Crypto & Tech Highlights: Major Deals and Market Moves

This week saw major moves across crypto and tech. Ripple and Mastercard tested stablecoin payments, Kazakhstan explored a crypto reserve, and Tether partnered with Vietnam on digital infrastructure.

Despite market fear, Ethereum and DEX activity hit records, while Balancer faced a major hack. OpenAI’s $38 billion deal with Amazon capped a week of rapid innovation and shifting market dynamics.

Tether Partners with Da Nang to Build Digital Infrastructure

Tether has signed an agreement with Da Nang authorities in Vietnam to help develop the city’s digital infrastructure. The partnership focuses on integrating blockchain technology into public management and urban development.

By supporting modernization efforts, Tether aims to position Da Nang as a leading smart city in Southeast Asia. This initiative also marks Tether’s growing involvement in government-led digital transformation projects.

Ripple and Mastercard Launch Stablecoin Settlement Pilot

Ripple and Mastercard have joined forces for a pilot project that uses Ripple’s RLUSD stablecoin for credit card settlements on the XRP Ledger. The initiative aims to streamline cross-border transactions and reduce settlement times for Mastercard partners.

By leveraging blockchain transparency, both companies expect to enhance efficiency in payment reconciliation. If successful, the pilot could set a precedent for stablecoin integration within mainstream finance.

Ethereum Leaders Form Advocacy Alliance for Protocol Development

Key players in the Ethereum ecosystem have formed the Ethereum Protocol Advocacy Alliance (EPAA). The group’s goal is to represent decentralized exchange (DEX) protocols and developer interests in regulatory discussions.

By promoting open-source innovation, the EPAA seeks to ensure fair treatment of decentralized systems under evolving laws. This marks a coordinated effort to strengthen Ethereum’s position amid increasing global scrutiny of DeFi.

Kazakhstan Plans National Crypto Reserve Fund

The Central Bank of Kazakhstan is exploring the idea of allocating a portion of its foreign exchange reserves to cryptocurrencies. Authorities are also drafting plans to establish a national crypto reserve fund.

The move reflects Kazakhstan’s ambition to diversify its reserves and embrace digital assets as part of its economic strategy. If implemented, it could make Kazakhstan one of the first nations to integrate crypto into its sovereign reserves formally.

Crypto Market Sentiment Falls to Extreme Fear

The Fear and Greed Index dropped to 21, signaling a phase of extreme fear among investors. This decline reflects market uncertainty following price volatility and major token sell-offs.

Historically, such levels have sometimes preceded recovery periods, though traders remain cautious. The drop indicates widespread skepticism despite recent positive developments in institutional crypto adoption.

Stablecoin Supply on Ethereum Hits Record $2.8 Trillion

The total supply of stablecoins circulating on the Ethereum network reached a record $2.8 trillion in October. This surge underscores Ethereum’s dominance as the primary platform for stablecoin issuance and activity.

The increase is largely driven by higher demand for on-chain liquidity and institutional adoption of tokenized assets. It highlights Ethereum’s central role in the global digital payments ecosystem.

JPMorgan’s Bitcoin ETF Sees 64% Market Cap Growth

JPMorgan’s Bitcoin ETF recorded a 64% rise in market capitalization, bringing its total holdings to $343 million. The growth reflects increasing institutional interest in Bitcoin-backed investment products.

The ETF’s performance outpaced several competitors, signaling renewed optimism in traditional finance toward digital assets. This trend aligns with the broader resurgence of crypto-linked financial instruments.

Balancer Suffers $116 Million DeFi Hack

Decentralized finance protocol Balancer was reportedly hacked, with attackers stealing approximately $116 million in wrapped ETH. The breach exploited a previously undetected smart contract vulnerability.

Developers have paused affected pools and are working with security firms to trace stolen funds. The incident adds to growing concerns over smart contract risks in major DeFi platforms.

DEX Trading Volume Hits Record $613 Billion in October

Trading activity on decentralized exchanges reached a record $613 billion in October. DEXs now account for 20% of the total crypto exchange market share, up significantly from earlier months.

The growth highlights a steady shift toward decentralized trading amid regulatory pressures on centralized exchanges. Increased user confidence and improved liquidity are driving this continued expansion.

OpenAI Strikes $38 Billion Deal with Amazon

OpenAI has signed a $38 billion agreement with Amazon, gaining access to Amazon’s Nvidia-powered cloud infrastructure. The deal is aimed at scaling OpenAI’s model training and expanding deployment capabilities for its AI systems. By leveraging Amazon’s computing resources, OpenAI expects to accelerate innovation and reduce operational bottlenecks. This partnership solidifies Amazon’s growing influence in the global AI ecosystem.

About Paybis

Paybis is a global cryptocurrency exchange platform that provides fast, secure, and user-friendly digital asset transactions. Founded in 2014, the company specializes in fiat-to-crypto and crypto-to-fiat conversions, enabling users to buy, sell, and swap Bitcoin, Ethereum, and other cryptocurrencies using various payment methods, including credit/debit cards, bank transfers, and e-wallets.

With a strong focus on security and compliance, Paybis is registered with regulatory authorities and implements industry-leading AML/KYC procedures. The platform is known for its intuitive interface, 24/7 customer support, and competitive exchange rates, making it a preferred choice for both beginners and experienced traders.

Summing Up

This week’s developments highlight a mix of innovation, regulation, and risk across crypto and tech. From DeFi security breaches to groundbreaking partnerships like Ripple-Mastercard and OpenAI-Amazon, the landscape is rapidly evolving. As nations like Kazakhstan explore crypto reserves and Ethereum pushes advocacy, the convergence of finance and technology continues to reshape global markets.

Written by

Rem Vasilenko

Rem Vasilenko is a Growth Operations Manager at Paybis. With a keen interest in FinTech, Rem brings a unique perspective to the evolving digital finance landscape. He combines his passion for FinTech with his marketing and business skills to drive innovative strategies. Find him on LinkedIn.