OnChainDetective

In 2025, the total financing amount for fintech reached $55.94 billion, a 25% increase. Mainstream markets such as Polymarket and Kalshi performed outstandingly, reflecting a renewed market recognition of fintech. Despite the financing rebound, the number of transactions declined, with funds concentrating in large enterprises. Regulatory relaxation has provided new opportunities for crypto companies.

【BlockBeats】There is an important news on December 31—The US Financial Accounting Standards Board (FASB) plans to explore next year whether stablecoins can be classified as "cash equivalents." This sounds very technical, but it actually has a significant impact.
In addition to stablecoins, FASB also plans to clarify how to account for crypto asset transfers, including Wrapped Tokens. FASB Chairman Rich Jones has already added these items to the agenda. Behind this move are the background of the Trump administration's promotion of crypto-friendly policies and the support from the passage of the GENIUS Act.
Speaking of which, FASB already required companies in 2023 to use fair value accounting for crypto assets like Bitcoin and Ethereum. However, that rule had a limitation—NFTs and certain stablecoins were excluded. This exploration, to some extent, aims to fill that gap.

【Crypto World】The XRP exchange ecosystem exhibits a highly centralized characteristic. The top four exchanges—Upbit, a leading exchange, Bithumb, and Uphold—almost monopolize XRP reserves on the exchange side, collectively controlling about 80% of the exchange supply, totaling 12.3 billion tokens.
Korean exchanges stand out. Upbit holds 2.5 times the amount of XRP compared to a leading exchange, which is a significant gap. Upbit and Bithumb together control over 52% of the listed circulating supply, highlighting the influence of Korean platforms on the XRP ecosystem. Uphold, also ranking high, reflects its long-term support for XRP.
Interestingly, Exchange-Traded Products (ETPs) account for only about 1% of the total XRP supply, indicating that investors accessing XRP through structured products are still limited, and the market remains

Pakistan is accelerating the development of its cryptocurrency industry and is expected to become a leading country globally by 2030. The government responded quickly by establishing a virtual asset regulatory authority and implementing measures such as Bitcoin reserves and asset tokenization to attract foreign investment. Blockchain technology is more inclusive, but it requires the development of education and innovation ecosystems.

The latest Federal Reserve meeting minutes show that the US economy is experiencing moderate growth, and the cooling of the labor market is noteworthy. Although short-term inflation pressures fluctuate, the market expects it to fall back to 2% by 2028. These changes impact capital flows in the crypto market and the performance of risk assets.

At 22:34 Beijing time, over 4.31 million UNI tokens completed a large transfer worth approximately $25.69 million, transferred from Anchorage Digital's custody address to the main account. Market interpretations of this move vary and may reflect institutional strategy adjustments or account management operations.

A New York City official plans to shift to the cryptocurrency sector, using blockchain to address social issues, but strict Bitcoin licensing regulations limit innovation, reflecting the conflict between policy and industry development.

【Chain News】The blockchain industry in 2025 has not been peaceful. Throughout the year, security incidents occurred frequently—more than 200 in total. The total losses amount to $2.935 billion, a 46% increase compared to 2024. It’s truly exhausting.
Let’s take a closer look at which sectors were most affected. DeFi projects suffered 126 attacks, the highest number of incidents, but the losses were about $649 million. In comparison, trading platforms were hit much harder—they experienced only 12 incidents but lost $1.809 billion. One major exchange was hacked for a single amount of $1.46 billion, becoming the biggest black swan of the year.
How do hackers attack? Mainly two methods: one is targeting contract vulnerabilities (61 cases), and the other is compromising social media accounts (48 cases). Hackers are becoming increasingly professionalized, and with RaaS/MaaS models lowering the barrier to entry, it’s too easy to get into the industry. Coupled with scams in Southeast Asia as upstream,

【BitPush】Lighter project announces the launch of its native token LIT, with a core design concept that is quite interesting— all the value created by products and services flows directly to LIT holders. This approach is not uncommon in the DeFi space, but the execution logic is worth noting.
From an operational perspective, Lighter employs a fairly transparent mechanism. The team is based in the United States, and the token is issued directly by a Class C company, which commits to operating the entire protocol at cost—simply put, not making a profit from operational margins. Revenue from DEX products and subsequent services is tracked on-chain in real-time, and is allocated to either ecosystem growth or token buybacks based on market conditions. This on-chain transparent revenue distribution provides holders with visibility into the project's actual earnings.
Let's look at the token distribution structure. LIT adopts a semi-open distribution model: 50% to the ecosystem, and 50% to the team and investors. The two previous token seasons (the 202

【Block Motion】The Korean Financial Committee is advancing the second phase of cryptocurrency legislation. The latest draft of the "Digital Asset Basic Law" has incorporated a series of investor protection measures, which seem quite robust.
Here's the key point—stablecoin issuers must hold reserve assets in low-risk categories, such as bank deposits and government bonds. They are also required to deposit or trust at least 100% of the issuance amount with banks or similar institutions, effectively adding an insurance layer for investors. Digital asset service providers will also bear no-fault liability, meaning they must compensate if issues arise.
It appears that the government aims to prevent the risk of issuer bankruptcy from affecting ordinary investors through this comprehensive approach, and the strategy is quite clear. Another noteworthy development is that South Korea may relax restrictions on the domestic sale of digital assets. Projects previously stalled due to ICO restrictions might consider directly issuing in Korea, eliminating the need for "overseas issuance and domestic circulation."