RT Token Terminal 📊 (@tokenterminal)2) RLUSD holder count surpasses 6K▪️ RLUSD holder count on Ethereum surpassed 6K, up from 750 at the start of the year. The chart shows a smooth, monotonic increase with visible acceleration in H2. Unlike the step pattern in supply, holder growth follows a continuous upward curve.▪️ Holder growth keeping pace with supply growth suggests distribution rather than concentration. When new supply remains parked in a small set of addresses, holder counts stay flat even as marke ...

Market Trends & Industry Dynamics - Banks, policymakers, and traditional payments firms are hoping the stablecoin revolution will diminish by 2026 [1]

Core Insights - Klarna has announced a multi-market partnership with Lufthansa Group to offer flexible payment options for travelers in Europe and the U.S. [1][2] - The integration allows customers to pay in full, pay later, or spread the cost over time, enhancing convenience and control for travelers [2][3] - The rollout of these payment options will begin in mid-November and expand across all Lufthansa Group Network Airlines by the end of Q2 2026 [3] Company Overview - Klarna is a global digital bank with over 114 million active users and processes 3.4 million transactions daily [5] - The company partners with over 850,000 retailers, including major brands like Uber, H&M, and Airbnb, to provide innovative payment solutions [5] - Klarna is listed on the New York Stock Exchange under the ticker symbol KLAR [5] Industry Context - The partnership reflects a growing demand for flexible payment solutions in the travel industry, as more travelers seek fairer payment options [3][4] - Klarna's collaboration with Lufthansa Group adds to its existing partnerships with leading travel brands such as Airbnb, Expedia, and Booking.com [4]

Stables are great.Stables that earn while staying self-custodial are even better.No lock-ins, no extra steps & no drama.Stablecoin earn on Trust Wallet makes it effortless. ...

Regulatory Landscape - Tax policy is becoming a contentious issue with limited consensus [1] - Stablecoin frameworks reveal divisions between central banks and governments [1] - Exchanges are seeking favorable jurisdictions due to struggling local markets [1] - User growth in emerging markets is exceeding regulatory development [1]

Financial Performance - Curve 协议每日收入达 50 万美元，价格为 0.438 美元，上次达到此收入水平时价格为 6 美元以上 [1] - Curve 协议年收入为 1.5 亿美元，市值为 6.26 亿美元 [1] Stablecoin Market - Crvusd 的供应量达到 5 亿的历史新高，成为以太坊交易量第三大的稳定币，仅次于 USDC 和 USDT [1] Protocol Upgrade - Fusaka 升级将在 6 天后解锁，gas 限制将提高 3 倍 [1] Investment Implication - 每一次基于收益的 BTC 购买都需要 crvusd [1] - 估值差距不会持续太久 [1]

Cryptocurrency Trends - Zcash is the most-searched crypto asset in November 2025 [1] Token Buyback - WLFI conducts nearly $10 million token buyback [1] Government & Institutional Adoption - Texas is the first US state to buy $10 million in Bitcoin as strategic reserve [1] - US Bancorp launches stablecoin on Stellar network [1] Monetary Policy - Bank of Japan signal December interest rate hike [1]

China Crypto Ban. Photo by BeInCrypto S&P Global Ratings downgraded Tether’s USDT stablecoin stability score from constrained to weak, citing increased exposure to volatile assets like Bitcoin. This move triggered intense debate on Chinese social media, with traders expressing concerns ranging from skepticism to outright panic. The timing is critical for China’s underground crypto market. Over 20 million participants depend on USDT as their primary route to digital asset trading, even after the country’s ...

Market Share & Dominance - Tether (USDT) leads stablecoin issuers with a market cap of $500 billion [1] - Ripple holds the second position among stablecoin issuers with a $40 billion market cap [1] - Circle ranks third in stablecoin issuer market cap at $17 billion [1] Stablecoin Market Cap Breakdown - USDT dominates the stablecoin market with a $181 billion market cap [1] - USDC holds a significant portion of the stablecoin market with a $74 billion market cap [1] - RLUSD has a market cap of $1 billion [1]

Core Viewpoint - S&P Global Ratings has downgraded Tether (USDT) to "5 (weak)", the lowest rating on its stablecoin risk scale, citing concerns over disclosure and high-risk assets in Tether's reserves [1][2]. Group 1: Rating Downgrade - S&P Global Ratings issued a downgrade of Tether to "5 (weak)", marking the lowest grade on its five-point stablecoin risk scale introduced in 2023 [1]. - The agency highlighted "persistent gaps in disclosure" and an increasing proportion of "high-risk assets" in Tether's reserves, which include bitcoin, gold, corporate bonds, and secured loans [2]. - S&P noted that these high-risk assets carry various risks, including credit, market, interest-rate, and foreign-exchange risks, and mentioned limited insight into the creditworthiness of Tether's custodians and counterparties [2]. Group 2: Tether's Response - Tether's CEO, Paolo Ardoino, criticized S&P's assessment, suggesting that the agency's methodologies are outdated and were responsible for misrating traditional financial institutions that later failed [4][5]. - Ardoino argued that Tether's reserve structure is fundamentally different from those of traditional banks and insurers, asserting that Tether's model is "overcapitalized" compared to institutions rated by legacy agencies [5]. - In response to the downgrade, Tether expressed strong disagreement with S&P's characterization, emphasizing its history of maintaining stability and redeemability of USDT during various financial crises [7].