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DBS & JPMorgan, Standard Chartered DCS Card, Brazil’s central bank, Kalshi lawsuits, Jack Dorsey’s Square,

CleanSpark raise, Startale Soneium, US IRS, Propanc Biopharma raise, Strive Inc, Monad mainnet launch, Canary Capital’s XRP spot ETF

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AlphaTLDR
November 11, 2025

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Crypto’s been busy, headlines are hitting hard. Don't worry we got you. The market has been brewing, here's what's currently happening:

DBS and JPMorgan’s Kinexys are jointly developing an interoperability framework for tokenized deposits, enabling transfers across public and permissioned blockchains. The initiative aims to connect JPM’s Deposit Tokens (on Base) with DBS Token Services, allowing 24/7 cross-network transactions. Both banks say the effort will preserve money’s singleness while expanding institutional access to blockchain-based payments, a step forward in global tokenized banking infrastructure.

Standard Chartered has partnered with DCS Card Centre to power DeCard, enabling real-world stablecoin spending. The bank will handle settlements, top-ups, and account services through its infrastructure. The partnership launches in Singapore, with plans to expand to other key markets.

Brazil’s central bank has classified stablecoin transactions as foreign exchange operations, bringing them under banking-style oversight. The new framework extends AML and transparency rules to crypto firms and even self-custody wallet transfers. It aims to add legal clarity, reduce scams, and align crypto activity with Brazil’s financial reporting standards.

Kalshi has defeated a lawsuit from three California tribes seeking to block its sports-event contracts, with a judge ruling against their claims of unlawful gaming. The platform continues to face regulatory pressure in New York but recently raised $300M from a16z and Sequoia, pushing its valuation to as high as $12B.

Jack Dorsey’s Square has enabled Bitcoin payments for over 4M merchants, letting sellers accept BTC at checkout with zero fees until 2027. The feature is live for in-person transactions, with online and invoicing options coming soon. X users have already reported using it at U.S. coffee shops, marking a major step toward mainstream Bitcoin adoption.

CleanSpark plans to raise $1B through zero-coupon convertible notes due 2032 to fund share buybacks, data center expansion, debt repayment, and general growth. Up to $400M will go toward stock repurchases as the firm accelerates its push into AI infrastructure and Texas-based data centers.

Startale has launched a “super app” for Sony’s Ethereum Layer 2 network, Soneium, designed as the main consumer gateway for its ecosystem. The app supports TGEs, airdrops, rewards, and Mini Apps, while removing seed phrases and gas fees via Account Abstraction. CEO Sota Watanabe says it aims to make going on-chain as seamless as using any mainstream app, bridging Web3 with Japan’s regulated digital economy.

The US IRS has clarified that crypto ETFs and trusts can participate in staking and share rewards with investors, provided they meet custody and asset-type requirements. This safe harbor removes a key legal barrier, giving institutional crypto funds regulatory and tax clarity, and complements the SEC’s recent approval of generic listing standards for crypto ETPs.

Australia-based Propanc Biopharma (PPCB) secured up to $100M from Hexstone Capital via convertible preferred stock to fund a crypto treasury and accelerate its lead cancer therapy PRP toward first-in-human trials in 2026, marking a broader trend of small biotechs turning to digital assets to bolster balance sheets amid tight capital markets.

Shares of Bitcoin treasury companies may be stabilizing as Kynikos Associates closed its short on Michael Saylor’s Strategy (MSTR), signaling the potential end of the Bitcoin treasury bear market after MSTR’s market NAV fell from ~2.0x to 1.23x, with MSTR’s implied premium dropping from $70B to $15B and broader crypto market sentiment improving following the U.S. government reopening.

Strive Inc. raised $160M in its SATA IPO, boosting its Bitcoin treasury to 7,525 BTC, and became the first Bitcoin treasury company to fund Bitcoin purchases exclusively via perpetual preferred equity, using advanced risk controls and SEC WKSI status to support its long-term digital-asset strategy.

Monad announced its public mainnet launch for Nov. 24, 2025, and revealed MON tokenomics: 7.5% of the 1B token supply will be sold via Coinbase’s new token-sale platform, while over 50% of tokens, including team and treasury allocations, will be locked at launch, with structured vesting to support long-term project alignment.

Canary Capital’s proposed XRP spot ETF is set for a potential November 13 launch after an updated SEC filing removed a delaying amendment, with the Nasdaq review pending and timing subject to SEC comments as regulatory activity resumes.

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