SVB Ventures Newsletter No.24 - November 2025
🔸 Singapore Fintech Festival 2025
At the Singapore FinTech Festival (SFF) 2025, AI emerged as a pivotal theme, with discussions, emphasizing its role in transforming financial services through innovation and collaboration. Key sessions highlighted the need for regulatory frameworks to support safe AI adoption, including a new partnership announced by the Monetary Authority of Singapore (MAS) to foster responsible AI in finance. Industry leaders like DBS showcased AI integration for enhanced banking empathy and efficiency, while open-source AI initiatives and agentic systems were spotlighted for real-world applications in fraud detection and data processing. Companies such as Huawei and Alibaba Cloud demonstrated AI-driven tools for cloud-native finance, underscoring a shift toward AI agents in cross-border payments and risk management.
Stablecoin payments were another focal point at SFF 2025, with emphasis on their potential to revolutionize global money movement through regulatory clarity and technological advancements. Panels explored the impact of U.S. regulations like the GENIUS Act on token providers, expanding use cases in remittances, treasury, and cross-border transfers. Major players including Visa, Mastercard, and Circle announced pilots for instant stablecoin payouts to wallets, enabling seamless, low-cost transactions for freelancers and businesses. Networks like those from Platon and dtcpay highlighted stablecoin adoption in Web3 infrastructure, signaling a broader transition from traditional rails to blockchain-enabled payments.
Overall, SFF 2025 illustrated the convergence of AI and stablecoins in building resilient financial ecosystems, with calls for balanced regulation to drive innovation while addressing risks in tokenization and digital assets.
Stablecoin payments were another focal point at SFF 2025, with emphasis on their potential to revolutionize global money movement through regulatory clarity and technological advancements. Panels explored the impact of U.S. regulations like the GENIUS Act on token providers, expanding use cases in remittances, treasury, and cross-border transfers. Major players including Visa, Mastercard, and Circle announced pilots for instant stablecoin payouts to wallets, enabling seamless, low-cost transactions for freelancers and businesses. Networks like those from Platon and dtcpay highlighted stablecoin adoption in Web3 infrastructure, signaling a broader transition from traditional rails to blockchain-enabled payments.
Overall, SFF 2025 illustrated the convergence of AI and stablecoins in building resilient financial ecosystems, with calls for balanced regulation to drive innovation while addressing risks in tokenization and digital assets.
🔸 Macro News
✔ Kevin Hassett Leads the List of Candidates to Replace Jerome Powell as Fed Chairman
Kevin Hassett, former Director of the National Economic Council (NEC), is at the forefront of the list of candidates to succeed Jerome Powell as Chairman of the Federal Reserve. Hassett, who played a pivotal role in coordinating economic policy at the White House, has been a vocal critic of Powell’s interest rate hikes, arguing that the Fed should focus more on growth and employment rather than solely on curbing inflation.
A trusted ally of former President Donald Trump, Hassett worked closely with him during both terms and contributed to designing tax policies and supporting the 2024 re-election campaign. He currently serves as a key liaison between the White House, the Treasury Department, and the business community.
If appointed, Hassett could help Trump reshape the Fed’s role by reducing its intervention and prioritizing interest rate cuts to stimulate economic growth. His close relationship with Trump, along with his monetary policy views that align with the White House’s “low rates to support growth” approach, make him a strong candidate for the role.
✔ Multiple High-Inflation Countries Are Accelerating the Adoption of Crypto Assets as Alternative Value-Storage Tools link
Many countries facing persistent inflation are accelerating their adoption of cryptocurrencies as an alternative store of value, with Chainalysis data showing that between July 2024 and June 2025 crypto transaction volumes reached $200 billion in Turkey (32% inflation), $93.9 billion in Argentina (31%), $92.1 billion in Nigeria (16%), $44.6 billion in Venezuela (170%+), and $14.8 billion in Bolivia (22%). On the ground, Bolivia’s collapsing reserves have pushed shops to price goods in USDT and prompted the government to allow banks to offer crypto custody; Venezuela’s runaway inflation has driven widespread reliance on stablecoins; Argentina remains one of Latin America’s largest crypto markets despite inflation still above 30%; and Turkey leads the MENA region as users shift from stablecoins to altcoins. Even in heavily sanctioned Iran, where inflation sits above 45%, crypto inflows continue to grow, while Nigeria’s easing inflation hasn’t slowed strong adoption fueled by currency-access issues and a tech-savvy population. Despite a global cooling of inflation, crypto remains a practical alternative in economies where local monetary systems remain unstable.
🔸 Bitcoin News
✔ The trend of government sponsorship in Bitcoin mining is growing
✔ Companies are slowing down their Bitcoin purchases, with some, like Sequans, even starting to sell off their holdings. On the surface, these companies may seem similar for buying and holding Bitcoin, but in reality, most of them lack strong capital or long-term plans like MicroStrategy. Some firms have over-leveraged themselves and are now forced to reduce debt as their stock prices continue to drop. Even MicroStrategy’s stock has fallen more than 40% since July. If stock prices don’t recover, raising capital to purchase more Bitcoin will become increasingly difficult.
✔ Bitcoin mining in China rebounds, defying 2021 banBitcoin mining is making a quiet comeback in China, despite the country's ban on the practice in 2021. According to industry data, China’s share of global Bitcoin mining has risen to 14% as of October 2025, positioning it as the third-largest miner globally. This resurgence is driven by the availability of cheap electricity, particularly in regions like Xinjiang, where excess energy is being used for mining operations. The rebound coincides with rising Bitcoin prices and increased demand, spurred by favorable U.S. crypto policies and growing global distrust of the dollar. While Bitcoin mining remains officially banned in China, industry insiders note that local economic incentives, along with a surplus of electricity and computing power, have led to a de facto relaxation of the policy. Mining rig makers like Canaan Inc. have reported a significant rebound in sales to China, indicating a shift in China's stance on digital assets. Crypto experts suggest that the growing mining activity signals potential softening of China’s policies toward cryptocurrencies. Despite the ban, an estimated 15%-20% of global Bitcoin mining capacity now operates in China.
✔ New Hampshire Launches First Bitcoin-Backed Municipal Bond
The New Hampshire Bureau of Financial Access (BFA) has approved a $100 million Bitcoin-backed municipal conduit bond, marking the first such project in the United States. The bond uses Bitcoin custody by BitGo as over-collateralization, with an initial collateral ratio of 160%. If the Bitcoin collateral ratio falls below 130%, a liquidation mechanism will be triggered to protect investors’ rights and interests. This initiative is the latest attempt following the state’s approval of up to 5% of its treasury funds for investment in crypto assets and the establishment of a strategic Bitcoin reserve. Fees related to the bond and investment returns from Bitcoin will flow into the “Bitcoin Economic Development Fund” to support innovation and entrepreneurship within the state.
✔ Czech National Bank Becomes First Central Bank to Purchase Bitcoin, Establishes $1 Million Crypto Test Portfolio
The Czech National Bank (CNB) announced that it has established an experimental digital asset portfolio totaling 1 million US dollars, including Bitcoin, US dollar stablecoins and a tokenized deposit. Approved on October 30, this plan aims to test the processes related to the purchase, holding and management of blockchain assets, with a plan to share the experience within the next two to three years. It is said that this marks the first time a central bank has included Bitcoin on its balance sheet. The CNB emphasized that the funds for this purchase do not come from its international reserves and that it will not expand the investment scale.✔ Texas Becomes the First State to Buy Bitcoin
Texas has become the first U.S. state to purchase Bitcoin for its treasury, making a $10 million acquisition through BlackRock’s spot Bitcoin ETF as part of a broader strategy to integrate digital assets into long-term treasury planning and improve portfolio diversification. The purchase, executed on November 20 when Bitcoin briefly dipped to $87,000, provides a regulated and practical entry point while the state develops its own self-custody framework. Officials describe the initial allocation as a way to test workflows, risk management, and governance processes before expanding future holdings. While the $10 million represents a small portion of state reserves, the move is highly symbolic, marking the first instance of a U.S. state treating Bitcoin as a treasury-level asset. Analysts suggest Texas’s early adoption could influence other states’ approaches to digital assets, sparking discussions on reserve diversification, technological competitiveness, and long-term fiscal planning.
🔸 Ethereum News
✔ The trend of government sponsorship in Bitcoin mining is growing
Bitcoin mining is making a quiet comeback in China, despite the country's ban on the practice in 2021. According to industry data, China’s share of global Bitcoin mining has risen to 14% as of October 2025, positioning it as the third-largest miner globally. This resurgence is driven by the availability of cheap electricity, particularly in regions like Xinjiang, where excess energy is being used for mining operations. The rebound coincides with rising Bitcoin prices and increased demand, spurred by favorable U.S. crypto policies and growing global distrust of the dollar. While Bitcoin mining remains officially banned in China, industry insiders note that local economic incentives, along with a surplus of electricity and computing power, have led to a de facto relaxation of the policy. Mining rig makers like Canaan Inc. have reported a significant rebound in sales to China, indicating a shift in China's stance on digital assets. Crypto experts suggest that the growing mining activity signals potential softening of China’s policies toward cryptocurrencies. Despite the ban, an estimated 15%-20% of global Bitcoin mining capacity now operates in China.
✔ New Hampshire Launches First Bitcoin-Backed Municipal Bond
The New Hampshire Bureau of Financial Access (BFA) has approved a $100 million Bitcoin-backed municipal conduit bond, marking the first such project in the United States. The bond uses Bitcoin custody by BitGo as over-collateralization, with an initial collateral ratio of 160%. If the Bitcoin collateral ratio falls below 130%, a liquidation mechanism will be triggered to protect investors’ rights and interests. This initiative is the latest attempt following the state’s approval of up to 5% of its treasury funds for investment in crypto assets and the establishment of a strategic Bitcoin reserve. Fees related to the bond and investment returns from Bitcoin will flow into the “Bitcoin Economic Development Fund” to support innovation and entrepreneurship within the state.
🔸 Stablecoin
This influx represents capital ready to act at any moment. Once unleashed into the market, it could cause significant volatility. Additionally, the USDT Balance Trends for Major Exchanges chart recorded over $1.5B in USDT deposited into Binance in the past 24 hours, surpassing the $1.6B balance zone.
✔ JPMorgan launches JPM Coin for institutional clients on the Base blockchain.
After months of testing, JPMorgan has officially launched its JPM Coin (JPMD) token for institutional clients on Base Layer 2, a blockchain platform developed by Coinbase. Unlike traditional stablecoins, JPM Coin represents USD deposits, enabling real-time, transparent transactions that bypass traditional banking systems, providing clients with faster, more flexible payment options. The launch has already seen participation from major financial institutions like B2C2, Coinbase, and Mastercard. JPMorgan plans to expand this service across multiple blockchains and introduce additional tokens, such as a euro-denominated version, as part of its broader push to integrate blockchain into global financial services. The bank has also teamed up with DBS to enable token transfers between public and private blockchain systems, with other banks like BNY Mellon and HSBC also exploring similar blockchain-based solutions.
🔸 ETF
✔ XRP ETF Inflow over $500M - Altcoin ETFs rolling out one after another
The US has approved four spot ETFs for XRP, including Grayscale (GXRP), Franklin Templeton (XRPZ), Bitwise (XRP), and Canary (XRPC), with a total inflow of over $500-600 million in the first week. The highest inflow occurred on November 24, with around $164 million flowing in, with GXRP leading at $67 million. This represents a rare rapid growth for an altcoin ETF in its first week. In addition to XRP, other altcoin spot ETFs such as Solana (SOL), Litecoin (LTC), and HBAR have also launched, with Solana recording the strongest inflow at $82.6 million in one day. Looking ahead, altcoins like LINK, ADA, AVAX, DOT, and MATIC are expected to launch spot ETFs, while institutions are preparing multi-asset crypto ETF products for traditional investors.
✔ US opens door for crypto ETFs, trusts to earn staking rewards
US Treasury Secretary Scott Bessent stated that the Treasury Department and the Internal Revenue Service (IRS) have issued new regulations, providing a clear regulatory pathway for crypto exchange-traded products (ETPs) that allow them to stake digital assets and distribute staking rewards to retail investors if they meet the eligibility criteria. Bill Hughes, Senior Legal Counsel at ConsenSys, interpreted that this safe harbor mechanism applies to specific trust structures, requiring the trust to hold only a single type of digital asset and cash, with qualified custodians responsible for key management and staking execution. It also mandates the formulation of SEC-approved liquidity policies to ensure redemption arrangements, maintains transaction isolation from independent staking service providers, and restricts trust activities to asset holding, staking, and redemption without engaging in proprietary trading.
✔ Nasdaq ISE Seeks to Quadruple Trading Limits on BlackRock's Bitcoin ETF Options
Nasdaq’s International Securities Exchange (ISE) has proposed increasing the position limits for options on BlackRock's iShares Bitcoin Trust (IBIT) from 250,000 to 1,000,000 contracts, aiming to enhance liquidity and market depth. The proposal also seeks an exemption for 'FLEX' options to eliminate limits entirely, bringing more trading to transparent markets. This move would align IBIT options with major equities like Apple and NVIDIA, reflecting growing institutional demand for Bitcoin derivatives. The proposal cites IBIT's $86.2 billion market cap and daily volume as key reasons for the change. While subject to SEC approval, the change signals a shift in Bitcoin trading from speculative to allocation-driven behavior, potentially reducing risk for institutions and compressing volatility in the long term. BlackRock has also increased its Bitcoin exposure, with its Strategic Income Opportunities Portfolio raising IBIT holdings by 14% in Q3.✔ BlackRock is preparing to launch an Ethereum staking ETF.
BlackRock is preparing to launch a new Ethereum staking ETF, the iShares Staked Ethereum Trust ETF, according to a Delaware name registration filed on Wednesday. This follows BlackRock’s previous launch of the iShares Ethereum fund. The ETF will allow staking rewards, adding to a small number of funds approved for this feature, such as Grayscale’s U.S. Ethereum Trust and Ethereum Mini Trust. ETHA, BlackRock's existing Ethereum ETF, is the largest with $11.5 billion in assets, though it has seen $165 million in recent outflows. BlackRock expects the SEC to approve staking for Ethereum ETFs as the next phase of the market.✔ Solana Spot ETF Attracts Over $200 Million in Its First Week of Trading
The Solana (SOL) Spot ETFs in the U.S. have seen over $200 million in capital inflows during their first week of trading, a remarkable figure when compared to the early stages of Bitcoin and Ethereum ETFs.
According to data from The Block, VanEck and 21Shares were the pioneers in launching this product, giving U.S. investors direct access to Solana through traditional stock markets.
The strong capital inflow into the Solana ETF highlights growing interest in cryptocurrencies beyond Bitcoin and Ethereum, marking a significant step forward in the legalization and expansion of the Solana ecosystem on Wall Street.
$SOL ETFs have recorded ZERO outflows since launch. They pulled in $531 MILLION during the first week, boosted by 7% staking yields and lower fees than Bitcoin ETFs.
✔ XRP ETF Inflow over $500M - Altcoin ETFs rolling out one after another
The US has approved four spot ETFs for XRP, including Grayscale (GXRP), Franklin Templeton (XRPZ), Bitwise (XRP), and Canary (XRPC), with a total inflow of over $500-600 million in the first week. The highest inflow occurred on November 24, with around $164 million flowing in, with GXRP leading at $67 million. This represents a rare rapid growth for an altcoin ETF in its first week. In addition to XRP, other altcoin spot ETFs such as Solana (SOL), Litecoin (LTC), and HBAR have also launched, with Solana recording the strongest inflow at $82.6 million in one day. Looking ahead, altcoins like LINK, ADA, AVAX, DOT, and MATIC are expected to launch spot ETFs, while institutions are preparing multi-asset crypto ETF products for traditional investors.
BlackRock is preparing to launch a new Ethereum staking ETF, the iShares Staked Ethereum Trust ETF, according to a Delaware name registration filed on Wednesday. This follows BlackRock’s previous launch of the iShares Ethereum fund. The ETF will allow staking rewards, adding to a small number of funds approved for this feature, such as Grayscale’s U.S. Ethereum Trust and Ethereum Mini Trust. ETHA, BlackRock's existing Ethereum ETF, is the largest with $11.5 billion in assets, though it has seen $165 million in recent outflows. BlackRock expects the SEC to approve staking for Ethereum ETFs as the next phase of the market.
✔ Solana Spot ETF Attracts Over $200 Million in Its First Week of Trading
The Solana (SOL) Spot ETFs in the U.S. have seen over $200 million in capital inflows during their first week of trading, a remarkable figure when compared to the early stages of Bitcoin and Ethereum ETFs.
According to data from The Block, VanEck and 21Shares were the pioneers in launching this product, giving U.S. investors direct access to Solana through traditional stock markets.
The strong capital inflow into the Solana ETF highlights growing interest in cryptocurrencies beyond Bitcoin and Ethereum, marking a significant step forward in the legalization and expansion of the Solana ecosystem on Wall Street.
$SOL ETFs have recorded ZERO outflows since launch. They pulled in $531 MILLION during the first week, boosted by 7% staking yields and lower fees than Bitcoin ETFs.
🔸 Crypto Policies & Regulations
✔ US Treasury and IRS quietly expand tax breaks for the ultrawealthy and crypto giants
The Trump administration is quietly rolling out hundreds of billions in new tax breaks benefiting large corporations and wealthy investors. Through recent Treasury and IRS actions, firms, including private equity, crypto companies, and multinationals, will see major relief from the 2022 corporate minimum tax law, originally designed to ensure profitable corporations pay at least some federal tax. Analysts say the moves will reduce expected tax revenues and expand on Trump’s $4 trillion corporate-leaning tax cuts passed in July, raising concerns over legality and fiscal impact.
The US Senate Agriculture Committee has released a draft bill on crypto market structure, bringing Congress closer to regulating the crypto sector. The bill, introduced by Republican Chair John Boozman and Democrat Senator Cory Booker, aims to define the regulatory boundaries of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in overseeing cryptocurrency. It proposes granting the CFTC authority to regulate the digital commodity spot market while creating new consumer protections and ensuring the agency has the necessary resources. While parts of the bill are still under negotiation, the draft outlines key crypto terms like "blockchain" and "decentralized finance," with much of the text still in brackets. This bill marks significant progress toward establishing a comprehensive framework for digital commodities in the US, with crypto advocates calling for quick action from lawmakers to pass the legislation and provide clearer regulatory guidelines for the industry.
Australia has tabled the Amendment Bill to the Digital Asset Framework, proposing to fully bring crypto trading and custodian platforms into the financial services regulatory system, with the Australian Securities and Investments Commission (ASIC) acting as the primary regulatory authority. The bill adds two new categories of financial products, namely digital asset platforms and tokenized custodian platforms, and operators must obtain an Australian Financial Services (AFS) Licence to operate. Low-risk platforms where the assets per customer are less than 5,000 Australian dollars and the annual transaction volume is below 10 million Australian dollars are eligible for regulatory exemption.
India's Madras High Court recently ruled that cryptocurrency is a form of "property," granting investors enforceable ownership rights and placing fiduciary obligations on exchanges. In a case involving WazirX, the court ruled that an investor’s specific crypto holdings couldn’t be pooled or used to cover losses from a cyberattack, affirming that crypto assets are identifiable, transferable, and subject to property law protections. The ruling strengthens investor rights by treating digital assets as distinct from platform liabilities, and sets a legal precedent for exchanges to act as custodians with heightened responsibilities. While the ruling is interim, it signals a shift towards more robust investor protections and could accelerate the development of clearer crypto regulations in India.
🔸 Other News
✔ Ho Chi Minh City officially partners with Binance to develop the International Financial Center.
On November 25, Ho Chi Minh City’s Department of Finance and Binance signed a Memorandum of Understanding (MOU) during the 2025 Autumn Economic Forum to develop Vietnam's International Financial Center in HCMC. This partnership aims to enhance financial management, connect Vietnam’s capital market with global markets, and attract high-quality investments in finance, technology, and innovation. Binance, one of the largest cryptocurrency exchanges globally, will play a key role in helping HCMC become a leading financial and digital asset hub. The city also introduced the Global On-chain Economic Alliance to promote new digital finance models and innovation. The Financial Center is set to launch by December 2025, with the government committed to creating a transparent, investor-friendly environment
✔ The Balancer AMM protocol is suspected to have been attacked, resulting in a loss of over $116 million.
✔ Upbit Exchange Hacked for $37 Million in Solana Assets
On November 27, 2025, Upbit, South Korea's largest cryptocurrency exchange, reported a major security breach involving a large-scale abnormal withdrawal of assets on the Solana network, resulting in an estimated loss of 54 billion KRW (around 37 million USD). The incident involved multiple tokens, including SOL, USDC, and others, which were transferred to unverified external wallets. In response, Upbit immediately halted all deposit and withdrawal activities to protect users and moved customer assets to cold storage. The exchange is working with token projects, authorities, and Solana's security team to freeze affected transactions and trace the flow of stolen assets. While the exact cause of the attack remains unclear, it is suspected to be a targeted hack of Upbit’s Solana asset management system. The CEO of Upbit assured users that all losses would be covered by the exchange’s reserve fund, and no user would bear financial loss.
On November 27, 2025, Upbit, South Korea's largest cryptocurrency exchange, reported a major security breach involving a large-scale abnormal withdrawal of assets on the Solana network, resulting in an estimated loss of 54 billion KRW (around 37 million USD). The incident involved multiple tokens, including SOL, USDC, and others, which were transferred to unverified external wallets. In response, Upbit immediately halted all deposit and withdrawal activities to protect users and moved customer assets to cold storage. The exchange is working with token projects, authorities, and Solana's security team to freeze affected transactions and trace the flow of stolen assets. While the exact cause of the attack remains unclear, it is suspected to be a targeted hack of Upbit’s Solana asset management system. The CEO of Upbit assured users that all losses would be covered by the exchange’s reserve fund, and no user would bear financial loss.
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