Grayscale Rolls Out XRP ETF

Grayscale is adding another exchange-traded fund to its lineup. Plus the top news, stats, and reports.

Author

Ryan Allis
November 26, 2025

Issue Summary: Welcome back to Coinstack, the weekly newsletter for institutional crypto investors and industry insiders. We reviewed the top news, stats, and reports in the digital asset ecosystem for our 350k weekly subscribers. This week, Grayscale expanded its crypto fund lineup with the launch of an XRP ETF, spot bitcoin ETFs recorded $1.2 billion in their fourth straight week of outflows, and crypto liquidations neared $2 billion amid a deepening bitcoin selloff. Meanwhile, Monad launched its mainnet with over half of its MON token supply initially locked, and Kraken filed for an IPO following its recent $800 million raise. On the fundraising front, Obex raised $38M to advance real-world asset–backed stablecoin projects, while Kraken secured $200M in a round led by Citadel Securities.

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💵 Weekly Crypto Fundraises & Deals

Here are all the crypto fundraises we heard about this week, ranked by size…

  1. Kraken, a centralized crypto exchange, has raised $200M in a funding round, led by Citadel Securities

  2. Obex, a crypto incubator launched by Sky (formerly MakerDAO) to support stablecoin projects backed by real-world assets rather than synthetic or under-collateralized designs, has raised $38M in a funding round, led by Layer Zero

  3. WizzWoods, a pixel farm game integrated with Telegram and Twitter, featuring farming, upgrades, and map customization, has raised $10M in a Series A funding round, led by Animoca Brands

  4. Ledn, a digital asset financial services platform offering lending, savings, and credit products for Bitcoin and stablecoins, has raised an undisclosed amount in a funding round, led by Tether

  5. USD AI, a yield-bearing synthetic dollar protocol backed by real-world infrastructure assets, has raised an undisclosed amount in a funding round, led by Coinbase Ventures

🗞️ Crypto News Recap: The Top 5 Stories

Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week…

  1. 🚀 Grayscale rolls out XRP ETF, expanding its crypto fund lineup: Grayscale is adding another exchange-traded fund to its lineup — the Grayscale Trust ETF to provide “straightforward exposure” to investors.

  1. 👀 Spot bitcoin ETFs shed $1.2 billion in 4th consecutive outflow week:U.S. spot bitcoin exchange-traded funds recorded another week of net outflows, extending their streak of negative flows to four straight weeks.The spot bitcoin ETFs saw a combined $1.22 billion in net outflows for the week ended Nov. 21, bringing four-week cumulative outflows to $4.34 billion, according to data from SoSoValue.

  1. 📉 Crypto liquidations near $2 billion as bitcoin rout deepens:Crypto markets faced another massive washout on Friday, with almost $2 billion in leveraged positions liquidated as Bitcoin plunged as low as $82,000. The collapse pushed total crypto market capitalization down to roughly $2.9 trillion, marking its first break below the $3 trillion threshold since spring.

  1. 🎉 Monad mainnet launches with 50.6% of total MON token supply initially locked: Following a multi-year development cycle, the Monad mainnet is launching on Monday. The high-throughput blockchain’s public debut follows several weeks of MON token distribution efforts designed to foster ecosystem participation and co-ownership.

  1. 🔥 Crypto Exchange Kraken Files for IPO Following $800 Million Raise:Kraken filed to go public Wednesday, the cryptocurrency exchange said, just hours after announcing a massive fundraising round valuing the company at $20 billion.

💬 Tweet of the Week

Source: @Klarna

📊 Key Stats of the Week

Here are the most important and interesting stats in crypto this week...

1. BNB has now flipped Solana in total stablecoin supply, becoming the third-largest chain by stablecoin liquidity with $13.3B in circulation, edging out Solana’s $13B.

Both ecosystems have grown significantly YTD: BNB stablecoin supply is up 96% while Solana is up 145%. But since the October liquidation cascade, their trajectories have diverged. Solana has shed $3.7B from its all-time high of $16.7B (-22%), while BNB has pulled back only 5% from its peak of $14.1B (-$800M), holding its ground more effectively.

Source: @DavidShuttleworth

2. Weekly DAT inflows are grinding toward yearly lows despite massive token discounts since the peak of buying pressure in July:

BTC: –22%
ETH: –16%
SOL: –32%

Even with these markdowns, however, total DAT demand reached just $245M last week and hasn’t broken $500M since the first week of October.

For perspective, every single week from July 14th to October 14th cleared $1.3B in inflows, with peaks hitting $5.6B.

The slowdown is now even more pronounced. October closed at $1.9B in total DAT inflows — the weakest month since October 2024 — and November is on pace for even less, at roughly $1B.

Source: @DavidShuttleworth

3. We enter the week coming off the third consecutive week of digital asset ETP outflows, this time totaling $2B, the largest weekly selloff since February’s $2.9B.

So far this month, BTC has seen over 7% of its YTD inflows (-$2B) exit, while ETH has shed 8.5% (-$1.1B). The rotation out of majors is becoming increasingly visible in the flow data, and importantly, none of it is moving into alts. Capital is simply exiting the ecosystem, an infinite free fall down the risk curve.

Source: @DavidShuttleworth

4. Since the November 2024 election, Solana has shed over 5M daily active users, grinding down 60% from highs of 8.3M to 3.2M today.

Over the same period, Base DAUs are down 37%, while Ethereum mainnet is actually up 15%.

Source: @DavidShuttleworth

5. PayPal’s PYUSD has surpassed $3B in circulation for the first time ever, becoming only the third fiat-backed stablecoin to reach that milestone. It’s grown by 28% since October, setting a new all-time high of $3.1B.

PayPal now facilitates over $2.65B in weekly transfers through PYUSD and has onboarded more than 44,000 onchain users to its stablecoin.

Source: @DavidShuttleworth

📝 Highlights from the Top Crypto Reports

Here are the top highlights from the best crypto research reports this week…

About the Author: OurNetwork, aims to help you understand crypto like never before by harnessing the power of onchain data & analytics. This is an excerpt from the full article, which you can find here.

📝 Editor’s Note:

Coming to you from beautiful Buenos Aires, where the OurNetwork team has enjoyed Devconnect, DuneCon and more, welcome to this week’s issue of OurNetwork.

This one takes a look at privacy, a sector which pushed into the spotlight in part because of the rise of Zcash, a token launched in 2016, which has jumped by 15x in the past 90 days to become a top 20 crypto asset by market cap.

It’s not just Zcash however. Privacy protocols’ total value locked reached an all-time high of $1.33B on Nov. 11, according to DefiLlama. Leading that growth is Tornado Cash, a mixing protocol, Railgun, a privacy protocol, and Aztec, the Layer 2. Together those comprise over 99% of privacy protocols’ TVL, again according to DefiLlama.

That the top protocols encompass such different use cases hints at a major theme in privacy: it’s not as simple as hidden transactions. Privacy is about controlling identity and minimizing revealed data, features which enable regulated actors and institutions to operate with the precision their onchain operations can require.

In this issue, we’re lucky to have Surf Query and Seoul Data Labs dig into the onchain latest of Zcash and Railgun, two leaders in the resurgent privacy space.

🎧 Top Crypto Podcasts of The Week

Here are the crypto podcasts that are worth listening to this week...

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📰 The Coinstack Newsletter:

Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela.

Coinstack is a news and analysis newsletter for the digital asset industry. None of the information here is a recommendation to invest in any securities or other types of investments. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in loss.

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