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Key takeaways

• BTC dropped below $86k on Monday mainly due to macro pressures.
• The leading cryptocurrency could retest the $80k low if the bearish trend persists.

BTC dips below $86k

Bitcoin, the leading cryptocurrency by market cap, is off to a bearish start in December, as it has lost over 5% of its value in the last 24 hours. At press time, Bitcoin is trading above $86k after temporarily dropping to the $85k region earlier today. 

The bearish performance has affected altcoins too, with Ether trading below $2,800, while XRP is hanging on above $2.0

The recent selloff comes after the Bank of Japan (BoJ) Governor Kazuo Ueda revealed that possible interest rate hikes could be considered if the economy continues to evolve as predicted. The interest rate hike could increase borrowing costs and negatively affect carry trades.

In addition to that, the hacking of the Yearn Finance protocol a few hours ago contributed to the renewed pressure on Bitcoin and the broader cryptocurrency market. Thanks to the latest selloff, over $140 billion was wiped out from the crypto market in the last 24 hours, with $500 million worth of leveraged positions also liquidated. 

JUST IN: $140,000,000,000 wiped out from the crypto market cap in the past 4 hours. pic.twitter.com/c32OHlyafS

— Watcher.Guru (@WatcherGuru) December 1, 2025

Bitcoin comes under pressure once again

The BTC/USD daily chart remains bearish and efficient as Bitcoin lost 5% of its value in the last few hours. The leading cryptocurrency is trading above $86k, as the daily, weekly, and monthly candles all confirm a bearish bias. 

The RSI on the daily chart reads 32, pivoting downside towards the oversold after the brief recovery recorded last week. If the daily RSI remains below 30, Bitcoin could face further downward movement in the near term. 

Additionally, the  Moving Average Convergence Divergence (MACD) has shifted to a bearish momentum, with the sell signal shown a few hours ago. 

If the selloff continues, the bears will look to target the $80,600 support in the near term. Failure to defend this level could see Bitcoin revisit the April 7 low of $74,508.  

However, if the bulls recover, Bitcoin could rebound to $90,000 over the next few hours or days.

• Cardano founder Charles Hoskinson says Genesis ADA was profit earned from early work.
• He rejects calls to use those funds for new integrations or community needs.
• Treasury, not Genesis ADA, should finance current ecosystem initiatives.

Cardano founder Charles Hoskinson has moved to clarify one of the blockchain’s longest-running disputes, reaffirming that the platform’s early Genesis ADA allocations were private earnings for foundational work and risk and not community-owned funds waiting to be spent.

Hoskinson’s remarks came during a November 30 livestream titled “Genesis ADA,” where he called the matter “closed” and warned against rewriting the project’s original terms.

Calls to redirect Genesis ADA toward integrations

Hoskinson said renewed calls to redirect Genesis ADA toward recent integrations misrepresent how the project was structured from the beginning.

He explained that the allocation given to Input Output (IO) and EMURGO followed a straightforward premise: these were profits tied to early risk, not contributions to a public treasury.

At the time of the Japanese crowd sale that funded Cardano, IO’s portion was worth around $8 million.

Hoskinson emphasised that this funding model was understood by all parties involved, stating that early contributors accepted deep regulatory, technical, and financial risk at a stage when failure was far more likely than success.

He noted that most cryptocurrency ventures collapse, yet Cardano not only survived but grew into a network valued in the tens of billions.

From that perspective, the Cardano founder argued that the founding entities’ profits were earned rather than taken from any community allocation.

He criticised what he called a “Twitter mob” mentality that surfaced whenever Genesis ADA reentered public debate.

He said the claim that early contributors do not deserve their allocation ignores the enormity of the risk they assumed and the substantial ecosystem they helped build.

He pointed to the initial capital provided by Japanese buyers and stressed that those early stakeholders have long been “made whole” under the terms originally agreed upon.

Why the issue reemerged

The latest wave of concern stems from a joint request for 70 million ADA from the on-chain treasury to fund integrations with major providers, including oracle networks and stablecoin issuers.

Some community members argued that Genesis ADA should cover those costs.

But Hoskinson dismissed the idea, noting that many of today’s integration partners did not exist when Genesis ADA was allocated, making the expectation retroactive and unreasonable.

He added that the requested treasury funds would not cover all expenses, and entities such as IO and the Midnight Foundation would contribute additional support because they hold significant positions in ADA and KNIGHT.

For the founder, the real debate is not about Genesis ADA but about how the ecosystem should evolve as Cardano prepares for a major strategic reset in 2026.

Shift toward a new Cardano governance layer

Hoskinson described this upcoming shift as a move from the original tripartite structure, IO, EMURGO, and the Cardano Foundation, to a more coordinated five-member executive layer.

The expanded group would include the Midnight Foundation and Intersect.

According to Hoskinson, this structure is needed to face a competitive landscape dominated by large and aggressive industry players, where a unified strategy is essential for securing key deals.

He also rejected the suggestion that IO or EMURGO should act as public utilities with balance sheets open for community direction.

As private companies, he said, their financial operations are not subject to community oversight.

Their commitment is limited to the work they promise and deliver.

Hoskinson ended the livestream by urging the community to move forward. He said the outcome of Genesis ADA is settled and cannot be revisited.

The task now, he said, is to decide whether the ecosystem should adopt the proposed 2026 framework and invest in the infrastructure needed for Cardano’s next phase of growth.

• KuCoin EU gets MiCA license to operate across 29 EEA countries, excluding Malta.
• Austria was chosen for its stable regulations, timely MiCA implementation, and talent pool.
• License strengthens compliance and global expansion strategy for KuCoin.

Global cryptocurrency exchange KuCoin has taken a significant step toward expanding its presence in Europe with its European arm, KuCoin EU, securing a Markets in Crypto-Assets (MiCA) license from Austria’s Financial Market Authority.

This approval marks a major milestone for the exchange, allowing it to operate regulated crypto services across 29 countries in the European Economic Area (EEA), although Malta remains an exception.

Austria as a strategic hub

KuCoin’s decision to pursue licensing in Austria comes amid a wave of European countries adopting MiCA regulations, designed to standardise crypto oversight and enhance consumer protections.

Vienna, in particular, has emerged as an attractive base for crypto companies due to its timely implementation of MiCA’s accompanying laws, a predictable regulatory environment, and a robust talent pool.

KuCoin EU’s license positions the company among six cryptocurrency service providers authorised by Austria’s FMA, alongside established names such as Bitpanda, Bybit, and Amina Bank.

The MiCA framework, which came into effect in late 2024, enables crypto companies to obtain a license in one member state and “passport” their services across the wider EEA.

For KuCoin, this means the ability to offer regulated digital asset services, including stablecoins and other crypto-asset offerings, throughout much of Europe while adhering to one of the most comprehensive regulatory regimes worldwide.

The license also brings clear obligations for transparency, supervision, and consumer protection, with non-compliant entities facing penalties or license revocations.

Strengthening global compliance

KuCoin’s MiCA approval coincides with its recent registration with Australia’s financial intelligence agency, Austrac, allowing the exchange to offer crypto services legally in the country.

The timing underscores the company’s broader strategy of combining global expansion with regulatory compliance.

KuCoin CEO BC Wong described the MiCA license as a “defining milestone” for KuCoin’s long-term trust and compliance strategy, emphasising that regulatory adherence is not merely a legal requirement but the foundation of the company’s mission to deliver secure, innovative, and accessible digital asset services.

However, while the MiCA license allows operations across the majority of the EEA, Malta remains excluded due to its independent approach toward MiCA supervision.

Malta has issued multiple licenses to other cryptocurrency service providers, including Blockchain.com and Gemini, yet it has often opposed centralised EU oversight, highlighting differing regulatory philosophies within Europe.

KuCoin is setting a benchmark for the region

KuCoin’s entry into the European market under MiCA signals growing confidence in the regulatory framework and demonstrates the increasing alignment of major crypto platforms with formal compliance standards.

With a user base exceeding 40 million across 200 countries, KuCoin’s European arm is now equipped to expand its regulated services while maintaining high standards for transparency, security, and consumer protection.

• Upbit patched a wallet flaw after a $30M Solana-related hack.
• Withdrawals were halted, and stolen funds were partly frozen following the attack.
• Authorities probe possible Lazarus Group involvement.

South Korea’s largest cryptocurrency exchange, Upbit, has revealed a serious internal wallet vulnerability while conducting an emergency audit in the wake of a $30 million hack.

The discovery comes as the company continues to investigate irregular Solana-based withdrawals that triggered the security review, raising concerns about potential risks to private keys within the platform’s wallet system.

Flaw discovered after emergency audit

The emergency audit, launched following the detection of abnormal activity on Nov. 26, uncovered a flaw in Upbit’s internal wallet software that could allow attackers to mathematically derive private keys by analysing blockchain transactions.

CEO Oh Kyung-seok, in a published announcement after the audit, explained that while blockchain data is normally public but secure, the company’s own wallet implementation produced weak and predictable signature data, creating the theoretical risk.

Upbit emphasised that the flaw was discovered only after the systemwide review and did not appear to be directly linked to the hack itself.

The exchange has since patched the vulnerability and conducted a comprehensive inspection of all related networks and wallet systems to ensure no further weaknesses remain.

Upbit to cover all losses using its own reserves

The Upbit hack, which resulted in losses totalling roughly 44.5 billion KRW, including approximately 38.6 billion KRW in customer assets, prompted immediate action from the exchange.

Withdrawals were suspended, and remaining assets were moved to cold storage to prevent further losses.

About 2.3 billion KRW of the stolen funds, equivalent to around $1.5 million, has already been frozen.

Oh Kyung-seok described the situation as a reminder that no security system can be considered completely infallible.

Kyung-seok has assured customers that Upbit would cover all losses using its own reserves and pledged to strengthen security measures across the platform.

The exchange has committed to resuming deposits and withdrawals only after the final verification of its wallet systems.

South Korean authorities are investigating the hack

South Korean authorities have launched an investigation into the incident, with early intelligence reports pointing to potential involvement by the North Korea-linked hacking group Lazarus.

While Upbit and regulators have not publicly confirmed this, the company continues to collaborate with law enforcement and blockchain projects to recover and freeze stolen assets wherever possible.

The incident has prompted Upbit to conduct a broader security review of its entire infrastructure.

The exchange noted that irregular withdrawals from Solana-related wallets, including tokens such as ORCA, RAY, and JUP, served as a catalyst for the emergency audit and subsequent vulnerability discovery.

By conducting a full overhaul of wallet systems, Upbit aims to prevent similar breaches in the future.

• Crypto firms operating in the EU must report transactions and holdings in a standardised format.
• Regulators will gain wider access to user data, raising privacy concerns.
• ESMA may oversee major exchanges, centralising EU crypto supervision.

The European Union has unveiled a new set of rules that will significantly change how crypto-asset service providers operate across the bloc.

These changes are set to take effect on January 1, 2026, marking one of the EU’s most ambitious attempts to tighten control over crypto activities.

The rules will introduce standardised reporting requirements that will give tax authorities deeper visibility into the cryptocurrency market.

Tougher reporting requirements are coming

At the heart of the new framework is the expansion of the Directive on Administrative Cooperation, known as DAC8.

This update requires crypto exchanges, wallet providers, and other digital-asset operators to report customer holdings and transactions in a standardised digital format.

Once submitted, these reports will be automatically shared among EU tax authorities, enabling regulators to monitor crypto flows and trading activity more effectively.

The regulation, formalised under Implementing Regulation (EU) 2025/2263, also mandates the creation of a comprehensive Crypto-Asset Operator register.

Each reporting operator will receive a unique 10-digit identification number, starting with an ISO country code, to simplify cross-border supervision.

Even when an operator is removed from the register, the information must be retained for up to 12 months, ensuring continuity in regulatory oversight.

Member states are expected to submit annual assessments to the European Commission using standardised reporting templates.

Privacy under the microscope

While the regulation is framed as a measure to combat tax fraud, financial crime, and market abuse, it raises significant privacy concerns for crypto users.

The Transfer of Funds Regulation, which extends the so-called “travel rule” to crypto transactions above €1,000, already requires identification of both senders and recipients, including interactions with self-hosted wallets.

Users may also be asked to verify ownership of their private wallets.

Combined with DAC8, these measures give regulators unprecedented insight into individual trading behaviour, wallet flows, and the activities of service providers.

The European Commission’s broader regulatory package works alongside the Markets in Crypto-Assets framework (MiCA) and upcoming anti-money laundering rules.

Large crypto operators will be expected to carry out detailed customer due diligence, report suspicious activities, and disclose energy consumption for their operations.

Supporters of the new rules, including ECB President Christine Lagarde, argue that a unified EU approach will replace fragmented national supervision, which has historically hindered consistent enforcement.

However, the plan to give the European Securities and Markets Authority direct oversight over major cross-border exchanges and clearing houses has drawn criticism from smaller financial hubs, including Luxembourg, Malta, and Ireland.

They warn that consolidating supervisory powers could raise compliance costs and disadvantage operators in smaller jurisdictions.

The Financial Stability Board, the G20’s leading financial watchdog, also recently noted that strict privacy laws worldwide often impede cross-border cooperation.

• Bolivia lets banks offer crypto services to counter inflation and dollar scarcity.
• Stablecoins gain traction in Bolivia as businesses and consumers hedge a weakening boliviano.
• Government pairs digital finance push with major new financing and tax reforms.

Bolivia is turning to cryptocurrencies and stablecoins in a sweeping effort to stabilise an economy strained by high inflation, a widening fiscal deficit, and a persistent shortage of US dollars.

The initiative is emerging as a central pillar of the government’s broader plan to modernise the financial system and revive investment under President Rodrigo Paz.

Crypto push in Bolivia gains steam

The shift marks a major policy change for the country, which only lifted a longstanding ban on crypto last year.

Economy Minister Jose Gabriel Espinoza confirmed that banks will now be allowed to custody digital assets and offer crypto-based savings accounts, loans, and credit cards.

The move effectively brings stablecoins such as USDT into the formal financial system, giving them a role similar to legal tender.

Espinoza said the decision reflects the practical reality that cryptocurrencies cannot be contained by national borders. He noted that recognising and integrating them is more efficient than trying to enforce old restrictions.

This approach follows a regional trend, as several Latin American economies hit by inflation turn to digital assets as a hedge against currency depreciation.

Bolivia’s inflation, in particular, has averaged above 22% over the past year, eroding the value of the boliviano and pushing residents toward alternatives that hold value more reliably.

As a result, stablecoins, which maintain a one-to-one link to assets such as the US dollar, have become a popular escape hatch for households and businesses looking to shield their savings from further losses.

Pressure from inflation and dollar scarcity

Businesses across Bolivia have already begun pricing goods in USDT, responding to the sharp shortage of physical dollars that has disrupted imports and raised costs.

Vehicle manufacturers, including Toyota, Yamaha, and BYD, started accepting stablecoins in September after struggling to secure dollars for transactions.

The state-owned energy company YPFB has also revealed plans to create a system allowing crypto-denominated payments for energy imports, though details are still being developed.

Stablecoins offer a workaround for strict currency controls that limit access to foreign currency.

Anyone with a mobile phone and a crypto wallet can now hold dollar-pegged tokens without going through banks that enforce tight restrictions.

This ease of access has been a major factor behind the rapid rise in crypto volumes following the regulatory shift last year.

Financing push alongside crypto reforms

The government’s crypto strategy is unfolding alongside a wider effort to shore up the economy through new financing and investment incentives.

Espinoza announced that Bolivia is negotiating more than $9 billion in multilateral financing for public and private projects, far above initial projections.

Roughly a third of the funds could arrive within two to three months, providing support for infrastructure, renewable energy, and financial inclusion initiatives.

The announcement lifted Bolivia’s dollar bonds, which reached their highest levels since 2022.

The government has also moved to scrap the wealth tax and eliminate taxes on financial transactions to attract private capital and encourage investment.

These measures still require congressional approval, but they signal a significant shift away from the state-heavy policies of previous administrations.

Paz has pledged a market-oriented approach while avoiding shocks that could undermine the country’s social programs.

The administration plans to cut public spending by 30% in the 2026 budget, though officials stress that the decision was made independently and not under pressure from the International Monetary Fund.

• Naver Financial will acquire Dunamu in a $10.3B stock-swap deal.
• The merger now awaits shareholder votes and key regulatory approvals.
• If successful, Upbit’s operator will become a wholly owned Naver subsidiary in 2026.

Naver Financial has set the stage for one of South Korea’s largest fintech and crypto-related mergers, unveiling a stock-swap plan to fully acquire Dunamu, the company behind the country’s dominant crypto exchange, Upbit.

Dunamu recently reported 10.4 trillion won in total assets and 4 trillion won in equity, with revenue up 35% and net profit rising 145% year-over-year, cementing its position as one of Korea’s most influential digital asset players.

A landmark stock-swap merger

Naver Financial confirmed that it will absorb Dunamu through a stock-swap transaction valued at approximately 15.1 trillion won, or about $10.3 billion.

To complete the merger, the company will issue 87.56 million new shares to Dunamu shareholders according to a filing made on Wednesday, making the crypto firm a wholly owned subsidiary once the process is finalised.

The exchange ratio, set at 2.5422618 Naver Financial shares for each Dunamu share, was determined through an external discounted cash-flow valuation.

The effective stock exchange date is scheduled for June 30, 2026, though shareholders will vote on the plan earlier, at general meetings set for May 22, 2026.

Investors who oppose the deal will have the option to exercise appraisal rights at a price of 117,780 won per Naver Financial share.

These rights can be exercised from May 22 to June 11, 2026.

However, the deal may be cancelled if appraisal demands exceed 1.1 trillion won combined, unless both parties agree to adjust the cap.

Several regulatory approvals are required

The merger still requires approval from multiple regulators before it can proceed.

The deal must pass a business combination review by the Fair Trade Commission and meet requirements tied to major shareholder changes under the Act on the Use and Protection of Credit Information.

Naver Financial acknowledged in its filings that delays remain possible if any part of the process stalls.

But despite those hurdles, the companies appear confident about the transition.

Naver has said it plans to use the merger to “secure future growth momentum based on digital assets.”

While the firms have not yet mapped out structural changes following the merger, both sides expect closer strategic and operational cooperation.

According to reports shared earlier this year, Naver Financial is preparing to launch a Korean won-backed stablecoin after the merger, though no official timeline has been disclosed.

If confirmed, the move aligns with broader shifts in South Korea, where major banks and policymakers have adopted a more supportive stance toward digital asset innovation.

Notably, the election of President Lee Jae-myung marked a turning point for crypto regulation, and several domestic banks have already announced plans to introduce won-pegged stablecoins by late 2025 or early 2026.

That environment may provide Naver with fertile ground to expand its fintech capabilities and build a digital finance ecosystem that integrates payments, blockchain services, and investment tools.

• Monad users reported spoofed ERC20 transfers within 48 hours of mainnet launch.
• More than 76,000 wallets claimed 3.33 billion MON tokens in the airdrop.
• Monad’s testnet recorded more than 2.6 billion transactions.

Monad’s first week on mainnet has drawn intense attention across the crypto community, but it has also revealed how quickly malicious tactics can surface on a new EVM chain.

The project went live only a day before users began spotting unusual ERC20 transfer notifications that appeared legitimate at first glance.

Reports across X on Tuesday, Nov. 25, showed that scammers were already attempting to mislead newcomers who were still getting used to the network’s tools.

The incident created confusion during a launch that has otherwise seen strong participation and rapid growth, especially around the airdrop and early trading activity.

Spoof alerts grow across new network

Several users highlighted that fabricated ERC20 token transfers were appearing on explorers and wallets within 48 hours of the mainnet debut. These events looked authentic but did not move funds or alter balances.

A post on X from Monad co-founder and chief technology officer James Hunsaker drew early attention to the problem, as he warned that scammers were broadcasting fabricated transfers that appeared to come from his wallet.

The issue emerged because ERC20 is only an interface standard, which allows any contract to emit logs that resemble transfer activity even when no tokens are involved.

This behaviour is common across new EVM ecosystems, especially during traffic spikes when users rush to test fresh applications.

Screenshots circulating online showed transactions that looked like genuine movements of assets, which contributed to early confusion.

Social engineering links drive the activity

The appearance of these fake transfers formed part of a broader attempt to direct users toward phishing pages, claim buttons, or malicious contract approvals.

Spoofing has long been used to trick users into believing they have received unexpected tokens or triggered actions they did not initiate.

The tactic relies on creating urgency so that users interact with unsafe links.

As activity increased, the hashtag #MonadScam briefly trended on X before interest settled.

The network stated that the incident was not an exploit and noted that no funds were lost.

Many users also noted that wallet balances remained unchanged, which helped clarify the situation once the warnings spread.

Launch activity and airdrop hype fuel attention

Monad launched with significant momentum, which contributed to the early surge in attention from attackers.

More than 76,000 wallets claimed 3.33 billion MON tokens in the airdrop round, worth about $105 million at the time.

The demand created an ideal moment for malicious actors who were already familiar with earlier phishing attempts that imitated Monad’s airdrop portal.

The chain has been one of the most active debuts of the year, supported by more than 280 projects at launch.

The network is built by former Jump Trading engineers and is positioned as a high-performance, EVM-compatible chain.

Funding has exceeded $260 million from backers such as Paradigm, Electric Capital, and OKX Ventures.

Its testnet recorded more than 2.6 billion transactions, more than 300 million wallets, and 41 million blocks. These early figures contributed to heavy interest during the mainnet rollout, which made the environment more attractive to scammers looking to exploit user excitement.

Token activity rises as users stay cautious

MON opened at $0.02, and after an initial drop, the token gained more than 50% and traded near $0.045 at press time.

Increased interaction across dApps and explorers has encouraged the team to advise users to avoid urgency prompts, rely on verified explorers, and double-check contract engagements as mainnet traffic continues to rise.

The combination of rapid adoption, large airdrop participation, and growing traction across the ecosystem has made security awareness a priority during the early phase of the network.

• Klarna launches KlarnaUSD, a USD-pegged stablecoin, on Stripe and Paradigm’s Tempo chain.
• KlarnaUSD targets cheaper cross-border payments before wider consumer rollout.
• Stablecoin market surges past $300B as major fintechs adopt blockchain rails.

Klarna has taken a major step into digital finance with the announcement of KlarnaUSD, a USD-pegged stablecoin built on Tempo, the new layer-1 blockchain developed by Stripe and Paradigm.

Introducing KlarnaUSD, our first @Stablecoin.

We’re the first bank to launch on @tempo, the payments blockchain by @stripe and @paradigm.

With stablecoin transactions already at $27T a year, we’re bringing faster, cheaper cross-border payments to our 114M customers.

Crypto is…

— Klarna (@Klarna) November 25, 2025

The move signals a decisive shift for the Swedish digital bank, which is preparing to integrate blockchain technology more deeply into its global payment systems.

Klarna steps into crypto

KlarnaUSD is now live on Tempo’s testnet, with a full mainnet rollout planned for 2026.

The stablecoin is issued through Bridge, Stripe’s dedicated stablecoin infrastructure product, giving Klarna a direct connection to one of the most advanced payment-focused blockchain stacks.

Notably, Klarna is the first financial institution to issue a token on Tempo, a blockchain engineered specifically for fast and low-cost payments.

Klarna explained that the token will first support internal payment flows.

The goal is to cut the cost of cross-border transfers, a persistent expense for global fintech companies.

After the mainnet rollout, the digital bank has signalled plans to extend KlarnaUSD to merchants and consumers after internal testing.

That expansion would build on Klarna’s broad checkout and instalment-payment network, though the firm says there are currently no plans to integrate the stablecoin into its buy now, pay later product.

Klarna’s push to cut global transfer costs

Klarna’s CEO, Sebastian Siemiatkowski, once sceptical of crypto, has now embraced blockchain’s potential in payments.

Siemiatkowski said that crypto has reached a stage where it is “fast, low-cost, secure, and built for scale,” describing KlarnaUSD as the beginning of a broader strategy.

With more than 114 million customers and $112 billion in annual gross merchandise volume, Klarna believes it has the scale to shift how global payments work.

The bank’s partnership with Stripe has been central to this push. Stripe already processes much of Klarna’s traffic, and Tempo provides the infrastructure for more efficient settlement.

Cross-border payments cost consumers and businesses around $120 billion each year, and KlarnaUSD is expected to cut a significant portion of these fees.

Early estimates across the industry suggest blockchain-based rails can reduce international payment costs by up to 90% compared to traditional networks.

Furthermore, KlarnaUSD’s launch comes at a moment when stablecoin usage is surging, with annual transaction volume already surpassing $27 trillion, according to McKinsey.

The global stablecoin market capitalisation has climbed from $260 billion in July to about $304 billion by November, with much of this growth coming after the passage of the US GENIUS Act, the first federal law governing stablecoins.

Treasury Secretary Scott Bessent expects stablecoins to reach a $3 trillion market cap by 2030, a scale that could save the US government $114 billion annually.

A market expanding at record speed

Other major companies are also entering the stablecoin arena.

MetaMask launched mUSD earlier this year, and Western Union plans to deploy a stablecoin on Solana in 2026.

Visa added support for the Global Dollar token and expanded settlement capabilities across Stellar and Avalanche.

The momentum suggests that stablecoins are becoming a central pillar in global financial infrastructure.

Klarna’s entrance adds another high-profile name to this growing list.

The bank recently listed on the New York Stock Exchange, raising $1.37 billion and reinforcing its financial position despite its stock hovering near 52-week lows.

Strong liquidity gives Klarna room to explore blockchain-based products, with executives hinting that more crypto-related projects are on the way.

As KlarnaUSD moves toward mainnet, eyes will be on how the firm integrates the token into its global operations.

If successful, KlarnaUSD may become one of the clearest examples yet of how established fintech companies can use blockchain to update old payment systems, and potentially redefine the future of cross-border money movement.

• Bitget Wallet now enables instant USDT/USDC transfers to banks in Nigeria and Mexico.
• The feature links stablecoins to 80+ banks with fast, regulated settlements.
• Users can convert and spend crypto easily without P2P platforms or exchanges.

Bitget Wallet has introduced a new Bank Transfer feature that allows users in Nigeria and Mexico to convert USDT and USDC directly into local currency and send funds straight to bank accounts.

The rollout marks a major step toward making stablecoins practical for everyday use in two of the world’s busiest crypto markets.

Stablecoins meet local banking

The new Bitget Wallet feature links stablecoins with mainstream banking systems at scale, making it possible to move money from on-chain assets to traditional accounts without relying on peer-to-peer platforms or centralised exchanges.

This integration is significant for Nigeria and Mexico, where people often face delays, liquidity gaps and unstable exchange rates when converting crypto into local money.

Users in Nigeria can now tap into a network that connects with more than 45 banks. In Mexico, the service is compatible with over 35 banks.

The transfers support USDT and USDC across five major blockchain networks, including BNB Chain, Ethereum, Solana, Tron and Base, giving users flexibility regardless of how they hold their assets.

Notably, the move comes at a time when stablecoins are increasingly used to protect savings and facilitate payments in regions grappling with inflation and currency volatility.

Nigeria processes more than $90 billion in annual on-chain activity, while Mexico records over $70 billion, and Bitget Wallet’s upgrade aims to make these digital assets more usable in day-to-day life.

Solving real payment problems

For many users, the ability to convert crypto into local currency instantly addresses long-standing pain points.

In Nigeria, most conversions depend on P2P platforms, which can suffer from sudden liquidity shortages and sharp rate swings.

In Mexico, limited infrastructure has often made the process slow or unclear.

Bitget Wallet’s new feature offers a direct path from wallet to bank, reducing risk and bringing a level of reliability that has been missing in both markets.

The new feature enables users to pay merchants, cover bills, send funds to friends or family and convert stablecoin savings for everyday spending.

Because the transfers originate from a self-custody wallet, users maintain full control of their assets throughout the process.

This offers a practical alternative to centralised exchanges, which require deposits and add extra steps before funds can be used.

Bitget is also promoting the feature by waiving fees, making adoption easier for first-time users.

Expansion to more emerging markets

The rollout in Nigeria and Mexico represents what the company calls the first large-scale deployment of direct stablecoin-to-bank transfers by a global crypto wallet.

If successful, it may serve as a model for how digital assets can blend into traditional financial systems in developing regions.

Bitget Wallet also plans to extend the Bank Transfer feature to more emerging markets in the coming months.

Notably, the Bank Transfer feature will complement other payment tools already offered by the platform, including a crypto card, QR code payments and an in-app lifestyle shop.

Together, these tools aim to create a complete ecosystem where crypto can be used as easily as local money.