GENIUS Act’s three‑tier structure for federally and state‑qualified payment stablecoin issuers, moving the U.S. from abstract legislative text to concrete supervisory rules.
Key Takeaways:
- FDIC will issue its first GENIUS Act proposed rule for stablecoin issuer licensing this month.
- A second NPR on prudential standards for FDIC‑supervised payment stablecoin issuers is targeted for early 2026.
- Rules will cover capital, liquidity and reserve diversification for dollar‑backed stablecoins.
- FDIC is simultaneously drafting guidance on the regulatory status of tokenized deposits.
This is the first concrete supervisory step after passage of the GENIUS stablecoin law in July.
Why it Matters:
- Starts turning the GENIUS Act from high‑level law into operational rules issuers and banks must follow.
- Creates a clear federal path for banks to issue compliant payment stablecoins at scale.
- Signals that prudential bank‑style oversight (capital, liquidity, reserves) will be the norm for systemically relevant stablecoins.
- Provides the U.S. with a more credible, bank‑linked alternative to offshore stablecoin dominance.
- Sets an influential regulatory benchmark other jurisdictions may study or emulate.
Federal Reserve Vice Chair Michelle Bowman is heading into a House Financial Services Committee hearing with a message that innovation and stablecoins are welcome, but must be tightly regulated. In prepared remarks reported ahead of the session, Bowman will press lawmakers to support new rules for both banks and stablecoin issuers, emphasizing “healthy competition” under consistent prudential standards. She backs implementation of the GENIUS Act via robust capital and diversification requirements for payment stablecoin issuers, alongside clear supervisory frameworks for banks engaging with crypto and fintech firms. Bowman frames stablecoins as potentially efficiency‑enhancing for payments and credit access, but only if issuers are subject to bank‑level discipline on reserves, risk management and compliance. Her stance aligns the Fed more visibly with the emerging FDIC‑led regulatory architecture for U.S. dollar stablecoins.
Key takeaways
- Bowman will urge Congress to back tougher rules for banks and stablecoin issuers.
- Supports GENIUS Act implementation with strong capital and diversification standards for issuers.
- Stresses “responsible innovation”: innovation yes, but under strict supervision.
- Seeks a level playing field between banks and crypto/fintech players offering similar services.
- Positions the Fed as an active partner in stablecoin prudential regulation, not a bystander.
Why it Matters:
- Signals that U.S. stablecoin oversight will be driven by bank‑style prudential thinking, not just securities/commodities rules.
- Reinforces that dollar stablecoins are moving into the core of the banking policy agenda, not sitting at the margins.
- Increases political momentum behind coordinated GENIUS Act implementation across the Fed, FDIC and OCC.
- Suggests that non‑bank issuers will face bank‑like expectations if they want scale and legitimacy.
- Adds pressure on Congress to finish the wider crypto market structure package around a bank‑anchored stablecoin regime.
Kyrgyzstan has officially launched USDKG, a gold‑backed stablecoin pegged 1:1 to the U.S. dollar, with an initial issuance of $50 million. Issued on Tron (with plans to expand to Ethereum), USDKG is fully backed by physical gold reserves, audited by ConsenSys Diligence. The token is issued by OJSC Virtual Asset Issuer, a 100% state‑owned entity under the Ministry of Finance, operating under the country’s 2022 Law on Virtual Assets. Operational control of gold management is delegated to a domestic private company under contract, a structure deliberately designed to distinguish USDKG from a formal CBDC while preserving sovereign oversight. Authorities plan to scale backing to $500 million and eventually $2 billion, positioning USDKG as a tool for trade, remittances and cross‑border payments across Central Asia. This follows earlier moves recognizing a digital som CBDC and a separate som‑pegged stablecoin.
Key Takeaways:
- USDKG is a gold‑backed, USD‑pegged stablecoin with an initial $50m issuance on Tron.
- Issuer is 100% state‑owned, operating under Kyrgyzstan’s virtual asset law.
- Every token is backed by physical gold reserves, with audits by ConsenSys Diligence.
- Structure is explicitly not a CBDC but keeps strong sovereign oversight.
- Expansion targets: backing of $500m in the next phase, then $2b long term.
Why it Matters:
- Illustrates a hybrid model: state‑supervised, commodity‑backed stablecoin rather than a pure CBDC.
- Positions Kyrgyzstan as a regional first‑mover in regulated, asset‑backed digital currencies.
- Provides a real‑asset‑backed alternative to fiat‑only stablecoins, appealing to inflation and FX‑risk‑sensitive users.
- Could become a cross‑border settlement instrument for trade and remittances across Central Asia.
- Adds to the diversity of state‑linked stablecoin experiments that sit outside classic CBDC designs.
Israel’s central bank is pairing stricter stablecoin oversight with an accelerated roadmap for a retail digital shekel (CBDC). Governor Amir Yaron has warned that a $300B+ global stablecoin market with monthly volumes above $2T, dominated ~99% by Tether and Circle, has become systemically relevant, especially for cross‑border flows. Regulators want issuers to hold fully backed 1:1 reserves in highly liquid assets, with stronger transparency, reporting and AML/KYC rules as stablecoins move from trading venues into everyday payments. In parallel, project lead Yoav Soffer has outlined a 2026 roadmap for the digital shekel, targeting broad public use and positioning it as “central bank money for everything” inside Israel’s payment stack. Official recommendations on design and regulation are expected by the end of this year, aligning Israel’s timetable with the ECB’s digital euro work.
Key Takeaways:
- Bank of Israel views leading dollar stablecoins as systemically important to global money flows.
- Plans to require 1:1, high‑liquidity reserves and stronger oversight of major stablecoin issuers.
- Digital shekel project has a 2026 roadmap aiming for broad public, retail use.
- CBDC is framed as “central bank money for everything” in Israel’s payment system.
- Recommendations on digital shekel design and regulation are due by end‑2025.
Why it Matters:
- Shows a leading mid‑size economy treating stablecoins and CBDC as complementary levers of payments policy.
- Seeks to reduce dependence on foreign dollar stablecoins by building a domestic, state‑backed digital alternative.
- Adds to global momentum for high‑standard reserve and transparency regimes for large stablecoin issuers.
- Provides another real‑world example of a retail‑focused CBDC being designed around competition and innovation, not just wholesale use.
- Increases regulatory pressure on Tether, Circle and others operating in or touching the Israeli market.
Sony Bank, the online banking arm of Sony Financial Group, plans to issue a USD‑pegged stablecoin in the United States as early as fiscal 2026, according to reporting from Nikkei summarized by CoinDesk. The stablecoin is intended primarily for payments in Sony’s entertainment ecosystem, including games and anime, where users currently rely heavily on credit cards. Sony Bank has already applied for a U.S. banking license and intends to create a U.S. subsidiary to handle issuance. The move follows passage of the U.S. GENIUS Act, which now provides a federal framework for fully reserved, USD‑backed stablecoins, reducing regulatory uncertainty for large corporations. Sony is betting that a proprietary, regulated stablecoin can lower payment fees, tighten integration between content and payments, and give it a strategic foothold in the rapidly expanding U.S. stablecoin sector.
Key Takeaways:
- Sony Bank plans a USD‑pegged stablecoin for use in games and anime, targeted at U.S. users.
- Aims to leverage lower fees versus credit cards for digital content payments.
- Sony Bank has applied for a U.S. banking license and will form a local subsidiary for issuance.
- Strategy is enabled by new GENIUS Act regulatory clarity around USD stablecoins.
- Represents a major consumer brand entering regulated stablecoin payments.
Why it matters
- Signals that large global consumer firms now see regulated stablecoins as viable retail payment rails, not just trading tools.
- Could accelerate adoption of stablecoin payments in mainstream entertainment and gaming.
- Adds competitive pressure on existing U.S. payments rails (card networks, wallets) via lower‑fee, always‑on settlement.
- Showcases how clear U.S. regulation (GENIUS Act, forthcoming FDIC rules) can pull real‑economy players on‑chain.
- May prompt other tech and media conglomerates to explore branded or co‑branded stablecoins within regulated frameworks.
On December 1, 2025, Bloomberg reported that Hong Kong-based stablecoin issuer First Digital Group is planning to go public via a merger with a US-listed special purpose acquisition company (SPAC), CSLM Digital Asset Acquisition Corp III. The firm, which issues the FDUSD stablecoin, is finalizing a non-binding letter of intent for the deal. This move comes as crypto firms increasingly seek public listings to capitalize on favorable market conditions and regulatory clarity in jurisdictions like Hong Kong.
Key Takeaways:
- FDUSD issuer First Digital Group plans US listing via SPAC merger.
- Merging with CSLM Digital Asset Acquisition Corp III.
- Highlights the maturation of Hong Kong’s regulated stablecoin sector.
Why It Matters:
- FDUSD has rapidly become a major stablecoin (often used on Binance), and a public listing would provide transparency and capital.
- Demonstrates the “bridge” role Hong Kong firms are playing between Asian crypto activity and US capital markets.
Crypto markets opened December on the back foot as bitcoin fell toward USD84,000, dragging a wide swath of listed digital-asset plays lower. Crypto exchanges Coinbase, Gemini and Galaxy Digital lost around 6%, while major miners including MARA, Riot Platforms and Hive Digital dropped between 7% and 9% in early U.S. trading. Bitcoin treasury bellwether Strategy plunged 11% to its weakest level since October 2024 after unveiling a new USD1.44 billion cash reserve and cutting its 2025 profit and BTC yield targets. Ether- and Solana-focused treasury names such as BitMine, SharpLink Gaming, DeFi Development and Solana Company posted double‑digit declines, underscoring how rate jitters from the Bank of Japan are rippling through risk assets globally.
Key Takeaways:
- Bitcoin’s drop toward USD84,000USD 84,000USD84,000 sparked broad declines in crypto-related equities to start December.
- Exchange stocks COIN, GEMI and GLXY fell nearly 6% amid the sell-off.
- Mining names MARA, RIOT and HIVE slid 7% – 9% in early trading.
- Strategy shares sank 11% after the firm disclosed a large cash reserve and cut 2025 profit and BTC yield guidance.
- Ether and Solana treasury proxies including BMNR, SBET, DFDV and HSDT suffered double-digit losses.
Why It Matters:
- Shows how public crypto treasuries and miners remain highly leveraged to bitcoin price moves and macro shocks.
- Highlights growing sensitivity of digital-asset markets to global rate expectations, with Bank of Japan signals now a key driver.
- Underlines execution and balance-sheet risk for corporates using BTC and ETH as treasury assets.
- Offers early warning for broader risk sentiment, as crypto continues to trade as a 24/7 macro barometer.
Project Bayani, a joint white paper by PDAX, Saison Capital, and Onigiri Capital, outlines how asset tokenization can turn the Philippines into a “tokenized-first” capital market and expand investment access for millions of Filipinos. By converting assets such as government bonds, equities, and mutual funds into blockchain-based tokens, the report argues that even small-ticket investments, starting from around PHP 500, can be distributed directly through familiar mobile wallets like GCash, Maya, PDAX, and Coins.ph. Backed by forward-leaning BSP and SEC frameworks for VASPs, CASPs, and sandboxes, the study estimates that tokenized assets in the country could reach about USD 60 billion by 2030, positioning the Philippines as a leader in wallet-native, inclusive capital markets.
Key Takeaways:
- Tokenization lowers investment minimums and simplifies access to assets like government bonds, mutual funds, and equities via digital wallets.
- Around 14% of Filipinos already own crypto, far outpacing ownership of traditional products such as stocks and bonds.
- BSP and SEC have created enabling rules for VASPs, CASPs, and sandbox pilots, balancing innovation with consumer protection.
- Tokenized government bonds, distributed via PDAX and GCash, have already brought first-time retail investors into the market at low entry amounts.
- The report sizes the tokenization opportunity at roughly USD 60 billion by 2030 across public equities, government bonds, mutual funds, and other assets.
Why It Matters:
- Demonstrates a practical path for emerging markets to leapfrog legacy capital-market infrastructure using wallet-native tokenized assets.
- Strengthens financial inclusion by turning everyday payment apps into gateways for regulated savings and investment products.
- Offers policymakers and regulators a blueprint to align innovation, investor protection, and retail participation at scale.
- Signals to global issuers and fintechs that the Philippines is an early proving ground for large-scale tokenized finance.
Non-bank financial institutions (NBFIs), including investment funds, hedge funds, insurers and private credit lenders, now hold assets in major advanced economies that significantly exceed those of traditional banks, reshaping how monetary policy works. This shift reflects a global move from bank lending toward bond financing, with NBFIs acting as key intermediaries in government and corporate debt markets. The report finds that some NBFIs, especially leveraged hedge funds and bond funds with liquidity mismatches, can amplify the impact of rate moves on yields and financial conditions, while insurers and pension funds often dampen it. The growing weight of “other financial institutions” appears to strengthen overall policy transmission but also makes it less predictable, increasing the risk that central banks must respond to bouts of market stress triggered by NBFIs themselves.
Key Takeaways:
- NBFI assets now average around 400% of GDP in major advanced economies, surpassing the banking sector and increasingly dominating bond markets.
- Investment and hedge funds drive much of this growth, using leverage and liquidity transformation that can amplify rate shocks along the yield curve.
- Larger “other financial institutions” sectors are associated with stronger transmission of policy rates to long-term yields, financial conditions and GDP, while insurers and pension funds tend to dampen it.
- NBFI trading activity and leverage make monetary policy effects more state dependent, with rate hikes biting harder when hedge fund activity is high.
- Cross-border spillovers intensify as global investment funds rapidly adjust emerging market bond holdings in response to US monetary shocks.
Why It Matters:
- Central banks face greater uncertainty about how quickly and powerfully policy changes will hit the real economy, complicating rate-setting and guidance.
- The need to protect monetary transmission may force central banks to intervene as “market-makers of last resort” in stressed NBFI-dominated markets, blurring lines between crisis support and monetary easing.
- Traditional bank-focused operational frameworks may prove insufficient, raising difficult questions about if, when and how to extend liquidity backstops to selected NBFIs.
- For regulators and market participants, understanding NBFI balance sheet structures and leverage is becoming as important as monitoring banks for assessing global financial stability.
Powered by
