This week, crypto challenged the old financial order. Kraken clapped back at bankers’ anti-stablecoin warnings, stablecoins processed $46 trillion, half of Visa’s total, and regulators from Asia to America rushed to catch up. With Binance’s expansion and Solana’s ETF debut in Hong Kong, the line between traditional and digital finance is fading fast.
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Kraken CEO Fires Back at Bankers Over Stablecoin Yield “Threat”
The clash between traditional finance and crypto deepened as Kraken CEO David Ripley publicly challenged the American Bankers Association (ABA) for warning that stablecoin yield products could destabilize the financial system. At the ABA Annual Convention, senior VP Brooke Ybarra claimed that interest-bearing stablecoins, offering up to 5% returns, could drain as much as $6.6 trillion from bank deposits, undermining liquidity and community lending. She argued that such products pose systemic risks by diverting capital away from traditional savings accounts that yield under 1%.
This panel hosted by the American Bankers Association said allowing companies like @krakenfx or @coinbase to pay interest on stablecoins would be “a detriment.”
A detriment to who?
Healthy competition is the bedrock of a free market and free markets benefit actual consumers…
— Dave Ripley (@DavidLRipley) October 21, 2025
Ripley dismissed the claims as “moat building”, accusing banks of protecting profit margins rather than promoting competition or consumer freedom. He said Kraken’s mission is to democratize finance, giving ordinary users access to yield opportunities once limited to the wealthy. The exchange’s sharp rebuttal underscores the growing power struggle between crypto innovators and legacy financial institutions.
Other News Making Waves
- Radiant Capital’s hacker has resurfaced a year after the $53M exploit, laundering $10.8M in ETH through Tornado Cash after complex swaps via multiple bridges, leaving authorities struggling to trace the funds. (More)
- Hyperliquid Strategies has filed with the SEC to raise $1B to expand its HYPE token treasury following its merger with Sonnet BioTherapeutics and Rorschach I LLC. (More)
- Polymarket is seeking a new valuation between $12B and $15B, a tenfold jump from June, after ICE’s $2B investment signalled institutional confidence in prediction markets. (More)
- Stablecoins processed $46T in on-chain transactions over the past year, a 106% jump, surpassing half of Visa’s adjusted payment volume. (More)
- Binance has launched direct USD deposits and withdrawals in over 70 countries through BPay Global, a regulated subsidiary licensed in Bahrain, offering fee-free SWIFT transfers. (More)
- Chainlink Labs has urged the U.S. Treasury to adopt decentralized identity, programmable compliance, and proof-of-reserve tools to boost on-chain transparency, while protecting privacy and easing developer burdens. (More)
- Standard Chartered Hong Kong will launch digital asset ETF trading in November, catering to growing demand among wealthy clients, as the city also approves Asia’s first Solana spot ETF by ChinaAMC. (More)
- Bank of Japan Deputy Governor Ryozo Himino has called for updated prudential standards, warning that stablecoins and non-bank institutions now hold nearly half of global assets outside Basel III oversight. (More)
- A coalition of crypto, fintech, and retail groups has urged the CFPB to finalize open banking rules giving consumers control over financial data, promoting competition, innovation, and DeFi access. (More)
- Chainlink’s oracle network stayed fully operational during a global cloud outage, securing over $92.5B in DeFi value and proving the resilience of its decentralized infrastructure. (More)
- Coinbase has urged the U.S. Treasury to modernize AML systems using AI, APIs, and blockchain analytics, proposing a safe harbour for firms deploying AI-powered compliance tools. (More)
- CZ has warned traders about hacked X accounts spreading fake meme coin contracts, after breaches hit BNB Chain, PancakeSwap, Drake, and Dior amid a booming BNB meme coin market. (More)
Around the World: Bold Moves and Regulations
- Asian stock exchanges are tightening rules against crypto-focused treasury firms, rejecting listings seen as “cash companies” without real operations. (More)
- British Columbia will permanently ban new crypto mining grid connections from fall 2025, citing high energy demand and low returns, while prioritizing AI and data centers under capped power use. (More)
- Crypto.com has teamed up with South Korea’s Travel Wallet to launch a KRW-pegged stablecoin and co-branded card, expanding crypto payment access and boosting its Asian presence. (More)
- Beijing has ordered Ant Group and JD.com to halt their Hong Kong stablecoin plans, reaffirming that only the state can issue currency, marking a decisive policy shift from financial innovation to strict sovereignty control over digital money. (More)
Market Trends: Winners and Losers
Top 5 Gainers 📈
According to data from CoinGecko, these are the five biggest gainers of the week:
- Ore +607.84%, from $16.20 to $114.67
- XPIN Network +133.25%, from $0.00365292 to $0.00851712
- Paparazzi Token +133.55%, from $0.00998978 to $0.02333399
- River +146.60%, from $3.82 to $9.43
- Bitlight +92.44%, from $1.19 to $2.29
Top 5 Losers 📉
According to data from CoinGecko, the five biggest losers of the week are:
- BNB Attestation Service -79.05%, from $0.072746 to $0.01523943
- Bless -50.10%, from $0.074609 to $0.03722367
- Saros -46.99%, from $0.231361 to $0.122582
- KGeN -52.46%, from $0.502801 to $0.239058
- MBG By Multibank Group -53.37%, from $1.076 to $0.501588
Project Spotlight
OKX Launches Rubix to Bridge Traditional Finance and Regulated Digital Assets
OKX has introduced Rubix, a modular platform designed to help banks, brokers, and asset managers integrate regulated digital-asset services like trading, custody, and settlement within their existing systems. Built to comply with global standards such as MiCA, VARA, and AUSTRAC, Rubix connects seamlessly to institutional infrastructure through FIX, REST, and WebSocket APIs, enabling secure off-exchange storage and efficient capital use.
Why It Matters:
By embedding crypto functionality directly into traditional financial workflows, Rubix simplifies institutional adoption, reduces regulatory friction, and strengthens the bridge between traditional finance and the growing digital asset economy.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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