gm 20/11

Summary
gm, The U.S. OCC said banks can hold crypto to pay network “gas fees” and test platforms aligning with the GENIUS Act. The Basel Committee signaled a rework of punitive bank capital rules for crypto, and Canada advanced a Bank of Canada-supervised stablecoin regime, together clearing paths for bank-grade crypto and onchain payments. On capital markets, Kraken raised $800M at a $20B valuation and filed for an IPO, Société Générale’s SG-FORGE completed its first U.S. tokenized SOFR-linked bond on Canton, and Ondo won EU approval to offer tokenized stocks and ETFs. BlackRock’s IBIT saw a record $523M daily outflow and November Bitcoin ETF redemptions near $3B, while Mt. Gox moved 10.6k BTC, stoking supply fears. Even so, BTC bounced back above $90K alongside Nvidia’s strong earnings.

News Headlines
🏦 HSBC to Launch Tokenized Deposits in U.S. and UAE in 2026

• Tokenized deposits will offer instant, programmable payments backed by HSBC’s balance sheet—distinct from asset‑backed stablecoins—and can pay interest. Rollout to corporate clients signals a bank‑led alternative to stablecoins for treasury automation and 24/7 settlement.
• Regulatory clarity will guide whether HSBC also issues a stablecoin; deposit tokens could become core rails for institutional Web3 use.

🤝 Apex Group to Acquire Globacap for U.S. Tokenization Push

• Apex, with $3T+ AUA, will add a U.S. broker‑dealer to scale fund and RWA tokenization, following its Tokeny acquisition. Integrating issuance, compliance and distribution tooling positions Apex to serve institutional demand for onchain funds.
• Expect faster time‑to‑market for tokenized vehicles and broader access for professional investors via regulated channels.

💸 Coinbase Expands “DeFi Mullet” DEX Trading to Brazil

• Brazilian users will access over 10,000 tokens via Coinbase’s Base‑powered DEX aggregator inside the app, with self‑custody options and lower fees. This bridges CEX UX with DEX liquidity, broadening token access within a regulated front end.
• Brazil’s evolving crypto framework and cross‑border reporting initiatives could make it a bellwether for compliant retail DeFi access.

📊 Crypto Borrowing Hits Record $73.6B in Q3 as DeFi Dominates

• Onchain lending comprised 66.9% of collateralized borrowing; DeFi lending hit a $41B ATH, with centralized loans at $24.4B. Leverage is higher but backed by stronger collateral than past cycles of uncollateralized lending.
• A $19B liquidation event post‑Q3 was attributed to exchange risk systems, not systemic credit risk, still a reminder to monitor leverage and liquidation cascades.

🛍️ Opera MiniPay Lets Users Spend USDT via PIX and Mercado Pago in LatAm

• MiniPay’s 10M+ users in Argentina and Brazil can pay with USDT that auto‑converts to local currency at checkout via PIX and Mercado Pago QR codes. This shrinks UX friction between stablecoin balances and real‑world spending.
• Expanding to more markets could materially increase stablecoin velocity and merchant acceptance in high‑inflation economies.

Market Metrics

Fundraising & VC
1. Doppel (Series C, $70M) - AI-powered digital risk protection platform
2. Deblock (Series A, $35M) - Crypto wallet and current account solution
3. Immunefi (Public Token Sale, $5M) - Bug bounty security services platform

Regulatory
🧾 New Hampshire Approves $100M Bitcoin-Backed Municipal Bond

• The state authorized a privately backed $100M bond collateralized by over‑collateralized BTC held by BitGo, with no taxpayer guarantee.
• A 160% collateral requirement and liquidation triggers aim to protect bondholders, with fees supporting a state innovation fund, setting a first-of-its-kind precedent.

⚖️ CFTC Chair Nominee Pledges Crypto as 'Critical Mission'

• Nominee Mike Selig told senators that digital assets are central to the CFTC’s mission, backing clear frameworks for developers, exchanges, and domestic mining.
• He cautioned against regulation-by-enforcement and emphasized CFTC leadership on digital commodities while scrutinizing DeFi and ensuring market protections.

🏛️ Kenya Warns Bitcoin ATMs Illegal Under New VASP Law

• Regulators said no firms are yet licensed under the new VASP Act, making newly deployed Bitcoin ATMs in Nairobi malls illegal until licensing rules are finalized.
• The warning signals imminent enforcement as Kenya transitions to a formal regime for exchanges and kiosk providers.

🌍 Basel Signals Rethink of Bank Crypto Capital Rules

• Basel’s chair said the 1,250% capital charge for crypto exposures needs revisiting amid the rise of regulated stablecoins.
• With the Fed and BoE resisting current rules, a recalibration could reduce competitive disparities and enable greater bank participation in tokenized assets.

🔗 Anchorage & Mezo Offer 1% Fixed‑Rate BTC‑Backed Loans to Institutions

• Anchorage will route public companies and treasuries to Mezo’s BitcoinFi for 1% loans in MUSD, plus veBTC rewards and fee‑sharing for BTC locks. Institutional BTC credit is estimated to reach $45B by 2030, expect more bank‑custodian and DeFi partnerships.
• Structured, compliant BTC credit products diversify treasury tools and may increase BTC’s role as productive collateral.

Technical Analysis
Bitcoin - Investors have accepted lower prices over time to get out of Bitcoin and the currency is in a falling trend channel in the short term. This signals increasing pessimism among investors and indicates further decline for Bitcoin. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 107000 points. Volume has previously been low at price tops and high at price bottoms. Volume balance is also negative, which confirms the trend. RSI below 30 shows that the momentum of the currency is strongly negative in the short term. Investor have steadily reduced the price to sell the currency, which indicates increasing pessimism and continued falling prices. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The currency is overall assessed as technically negative for the short term.

Ethereum - Ethereum has broken the falling trend channel down in the short term, which indicates an even stronger falling rate. The price has had a strong fall after the negative signal from the rectangle formation at the break down through the support at 3777. The objective at 3179 is now met, but the formation signals further development in the same direction. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 3820 points. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. Volume balance is also negative, which confirms the trend. The currency is overall assessed as technically negative for the short term.