Newsletter · Nov 23, 2025

Aave enters banking. Ethereum unifies L2s. Central Banks buy Bitcoin.

TokenisationRegulationStablecoinsInfrastructure

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Aave Launches Consumer Savings App With $1M Deposit Insurance

Aave Labs is taking on traditional banks with a savings app offering up to 9% yields and insurance-backed protection on deposits up to $1 million. Users can deposit from 12,000+ banks and cards or transfer unlimited stablecoins. DeFi meets consumer banking.

Ethereum Foundation Unveils Cross-Chain Solution for Layer-2 Networks

The Ethereum Interoperability Layer (EIL) has been announced. EIL will make Ethereum’s rollups feel like a single, unified chain by enabling users to sign once for a cross-chain transaction without adding new trust assumptions. This new account-based interoperability layer unifies the fragmented L2 ecosystem under Ethereum’s own security model.

Kraken Raises $800M at $20B Valuation, Files for IPO

Kraken secured $800 million led by Jane Street, DRW Venture Capital, and others, plus a $200 million strategic investment from Citadel Securities. The funds will fuel international expansion and payment services as the firm moves toward going public.

Deutsche Börse Integrates SocGen Stablecoins Into Settlement Infrastructure

Deutsche Börse and Societe Generale-FORGE are bringing regulated euro and dollar stablecoins into Clearstream and other post-trade operations. Europe’s largest financial markets are now settling with blockchain rails.

Basel Committee Revising Crypto Capital Rules After US, UK Pushback

The Basel Committee is reworking its crypto capital requirements after the US and UK rejected the 2022 framework as too restrictive. Chair Erik Thedéen cited regulated stablecoin growth as a game-changer requiring urgent policy updates. The EU partially implemented the rules but excluded permissionless blockchain provisions.

HSBC Launching Tokenized Deposits in US and UAE by Mid-2026

HSBC will offer tokenized deposits to corporate clients in the US and UAE by H1 2026, enabling instant 24/7 domestic and cross-border payments. “We are making big bets in this space,” said Manish Kohli, HSBC’s global head of payments solutions.

Mastercard Brings Verified Usernames to Self-Custody Wallets on Polygon

Mastercard is expanding Crypto Credential to self-custody wallets, starting with Polygon. Working with Mercuryo, the system replaces long wallet addresses with simple usernames, making crypto transfers as easy as Venmo.

Czech National Bank Becomes First Central Bank to Directly Buy Bitcoin

The Czech National Bank officially added Bitcoin to its reserves, marking a historic first for central banks globally. A new era for sovereign digital asset adoption.


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Thanks for reading - until next week!

Until next week,

James Smith & David Walsh