Financial Performance - Circle's Q3 2025 USDC circulation reached $73.7 billion, a 108% year-over-year increase [1] - Total and reserve revenue amounted to $740 million, representing a 66% increase [1] - Net income reached $214 million, a 202% increase [1] Business Development - Circle launched the Arc testnet and is exploring a native Arc network token [1] - The company raised its 2025 other revenue forecast to $90-100 million [1]

Security Analysis - Bybit's Lazarus Security Lab reviewed 166 blockchain networks [1] - 16 blockchains (approximately 9.6%) possess built-in fund freezing capabilities [1] - 19 blockchains (approximately 11.4%) could enable fund freezing features with minor protocol changes [1] Freezing Mechanisms - Freezing mechanisms include hardcoded logic (e g, BNB Chain, VeChain) [1] - Freezing mechanisms include config file controls (e g, Sui, Aptos) [1] - Freezing mechanisms include on-chain contract execution (e g, HECO) [1]

QCP notes that Bitcoin is tracking broader risk sentiment, retreating during the U.S. session and stabilizing around $103k in Asia. While the U.S. government shutdown continues, the Senate has passed a stopgap bill extending funding to January 30, 2026, with markets expecting a resolution between November 12–15. Weak ADP data has reinforced expectations of a cautious Fed. In the near term, policy developments remain key, with year-end Bitcoin performance hinging on Fed signals and corporate earnings support ...

Company Strategy - Phantom Wallet 公司目前没有计划推出自己的区块链或进行首次公开募股（IPO）[1] - 公司专注于 Solana 生态系统和用户导向的产品 [1] - Phantom Wallet 倾向于通过私募融资进行扩张，投资者包括 a16z、Paradigm 和 Sequoia 等 [1] Funding - 公司通过 a16z、Paradigm 和 Sequoia 等投资者的支持，进行私募融资扩张 [1]

Coinbase has officially launched Coinbase Business in Singapore, offering crypto trading and payment services for local startups and SMEs. In partnership with Standard Chartered, the platform enables real-time transfers in Singapore dollars and instant settlement using stablecoins such as USDC and XSGD. This marks Coinbase’s first international business expansion outside the United States. https://t.co/haUK75AduZ ...

ETF Flows - Ethereum spot ETFs experienced total net outflows of $107 million [1] - None of the nine Ethereum spot ETFs reported inflows [1] - Bitcoin spot ETFs registered total net inflows of $524 million [1] - BlackRock's IBIT led Bitcoin spot ETF inflows with $224 million, marking the largest single-day inflow [1] - Solana spot ETFs recorded total net inflows of $7.98 million, achieving 11 consecutive days of inflows [1]

According to FT, Kraken co-CEO Arjun Sethi criticized the UK’s strict crypto regulations for hindering capital flows and hurting user experience. He said UK users are blocked from about 75% of crypto products, including DeFi staking and lending. Sethi also said Kraken won’t offer tokenized shares of private companies like Robinhood did, calling its tokenized OpenAI shares “a terrible idea.” https://t.co/VcdIIutwB4 ...

According to Bloomberg, JPMorgan has officially launched its deposit token JPM Coin, initially available to institutional clients. The token represents U.S. dollar deposits held at the bank and enables 24/7 real-time transfers via Base, Coinbase’s associated public blockchain. Participants in the pilot include Mastercard, Coinbase, and B2C2, with Coinbase set to accept JPM Coin as collateral. https://t.co/ynsTcY90NQ ...

Regulatory Advocacy - a16z crypto advocates for privacy-preserving decentralized digital identity to enhance compliance and security in response to the U.S Treasury's GENIUS Act implementation [1] - The company urges FinCEN to update AML/KYC regulations to accommodate Zero-Knowledge Proofs (ZKPs) and other cryptographic methods for privacy-safe identity verification [1] - The company advocates for a clear distinction between decentralized stablecoins and payment stablecoins to facilitate fair, technology-driven regulation [1]

WSJ’s Nick Timiraos reported growing divisions within the Fed over a December rate cut. Some officials cite sticky inflation and tariff effects to argue for a pause, while doves point to weak jobs and slowing demand. A government shutdown disrupting key data has widened the split. The rate remains at 3.75%–4%, with markets still slightly favoring a cut amid a rare hawk-dove standoff. https://t.co/dHfdPJkWEc ...