Kraken has launched a CFTC-regulated cryptocurrency spot margin trading service for US retail users, just days after its parent company acquired the Bitnomial derivatives platform. Such products were previously largely unavailable to US retail users, forcing them to turn to offshore platforms. Kraken stated that users can use cryptocurrency assets as collateral for leveraged trading up to 10x without having to sell assets. This launch follows Payward's acquisition of Bitnomial, a Chicago-based cryptocurrency derivatives exchange holding CFTC-issued broker, contract broker, and clearing licenses. Payward stated that the acquisition will finally enable it to offer regulated spot margin, perpetual futures, and options products to US users, while strengthening Kraken's regulated derivatives infrastructure and preparing for a potential public listing. Payward confidentially filed a draft S-1 registration statement with the US Securities and Exchange Commission in November. The platform has also been expanding its institutional and derivatives business in the UK and Europe since its $1.5 billion acquisition of NinjaTrader in March 2025.

According to Huoxun Finance, St. Louis Federal Reserve President Mohamed Mussalaim stated that there is significant uncertainty regarding the outlook for the U.S. economy and monetary policy. He believes that the risks to inflation are currently rising compared to employment risks. Mussalaim pointed out that inflation is significantly above the 2% target level, and the risks are more inclined towards inflation than employment. He mentioned that the Fed's benchmark policy rate is currently at a neutral level, possibly slightly leaning towards easing. There is a reasonable scenario for maintaining the current policy rate unchanged, but further rate cuts or increases may also be necessary.

According to a recent report by Glassnode, Bitcoin has broken through the real market average ($78,200) and the short-term holder cost price ($79,100). If it can maintain its position in this range over the next week, the "deep value phase" since 2026 may become the shortest in Bitcoin's history. The next key resistance level is currently around $85,200. On-chain data shows that the 30-day net realized profit/loss average has turned positive to 0.003% of market capitalization, and long-term holders' realized profits have risen to $180 million per day, but this is still significantly lower than the over $1 billion level at the peak of this cycle. However, realized losses in the market are still as high as $479 million per day, 140% higher than the stable range of this cycle. Glassnode believes that a sustained decline to below $200 million is needed to confirm a healthier recovery in demand. In terms of funding, the 30-day net inflows into the US spot Bitcoin ETF have turned positive again, indicating that institutional demand is recovering. Meanwhile, the funding rate for perpetual contracts remained negative during the upward trend, indicating that short positions in the market remain heavy. If short positions continue to be squeezed, it could further drive the price up. Furthermore, there is a cluster of approximately $2 billion in "Short Gamma" positions around $82,000, and market maker hedging activities could amplify price volatility. Glassnode believes that the overall trend for Bitcoin remains strong, but the market has entered a more sensitive phase. Without sustained support from spot buying, significant selling pressure may emerge around $85,000.

According to Huoxun Finance's official blog, Ondo Finance, in collaboration with Kinexys by JP Morgan, Mastercard, and Ripple, completed the first near-real-time cross-border interbank exchange of tokenized US Treasury bonds. In this pilot project, Ripple exchanged its holdings of Ondo Short-Term US Government Bonds (OUSG) on the XRP Ledger. After processing the exchange, Ondo sent a fiat currency payment instruction through the Mastercard Multi-Token Network. Kinexys by JP Morgan's blockchain infrastructure executed the settlement, and the USD funds were delivered to Ripple's bank account in Singapore through its correspondent banking network. This project demonstrates the feasibility of public blockchain infrastructure working in conjunction with interbank settlement systems, establishing a framework for global banks to conduct 24/7 real-time cross-border settlements using tokenized assets.

According to the official blog of Ondo Finance, as reported by Odaily, Ondo Finance (Ondo), in collaboration with Kinexys by JP Morgan, Mastercard, and Ripple, completed the first near-real-time cross-border interbank exchange of tokenized U.S. Treasury bonds. In this pilot project, Ripple exchanged its holdings of Ondo Short-Term U.S. Government Bonds (OUSG) on the XRP Ledger. After processing the exchange, Ondo sent a fiat currency payment instruction through the Mastercard Multi-Token Network. Kinexys by JP Morgan's blockchain infrastructure executed the settlement, and the USD funds were delivered to Ripple's bank account in Singapore through its correspondent banking network. This project demonstrates the feasibility of public blockchain infrastructure working in conjunction with interbank settlement systems, establishing a framework for global banks to conduct 24/7 real-time cross-border settlements using tokenized assets.