Stablecoins were the main theme of the day, with new research pointing to competition from bank deposits and reports that Circle is planning broader international expansion. Outside that, markets, policy and security headlines kept pressure on major crypto firms and bitcoin holders.
Higher bank rates could slow stablecoin growth
A BIS working paper found that a 1 basis point increase in U.S. bank deposit rates was associated with slower stablecoin growth, reducing ten-week growth from 15% to 12%. Separately, reports said Circle is targeting entry into 40 developing markets, including parts of Southeast Asia, Latin America, Africa and the Middle East, where demand for stablecoins is rising.
Sources: CoinDesk, Cointelegraph, CoinDesk
Exchange, custody and index pressures hit major crypto firms
Bitget said it will discontinue services for some users in a one-off change while keeping customer funds safe and continuing operations. Deutsche Bank was also reported to be preparing a German crypto custody launch with an eye toward Asian financial centers. In a separate development, Strategy faced possible MSCI index removal under finalized rules that would exclude some non-operating companies starting Nov. 30.
Sources: Cointelegraph, Cointelegraph, Decrypt
Bitcoin quantum concerns stay in focus
Google said its Willow chip can prepare quantum states needed for advanced calculations with far fewer errors, which could ease one hardware bottleneck in any future effort to attack bitcoin wallets. At the same time, nine crypto companies formed the Quantum Alliance to coordinate preparation for quantum threats, though the group still disagrees on timing and on whether vulnerable bitcoin should be frozen.