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.

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.

Japan is preparing for one of its most significant crypto regulatory shifts in more than a decade, as the Financial Services Agency (FSA) considers reclassifying crypto assets from “payment instruments” to “financial products.” The move comes amid soaring adoption — with crypto accounts quadrupling to 13 million in five years — and growing concerns over fraud, cybercrime, and inadequate consumer protections.

During the FSA’s sixth crypto working group meeting on Nov. 26, officials highlighted an average of 350 monthly consumer complaints, rising overseas scam activity, and increasingly sophisticated attacks targeting Japanese users.

Why Japan Wants to Shift Crypto Under Securities Law

If approved, oversight would move from the Payment Services Act (PSA) to the stricter Financial Instruments and Exchange Act (FIEA). This would introduce more rigorous disclosure rules, insider-trading safeguards, criminal penalties, and enhanced reporting obligations for exchanges.

Several industry voices argue the change is overdue.
Emeritus Professor Yoshikazu Yamaoki noted that tokens like Bitcoin and Ethereum no longer behave like payment tools but instead mirror speculative investment assets — similar to securities.

Others warn the shift could burden small exchanges and accelerate consolidation, as FIEA-level compliance requirements are significantly heavier.

Tax Reform: The Turning Point

The working group also supports a flat 20% tax on crypto gains, matching stock trading. Currently, crypto income is taxed as miscellaneous earnings — ranging from 15% to 55%.

Industry advocates say aligning taxes with equities could help Japan catch up with global crypto adoption.
ANAP Holdings CEO Rintaro Kawai argues the country is already “significantly behind” and risks having “no future” in Bitcoin innovation without meaningful reform.

A Fragmented Framework That Can’t Keep Up

Japan pioneered early crypto regulation, but years of piecemeal amendments — from Mt. Gox reforms to 2022’s stablecoin laws — have resulted in an inconsistent legal structure. Whitepapers require no formal accuracy standards, and self-regulation by the JVCEA remains weaker than traditional securities oversight frameworks.

Regulators now believe only a full transition to securities-style supervision can restore market integrity.