CoinShares has withdrawn its application with the U.S. Securities and Exchange Commission (SEC) for a staked Solana (SOL) exchange-traded fund, after the underlying asset purchase and fund-structuring agreement failed to go through.

In a filing submitted Friday, the company clarified that the planned transaction “was ultimately not effectuated,” adding that no shares were issued or sold as part of the proposed ETF structure.

The decision comes despite rapidly rising demand for staked Solana investment products, which offer yield from Solana’s network validation. Competitors have seen strong uptake: REX-Osprey launched the first staked Solana ETF in June, followed by Bitwise in October. Bitwise’s fund debuted with nearly $223 million in assets on day one — roughly half the size of the REX-Osprey fund, according to ETF analyst Eric Balchunas.

Across November alone, Solana ETFs drew more than $369 million in fresh inflows, even as the broader crypto ETF market struggled. Bitcoin and Ethereum ETFs posted record outflows during the same period, highlighting a shift in investor appetite toward yield-bearing products. Staked SOL ETFs generally advertise expected rewards between 5% and 7%, attracting income-focused crypto investors.

But while ETF demand has held up, Solana’s price has not. SOL slipped to a five-month low near $120 in November — far from its January 2025 peak near $295. Earlier forecasts targeting $400 have since been revised downward, with analysts now warning that Solana may struggle to reclaim even the $150 level.

Much of SOL’s bull run early in the year came from the frenzy around the Official Trump meme coin, which launched on the Solana network and supercharged liquidity across Solana-based meme coins. That momentum has cooled, even as institutional interest in ETF products has continued.

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.