The Block

THE BLOCK: Stablecoin supply has shrunk by $14.2 billion in the past 30 days, the largest contraction since the June 2022 bear market, according to Glassnode. Market leaders $USDT and $USDC shed nearly $11 billion combined over the past month, The Block's data shows, leaving less dry powder for a crypto market rebound.

THE BLOCK: Apex Group, a global financial services provider overseeing more than $3.5 trillion in assets, has joined the Hedera Council, bringing its expertise in fund administration, digital assets and institutional market infrastructure to the governance of the public blockchain network. The company plans to explore using Hedera for its digital asset and tokenization initiatives, including asset lifecycle management, compliance and settlement, as institutional adoption of tokenized financial products expands.

Bitcoin's quantum threat used to feel far away. AI may be pulling it closer. "Some of the quantum stuff might happen sooner than we thought." @Stacks founder Muneeb Ali: a protocol built to resist change now has to move faster, and Bitcoin isn't used to operating that way.

THE BLOCK: Pyth Network has added real-time market data from the New York Stock Exchange to its Pyth Data Marketplace, allowing applications and trading platforms to access quotes and trades across all five NYSE Group equity exchanges. The NYSE BQT data feed includes best bid and offer quotes, trade information, closing prices, consolidated volume, and market status updates, including trading halts. The integration follows Pyth's recent approval to distribute Nasdaq Basic data.

THE BLOCK: StoneX reiterated its Buy rating and $18 price target on Securitize, forecasting 2026 revenue of $72.4 million. The research firm sees tokenized equities as a potentially larger growth opportunity, citing a $169 trillion global equities market, of which only around 0.002% is onchain.

THE BLOCK: Bitcoin bitcoin:native is "ripe for a squeeze," according to K33 Research, with elevated perpetual futures open interest increasing the risk of sharp moves in either direction. Meanwhile, Derive's options market priced a 31% chance of bitcoin finishing below $70,000 by Christmas, up from 15% a week earlier.

THE BLOCK: Bitcoin Core disclosed three previously patched security vulnerabilities, including a high-severity flaw that could prevent affected mining nodes from creating block templates. bitcoin:native The other two flaws could stall block processing and improperly grant trusted permissions to incoming Tor connections.