Appold Market Watch - Week ending 14 November 2025
Market Update & Industry News - Week ending 14 November 2025
🔷 The Bank of England has published a consultation paper proposing a regulatory regime for sterling-denominated systemic stablecoins. The proposals include asset backing requirements, holding limits of £20,000, and central bank liquidity support.
Appold's View: The Bank of England’s decision to address stablecoins is a welcome step toward clarity, but the proposed framework risks limiting, rather than supporting, the growth of sterling-backed stablecoins. As drafted, the rules have already introduced market uncertainty and may further hinder adoption at a time when the UK aims to position itself as a leader in digital assets.
🔷 J.P. Morgan has officially launched its USD-denominated deposit token, JPM Coin (JPMD), for institutional clients on Base Layer 2, after successful testing. Transactions have been completed with major entities such as B2C2, Coinbase, and Mastercard. JPMorgan plans to expand its token to more blockchains and has secured the trademark for a potential euro-denominated token.
Appold's View: This announcement may surprise many, given the publicity around JPM Coin and, therefore, the understandable assumption that it was already live. This underscores a wider reality: while many institutions are testing digital-asset solutions, very few have actually moved from pilot to full implementation. This clarification may have been lost in recent market hype.
🔷 Coinbase has launched a savings account in the UK, partnering with ClearBank. Eligible users can earn a variable AER interest of 3.75%, paid daily on GBP deposits with instant access. Deposits up to £85,000 are FSCS protected. This marks Coinbase as the first digital asset exchange to offer regulated savings accounts in the UK.
Appold’s View: As banks accelerate into digital assets and exchange infrastructure, firms like Coinbase are simultaneously moving into traditional finance. As we’ve noted before, the race to become the first true financial “Super App” is well underway. The outcome remains uncertain, but this latest move marks a significant step forward for Coinbase in the UK market.
🔷 Brazil’s central bank has proposed classifying transactions involving fiat-pegged digital assets as foreign exchange operations, requiring authorisation for platforms facilitating such trades. Concurrently, President Lula has submitted legislation allowing courts to seize and convert digital assets during investigations. These initiatives aim to combat illicit finance and improve oversight on stablecoins.
Appold’s View: Reclassifying fiat-pegged digital asset transactions as foreign-exchange operations, alongside new powers to seize and liquidate digital assets, signals a strong push to bring digital assets under traditional remits. However, by not understanding the unique nature of stablecoins, Brazil may inadvertently create too much friction for innovation.
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