Weekly Update: 28th of November
What happened between the 21st and 28th of November?
- The crypto market showed modest stabilisation amid renewed rate cut hopes, but investor caution remains with low volumes and a focus on liquidity. Read more
- Klarna plans to launch KlarnaUSD, a US dollar-backed stablecoin, aiming to simplify cross-border payments across traditional and digital ecosystems. Read more
- Texas bought $5 million in bitcoin, and Czechia launched a $1 million test portfolio, showing governments are moving toward active crypto adoption. Read more
- Polymarket received CFTC approval to offer prediction markets in the US, a milestone for regulated crypto-based financial applications. Read more
Market stabilises after Fed rate expectations, investors remain cautious
The crypto market showed signs of stabilisation this week, as the likelihood of a rate cut by the Federal Reserve in December increased. Despite this, investors remain cautious due to ongoing macroeconomic uncertainty and geopolitical tensions. This caution is reflected in reduced trading volumes and limited exposure to high-risk assets. For institutional investors, liquidity and risk management have once again become top priorities. While conditions are improving slightly, sentiment remains fragile. We continue to closely monitor the market to define its direction.
Klarna announces launch of its own stablecoin
Swedish fintech Klarna announced this week that it is launching a US dollar-backed stablecoin, KlarnaUSD. The coin is designed for payments and cross-border transactions, positioning Klarna as a participant in both traditional and digital economies. KlarnaUSD is currently in a testing phase, with a full mainnet launch planned for 2026. It is interesting to see players like Klarna entering the market. The efficiency and cost reductions it brings, could have a significant impact on its organization. It is to be seen how it will be exactly implemented and if users can choose between its native stablecoin, or maintain their old payment methods.
Governments and central banks enter crypto: Texas and Czechia take first steps
The US state of Texas purchased 5 million dollars’ worth of bitcoin via an ETF, marking the first official state-level crypto investment. Meanwhile, the Czech National Bank announced it has created a test portfolio of 1 million dollars in cryptocurrencies to evaluate operational processes related to digital asset management.
These moves highlight that governments and central banks are taking crypto increasingly seriously. Institutional adoption is now being driven not only by private entities, but also by public institutions. And the interesting thing is that many (nation) states can’t afford to be left behind. We will have to see if and how others will follow on these developments.
Polymarket receives approval to operate in the US
US regulator CFTC has granted approval to Polymarket to operate within the US market. Polymarket is a prediction market platform where users place bets on the outcome of future events, including elections and macroeconomic indicators. This approval represents a key step in the regulatory acceptance of crypto-based platforms and strengthens the legitimacy of crypto payments in alternative financial applications. Additionally, the CFTC announced their CEO Innovation Council, which is aimed to gather leaders of the digital assets market to help guide regulation.
In other digital assets news
- The Solana ETF recorded its first day of outflows this week, following a period of steady inflows since its November 10 launch
- Fintech firm Revolut reached a valuation of 75 billion dollars, driven in part by the growing importance of crypto services on its platform
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