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Kalshi has taken a major step in restructuring how prediction markets operate by moving its event contracts onto the Solana blockchain.

The transition brings U.S.-regulated prediction markets directly into decentralized finance, positioning the platform to compete more closely with its on-chain rival, Polymarket, while targeting deeper liquidity and broader user access.

Prediction Contracts Move On-Chain

Kalshi’s event markets now operate as Solana-based SPL tokens rather than entries on a centralized exchange. Through an integration with Solana protocols DFlow and Jupiter, users can trade “yes” and “no” positions via crypto wallets, tap automated liquidity, and settle outcomes through on-chain logic.

The shift enables contracts to be traded, borrowed, lent, or used as collateral within DeFi systems. Kalshi is supporting developer participation with a $2 million grants program and a new Builder Codes system that rewards teams for driving trading volume through custom applications.

Executives describe tokenization as the platform’s long-term strategy, arguing that on-chain access offers speed, transparency, and programmability while preserving Kalshi’s CFTC-regulated framework. The hybrid model links decentralized liquidity with an off-chain matching engine.

Will the Move Capture Liquidity and Challenge Polymarket?

Prediction-market activity has surged in 2025, with sector-wide volume nearing $28 billion by late October. November saw Kalshi record $5.8 billion in trading, while Polymarket handled $3.7 billion following rulings that reopened U.S. access.

Liqudity has become the core competitive factor. By issuing markets as standard Solana tokens, Kalshi expects automated market makers, trading bots, and cross-protocol liquidity systems to tighten spreads and improve pricing accuracy.

Enhanced privacy is another draw, with tokenized markets offering wallet-based trading rather than identity-verified accounts. Industry analysts note that the move puts Kalshi in direct competition with Polymarket’s fully on-chain model.

Solana Expands Multi-Chain Prediction Economy

Kalshi believes Solana is the first step toward a broader on-chain architecture. The company plans to add EVM-compatible networks and deeper integrations with DeFi protocols to build a multi-chain forecasting ecosystem.

Additional partnerships, including earlier collaborations with Zero Hash and stablecoin custody support from Coinbase, reflect an effort to streamline global accessibility.

With its valuation recently rising to $11 billion after a major funding round, the company is signaling confidence that tokenized prediction markets will become a standard format for forecasting and derivatives tied to real-world events.

As prediction markets evolve toward decentralized models, Kalshi’s Solana rollout marks a turning point in how regulated platforms interact with crypto liquidity and sets the stage for intensified competition across the sector.

Cover image from ChatGPT, SOLUSD chart from Tradingview

Franklin Templeton has taken a significant step that is already drawing attention across the crypto market. The asset-management giant has filed with the US Securities and Exchange Commission to broaden its Franklin Crypto Index ETF, confirming that Dogecoin will officially be added beginning December 1. 

The expansion shifts Franklin Templeton’s product from a Bitcoin- and Ethereum-focused offering into a more diversified crypto basket that gives investors access to a broader range of digital assets through a single instrument. This comes just a few days after Franklin Templeton launched its Spot XRP fund.

Franklin Templeton Expands Into A Wider Multi-Asset ETF

The success of Bitcoin and Ethereum ETFs has encouraged major institutions to look beyond the top two cryptocurrencies and build products that cover a wider range of well-known digital assets. Franklin Templeton’s latest move follows that trend by reshaping its Franklin Crypto Index ETF into a more expansive portfolio that includes several leading altcoins, Dogecoin among them.

The revised structure takes effect on December 1 and shifts the ETF to a design that reflects the broader market rather than a two-asset concentration. Franklin Templeton acknowledged this change through an announcement on X, presenting an updated token lineup that now spans everything from large market-cap cryptocurrencies like Cardano, Solana, and XRP. 

Even within that group, Dogecoin stands out, stepping further away from its reputation as a meme-based cryptocurrency and moving into a more institutionally recognized role.

Dogecoin Steps Into New Phase Of Institutional Exposure

Dogecoin’s inclusion in Franklin Templeton’s expanded ETF comes at a moment when the token is already experiencing increased attention from traditional finance. The first batch of Spot Dogecoin ETFs has only recently entered the market, and this is a milestone that would have been unthinkable a few years ago. 

Grayscale was the first major issuer out of the gate with its GDOG product, followed shortly after by Bitwise, which launched its own Dogecoin ETF at the request of its community. 

Early trading activity for these funds has been modest compared to the spectacular debuts once seen with Bitcoin and Ethereum ETFs, but it is still too early to tell, as the market might still be determining how much institutional interest exists for a meme-origin asset wrapped in a regulated structure.

Several other issuers have filings in progress and are preparing for their own Dogecoin products to go live. Some are positioning themselves carefully to see how the first batch of ETFs performs. According to Bloomberg Senior ETF analyst Eric Balchunas, there are likely about 100 crypto-based ETFs waiting to be launched in the next six months.

Ethereum has fallen below the $2,800 mark after a sharp and sudden decline, deepening market anxiety and raising fresh questions about whether a broader bearish phase may be emerging. The drop has undermined bullish momentum, with buyers struggling to defend key support levels as selling pressure accelerates across both spot and derivatives markets.

Sentiment has deteriorated quickly, and several analysts are beginning to openly discuss the possibility of a sustained bear market if ETH fails to stabilize soon.

Yet amid the growing panic, a notable counter-signal continues to attract attention: Bitmine’s ongoing accumulation. Despite ETH’s decline, the firm has repeatedly added to its holdings, purchasing thousands of ETH over the past several weeks. Bitmine’s persistent buying behavior suggests that at least some large players still view the current correction as an opportunity rather than a risk.

For investors searching for signs of resilience, Bitmine’s actions have become a point of cautious optimism. While the macro structure remains fragile and the downtrend intact, steady accumulation from an institutional buyer provides a potential anchor of support — and raises the possibility that a rebound could form once selling pressure exhausts.

Bitmine Expands Its Massive Ethereum Position

According to on-chain data from Arkham, shared by Lookonchain, Bitmine has continued its aggressive accumulation strategy, purchasing an additional 7,080 ETH—worth approximately $19.8 million—just a few hours ago.

This latest buy adds to a series of repeated inflows over the past several weeks, reinforcing the firm’s conviction even as Ethereum trades near multi-month lows. Bitmine’s willingness to keep adding during periods of heightened volatility has become one of the most notable accumulation trends in the market.

With this purchase, Bitmine’s total Ethereum holdings have climbed to roughly 3.43 million ETH, now valued at around $9.6 billion at current prices. This positions the firm as one of the largest known institutional holders of ETH, and its continued accumulation stands in sharp contrast to the broader atmosphere of fear and defensive positioning. While many traders are reducing exposure amid Ethereum’s sharp decline, Bitmine appears to be doubling down.

Such behavior from a major entity often signals longer-term confidence in Ethereum’s fundamentals, regardless of short-term price action. For investors, Bitmine’s expanding position has created a counter-narrative to prevailing bearish sentiment, suggesting that deeper-pocketed players may be preparing for a recovery once the market finishes resetting.

ETH Tests Weekly Support as Trend Weakens

Ethereum’s weekly chart shows a significant loss of momentum, with price breaking below the 50 SMA and now sitting directly on top of the 100 SMA near the $2,750–$2,800 region. This zone has historically served as an important structural support during prior corrections, making the current interaction a critical moment for the broader trend. The sharp rejection from the $4,500 level marks one of ETH’s steepest weekly declines since 2022, highlighting the intensity of the current sell-off.

The 50 SMA has begun to curl downward, signaling early signs of medium-term trend weakness. Meanwhile, the 100 SMA is flattening, acting as the last dynamic support before the 200 SMA at $2,450, which represents the true long-term floor. A clean weekly close below the 100 SMA would open the door to a deeper retracement toward that level.

Volume has increased during the recent decline, reflecting forced selling and derivatives-driven liquidations rather than orderly profit-taking. Despite this, the long lower wicks forming near $2,700 suggest buyers are still attempting to defend the area.

Featured image from ChatGPT, chart from TradingView.com

According to prepared testimony from Acting FDIC Chair Travis Hill, the agency expects to publish a proposed rule that lays out how stablecoin issuers will apply for federal oversight before the end of December 2025.

What The Draft Will Cover

Based on reports, the initial proposal will focus on the “application framework” — the paperwork, disclosures and standards firms must meet to seek approval as regulated stablecoin issuers.

The proposal is not the final set of bank-level rules; it will outline the process, while a second proposal that spells out capital, liquidity and reserve requirements is slated for early next year.

Market Reaction And Immediate Impact

Reports have disclosed that the GENIUS Act, the law behind this process, named the FDIC as a lead regulator for bank-related stablecoins and set deadlines for implementing agencies to act.

The move is expected to provide clearer guidance for firms that want to issue USD-pegged coins under federal supervision. Some firms could alter their timelines or pause launches until the rules are final.

Stablecoin: How The Law Got Here

The GENIUS Act was passed by Congress in mid-2025 and signed into law by US President Donald Trump on July 18, 2025. The Senate approved the bill by a 68–30 vote and the House backed it 308–122.

The statute lays out which agencies do what, and it requires a sequence of rulemakings, such as capital and liquidity standards, that regulators must implement.

Public Comment Period

Officials say the FDIC’s first proposed rule will be followed by a public comment period, giving industry groups, banks and nonbank firms a chance to respond.

After that, prudential measures aimed at FDIC-supervised issuers — the rules that set minimum capital cushions and reserve asset standards — will be proposed early next year.

Analysts and industry observers will be watching closely to see whether the FDIC limits its oversight mainly to bank-sponsored stablecoins or seeks a broader scope.

They will also pay attention to how strict the capital and liquidity requirements will be when the rules are proposed in early 2026.

Coordination with other regulatory agencies will be another key focus, since the GENIUS Act assigns responsibilities across several federal regulators.

Featured image from Unsplash, chart from TradingView

Tether, the issuer of USDT, has long been considered one of the most stable assets in the crypto market, but a recent report suggests that a crash in the Bitcoin price could jeopardize the stablecoin’s solvency. Arthur Hayes, co-founder and CIO of BitMEX, has revealed that a portion of USDT’s reserves is allocated to BTC, potentially exposing it to heightened market volatility. 

Bitcoin Price Crash To Threaten Tether USDT Stability 

In a recent report shared on X earlier this week, Hayes outlined market risks that could have a devastating impact on Tether’s USDT. The BitMEX founder explained that the stablecoin issuer has been executing a large-scale interest rate trade, likely betting on a Federal Reserve (FED) rate cut. 

He stated that the stablecoin issuer has accumulated significant positions in Bitcoin and gold to hedge against falling interest income. As a result, Hayes has warned that if Tether’s positions in both gold and Bitcoin were to decline by roughly 30%, it could wipe out its entire equity, theoretically putting USDT at risk of insolvency. 

Since stablecoins are typically backed by the US dollar, the crypto founder has stated that a severe drop in Tether’s reserve value could trigger panic amongst USDT holders and crypto exchanges. In such a scenario, they might demand immediate insight into the stablecoin issuer’s balance sheet to gauge solvency risk. Hayes has also suggested that the mainstream media could further amplify the concerns, creating widespread market alarm.  

Analyst Fires Back Against Hayes’ USDT Claims

Following Hayes’ statements on X, Tether’s USDT has come under scrutiny, with crypto analysts debating the resilience of its reserves. A former Citi Research lead, Joseph Ayoub, challenged Hayes’ claims, arguing that even if Bitcoin and gold prices were to crash 30%, a USDT insolvency remains highly unlikely. 

He highlighted that the BitMEX co-founder had missed three key points in his post. Ayoub noted that Tether’s publicly disclosed assets do not represent the entirety of its corporate holdings. According to him, when Tether issues USDT, it maintains a separate equity balance sheet that is not publicly reported. The reserve numbers that are eventually disclosed are intended to show how USDT is backed. At the same time, the company maintains a balance sheet for equity investments, mining operations, corporate reserves, possibly more Bitcoin, and the rest distributed as dividends to shareholders.

Ayoub also described Tether’s core operations as highly profitable and efficient. He stated that the company holds over $100 billion in interest-yielding treasuries, generating roughly $10 billion in liquid profit annually while operating a relatively small team. The former Citi research lead estimated that the stablecoin issuer’s equity is likely valued at between $50 billion and $100 billion, providing it with a substantial cushion against losses in its crypto and gold holdings. 

Finally, Ayoub disclosed that Tether operates like traditional banks, maintaining only 5-10% of deposits in liquid assets, while the remaining 85% are held in longer-term investments. He also noted that the stablecoin issuer is significantly better collateralized than banks, adding that with their ability to print money, bankruptcy is virtually impossible.