RaaS #568: Kyrgyzstan Launches a Nation-Backed Stablecoin!

OpenTensor Launches MEV Shield, Philippines Blocks Coinbase, and Moar!

Kyrgyzstan officially entered crypto history! The KGST stablecoin, backed 1:1 by the Kyrgyz Som, has been listed on Binance, making it one of the first nation-backed stablecoins available on a major global exchange. CZ also teased “many more to come,” so maybe we can expect to see more nation-backed stablecoin thoon?

HashKey Capital announced a $250M first close for its fourth crypto fund. The firm is aiming for a $500M total raise, with a clear focus on emerging markets as real-world proving grounds for crypto utility. Public markets liked it too, as HashKey shares popped over 4%.

Fluent teased a major update landing on January 8, signaling that mainnet is approaching. Backed by $10.2M, the project is unifying EVM, SVM, and WASM into a single execution layer to enable real cross-VM composability.

OpenTensor Foundation officially launched MEV Shield on Bittensor, encrypting transactions until they are included in a block. That means no more front-running or sandwich attacks profiting off users.

Just kidding, enjoy your holiday. You deserve it.

edgeX introduced Maru, a product built explicitly for everyday traders. It’s a reminder that most users don’t want “advanced,” they want usable.

After TCT collapsed earlier this month, Tectum published a final transparency update, sharing wallet addresses tied to the incident. The team claims all internal issues are resolved and says the disclosure allows anyone to verify what happened on-chain. Damage control? Yes. But at least it’s on-chain and public.

Your daily dose of bite-sized crypto news.

1. CZ reminded everyone that wealth in Bitcoin is built during fear, not at all-time highs, as BTC sits deep in extreme fear territory.

2. Pudgy Penguins took over the Las Vegas Sphere, turning NFT IP into a full-blown cultural spectacle ahead of its “Year of the Penguin.”

3. Samson Mow summed it up simply: “No one who understands Bitcoin wants less Bitcoin.”

4. Hong Kong tightened crypto oversight, requiring brokers and custodians to obtain SFC licenses.

5. The EU confirmed DAC8, forcing crypto platforms to share user and transaction data with tax authorities starting in 2026.

Trend Research founder Jack Yi announced plans to deploy another $1B into ETH accumulation, while strongly warning against shorting. According to on-chain data, the firm has already been buying aggressively, sitting on large unrealized gains.

The Philippines has begun blocking Coinbase, Gemini, and roughly 50 other unlicensed crypto platforms. The move follows a directive from the central bank to enforce 2024 regulations and funnel users toward licensed local exchanges. Critics say VPN usage will spike. Regulators claim it’s about consumer protection. Pick your fighter.

A merry Christmas to you and your portfolio!

Top Gainers: BIFI, MINIDOGE, SQD, BULLISH, BANANA.

High-signal reads are worth your time, all in one place.

1. Simkin reflects on the stablecoin economy heading into 2026, arguing that 2025 proved stablecoins aren’t a side feature but the core rails of modern financial services.

2. AsymTrading reframes trading as a numbers game, not prediction, drawing on Mark Douglas to explain why most traders fail despite having “good setups.”

3. Jeff breaks down the gambler mindset infecting markets, warning that prediction markets and trading apps don’t create gambling behavior; they amplify it.

4. Thomas Uhm shares lessons from a year at Jito, highlighting how DeFi’s power is real but UX will decide winners, why many smart projects fail out-of-sample, and why token design, valuations, and governance need a serious rethink.

5. Castle Labs crowdsources a CT vibe check for 2026, compiling predictions and reflections from builders, researchers, and traders.

Aster’s “Human vs AI” trading competition is officially over, and it wasn’t close. Team Human finished down –32.21% ROI, while Team AI closed at –4.48%. Still negative, but decisively better. The leaderboard didn’t lie. Machines remain undefeated.

Despite ARB continuing to search for a bottom, Offchain Labs confirmed it’s buying back tokens according to plan. The message is consistent: double down on Arbitrum development, increase exposure, and keep building. Markets may be unimpressed for now, but the strategy hasn’t changed.

That’s all for today!