South Korea dominates the day with KakaoBank’s stablecoin push and Upbit driving PLUME’s 45% rally, marking rising institutional blockchain adoption.
XRP holds the crucial $2.20 support despite heavy derivatives unwinding, while ETFs inject $164 million in inflows on launch day.
Bitcoin ETFs attract $128 million in fresh inflows, and Texas becomes the first US state to buy Bitcoin via BlackRock’s IBIT.
The global cryptocurrency market saw major developments today, South Korea taking center stage through major stablecoin and tokenization efforts, while US ETF activity and large-cap altcoin volatility shaped broader sentiment. Here is a complete breakdown of the day’s top stories.
KakaoBank has officially moved its KRW-pegged stablecoin project, often referred to as “Kakao Coin,” from exploration to active development.
According to local media, the digital bank is now building its own blockchain infrastructure and has begun recruiting backend developers who specialize in smart contracts, token standards, and secure key-management systems.
The bank recently signed agreements with Korea Investment & Securities and Lucent Block to develop blockchain-based financial instruments and tokenized systems.
Analysts estimate that the nation’s STO market could grow to as much as $287 billion by 2030.
The PLUME token recorded one of the strongest rallies of the week after Upbit, South Korea’s largest cryptocurrency exchange, opened trading for the PLUME/KRW pair.
The listing went live on November 26 and immediately triggered heavy demand from Korean retail traders, pushing the token up by nearly 45% to $0.044.
Upbit implemented strict volatility safeguards during the initial trading phase, including controlled order types and temporary restrictions on selling below certain thresholds.
PLUME surged sharply across global exchanges, with Binance recording a rise of more than 40%.
XRP continues to test the crucial $2.20 zone as the market absorbs sharply contrasting signals. With the launch of two new spot ETFs for XRP, Franklin Templeton's XRPZ and Grayscale's GXRP, generated $164 million into these products on day one marking one of the best starts for an altcoin ETF.
The derivatives market for XRP has seen a big contraction, as open interest at Binance fell $1.7 billion to around $504 million, its lowest in a year.
At the same time, whale wallets distributed 180 million XRP, which contributed to further downward pressure.
Despite these headwinds, some early signs of stabilizing as intraday rebounds are occurring repeatedly just above the $2.20 support level. A sustained move above $2.24 could renew the bullish momentum.
Also Read: XRP News Today: XRP Charts Signal New Breakout as Structure Repeats Again
Franklin Templeton has completed the final requirement needed to list its Solana ETF, filing the Form 8-A that marks the transition into the exchange-listing phase.
The fund, which will trade under the ticker SOEZ on NYSE Arca, will track Solana through the CF Benchmarks index and operate as a passive ETF with a management fee of 0.19%.
The fee will be waived on the first $5 billion of assets until May 2026. Momentum is expected to be strong from launch, especially given the asset manager’s recent success with its XRP ETF.
Texas has made a landmark investment by purchasing $5 million of Bitcoin through BlackRock’s IBIT ETF.
The government has also set aside an additional $5 million for direct self-custodied Bitcoin purchases once administrative processes are completed.
This marks the first deployment of capital under Senate Bill 21, which authorizes Texas to create a state-run Bitcoin reserve program.
Analysts note that Texas now joins Harvard and Abu Dhabi as recent purchasers of IBIT, highlighting a growing institutional shift toward regulated Bitcoin exposure.
Bitcoin spot ETFs recorded total net inflows of $128.64 million on November 25. Fidelity’s FBTC led the day with a net inflow of $170.8 million, followed by BlackRock’s IBIT, which added $83 million.
The only major outflow came from ARKB, which saw a reduction of $75.92 million.
The combined net asset value of all Bitcoin spot ETFs now stands at approximately $114 billion, representing 6.54% of Bitcoin’s total market capitalization.
Also Read: Bitcoin Price Holds at $87,000; Drops Nearly $33,000 From Its All-Time High
1. Why is KakaoBank launching a KRW-pegged stablecoin?
KakaoBank aims to integrate blockchain-based financial services into traditional banking, positioning itself early in Korea’s upcoming regulated stablecoin and STO markets.
2. What caused the PLUME token to surge 45%?
The rally came after Upbit listed the PLUME/KRW pair, unlocking major KRW liquidity and sparking strong demand from Korean retail traders.
3. Why is XRP’s $2.20 level so important?
It marks the key support zone where ETF inflows and derivatives unwind collide; holding this level maintains bullish structure, while losing it exposes lower ranges.
4. When will the Solana ETF start trading?
Franklin Templeton has filed its Form 8-A, meaning the ETF can list at any moment once exchange approval is finalized.
5. Why is Texas buying Bitcoin through IBIT?
Under Senate Bill 21, Texas is creating a state-managed Bitcoin reserve, using IBIT initially while preparing for direct self-custody purchases.
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