Grayscale will be listed on the NYSE. Cash App adds stablecoin and BTC support.

Headlines

▌Grayscale Announces IPO Details: Will Be Listed on the NYSE, Stock Code “GRAY”

The cryptocurrency asset management company Grayscale has submitted an IPO application and announced its IPO listing details on platform X. It is reported that the company's Class A common stock will be listed on the New York Stock Exchange under the ticker symbol “GRAY.” Morgan Stanley, Bank of America Securities, Jefferies, and Cantor will serve as the lead underwriters for the IPO, while Wells Fargo Securities, Canaccord Genuity, Piper Sandler, Keefe, Bruyette & Woods, and Needham & Company will also participate in the underwriting.

▌Cash App, owned by Jack Dorsey, will add support for stablecoins and Bitcoin payment features

Payment platform Cash App has announced plans to expand its cryptocurrency services, intending to launch stablecoin support features in early 2026, allowing users to send and receive cryptocurrencies pegged to the US dollar. Users will receive exclusive blockchain addresses, and the system will automatically convert between US dollars and stablecoins. Additionally, Cash App will introduce merchant Bitcoin payment features, enabling users to pay without holding Bitcoin; they can simply scan the merchant's QR code, and the platform will automatically convert the user's cash into Bitcoin for payment. As a “Bitcoin-first” company, this move demonstrates that even staunch Bitcoin supporters are beginning to pay attention to the development potential of the stablecoin sector. This area has recently been active, including events such as Stripe's acquisition of Bridge, Trump's signing of the Genius Act, and Mastercard's acquisition of a stablecoin company.

Market

As of the time of writing, according to CoinGecko data:

The price of BTC is $100,286, with a 24-hour change of -1.5%;

The price of ETH is $3,262.38, with a 24-hour change of -4.3%;

The price of BNB is $929.74, with a 24-hour change of -2.6%;

The price of SOL is $145.64, with a 24-hour change of -5.0%;

The price of DOGE is $0.1646, with a 24-hour change of -3.3%;

The price of XRP is $2.33, with a 24-hour change of -2.1%;

The price of TRX is $0.2932, with a 24-hour change of -0.6%;

The price of WLFI is $0.1452, with a 24-hour change of -1.0%;

The price of HYPE is $39.00, with a 24-hour change of +1.8%.

Policy

▌US FDIC: Developing guidelines for “Deposit Tokenization Insurance”, emphasizing that the legal nature of on-chain deposits is consistent with traditional deposits

Travis Hill, Acting Chairman of the Federal Deposit Insurance Corporation (FDIC), stated that the agency is working on guidelines for “deposit tokenization insurance” to provide regulatory direction for financial institutions planning to expand into digital asset businesses. Hill emphasized that the legal nature of deposits should remain unchanged, whether in the traditional financial system or when migrating to blockchain or distributed ledgers.

▌The U.S. Department of Justice establishes a “Fraud Center Strike Force” to combat cryptocurrency fraud in Southeast Asia

According to U.S. media reports, the Department of Justice has announced the establishment of a new “Fraud Center Strike Force” aimed at combating the surge of cryptocurrency investment frauds perpetrated by transnational organized crime groups operating in Southeast Asia. In a statement on Wednesday, the department said that this interagency task force aims to investigate, disrupt, and prosecute the most egregious fraud schemes, which are estimated to defraud Americans of nearly $10 billion annually. Criminal networks are running these schemes from camps in Cambodia, Laos, and Myanmar, where in some areas, fraud proceeds could account for nearly half of the local GDP. Victims in the U.S. are often lured into transferring funds to fake cryptocurrency websites and applications hosted by U.S. companies, but this money is subsequently laundered overseas.

▌The Czech National Bank becomes the world's first central bank to purchase Bitcoin

The Czech National Bank ( CNB ) announced on November 13, 2025, the creation of a cryptocurrency test investment portfolio worth $1 million, becoming the world's first central bank to incorporate Bitcoin into its balance sheet. The portfolio includes Bitcoin, US dollar stablecoins, and tokenized deposits, aiming to test the processes of purchasing, holding, and managing blockchain assets. CNB President Aleš Michl stated that this move is intended to test decentralized Bitcoin from the perspective of a central bank and assess its potential role in reserve diversification. The plan was approved by the board on October 30, 2025, and the investment does not increase from existing international reserves. Although the Czech Republic is a member of the European Union, it has not adopted the euro, which gives its central bank a certain degree of independence compared to other European countries.

Blockchain Applications

▌The Chicago Mercantile Exchange will launch a prediction market in a few months, but will avoid sports events

Cboe Global Markets Inc. plans to launch its own prediction market service within a few months, but unlike some competitors, the company will currently avoid launching sports-related offerings. The industry offers event contracts regulated by the federal government.

▌Bank of New York Mellon Launches Money Market Fund Designed for Stablecoin Issuers

According to U.S. media reports, Bank of New York Mellon is launching a money market fund tailored specifically for stablecoin issuers, who need to comply with the recently signed U.S. stablecoin law. The bank's BSRXX is one of the first funds specifically designed for stablecoin providers, aimed at providing them with an investment venue where they can deposit the funds received when issuing new tokens, while complying with the “GENIUS Act,” which was signed into law by Trump earlier this year. This law requires that issuers of U.S. dollar-backed digital tokens invest their reserves in ultra-safe investments, with durations shorter than traditional money market funds. Stephanie Pierce, deputy head of the Bank of New York Mellon Investment Company, stated that the design of the new fund aims to meet the legal requirements by only holding securities with maturities of 93 days or less.

▌Musk: X Money is about to launch

Musk stated, “X has just launched a whole new set of communication features, including encrypted messaging, audio and video calls, and file transfers. X Money is about to go live.”

▌Musk claims that the statement about “AI company xAI financing” is false

Market news: Musk stated that the news regarding XAI financing is “false.” Previously, it was reported that XAI raised $15 billion in Series E funding.

▌Ripple plans to invest $4 billion to build prime brokerage services, custody services, fund management tools, and promote stablecoins

According to Cointelegraph, Ripple plans to invest $4 billion to build a prime brokerage, custody services, fund management tools, and promote stablecoins to connect cryptocurrency with Wall Street.

▌Cryptocurrency payment platform MoonPay launches enterprise stablecoin service

The cryptocurrency payment platform MoonPay announced the launch of its enterprise stablecoin business. The company also announced integration with the open infrastructure MO, providing support for developers of application-based stablecoins. It is reported that this integration allows MoonPay to issue and manage fully reserved digital dollars across multiple blockchains, thereby providing enterprises with tools for large-scale deployment of customized and interoperable stablecoins.

▌France Fully Lifts Travel Ban on Telegram CEO

During the French authorities' investigation of the messaging platform Telegram, the travel ban on the company's CEO Pavel Durov has been completely lifted. Law enforcement has been investigating whether Durov conspired to allow criminal activities to occur on the app. Initially, he was ordered to stay in France, but in June, Durov won a relaxation of the restrictions, allowing him to travel to Dubai on a limited basis. A year ago in August, French authorities arrested him at Paris airport as he disembarked from a private jet, an action that made global headlines. He was detained for four days of questioning and was charged with conspiring to allow criminal activities to occur on the app. He has denied these allegations. At that time, he was required to pay a 5 million euros (5.8 million dollars) bail, was prohibited from leaving France, and was ordered to report to authorities twice a week.

▌Investment firm Public acquires Alto's crypto business for $65 million

Investment application Public acquires the cryptocurrency business of the cryptocurrency IRA provider Alto for $65 million in cash and stock. Alto is a company that allows users to add alternative assets to their retirement accounts, managing approximately $600 million in assets. According to the agreement, Public will fully integrate Alto's cryptocurrency accounts by 2026, while Alto will continue to operate as a service provider. Alto will continue to run its other businesses independently, including investment projects such as private credit and venture capital.

▌Alibaba plans to fully restructure AI applications to benchmark ChatGPT

According to insiders, Alibaba (BABA.N) is planning a comprehensive reconstruction of its main mobile AI application in the coming months to make its functions closer to OpenAI's ChatGPT. This is a key step in the company's broader efforts to catch up with competitors and ultimately achieve profitability from individual users. Insiders said that Alibaba plans to first update the existing “Tongyi” app on iOS and Android systems and rename it “Qwen (Tongyi Qianwen)” — derived from its well-known AI large model. Insiders stated that intelligent AI features will be gradually added afterwards, with support for shopping functions on platforms including the main site Taobao within the next few months. They said the ultimate goal is to try to build Qwen into a fully functional AI agent. Additionally, Alibaba also plans to eventually launch an overseas version for global expansion.

Cryptocurrency

▌Canary XRP ETF (XRPC) first day trading volume reached 58 million USD, surpassing BSOL

According to Bloomberg ETF analyst Eric Balchunas, the XRP ETF from Canary Capital (ticker: XRPC) achieved a trading volume of $58 million on its first day, making it the largest by volume among nearly 900 new ETFs issued this year. Balchunas noted that XRPC garnered $26 million in volume within the first hour of trading. The previous record was held by Bitwise’s Solana ETF ( with the ticker: BSOL), which had an initial trading volume of about $57 million. Its volume on the second day soared to $72 million.

▌Michael Saylor: Bitcoin's market value will surpass gold by 2035

Michael Saylor, the founder of Strategy, stated that the market capitalization of Bitcoin will exceed that of gold by 2035, firmly predicting: “I have no doubt that by 2035, Bitcoin will be a larger asset class than gold.”

▌In the past 12 hours, the entire network liquidated $608 million, primarily in long positions

Data shows that in the past 12 hours, the entire network experienced liquidations of 608 million USD, including 532 million USD in long positions and 75.4408 million USD in short positions.

▌Bitfarms Announces Exit from Bitcoin Mining Within Two Years, Fully Transitioning to AI Computing Infrastructure

Cryptocurrency mining company Bitfarms announced plans to gradually shut down its Bitcoin mining operations over the next two years, shifting its focus to providing high-performance computing (HPC) infrastructure for artificial intelligence (AI) applications. As the price of Bitcoin falls and profit margins narrow, Bitfarms has become one of the many mining companies turning to high-performance computing services. The company also stated that its facilities in Washington State will be repurposed to support AI or HPC tasks.

▌Metaplanet announced its third-quarter financial report, with a net profit of 12.7 billion yen

Metaplanet, a Japanese Bitcoin cryptocurrency vault (DAT) company, announced its third-quarter financial report. Sales reached 2.401 billion yen, a 94% increase from the previous quarter; operating profit was 1.339 billion yen, a 64% increase from the previous quarter; net profit was 12.7 billion yen; net assets were 532.9 billion yen, a 165% increase from the previous quarter.

▌21Shares launches two cryptocurrency index ETFs, providing investment opportunities in Bitcoin, Dogecoin, and more

21Shares has launched two cryptocurrency index ETFs: the 21Shares FTSE Crypto 10 Index ETF (ticker: TTOP) and the 21Shares FTSE Crypto 10 ex-BTC Index ETF (ticker: TXBC), providing investors with the opportunity to invest in Bitcoin, Solana, Ethereum, and Dogecoin. In a statement, 21Shares noted that these two ETFs are the first cryptocurrency index ETFs registered and listed under the Investment Company Act of 1940.

▌dYdX community voted to approve the proposal of “using 75% of protocol revenue for DYDX buybacks”

The dYdX Foundation announced that the dYdX community voted to approve the proposal of “allocating 75% of protocol revenue for DYDX buybacks”. Starting today, the protocol fees will increase from 25% to 75% for DYDX buybacks.

▌Coinbase will suspend AI16Z perpetual contract trading on November 15

Coinbase Markets announced that it will suspend trading of the AI16Z perpetual contract (AI16Z-PERP) around 11:30 AM UTC on November 15, 2025, applicable to Coinbase Advanced and Coinbase International Exchange.

Important Economic Dynamics

▌US October CPI not released as scheduled

The U.S. Bureau of Labor Statistics failed to release the October CPI report on time. Earlier, the White House had issued a warning: due to the government shutdown, investigators were unable to be deployed on-site for data collection, and the October non-farm and inflation data may never be published. The U.S. government ended the shutdown on November 12 local time, and federal employees will return to work on November 13. The U.S. Bureau of Labor Statistics will also release September economic data after the government reopens.

▌Hassett: An employment report will be released, but the unemployment rate will not be disclosed

Director of the National Economic Council of the White House, Hassett: We will receive half of the employment report. The employment report will be released, but the unemployment rate will not be disclosed. It is expected that the GDP for the fourth quarter will decline by 1.5% due to the government shutdown.

▌Hassett: Not too many reasons to see interest rates not being lowered

The Director of the National Economic Council of the White House, Hassett, stated that he sees little reason not to lower interest rates.

▌Interest rate derivative contracts indicate that the likelihood of the Federal Reserve cutting rates in December is less than 50%

The federal funds futures and overnight index swap contracts linked to the Federal Reserve's meeting on December 9-10 indicate that the probability of a 25 basis point rate cut is slightly less than 50%.

▌Fed's Kashkari: Does not support last month's rate cut and takes a wait-and-see approach to December's decision

Minneapolis Fed President Kashkari stated that he does not support the Fed's last interest rate cut decision, but remains cautious about the best course of action for the December meeting. He said on Thursday: “From the scattered evidence and data we have received, the underlying resilience of economic activity is stronger than I expected.” He believes this indicates that the Fed should pause interest rate cuts at the October meeting. Since then, existing data shows that the economic situation has “remained largely unchanged.” Regarding the upcoming December rate decision, he stated: “I can make a case for a rate cut based on the data trends, and I can also make a case for keeping it unchanged; we will have to wait and see.” Kashkari mentioned after the September meeting that he anticipated two more rate cuts in 2025. He stated on Thursday that at that time he believed the economy was showing more apparent signs of slowing down. He said: “There have been many reports about low-income borrowers facing difficulties, so it seems there are indeed some weak areas in the labor market. But many companies are performing well financially, and many are optimistic about 2026.”

▌The probability of the Federal Reserve cutting interest rates by 25 basis points in December is 51.6%

According to CME's “Fed Watch”: The probability of the Federal Reserve reducing interest rates by 25 basis points in December is 51.6%, while the probability of maintaining the current interest rate is 48.4%. The probability of the Federal Reserve cumulatively reducing rates by 25 basis points by January next year is 50.3%, with a probability of maintaining rates at 29.1%, and the probability of a cumulative reduction of 50 basis points is 20.6%.

Golden Encyclopedia

▌OP_VAULT How to Enhance Bitcoin Security?

OP_VAULT is a feature that adds extra security for Bitcoin, helping to prevent theft or unauthorized access. The decentralized nature of Bitcoin has fundamentally changed the digital economy. Nevertheless, as its usage grows, the demand for enhanced security is also increasing. This is where OP_VAULT comes in, an innovative feature that introduces a mechanism called “contracts” to provide higher security and flexibility. OP_VAULT is part of a broader trend in Bitcoin to introduce more advanced features through Bitcoin Improvement Proposal (BIP). BIPs are formal documents used to propose changes or improvements to the Bitcoin network. Bitcoin developer and researcher James O’Beirne proposed OP_Vault in 2023, aiming to create a structured approach to securely store Bitcoin using vaults.

OP_CHECKTEMPLATEVERIFY (CTV) and other functions make it possible to use vaults without complex setups, such as storing pre-signed transactions or managing temporary keys. OP_Vault setups consist of three basic elements: recovery path, cancel vault key, and outflow target. OP_Vault enhances Bitcoin security by simplifying key storage and enabling bulk recovery management, although it limits flexibility for fixed destinations and lacks bulk cancel storage functionality. The OP_Vault method offers several advantages for Bitcoin security: no complex key storage, efficient fund management, and defense against 51% attacks. The implementation timeline for OP_VAULT depends on the progress of the relevant BIPs, particularly BIP-119. OP_VAULT is still in the proposal stage and does not yet have a formal release date. The development process for Bitcoin is conservative, with changes undergoing rigorous testing, peer review, and community consensus.