PA Daily | Spot gold back to $4300; Only one Bitcoin treasury company stock has outperformed the S&P 500 so far in 2025

Today’s News Highlights:

Disney to Invest $1 Billion in OpenAI

Spot Gold Reclaims $4,300 Level

YouTube Launches New Option to Pay US Creators with Stablecoins

Terraform Labs Founder Do Kwon Sentenced to 15 Years in U.S. Court

Only One Bitcoin Treasury Company Outperforms S&P 500 in 2025

Kalshi Partners with Coinbase, Robinhood, and Others to Form Prediction Market Alliance

Macro

Spot Gold Reclaims $4,300 Level

The price of spot gold broke through the $4,300/ounce level for the first time since October 21, with an intraday increase of 0.47%.

BBVA Deepens Collaboration with OpenAI to Drive Global Banking AI Transformation

Spain’s BBVA announced a multi-year strategic partnership with OpenAI, expanding ChatGPT Enterprise to its 120,000 employees worldwide, a tenfold increase from previous coverage. The collaboration aims to enhance customer experience, optimize internal operations, and deepen AI application in banking. BBVA plans to develop new AI solutions using OpenAI technology to improve customer interactions, boost employee productivity, refine risk analysis processes, and redesign internal workflows like software development. Previously, BBVA piloted ChatGPT among staff, helping save nearly three hours weekly on routine tasks. The partnership also includes dedicated training programs and structured tool integration models to ensure AI tools are safely and uniformly deployed across 25 countries. Additionally, BBVA plans to use ChatGPT to directly serve customers and accelerate its transition to an AI-native bank. BBVA Chairman Carlos Torres Vila stated this partnership will deliver smarter, more personalized banking experiences. Earlier, Disney announced a $1 billion equity investment in OpenAI.

AirAsia Founder Collaborates with Standard Chartered to Explore Malaysian Ringgit-Backed Stablecoin

According to Bloomberg, AirAsia’s operating entity signed an agreement with Standard Chartered Malaysia to explore issuing a stablecoin backed by the Malaysian Ringgit. Recently, a Malaysian royal announced a similar token. A statement released on Friday said Tony Fernandes’ Capital A and Standard Chartered Malaysia will jointly develop and test the stablecoin through the central bank-regulated Digital Asset Innovation Center. The statement noted Standard Chartered Malaysia will issue the stablecoin, with Capital A potentially piloting wholesale use cases in real scenarios. This marks Capital A’s first foray into regulated digital assets.

Only One Bitcoin Treasury Company Outperforms S&P 500 in 2025

According to DLNews, a report from BitcoinTreasuries.net shows that so far in 2025, only one Bitcoin treasury company (DAT) has outperformed the benchmark S&P 500, which has a 16% return this year. The only outperformer is The Blockchain Group, based in France, whose stock has surged about 164% since January 1. Among other well-known Bitcoin treasury companies, Strategy’s stock fell 12%, Metaplanet’s dropped nearly one-third, and Nakamoto, which raised over $600 million to buy Bitcoin, saw its market value plummet over 98%.

YouTube Introduces New Payment Option for US Creators Using Stablecoins

According to Forbes, YouTube now allows its creators to receive earnings via PayPal’s stablecoin. May Zabaneh, head of PayPal’s crypto business, confirmed this feature has officially launched and is currently only available to US users. A Google spokesperson also confirmed the addition of a new payout method through PayPal stablecoins. Earlier this year, PayPal added the ability for recipients to receive payments in stablecoin PYUSD.

An Independent Miner Successfully Mines Block 927474, Earns 3.133 BTC Reward

According to Cointelegraph, early this morning, an independent Bitcoin miner successfully mined block 927474, earning 3.133 BTC (approximately $284,000).

World Launches “Super App” with Crypto Payments and Encrypted Chat Features

According to TechCrunch, World, a biometric authentication project co-founded by Sam Altman, announced its latest app version, introducing new features including integrated encrypted chat and extended crypto send/request functions similar to Venmo. At a small event at World’s San Francisco headquarters on Thursday, Altman unveiled the new version (referred to as a “super app”), followed by detailed presentations from the product team. The app’s World Chat feature offers end-to-end encrypted messaging, with color bubbles to verify if contacts are authenticated via World, encouraging users to authenticate identities. The chat function was initially released in beta in March. Another major feature announced Thursday is an expanded digital payment system allowing users to send and receive cryptocurrencies. While World has long functioned as a digital wallet, the latest version offers broader capabilities. Users with virtual bank accounts can directly deposit wages into the app and make deposits from linked bank accounts, both convertible to cryptocurrencies, without needing to verify through World’s identity system.

Bloomberg: Coinbase to Announce Prediction Markets and Tokenized Stocks Next Week

According to Bloomberg, sources say Coinbase Global Inc. plans to announce the launch of prediction markets and tokenized stocks next week, with a formal reveal at the December 17 product showcase. The sources also mentioned that Coinbase’s tokenized stocks will be internally launched, not through partners. Coinbase executives previously expressed interest in these areas but had not announced concrete plans. Over the past weeks, screenshots hinting at these features have circulated on social platform X. Coinbase declined to comment on specific plans but said, “Stay tuned for the December 17 live stream to learn about new products.” This move is part of the company’s effort to become a “one-stop app,” providing broad asset and market access and competing with similarly diversified rivals.

Bitcoin Researchers Focus on Hash-Based Signatures for Quantum-Resistant Upgrades

According to DL News, in a revised paper published on December 5, Blockstream researchers Mikhail Kudinov and Jonas Nick discussed various methods to upgrade Bitcoin’s blockchain for quantum resistance. They believe hash-based signatures are a very attractive post-quantum solution because their security relies only on assumptions similar to Bitcoin’s underlying hash functions. Kudinov explained in an email to Bitcoin developer mailing lists, “These schemes have undergone extensive cryptanalysis during NIST’s post-quantum standardization process, increasing confidence in their robustness.” Hash-based signatures depend on hash functions, which are considered quantum-resistant because, unlike public-key encryption used in Bitcoin, they are difficult for quantum algorithms to break. Increasing output size can counter brute-force attacks by quantum computers, making the search space prohibitively large. Developers are still debating how to implement hash-based signatures, considering factors like low verification costs, standardization of multiple schemes, and the need for historical blockchain data for transaction validation.

U.S. Financial Stability Oversight Council (FSOC) No Longer Views Digital Assets as Potential Risks

According to CoinDesk, the cryptocurrency sector no longer needs to be included in FSOC’s annual list of risks to the U.S. financial system. This is not an isolated change, as the 2025 Financial Stability Oversight Council report no longer emphasizes “systemic vulnerabilities.” Treasury Secretary Scott Bessent’s opening letter states that previous analyses focused on identifying threats capable of disrupting financial stability. The 2025 report does not include recommendations or explicit concerns about digital assets. Its section on digital assets details how U.S. financial regulators with crypto oversight have shifted policies. The report mostly praises digital assets but notes in the “Illegal Finance” subsection that stablecoins could be misused for illicit financial transactions. It also states, “In the next decade, the continued use of dollar-denominated stablecoins is expected to further solidify the dollar’s position in the international financial system.”

Terraform Labs Founder Do Kwon Sentenced to 15 Years in U.S. Court

According to The Block, Terraform Labs founder Do Kwon was sentenced to 15 years in prison for his role in the Terra-Luna token collapse, which wiped out $40 billion in 2022. He was sentenced Thursday in the Southern District of New York, exceeding the prosecution’s earlier sentencing request. Prosecutors noted that, given Kwon’s prior misconduct and the scale of fraud, he should receive 12 years; his lawyers argued for only five. Judge Paul Engelmayer called Kwon’s actions “lying” and “poor choices.” In March 2023, Kwon faced criminal charges including conspiracy to commit fraud, commodity fraud, wire fraud, securities fraud, conspiracy to commit fraud, market manipulation, and money laundering. He pleaded guilty in August to wire fraud and conspiracy. Kwon may face further legal challenges in Korea, where he must serve at least half his sentence before being eligible to transfer. Reports indicate his 17 months in a Montenegrin prison will count toward his time served.

U.S. SEC Approves DTCC to Custody and Recognize Tokenized Stocks and Other RWA Assets on Blockchain

According to Bloomberg, the SEC, via a no-action letter, authorized the Depository Trust & Clearing Corporation (DTCC) to custody and recognize tokenized stocks and other real-world assets (RWA) on blockchain. This allows DTCC to offer tokenization services for up to three years on pre-approved blockchains. SEC Commissioner Hester Peirce stated, “While still in pilot stage with operational restrictions, this marks an important step in the market’s move onto blockchain.” Michael Winnike, head of DTCC’s global strategic and market solutions, said the license will also enable DTCC to expand its record-keeping onto blockchain. As a core clearing and settlement hub for the U.S. financial system, DTCC plays a vital role in stocks and fixed income. Many liquid assets in U.S. markets are held in DTCC’s custody, Depository Trust Co. (DTC). The company plans to roll out new tokenization services in the second half of next year.

CFTC Issues No-Action Letters to Prediction Market Operators Including Polymarket and Others on Data Rules

According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) issued no-action letters Thursday to prediction market platforms Polymarket, PredictIt, Gemini, and LedgerX/MIAX, stating that these companies can avoid certain recordkeeping requirements if they meet specified conditions, including clearing contracts through third-party clearing members. The CFTC’s release states that the no-action letters mean the agency will not take enforcement action for violations related to “certain swap recordkeeping requirements and reporting data related to binary options,” effectively allowing these companies to operate without legal penalties. The CFTC added, “These no-action letters are limited to specific situations and are similar to those issued for other designated contract markets and derivatives clearing organizations.” Under these letters, issuers must: ensure sufficient collateral at all times; clear contracts only through designated platforms; publish all relevant data on their platforms after execution; and comply with other swap recordkeeping requirements.

Opinions

Fidelity Analyst: Bitcoin Could Enter New Cycle, Year-End Performance Still Uncertain

Fidelity’s Global Macro Director Jurrien Timmer posted on X that after the excess speculative activity tapered, market sentiment improved amid Fed easing and calm bond and forex markets. He noted that Bitcoin’s performance in 2025 has been fairly good so far. Previously, Bitcoin treasury companies used stock issuance to buy Bitcoin and generate “returns,” which may now act as a resistance to further rise, raising questions about whether another four-year cycle has ended. However, analyzing Bitcoin’s network maturity curve shows that since 2010, Bitcoin has gone through five upward waves, each smaller in percentage than the previous, but lasting longer. From the recent bull run (starting around $16,000 in 2022), Bitcoin appears quite mature. The five-wave chart shared by Timmer suggests a peak of about $151,360 in the fifth wave.

CryptoQuant CEO: Meme Coin Market Is Dead

CryptoQuant CEO Ki Young Ju cited data indicating that meme coins reached a historic high of over 0.1% market share in early 2025 but have since fallen below 0.04%. He concludes that “the meme coin market is dead.”