Cross River Bank, one of the United States’ leading fintech and banking infrastructure providers, has launched a new stablecoin payments platform designed to merge traditional finance with blockchain technology. Announced on November 24, 2025, the system aims to give businesses a unified way to handle fiat and stablecoin transactions without relying on fragmented providers or slow legacy processes.

A Unified Rails System for Fiat and Blockchain

The new platform integrates directly into Cross River’s real-time banking core, COS, enabling on-chain settlement, merchant payouts, crypto on-/off-ramps, and treasury management in one place. Companies can move funds across blockchain networks and bank payment rails while maintaining federally regulated compliance standards.

This interoperability addresses long-standing inefficiencies in stablecoin operations—such as pre-funding requirements, high capital costs, and disjointed vendor stacks—that have hindered broader adoption despite annual stablecoin volumes surpassing $20 trillion.

Why It Matters for the Future of Finance

Cross River’s Head of Crypto, Luca Cosentino, said the launch eliminates the “inefficient choices” companies previously faced when adopting on-chain finance. CEO Gilles Gade emphasized that the bank is “reimagining every corner of banking,” positioning this platform not only as a payments upgrade but as infrastructure for future blockchain-based financial services.

Who Can Access It?

The platform is initially open to approved fintechs, enterprises, and crypto-native firms, with wider geographic availability expected. It extends Cross River’s long-running strategy of supporting digital asset integrations while staying fully within the U.S. regulatory perimeter.

As institutional interest in digital assets accelerates, Cross River is positioning itself as a key bridge for the next generation of on-chain financial services—combining programmability and blockchain speed with bank-grade trust.

Tether has quietly become one of the world’s largest private gold holders, amassing 116 tons of physical gold — a reserve size comparable to the central banks of South Korea, Hungary, and Greece, according to an analysis by Jefferies shared via the Financial Times.

Jefferies notes that Tether is now “the largest holder of gold outside central banks,” and its rapid accumulation may be influencing global gold markets more than previously recognized. The firm estimates that Tether’s purchases last quarter accounted for nearly 2% of total global demand and almost 12% of all central bank buying, contributing to short-term supply tightening and bullish market sentiment.

Investors expect Tether to acquire an additional 100 tons in 2025, a target made feasible by the company’s projected $15 billion profit this year.

Tether Expands Deeper Into the Gold Industry

This year alone, Tether has spent over $300 million acquiring stakes in precious-metal producers, including a 32% stake in Canada’s Elemental Altus Royalties. The company is reportedly exploring broader investments across the gold ecosystem — from mining to refining — as part of its strategy to diversify reserves beyond U.S. Treasurys.

Tether’s gold-backed token Tether Gold (XAUt) has also seen rapid growth. On-chain data shows issuance doubling in six months, with an additional 275,000 ounces (worth ~$1.1 billion) minted since August. Tether argues that tokenized gold removes traditional barriers such as custody, storage, and ETF fees.

A Stablecoin Issuer Behaving Like a Central Bank

Tether’s operational model increasingly mirrors that of a sovereign monetary authority. The company mints and redeems USDT, manages vast reserves — including gold, Bitcoin, and short-term U.S. Treasurys — and even exercises powers like freezing addresses linked to illicit activity.

With its expanding gold portfolio and influence on global liquidity, Tether’s role is beginning to resemble that of a non-state central bank in the digital asset economy.

Upbit, South Korea’s largest cryptocurrency exchange, has confirmed a major security breach in which attackers stole roughly 44.5 billion KRW ($32–38 million) worth of Solana-based tokens on November 27, 2025. The incident has reignited concerns over hot-wallet vulnerabilities and shaken confidence across the Korean crypto market.

A Major Breach and Immediate Response

According to Upbit operator Dunamu, the unauthorized withdrawals were detected quickly, prompting the exchange to freeze deposits and withdrawals and move remaining assets to cold storage. CEO Oh Kyung-seok reassured users that all losses will be covered in full using Upbit’s own reserves, stating:

“We immediately identified the extent of the digital asset outflow… and will cover the entire amount with Upbit assets to ensure no damage to members.”

The exchange has since partnered with local law enforcement and blockchain security firms to track and freeze the stolen funds.

Impact on Solana Markets and Korean Traders

The hack triggered sharp disruptions in trading activity, particularly on Solana-based tokens, which began trading at notable premiums on Upbit. With arbitrage bots halted and deposits disabled, Korean prices temporarily drifted far above global averages.

Market sentiment also weakened, with Solana and related ecosystem tokens experiencing immediate price declines internationally as traders reacted to news of the breach.

Historical Context and Outlook

This is not Upbit’s first major incident—the exchange was previously hacked in 2019, an attack later linked to North Korean state-backed groups. The recurrence has reignited debate about hot-wallet security standards in centralized exchanges.

In response, Upbit says it is accelerating system audits and reviewing infrastructure upgrades. Industry analysts expect the breach to influence upcoming security guidelines, exchange risk management frameworks, and wallet-segmentation standards in South Korea.