Pioneer Group: Bitcoin has withstood market fluctuations and has matured

[Swedish Central Bank: Global Stablecoin Market Reaches $272 Billion, 99% Pegged to USD] A report by the Swedish Central Bank shows that the global stablecoin market has grown from $4 billion at the beginning of 2020 to $272 billion by October 2025, with approximately 99% pegged to the US dollar. The application of stablecoins has expanded from crypto trading to areas such as decentralized finance and cross-border payments. The EU, through the MiCA regulation, requires stablecoins to be fully asset-backed and redeemable on demand, while the U.S., through the GENIUS Act passed in July 2025, allows for a more flexible structure of supporting assets. The Swedish Central Bank pointed out that stablecoins may pose challenges such as dollarization, financial stability risks, and run pressures, while also having the potential to improve payment efficiency. It is currently studying whether to allow issuers to access the central bank settlement system and use central bank reserves.

Cantor Fitzgerald disclosed the holdings of Solana ETF in the latest filing with the US Securities and Exchange Commission. （Decrypt）

**[Swedish Central Bank Report Analyzes Stablecoin Benefits, Risks, and Policy Convergence]** The Swedish Central Bank has released a report on stablecoins, exploring their benefits and risks, while analyzing global central bank policies regarding stablecoin issuers. The report highlights that despite differences in regulatory frameworks, the policies of the United States and Europe are practically converging. The Swedish Central Bank identified three key policy areas: 1. Whether issuers can access the central bank settlement system, 2. Whether central bank reserves can be used as backing assets, 3. Whether issuers can obtain central bank liquidity support. The United States and Europe have established legal frameworks that technically allow the use of central bank reserves as backing assets, but restrictive measures have been implemented. The MiCA regulation permits stablecoin reserves to include central bank money, but institutions like the European Central Bank and the Swedish Central Bank refuse to use central bank reserves as backing assets. New regulations allow non-bank payment service providers to use central bank accounts for payment purposes, while only retaining balances necessary for transaction flows.

[Ethereum Mainnet Peak TPS Reaches 32,950, Lighter Accounts for 90% Share] According to GrowThePie data, the Ethereum mainnet set a historical record for throughput in November 2025, with peak TPS (transactions per second) reaching 32,950. Among them, the Ethereum L2 solution Lighter accounts for approximately 90% of the daily TPS share, while only paying about $685 in daily on-chain costs to the Ethereum mainnet.

[Japan Launches 'Government Efficiency Department,' Cabinet Responds to Central Bank Rate Hike Hint] On December 2, the Japanese government launched its domestic version of the 'Government Efficiency Department' (DOGE). During its first meeting, a plan was formulated to identify and eliminate inefficient tax measures and subsidies. Finance Minister Katsuyuki Katayama stated that efforts will be made nationwide to eliminate waste and redirect funds to areas that truly need them, in order to maintain trust in the nation, its currency, and its markets. Katayama also mentioned that after Bank of Japan Governor Kazuo Ueda hinted at a possible rate hike, there is no disagreement between the government and the central bank regarding economic assessments. Economic Growth Strategy Minister Minoru Kounai reiterated related remarks, indicating that the Cabinet holds a unified stance on the matter.