Stablecoin yields are highlighting how far traditional bank deposit rates lag behind real short-term government benchmarks, turning “holding dollars” into a competitive product category outside the deposit system. Using FDIC national rates (Dec. 15, 2025) versus a Treasury reference yield of about 3.89%, the gap is stark: savings around 0.39%, interest checking around 0.07%, and money market deposit accounts around 0.58%, implying a spread of roughly 3.3%–3.8%.

Over just 18 months, tokenized US Treasuries and money-market funds have grown from about $2 billion to roughly $9 billion across 60 products and 57,000 addresses, offering average seven-day yields near 3.8%. As part of a broader $19 billion real-world asset (RWA) stack on public blockchains, these tokenized T-bills now function as the de facto base collateral layer—similar to their role in the $5 trillion U.S. repo market.

Crypto treasury firms are facing a $130 billion “value reckoning” as spot Bitcoin and Ethereum ETFs reshape how investors access digital assets. For years, Digital Asset Treasury (DAT) companies like MicroStrategy (now Strategy) and Metaplanet traded at hefty premiums because they offered one of the few regulated ways to gain Bitcoin exposure via corporate balance sheets.

Australia-based Propanc Biopharma announced it secured up to $100 million in funding from Hexstone Capital to build a crypto treasury and accelerate development of its lead cancer therapy PRP, which targets metastatic solid tumors. The private placement, structured as convertible preferred stock, includes an initial $1 million with up to $99 million available over the next 12 months.

Jupiter, Solana’s leading DEX aggregator, is launching a new Solana-based stablecoin called JupUSD in partnership with Ethena Labs, slated for mid–Q4 2025. Per the announcement, JupUSD will integrate across Jupiter’s ecosystem as collateral on Jupiter Perps, a core liquidity asset in lending pools, and a primary trading pair—positioning it as the backbone for Solana DeFi users.

Hong Kong-based DDC Enterprise Limited (NYSE: DDC) made its third Bitcoin (BTC) purchase in a week, adding another 100 BTC as it races to build a digital asset treasury targeting 10,000 BTC—roughly $1.2 billion at current prices. The company said it is “accelerating the pace” of acquisitions after laying operational groundwork and partnerships, positioning Bitcoin as a strategic reserve on its balance sheet.