Core Inflation Hits the Line, Banks Fund Their Own Stablecoin, and Across Gets Hijacked

October core prices came in at the level Christopher Waller had publicly set as his bar for considering a half-point December move, 8 major financial institutions committed roughly $270M to a dollar stablecoin venture, and a cross-chain bridge lost control of its web address without a single line of its code being touched

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Market-Moving News

A central banker drew a line in public, and the data walked straight up to it. Then the banks that spent a decade calling stablecoins a problem went and funded one.

And a bridge found out that you do not need to break a contract to empty a wallet. You just need the address people type.

Tokenization

Kraken Adds 200 European Stocks as xStocks Assets Reach $1.1 Billion

Kraken's parent, Payward, has added more than 200 tokenized UK and European stocks to xStocks, taking the offering beyond 1,500 assets. The additions include all 40 companies in Germany's DAX index, including SAP, Siemens, and Allianz.

Payward reports over $1.1 billion in assets, more than $45 billion in cumulative transaction volume and over 550,000 unique holders across the existing platform.

Share Backing Supports the Expansion

Each token is backed 1:1 by an underlying share held with a regulated custodian. The new listings are available through Kraken and supporting partner platforms, extending the range of stocks accessible through crypto accounts and wallets. GTN provides execution and custody.

Access and Ownership Remain Limited

Token holders receive exposure to share prices without owning the underlying companies. U.S. and UK customers remain excluded, despite the addition of British stocks. The expansion leaves existing geographic restrictions in place.

Take: European listings give Kraken more products to distribute through infrastructure it already operates, potentially supporting repeat trading beyond cryptocurrency markets. The reported asset base gives you a measure of existing demand, while adoption of the new tokens will determine whether the broader catalog produces lasting activity.

Share backing supports the product, but custody arrangements, customer eligibility, and the absence of direct ownership still shape its appeal.

Custody

Deutsche Bank Opens Crypto Custody Service to Paying Clients

Deutsche Bank has launched its digital asset custody service for paying corporate and institutional clients in Europe. Germany's largest lender now safeguards 5 supported assets, moving a service announced in September into commercial operation.

Customers can hold Bitcoin, Ether, USDC, EURC and EURAU through the bank and transfer them to other parties. Deutsche Bank manages the wallets and private keys needed to access those assets.

Security Controls Support the Service

Dedicated hardware protects private keys, and assets are kept in separate storage environments. Important transactions require approvals from multiple people, placing controls around how digital assets are accessed and moved. Clients can use the service without building and maintaining their own systems for safeguarding digital assets.

Client Uptake Remains Undisclosed

Custody asset values, customer numbers and revenue have not been disclosed. A separate agreement with Deutsche Asset Management covers potential collaboration on tokenized funds, crypto products and stablecoins, with those developments still at the exploration stage.

Take: Deutsche Bank can earn recurring custody fees by serving institutions through existing relationships.

Paying clients establish a commercial foothold, but you still need custody balances and pricing to judge whether the service can contribute meaningfully to earnings. Security and compliance costs will also shape how much revenue becomes profit.

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Security

Bitcoin Core Discloses 3 Security Flaws, Including Mining Disruption Bug

Bitcoin Core developers have disclosed 3 previously patched security flaws, including a high-severity bug that could stop affected mining systems from preparing new blocks. The other 2 issues involve delayed block processing and weakened connection safeguards.

Bitcoin Core runs on computers that check transactions and maintain the shared blockchain record. Fixes were released in October 2025. The announcement makes the technical details public after a waiting period under the project's disclosure policy.

Mining Operations Could Be Interrupted

After certain changes to the blockchain's recent history, affected mining software could not prepare valid blocks until it was restarted. Another flaw allowed malicious connections to delay a node's processing of new blocks, potentially repeatedly under specific conditions.

Connection Settings Weakened Protections

Some nodes also gave incoming Tor connections permissions intended for trusted systems. Developers said the configuration had affected thousands of reachable nodes, removing protections against disruption and privacy leaks. 

Take: For mining businesses, interrupted block production can mean lost earning opportunities even when coins remain secure.

Hardware capacity alone can overstate what you should expect a miner to earn, since outdated software can leave those machines unable to produce blocks. Maintenance and access controls therefore belong alongside electricity in operating budgets.

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Future Forward

An inflation print getting almost no attention, a large unlock, and a marketplace switching off its own lights.

Economic Data:

📊 October PPI arrives Friday. The wholesale read, and the one that tends to show up in consumer prices a month or two later. Forecasts have it cooling sharply from September, which is the only part of this week’s inflation picture pointing the friendly way.

Unlocks:

🔓 PUMP releases roughly 0.9% of its supply tomorrow. The largest scheduled release of the week by value, landing into a tape that has spent 3 sessions absorbing liquidations. Aptos has a smaller one the same morning.

Shutdowns:

🔌 Blur turns off its website tomorrow. The NFT marketplace is retiring its interface while leaving the on-chain protocol running, and new loan matching ends on Blend at the same time. Positions do not vanish, but the front end you used to reach them does.

Crypto Know-How: What You Are Actually Signing When You Approve a Token

The uncomfortable bit about the attack above: the victims were not careless with their keys. They just signed something.

Connecting a wallet to a site shares your address and not much else. On its own, it gives away no power to move your tokens.

Approving is the opposite. An approval is an on-chain permission telling a token contract that another address may spend your balance. Many apps request an unlimited amount so you never approve twice, and it then sits there long after you forgot the app existed. Closing the tab does nothing to it.

A permit is the same power, signed off-chain. You sign a message, someone else submits it later to turn it into a live allowance, and because nothing hit the chain when you signed, there was no gas fee to make you stop and read.

Which is why a cloned front end works so well. It needs no keys, no password, and no bug in anyone’s code. It needs 1 signature from you, granted to an address you never inspected.

So read what the wallet is asking before you approve, and clear out old permissions you no longer use.

Everything Else

• AVAX got the week’s biggest institutional nod, with an NYSE-affiliated digital securities venture picking Avalanche as the core ledger for its planned clearing and settlement arm, which still needs regulatory sign-off. 

• HYPE picked up a second job on Monday, becoming the native gas token of Elysium, the first layer 2 built for the Hyperliquid ecosystem, which went live on mainnet. 

• MON joined Visa’s stablecoin settlement program, sitting alongside Ethereum, Solana, Base and Polygon, after Visa’s own settlement volume passed a $20B annualized pace and grew more than 15-fold on the year. 

• NEAR became an unlikely laundering rail, with North Korea-linked actors minting throwaway memecoins on the network and trading against themselves to pass roughly $430,000 of stolen funds off as profits. 

• ALLO was due to hand its core contributors and backers a large tranche today, and instead the cliff moved, with Allora extending both allocations by 6 months and pushing the release into the spring of 2027.