Blockchain & Digital Assets Weekly Briefing - Week 47
- danae317
- Nov 21, 2025
- 12 min read
Week ending 21st November 2025
In this week’s edition: institutions meet innovation — Deutsche Börse Group integrates SG‑FORGE’s MiCA-compliant stablecoins into its infrastructure. Meanwhile in the U.S., the Bitcoin for America Act would allow federal tax payments in Bitcoin and build a “Strategic Bitcoin Reserve”. Across crypto-finance the spotlight is on: Aave pushing to rival retail banks; Yellow Card’s CEO describing emerging-market corridors that now link directly; and Revolut choosing Polygon’s Ethereum L2 network for stablecoin remittances. These stories together show crypto’s shift from fringes into mainstream rails.
Deutsche Börse to integrate SG-FORGE stablecoins into core settlement systems.
New U.S. bill would let taxpayers pay in Bitcoin, grow a ‘Strategic Bitcoin Reserve’ — and the industry think-tank is all-in.
Aave app: DeFi lender’s push to rival retail banks.
Yellow Card CEO: “The world’s emerging corridors are finally connecting directly”.
Revolut picks Polygon’s Ethereum L2 network to drive stablecoin payments and remittances.
Deutsche Börse to integrate SG-FORGE stablecoins into core settlement systems
The recent collaboration between Deutsche Börse Group and Société Générale – FORGE (SG-FORGE) marks a meaningful step in a broader shift: traditional financial infrastructure increasingly embracing digital-asset technologies. At its heart, this move is more than a standalone deal—it reflects and advances a trend toward tokenised cash, regulated stablecoins, and integration of crypto-native services into mainstream market architecture.
From Pilot to Institutional Use
For several years, stablecoins, tokenised securities and blockchain-based payment systems have existed largely at the fringes of institutional finance.
Now, several converging forces are accelerating their incorporation into core market plumbing:
Regulatory evolution: In Europe, frameworks like the Markets in Crypto‑Assets Regulation (MiCA) are creating more defined pathways for regulated digital assets.
Infrastructure readiness: Key market-infra players are exploring how to embed tokenised cash instruments (e.g., stablecoins) into settlement, collateral and treasury functions. For example, Deutsche Börse’s post-trade arm Clearstream will use SG-FORGE’s “CoinVertible” (EUR and USD) tokens in settlement and collateral workflows.
Strategic alliances: Traditional finance firms are increasingly partnering with digital-asset firms—not merely sponsoring experiments, but aligning their infrastructure and business models. As a U.S. parallel: Nasdaq Inc. invested US$50 million in Gemini Space Station, Inc. and formed a strategic tie-up to integrate crypto custody, staking and collateral management services.
What the Deutsche Börse / SG-FORGE Deal Entails
Deutsche Börse Group, Société Générale and SG-FORGE announced an agreement to embed SG-FORGE’s “CoinVertible” stablecoins (pegged in EUR and USD) into Deutsche Börse’s infrastructure, with initial focus on Clearstream’s settlement, collateral and treasury functions.
The stablecoins will also be listed on Deutsche Börse’s digital trading platforms to enhance liquidity and widen accessibility.
The partnership explicitly frames itself as “MiCA-compliant” and designed for institutional use within regulated frameworks—not as a speculative crypto experiment.
In short: this is about embedding tokenised cash into traditional market rails, rather than simply launching a new coin.
“This partnership between Société Générale and Deutsche Börse Group in digital finance marks a major step in connecting traditional capital markets with the crypto ecosystem. Building on years of collaboration in market activities and corporate finance, we are now creating bridges that will deliver innovative products and services at scale within a robust, regulated framework.” commented Alexandre Fleury, Co-Head of Global Banking & Investor Solutions at Société Générale Group.
Why It Matters
Bridging cash and tokens: Stablecoins have long been viewed as crypto-native instruments. This deal positions them directly within the cash flows (settlement, collateral) of a major financial infrastructure group. That signals a shift in mindset: tokens as utility layers, not just speculative assets.
Institutional readiness: By working with established infrastructure (Clearstream), the initiative aims to overcome typical adoption hurdles—custody, ledger compatibility, regulatory control—potentially accelerating broader institutional usage.
Regulatory anchoring: Positioning it as a MiCA-ready solution suggests the deal is being structured with regulatory compliance front-and-centre. For tokenisation to scale, this is critical.
Competitive signal: In the U.S. context, Nasdaq’s tie-up with Gemini demonstrates that leading infrastructure players globally view crypto-integration as more than a novelty—they’re making strategic bets. The Deutsche Börse/SG-FORGE deal aligns with that movement.
This is not just another crypto announcement—it’s part of the institutionalisation of digital assets, and the ripple effects could reshape how we think about money, settlement and infrastructure in capital markets.
New U.S. bill would let taxpayers pay in Bitcoin, grow a ‘Strategic Bitcoin Reserve’ — and the industry think-tank is all-in
A new piece of legislation in the Bitcoin for America Act introduced by Rep. Warren Davidson in the U.S. House of Representatives proposes to allow federal tax payments in Bitcoin, carve out a capital-gains exemption on those payments, and deposit the bitcoin into a federally-managed “Strategic Bitcoin Reserve” (SBR). At the same time, the Bitcoin Policy Institute (BPI) has publicly endorsed the bill, signalling serious policy momentum — though significant hurdles remain.
What the Bill Proposes
Under the act:
Taxpayers could settle federal income-tax liabilities (and penalties/additions) with Bitcoin. If the taxpayer irrevocably transfers Bitcoin to a Treasury-designated address (or to a financial-agent that the Secretary of the Treasury designates) and obtains the required network confirmations, the payment is deemed made.
The transferred Bitcoin’s value is set at its fair-market value at the time of transfer, with published reference rates to be set by the Treasury.
Crucially, the taxpayer recognises no gain or loss on the transfer of Bitcoin in satisfaction of the tax liability (up to the amount of the liability). In effect, if a taxpayer pays tax with Bitcoin, they would not trigger capital-gains tax on the Bitcoin used for that payment.
Any excess Bitcoin transferred (beyond the tax liability) would be treated as a disposition subject to the usual gains treatment.
The Treasury may contract eligible regulated financial institutions to act as “financial agents” for custody, conversion (if directed), and remittance of Bitcoin.
The act also sets up the SBR: any Bitcoin received by the U.S. under the tax-payment regime is to be deposited into the Reserve. The Treasury would accept, hold, and manage these holdings, with cold-storage, multi-signature and geographically-distributed storage permissible.
The Bill stipulates that the SBR holdings be held long-term: no more than 1/20 (th) of the total holdings may be disposed of in any one year, and only after a 20-year period following receipt/acquisition.
The Secretary must publish an annual public report detailing total Bitcoin holdings, custody/security arrangements, and the storage/management of the Reserve.
The bill’s findings section argues that Bitcoin’s fixed supply, deflationary design and growing adoption make it a strategic non-inflationary asset, capable of “strengthening the Nation’s financial resilience,” “diversifying national wealth,” and hedging against fiat currency devaluation and global instability.
Industry Endorsement
On 20 November 2025, the Bitcoin Policy Institute publicly endorsed the “Bitcoin for America Act” and unveiled its own “Bitcoin Tax Payment Model”. The think-tank emphasises that the tax-payment mechanism and strategic reserve concept align with U.S. leadership in monetary innovation and financial sovereignty. The endorsement brings policy-advocacy weight behind the bill.
Context: Other SBR-Related Bills & Treasury Reporting Requirement
This bill arrives within a broader flurry of SBR-related legislative efforts and executive actions. Notably:
On 6 March 2025, the White House issued an executive order establishing the Strategic Bitcoin Reserve and the United States Digital Asset Stockpile, directing the Treasury Secretary to evaluate legal and investment factors and propose legislation within 60 days.
On 31 July 2024, Cynthia Lummis (R-WY) introduced the BITCOIN Act of 2024 (S. 4912) in the Senate. That bill would require the Treasury to purchase 1 million Bitcoin over five years (≈5 % of the supply) and hold them for at least 20 years, establishing the SBR structure in statute.
On 11 March 2025, the BITCOIN Act of 2025 (S. 954) was introduced by Sen. Lummis. It remains at the “introduced” stage in the Senate Committee on Banking, Housing, and Urban Affairs.
A separate measure (H.R. 1566) would require the Treasury to deliver within 90 days a comprehensive report on the feasibility of a Strategic Bitcoin Reserve and Digital Asset Stockpile, how these assets would be accounted for, custody models, cybersecurity and legal authority.
Thus, the “Bitcoin for America Act” can be seen as a complementary – and narrower but more immediately actionable – proposal: tax-payments in Bitcoin and deposit into SBR, rather than a large-scale government purchase of Bitcoin.
Importantly, the Treasury must produce a report on the SBR by the extended deadline of 9 December 2025, increasing policy pressure on Congress and industry stakeholders.
In terms of prospects:
The “Bitcoin for America Act” is narrower than previous bills (focused on tax payments and Reserve deposits rather than large direct purchases), which may enhance its passage chances.
However, substantial fiscal, regulatory and bipartisan hurdles remain: questions about federal budget implications, crypto volatility, tax-equity concerns and regulatory overlaps (e.g., between the Securities and Exchange Commission and the Commodity Futures Trading Commission) persist.
Political timing is critical: given competing legislative priorities (stable-coin regulation, digital asset oversight) and potential election-cycle distractions, the bill might stall or be substantially amended.
Adding the Recent Lobbying Development
Further strengthening the context, on Thursday a report from CoinDesk detailed how dozens of crypto-industry groups have petitioned President Donald Trump to act on policy initiatives—including tax-payment mechanisms like this bill—while Congress remains in negotiation over broader market-structure legislation. This lobbying push suggests that industry stakeholders see the tax-payment + SBR proposal as a more achievable “win” in a year of legislative uncertainty, and they are seeking executive-branch leverage to prop open the pathway.
Aave app: DeFi lender’s push to rival retail banks
Aave Labs—the entity behind the well-known DeFi Aave Protocol, the the largest peer-to-peer money market, with over $60 billion in deposits—is launching a new consumer-facing savings application, the Aave App, aiming to bring retail depositors into the DeFi fold. According to their blog post, the app offers significantly higher yields than typical bank savings accounts, supports deposits via bank transfers, debit cards or stablecoins, and promises up to USD 1 million in “balance protection”.
What the Aave App Offers
Higher Yields
The blog claims that traditional savings accounts still pay around 0.4% APY on average, and even high-yield special offers typically provide 3–4%. By contrast, Aave App offers a base rate of at least 5% for stablecoin deposits, with possible boosts to up to 9% APY if a user verifies identity, sets up automatic deposits, or refers friends. Interest is said to compound every second, visible in real-time.
Access and Usability
The app supports funding via over 12,000 linked bank accounts and debit cards, plus stablecoins. Withdrawals are described as “anytime” with no penalties or notice periods.
Deposit Protection
A standout offering is the “balance protection” up to USD 1 million per account—intended to cover security breaches or technology failures.
Competitive Positioning
By offering bank-style savings features with DeFi infrastructure behind them, Aave is explicitly targeting the retail savings market and positioning itself as an alternative to traditional banks and fintech savings products.
How Aave Operates
Aave is a non-custodial liquidity protocol, which means users keep control of their own assets and the protocol does not take custody the way a bank does. People who want to earn interest supply assets into shared liquidity pools, and people who want to borrow draw from those same pools. Every loan on Aave must be over-collateralised, meaning a borrower has to deposit assets worth more than the value they borrow. This structure is designed so that, if the value of a borrower’s collateral falls too much, the protocol can automatically sell part of that collateral to make lenders whole. The protocol’s smart contracts automate all of this: deposits, withdrawals, interest calculations, and liquidations. This is the core mechanism that allows Aave to function without intermediaries.
Critical Considerations & Risks
Sustainability of Yields
The elevated yields advertised by the Aave App depend on activity in the underlying Aave protocol, where returns for depositors come from interest paid by borrowers. Although all lending is over-collateralised—which helps reduce solvency risk—it does not eliminate exposure to collateral volatility, liquidity constraints during market stress, or DeFi-specific vulnerabilities such as smart-contract failures. Because borrower demand shifts with market conditions and collateral composition, yields are unlikely to remain consistently at the promotional levels. That said, they are still likely to exceed the rates offered by traditional banks or most neobanks, which generally rely on regulated, lower-risk lending and therefore provide much lower depositor returns. In short, the higher-yield potential is real, but its sustainability depends on market dynamics and the robustness of the protocol’s risk-management mechanisms rather than any guaranteed return.
Regulatory & Institutional Differences
“Balance protection” of USD 1 million sounds compelling—but the details matter. Early reporting indicates the protection programme “is not yet active” and terms/eligibility remain to be clarified.
DeFi Protocol Risks
Although Aave has a strong security track record, DeFi lending remains inherently exposed to liquidation risks, counterparty risks, governance risks, systemic stress in crypto markets. For example, academic research highlights liquidity & risk management challenges in the Aave protocol. A retail-user savings product built on that infrastructure must ensure robust protections.
User Understanding & Usability
While many retail consumers are used to bank savings, for many the underlying DeFi mechanics may be unfamiliar. Potential confusion includes: what happens if collateral value changes, how quickly withdrawals work in stressed markets, how stablecoin risks (e.g., de-pegging) play out, and whether funds are truly “on demand”.
Competition & Market Reaction
Existing banks and fintech firms may react if the yield offering is credible at scale, and regulators may scrutinise the product if it resembles a deposit account. The strategy signals Aave is trying to broaden from the crypto-native audience into mainstream retail—whether that transition is smooth remains to be seen.
Institutional Players Are Also Pushing Yields Higher
A recent institutional product highlights how aggressively the yield landscape is evolving. Figment, OpenTrade, and Crypto.com have introduced an offering that targets roughly 15% annual yield on stablecoin deposits, achieved through a combination of Solana staking and volatility-hedging via perpetual-futures contracts, with assets held in segregated custody accounts.
Although designed for institutions rather than retail users, this development illustrates that the pursuit of high stablecoin yields increasingly involves layered strategies rather than simple lending.
Yellow Card CEO: “The world’s emerging corridors are finally connecting directly”
At the recent Africa Business Summit, Chris Maurice, CEO of Yellow Card, delivered a bold message: the era of stablecoins isn’t on the horizon — it’s unfolding now. He argued that stablecoins represent a fundamental shift in how money moves across borders, particularly for Africa and other emerging-markets corridors.
What was said
The CEO pointed out surprise that in financial-services forums stablecoins often appear as an afterthought. He stressed: this “transformative technology” already settled nearly US $17 trillion in transactions last year, surpassing the combined volumes of major card networks.
Maurice highlighted Africa as a leading adoption region, noting six of the top 20 global countries for stable-coin usage are in Africa.
His analogy: the U.S. dollar remains used for ~90% of global invoice settlements, yet the experience is clunky (intermediaries, SWIFT delays, infrastructure built for the U.S. not emerging markets). Stablecoins, he said, “just take a currency that’s extremely important in global trade” and fix the user experience — allowing near-instant, low-cost dollar-like transfers anywhere.
Yellow Card's CEO warned that financial-institutions (banks, payment networks) that ignore this trend risk irrelevance—comparing it to if a bank in 2005 had refused to adopt online banking.
On geography: While Africa-China corridors matter, the broader theme is “south-south trade” — intra-African flows, Africa-South America, Southeast Asia-South America, Middle East-Africa — where traditionally funds had to travel via New York, now they don’t need to.
He positioned Yellow Card as operating across Africa, South America and beyond, building rails for international payments and treasury management via stablecoins.
About Yellow Card
Jack Dorsey backed Yellow Card is a pan-African fintech firm described as the first licensed stable-coin payments orchestrator in Africa.
Key facts:
Founded around 2016, launched retail services in Nigeria in 2019.
Yellow Card has now raised approximately US $85 million in equity funding to date. Among its backers are Block, Inc. and Peter Thiel's Valar Ventures and Coinbase.
Serves businesses and individuals across multiple African countries; in 2024 the company raised US $33 million for its pivot toward B2B and treasury-use cases.
Offers on-ramp/off-ramp for major fiat currencies, payments API for international clients, and access to dollar-pegged stablecoins such as USDT/USDC.
Its positioning: enabling businesses in emerging markets to access USD liquidity, cross-border payments, and payable rails via stablecoins.
Revolut picks Polygon’s Ethereum L2 network to drive stablecoin payments and remittances
In a significant move at the crossroads of fintech and crypto infrastructure, Revolut (the UK-based digital bank) has partnered with Polygon (MATIC) (the Ethereum layer-2 scaling solution) to power stablecoin remittances, crypto payments, trading and staking via Polygon’s network. According to Polygon’s own announcement, more than $690 million in volume has already been processed through the integration as of November 2025.
What’s happening
Revolut, which serves over 65 million users across some 38 countries, has added functionality that allows users to send/receive stablecoins (USDC, USDT) over Polygon’s chain, use a crypto-card linked to those assets, trade and stake Polygon’s native token (POL), and convert crypto back to fiat within the app.
The integration leverages Polygon’s low-cost, high-throughput rails (including its “Rio” payments upgrade that reportedly supports up to 5,000 transactions per second) to enable remittances and transfers without the typical blockchain “pain points” around high fees or slow finality.
This step further positions Polygon not just as a speculative “crypto chain”, but as a practical payments and money-transfer infrastructure provider for an established fintech operator.
WHAT WE ARE READING (OR WATCHING)
The Stablecoin Standard
Nations must prepare to deal with stablecoins: Finance Minister Sitharaman
Kyrgyzstan launches $50 million of tokens in national stablecoin
Kyrgyzstan Launches Stablecoin on BNB Chain, Eyes National Digital Currency and Crypto Reserve
The Onboarding Wave
Discovery partners with Luno to offer first bank app crypto trading in South Africa
The Nakamoto Engine
Abu Dhabi Investment Council Tripled Bitcoin Bet
The Miner File
Chinese Maker Behind Most of World’s Bitcoin Miners Has Been Focus of US National Security Probe
Crypto on the Balance Sheet
Taiwan Considers Bitcoin Reserves Amid Rising Calls For USD Diversification
The Tokenized Economy
Franklin Templeton Launches Tokenized Money-Market Fund in Hong Kong, Eyes Retail Expansion
The Global Pulse
Beyond the Chain
This article is for informational purposes only and should not be considered financial advice. Please do your own research or consult a licensed financial advisor before making investment decisions.
