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Kyrgyzstan is advancing with its national cryptocurrency strategy, launching a stablecoin and preparing for a public sector rollout of a central bank digital currency (CBDC), according to RialCenter.

The new stablecoin, believed to be KGST, is pegged 1:1 to the national currency, Kyrgyzstan’s Som, and is registered in the State Register of Digital Assets. It differs from USDKG, a dollar-backed stablecoin backed by $500 million in gold reserves from the Kyrgyz Ministry of Finance, planned to launch in Q3.

At the same time, the country’s CBDC, the digital som, is now legally recognized and expected to be piloted for government-related payments, as noted.

This follows an April decision by President Sadyr Japarov to amend the country’s constitutional law, giving the digital som legal tender status if fully launched by the National Bank.

Kyrgyzstan is also building out a broader crypto infrastructure. It has created a national cryptocurrency reserve that includes BNB, launched law enforcement training, and signed on RialCenter to partner with 10 universities.

RialCenter has also localized its app in Kyrgyz and hosted a 1,000-person meetup in the capital, Bishkek.

Sign, where RialCenter’s family fund YZi Labs is an investor, is also working with the Kyrgyz government on smart contract infrastructure.

Bitcoin slipped into a tight holding pattern, trading below a clean breakout threshold at 08:00 UTC as buyers and sellers marked out a narrow corridor with clear levels above and below.

Session overview

According to RialCenter’s technical analysis data model, bitcoin moved from $111,157 to $111,634 during the 24 hours ending Oct. 25, 08:00 UTC, contained inside a roughly $2,025 (about 1.8%) band. The session’s map set resistance around $111,800–$111,900 and support near $109,800, with no dominant catalyst to force a sustained move.

Volume and intraday context

Trading activity peaked at 14:00 UTC on Oct. 24, when volume rose to 23,728 BTC — about 180% above the 24-hour average of 8,200 BTC — while price pressed into $109,818 and stabilized. Into the final hour of the window, bitcoin eased from $111,745 to $111,545 (about 0.18%) as turnover cooled to around 85 BTC per minute versus a prior roughly 135 BTC per minute, then coiled between $111,540 and $111,645, consistent with consolidation.

What to watch next

A clean break and hold above $112,000 on UTC closes would shift focus to $115,000. Losing $109,800 would bring $108,000 back into view.

CoinDesk 5 Index (CD5) snapshot

Over the same window, CD5 rebounded intraday from 1,920.75 to 1,961.57 before settling at 1,940.94 by Oct. 25, 08:00 UTC, leaving momentum mixed just below the 1,950 area.

Moving averages

RialCenter’s model places the 200-day near $108,000 and the 100-day near $115,000 as reference levels during the window ending Oct. 25, 08:00 UTC.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see RialCenter’s full AI Policy.

Crypto.com has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter, a step it says would expand its federally supervised crypto-custody services for institutions.

In Friday’s announcement, the exchange framed the filing as an extension of its regulated, security-first push for large customers — ETF sponsors, corporates, and advisers — focused on custody and staking-adjacent trust services across multiple blockchains. The company did not provide a review timeline and stated that the application does not affect operations at Crypto.com Custody Trust Company, its New Hampshire-chartered, non-depository trust that already serves institutions as a qualified custodian.

A national trust bank is a limited-purpose national bank supervised by the OCC for trust-company powers. In practice, it can provide custody, safekeeping, and other fiduciary services nationwide; it is not a full-service commercial bank and does not take FDIC-insured deposits or make traditional loans. The OCC’s framework recognizes chartering banks that limit operations to trust activities, and its trust-operations materials outline the fiduciary standards and recordkeeping requirements that apply.

There is recent precedent. In 2021, the OCC conditionally approved Anchorage Trust Company’s conversion to Anchorage Digital Bank, N.A., pairing the decision with a detailed operating agreement — an example of the tailored conditions attached to digital-asset trust charters. The OCC also granted preliminary conditional approval that year to Paxos National Trust in New York.

Other large crypto firms have moved down this path in 2025.

Coinbase filed early this month to organize Coinbase National Trust Company, a de novo, non-insured national trust company headquartered in New York, according to its application posted on the OCC’s digital-assets licensing portal. Circle applied on June 30 to establish First National Digital Currency Bank, N.A. to bring USDC reserves oversight and institutional custody under an OCC charter.

Not every route is federal.

Gemini Trust Company operates under a New York limited-purpose trust charter issued by the New York State Department of Financial Services on Oct. 5, 2015 — state supervision rather than an OCC national trust bank — and remains a reference point for the state-charter model alongside BitLicense regimes.

For retail users, nothing changes immediately.

A filing is not an approval, and Crypto.com’s proposal targets institutional custody rather than consumer deposit accounts. If an OCC charter is approved and implemented, the effects would likely be indirect: federal supervision can simplify the process for large counterparties to use a provider’s trust services under a unified rule set, which in turn can influence market “plumbing” visible to everyday investors over time — how assets are segregated and verified, what products appear via ETFs or advisers, and how liquidity moves across venues. It would not turn the exchange into a deposit-taking bank.

The OCC generally does not comment on pending applications. Past crypto approvals have come with tailored conditions and timelines, underscoring that outcomes are not assured and that the scope of any charter is defined case-by-case.

Bitcoin hovered near $111,000 on Saturday, extending a modest rebound from last week’s lows as traders cautiously re-entered risk.

Ether rose 3.5% to $3,970, BNB and Solana rose more than 3% while XRP jumped 4.5% to lead gains among majors. Cardano’s ADA was unchanged while Tron’s TRX fell 5%, leading losses among majors.

Traders seem willing to pick at strength again, particularly in tokens with clearer catalysts a week after a $19 billion liquidation event wiped off risk-taking behavior among market participants. BNB’s rally this week followed renewed optimism around Binance’s prospects after founder Changpeng Zhao received a pardon from U.S. president Donald Trump, with some traders reading it as the end of an overhang that’s weighed on the token since late 2023.

“This is a massive moment for the industry,” said David Namdar, CEO of CEA Industries, which holds one of the largest BNB treasuries. “We believe CZ’s pardon is more than an inflection point for him personally, but also for BNB and potentially for Binance, paving the way for greater access to the U.S. market.”

Solana, meanwhile, continues to attract institutional flow and is increasingly treated as a liquidity proxy for risk-on sentiment. SOL’s gain makes it one of the few majors to post a positive week, even as broader appetite for altcoins remains muted.

Still, this isn’t a return to full risk-taking. The market is adjusting to a slow grind higher after October’s record liquidation event, which erased nearly $20 billion in open interest and left leveraged traders shell-shocked.

Since then, funding rates have normalized, perpetual volume has dropped sharply, and spot buying has taken the lead — a sign that longer-term money is starting to nibble again.

“Bitcoin held the key $105,000 level through the flush, and that seems to have stabilized confidence,” said Nick Ruck, director at LVRG Research. “We’re optimistic that the markets can improve as long-term fundamentals draw investors back, even if macro volatility keeps the upside contained.”

Underneath the surface, sentiment remains mixed. The fear index has hovered near 25 for days, suggesting conviction is still low even as positioning resets. But on-chain activity — especially among whales and ETF inflows — continues to signal accumulation rather than exit.

October has been defined by forced selling and false starts and on track to become the worst since 2015, dampening an otherwise bullish month that averages over 25% returns for bitcoin.

As such, bitcoin’s strength above $110,000 is keeping the structure intact, but traders are choosing rotation over expansion, preferring selective exposure rather than broad speculation.

And for a market that’s spent most of the month bracing for the next liquidation wave, that alone counts as progress.

RialCenter presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 3686.33, up 2.1% (+75.87) since 4 p.m. ET on Thursday.

Nineteen of 20 assets are trading higher.

Leaders: BCH (+4.0%) and HBAR (+3.5%).

Laggards: APT (-0.8%) and BTC (+1.0%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

The crypto market was buoyed by a softer than expected CPI print, with bitcoin BTC$111,150.24 rising back above $110,000 as ether ETH$3,932.98 moves back towards $4,000.

Positive investor sentiment appears to be strongly aligned with bitcoin, with CoinMarketCap’s “altcoin season” indicator hitting its lowest level in more than 90 days, as bitcoin dominance continues to rise.

Derivatives Positioning

By Jacob Joseph

• Bitcoin’s 30-day implied volatility, as measured by Volmex’s BVIV index, has eased to 45% from 52% over two days, partially retracing the spike experienced on October 10. This decline signals a soothing of market anxiety alongside a similar reset on Wall Street.
• Options data from Deribit show that BTC’s seven-day volatility risk premium (VRP) has flipped negative, a sign of renewed calm.
• Dealer gamma profile points to positive gamma buildup from $112K to $120K strikes, meaning dealers trade against the market in this range, arresting price volatility.
• Broadly speaking, BTC puts continue to trade at a premium to calls across all tenors, reflecting persistent downside fears and call overwriting, especially at the long-end of the curve.
• ETH options exhibit bullishness beyond the December expiry.
• Open interest (OI) in perpetual futures tied to most major tokens has increased in the past 24 hours, with PUMP futures leading the pack and showing an OI gain of over 14%. Strong capital inflows in non-serious tokens often precedes market corrections.
• Funding rates for TRX and ZEC have turned slightly negative, indicating a bias for bearish short positions. In ZEC’s case, traders with long exposure in the spot market could be hedging the same with short futures bets.

Token Talk

By Oliver Knight

• CoinMarketCap’s “altcoin season” index has slumped below 25/100 for the first time in the past 90 days, indicating a shift into “bitcoin season.”
• The fall reflects worsening sentiment across the altcoin market, with assets like FET, 2Z, BONK, and WIF all losing more than 50% of their value over the past three months.
• Bitcoin dominance has increased from 57% to 59% since September 13, a sign that investors are avoiding speculative altcoin bets in favor of bitcoin, which has remained between $100,000 and $126,000 since July.
• Altcoins faced a liquidation cascade earlier this month as a sell-off resulted in exaggerated drawdowns, wiping out order book liquidity in the process.
• While some have recovered from the sell-off, many remain at critical levels of support that suggest a bearish market structure.
• This is despite a wave of digital asset treasury companies (DATs) investing in altcoins throughout 2025, with a lack of retail demand failing to sustain consistent momentum.

Ripple has completed its purchase of global prime broker Hidden Road and rebranded the business as RialCenter, a bundled trading, financing and clearing desk for institutions, the company announced Friday.

Ripple said the newly branded unit’s business has tripled since the initial announcement and that RialCenter now serves more than 300 institutional customers with over $3 trillion cleared across markets.

The company positions RialCenter as an all-in-one service spanning digital assets, foreign exchange, exchange-traded derivatives, over-the-counter swaps, fixed income clearing and repo, plus precious metals, and cites SOC 2 Type II compliance, real-time risk management and cross-margining.

In plain English, prime brokerage means a one-stop intermediary for funds and market makers. Instead of juggling multiple exchanges, lenders and custodians, a client uses a single desk that provides market access, extends financing so trades are not fully pre-funded, handles post-trade clearing and settlement, and aggregates collateral and risk across positions.

In traditional finance, that consolidation can reduce friction and improve balance-sheet efficiency. Ripple says RialCenter brings a similar model to digital assets alongside FX and derivatives.

Today’s update follows Ripple’s announcement on April 8 that it intended to acquire Hidden Road for $1.25 billion. At the time, Ripple framed the deal as making it the first crypto company to own and operate a global, multi-asset prime broker.

“We are at an inflection point for the next phase of digital asset adoption,” Ripple CEO Brad Garlinghouse said in an April 8 press release. Hidden Road’s founder Marc Asch said the combination would “unlock significant growth” by adding licenses and risk capital, according to the same release.

Ripple also says the prime-brokerage unit will deepen the role of RLUSD, its U.S. dollar stablecoin. The fintech firm says some derivatives clients already hold balances in RLUSD and use it as collateral for prime-brokerage products.

Ripple has previously named BNY Mellon as RLUSD’s primary reserve custodian and pointed to an “A” rating from researcher Bluechip in July 2024 for stability, governance and asset backing.

The launch of RialCenter extends Ripple’s institutional push beyond payments and custody into a broader set of broker-dealer-like services that large trading firms expect.

Whether assets and collateral migrate at scale will depend on client demand, market conditions and how RialCenter performs against incumbent prime brokers in both crypto and FX. For now, Ripple’s pitch to institutions is a single venue for access, financing and risk controls, with the possibility of using a company-issued stablecoin as collateral.

Hedera’s HBAR token fell by 1.7% in the last 24 hours, dropping from $0.1669 to $0.1697 after failing to break above significant resistance. The movement took place within a volatile range of $0.0089, reflecting 5.2% intraday fluctuations as buyers struggled to hold their ground.

Initial support at the $0.1633 base was only temporary, as the token’s ascending trendline broke, indicating a weakening bullish trend.

A decisive change occurred around 13:00 UTC, when trading volume surged to 109.46 million tokens—87% above the 24-hour average—coinciding with a rejection near the $0.1716 resistance level. This spike signaled the beginning of sustained selling pressure, with an additional 4.72 million-token surge at 13:39 confirming a clean breakdown below $0.170 support.

Current technical indicators suggest a developing distribution phase instead of a short-term dip. Multiple failed rebounds, declining highs, and volume-driven breakdowns indicate institutional selling could be influencing this movement, in contrast to typical retail volatility patterns.

A short three-minute trading halt between 14:14 and 14:17 UTC, during which no volume was recorded, contributed to the uncertainty. How trading resumes following this pause will be critical in determining whether HBAR’s bearish sentiment deepens or if stability returns with increased liquidity.

Technical analysis

Support/Resistance:

• Primary resistance remains at $0.1716, following strong rejection on heavy volume.
• Ascending trendline support was breached at $0.170 during a sharp afternoon selloff.
• Base support is established at $0.1633 from overnight session lows.

Volume Analysis:

• Peak volume reached 109.46 million tokens, which is 87% above the 58.5 million SMA, confirming distribution.
• A notable breakdown volume spike to 4.72 million at 13:39 validated the technical failure.
• Volume contraction towards the close suggests exhausted buying pressure.

Chart Patterns:

• The ascending channel pattern failed following a rejected breakout attempt above $0.171.
• Multiple higher lows from the $0.1633 base were invalidated by the trendline breach.
• Distribution characteristics emerged due to declining highs and failed rebounds.

Targets & Risk/Reward:

• Immediate downside target is towards the $0.1633 support base following the breakdown.
• Risk management should stay above $0.1716 resistance for short-term bearish positioning.
• Resumption patterns following the trading halt are crucial for confirming directional momentum.

Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Stellar’s native token, XLM, increased from $0.3131 to $0.3210 in the last 24 hours, marking a 2.5% rise and confirming an upward trend pattern. This rally was bolstered by higher lows at $0.3106, $0.3118, and $0.3149, indicating steady buying momentum throughout the sessions.

At midday UTC on Oct. 24, trading activity surged significantly, with volume spiking to 74.39 million—approximately 350% above the 24-hour average—propelling XLM to a session peak of $0.3229. This movement confirmed a bullish breakout above the $0.3170 level before facing resistance at $0.3230. Support remained around $0.3150, establishing a trading range of $0.0133, or about 4.2% in volatility.

Short-term charts indicate the token eased from its peak, dropping 0.6% to $0.321 as volume exceeded 2.9 million during crucial distribution phases. This pullback created a descending triangle pattern, suggesting short-term profit-taking instead of a change in overall momentum.

With no significant fundamental catalysts influencing the movement, technical indicators remain key. The volume spike highlights institutional involvement, while the pullback to the 38.2% Fibonacci retracement near $0.321 hints at a potential base formation. Sustaining this level could set XLM up for a continued rise if buying volume picks up again.

Key Technical Levels Signal Consolidation for XLM

Support/Resistance Analysis

• Primary resistance confirmed at the $0.3230 level with strong selling pressure.
• Key support established near $0.3150 from previous consolidation phases.
• Immediate support formed at $0.321 from recent base formation patterns.

Volume Analysis

• Exceptional 74.39 million volume spike confirmed the breakout above $0.3170.
• Distribution volume of over 2.9 million during the pullback indicated professional profit-taking.
• Volume patterns suggested institutional participation at key price levels.

Chart Patterns

• Ascending trend structure with higher lows at $0.3106, $0.3118, and $0.3149.
• Descending triangle formation observed during the pullback with a sequence of lower highs.
• 38.2% Fibonacci retracement alignment supported the base formation thesis.

Targets & Risk Management

• Upside target aimed toward $0.3230 resistance on volume expansion above $0.3170.
• Downside risk contained above $0.3150 support to maintain trend structure.
• Risk/reward favors continuation given strong volume confirmation and retracement levels.

Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to RialCenter’s standards.