JH Kim

The UK's Financial Conduct Authority (FCA) is moving quickly to organize digital asset policy by introducing a dedicated regulatory sandbox for the stablecoin industry. The aim is to support firms that issue tokens linked to the pound sterling or the US dollar so they can test products and services under conditions close to real-world environments. On the 26th (local time), virtual asset (cryptocurrency) specialist media DL News reported that the FCA has added a special cohort for stablecoin firms within its existing sandbox program. Through this, issuers will be able to test various functions such as payments, custody and transfers in a regulated environment as they prepare for commercialization. The FCA said a number of major stablecoin firms have already confirmed participation in the cohort and that "preparations for pound-based stablecoin tests will be completed within several months." It added that, combined with the UK government's efforts to build a stablecoin payments framework, this is expected to have a positive effect on industry activation. Applications for sandbox support can be submitted until January 18, 2026, and the FCA said the measure will serve to increase regulatory clarity around stablecoins in the UK and strengthen firms' experimental environments.

The three major U.S. stock indexes are showing an uptrend. At 00:04 on the 27th, the Nasdaq Composite was trading at 23,164.74 points, up 0.60% from the previous day. The Dow Jones index was at 47,302.74 points, up 0.40%, and the S&P500 index was at 6,798.33 points, up 0.40%.

The three major U.S. stock indexes closed higher. On the 26th, the Nasdaq Composite was up 0.67% from the previous day, recording 23,025.59 points. The Dow Jones index rose 1.43% to 47,112.14 points, and the S&P 500 rose 0.89% to 6,764.73 points.

There has been considerable progress regarding the draft Ukraine peace negotiations prepared by the United States, but significant unresolved issues still remain. On the 25th (local time), business breaking news channel Walter Bloomberg, citing CNN, reported, "The United States and Ukraine have reached agreement on most items, but at least three key issues still require in-depth discussion." According to the report, the remaining issues include territorial matters, limits on the size of Ukraine's military, and provisions related to Ukraine's military status. The outlet, citing sources, stressed, "No final text has been approved yet." In particular, Ukraine strongly opposed the demand to forgo NATO membership, saying, "It would set a bad precedent." A source said, "This would effectively give Russia a veto over alliance expansion," and added, "Ukraine cannot accept it." Even as efforts to push the peace plan are gaining momentum, key issues remain, and additional time is expected to be needed before a deal is reached.

U.S. President Donald Trump reiterated his willingness to hold talks with Volodymyr Zelensky, President of Ukraine, and Vladimir Putin, President of Russia. However, he stressed that "a meeting will take place only when an agreement to end the war is in its final stages or is effectively completed." On the 25th (local time), according to economic breaking news channel Walter Bloomberg, President Trump said, "I look forward to meeting Zelensky and Putin as soon as possible," adding, "But that will only be possible when an agreement to end the war is in its final stages or is already nearly complete." This comment followed the White House's recent statement that "a Trump-Zelensky meeting has not yet been scheduled," and has heightened interest in the timing of future U.S.-Russia-Ukraine peace talks. Since taking office, President Trump has presented ending the war in Ukraine as his top diplomatic priority, and previously he has repeatedly claimed that "the war could be ended within weeks."

JPMorgan Chase has frozen the corporate account of Swiss-based virtual asset (cryptocurrency) exchange Shapeshift and will also close an executive's personal account. On the 25th (local time), according to crypto-focused media The Block, JPMorgan Chase recently closed Shapeshift's corporate account and notified that the personal account of marketing head Houston Morgan (Houston Morgan) would also be closed this week. Houston Morgan said he was informed by JPMorgan Chase that "transactions are being suspended to protect financial institutions." The bank did not disclose specific reasons. Previously, JPMorgan Chase had closed the account of Jack Mallers (Jack Mallers), CEO of Bitcoin payment platform Strike, without separate prior notice, leading to interpretations that banks are strengthening their risk management stance toward virtual asset companies and industry participants.

It has been confirmed that U.S. Bancorp, a large U.S. bank, is piloting its own stablecoin on the Stellar blockchain. It is a move that aligns with the trend of the banking sector's competition to adopt on-chain payment infrastructure. On the 25th (local time), according to crypto media UBlockchain, U.S. Bancorp recently established a digital assets and funds transfer department and began tests to issue a Stellar-based stablecoin. Mike Villano, head of digital asset products, cited Stellar's asset-freezing feature as a main reason, calling it "a key control function that institutions must consider when evaluating on-chain stablecoins." Stellar has provided compliance tools and asset control features for traditional financial institutions, and this test is interpreted as a phased review process for U.S. Bancorp to transition its internal payment and asset transfer systems to an on-chain method. Among banks, the use of stablecoins is rapidly spreading, following JPMorgan, Citigroup, and others, and attention is focused on whether U.S. Bancorp's pilot issuance will lead to an actual commercial service.

The U.S. Commodity Futures Trading Commission (CFTC) is recruiting industry chief executive officers (CEOs) to form a new innovation council to support the development of regulations for prediction markets and virtual assets (cryptocurrencies). The move is linked to the virtual asset market structure bill that may be subject to a Senate vote. On the 25th (local time), Crypto in America host Eleanor Terrett reported via X (formerly Twitter) that Acting CFTC Chair Caroline D. Pham is preparing to launch the new innovation council. The council will serve an advisory role in the development of regulations related to prediction markets and virtual assets. According to Terrett, the council is expected to begin full operations in January next year, timed with the tentative Senate vote on the virtual asset market structure bill (CLARITY). Acting Chair Pham is expected to accept CEO nominations from industry figures until December 8. The CFTC's formal formation of a private expert group is a step aligned with efforts to organize a regulatory framework for the virtual asset industry, and key issues such as prediction markets, derivatives, and token classification are expected to be discussed.

The U.S. 10-year Treasury yield fell below 4% for the first time since late October. The market is showing a trend that reflects both expectations for rate cuts and signs of an economic slowdown. On the 25th (local time), according to economic news channel Walter Bloomberg, the U.S. 10-year Treasury yield fell below 4% intraday. This is the lowest level in about two months since late October. With the possibility of an early shift to easing by the Federal Reserve (Fed) recently mentioned, long-term interest rates have continued to decline. Investors are reinforcing expectations that the Fed could accelerate the pace of rate cuts next year based on a cooling labor market and weakening consumer indicators. The decline in U.S. Treasury yields could also affect the virtual asset (cryptocurrency) market. If interest rate pressures ease, there is a possibility that appetite for risk assets could improve.

The U.S. White House said that a meeting between President Trump and Ukrainian President Volodymyr Zelenskyy is not currently scheduled. On the 25th (local time), according to economic breaking news channel Walter Bloomberg, a White House official said, "There is no scheduled meeting between President Trump and President Zelenskyy." Earlier, there were reports that President Zelenskyy was preparing to meet President Trump on November 27 to finalize a peace agreement. Amid recent attention on possible diplomatic contact between the U.S. and Ukraine, the White House officially denied plans for a meeting, leaving future scheduling uncertain.

Virtual asset (cryptocurrency) service provider MoonPay has obtained a Limited Purpose Trust Charter from the New York State Department of Financial Services (NYDFS). This allows it to provide virtual asset custody and over-the-counter (OTC) services within New York State. Eleanor Terrett, host of Crypto in America, said on the 25th (local time) via X (formerly Twitter) that MoonPay had obtained the charter, which means its business scope in New York has significantly expanded in addition to its existing BitLicense. With this acquisition, MoonPay has become a company that meets both conditions — 'BitLicense + Limited Purpose Trust Charter' — held by only a few companies such as Coinbase, PayPal, and Ripple. This is regarded as a criterion for being evaluated as an institution with high regulatory compliance capabilities in New York. With this approval, MoonPay can strengthen its custody business for institutional clients and its large-scale OTC trading business. New York is known as the state with the most stringent virtual asset regulations in the U.S., so obtaining the charter itself is significant. MoonPay is currently expanding its business focusing on global payment solutions and bridge services, and obtaining the New York state charter is expected to be an important turning point in increasing its business influence in the United States.

The three major U.S. stock indices are showing mixed results. The Nasdaq Composite was trading at 22,685 points at 00:21 on the 26th, down 0.82% from the previous day. The Dow Jones Industrial Average was at 46,524.98 points, up 0.17%, while the S&P 500 was at 6,688.43 points, down 0.25%.

The three major U.S. stock indices closed higher. The Nasdaq Composite Index recorded 2,2872.01 points, up 2.69% from the previous day on the 25th. The Dow Jones index closed at 46,448.27 points, up 0.44%, and the S&P 500 index closed at 6,705.61 points, up 1.55%.

Mary Daly, president of the Federal Reserve Bank of San Francisco (the San Francisco Fed), publicly supported a rate cut in December. According to economic news channel Walter Bloomberg on the 24th (local time), Daly said, "I believe a rate cut will be necessary at the FOMC meeting this December," and added, "At present, the risk that the labor market could suddenly deteriorate is greater than the risk of inflation reaccelerating." He emphasized that the Fed's top priority is "stabilizing prices without a large increase in the unemployment rate." Recently, there has been growing disagreement within the Fed over the size and timing of rate cuts, and the December meeting is expected to see fierce debate between hawks and doves.

Bank of America (BofA) said gold prices could reach $5,000 per ounce in 2026. On the 24th (local time), according to the economic flash channel Walter Bloomberg, BofA strategists led by Michael Widmer said that although gold has risen sharply recently, it is "overbought but still an underinvested asset." They said the United States' unusual economic and fiscal policies would continue to support gold prices going forward. BofA expects the gold price to average $4,538 per ounce next year and analyzed that supply-side factors would also add upward pressure. Strategists explained that "mine supply shortages, low inventory levels, and an uneven demand structure are the key factors supporting the price." BofA also raised forecasts for major metal prices such as copper, aluminum, silver, and platinum, but added that palladium is unlikely to turn bullish due to continued oversupply. Analysts say gold prices are likely to renew record highs in the medium term following the bullish trend in 2024–2025.