BLOK-Chain Monthly November 2025

Stablecoin and Payment Market Adoption

Tether, with an estimated $45 to $100 million in profit per employee, may be the world’s most profitable company on a per-employee basis. However, how it utilizes this profitability and wealth will be something to watch closely.

• Many individuals for purposes of cross border outside of the U.S. buy and sell stablecoin like Tether’s $USDT to seek the safety of the U.S. Dollar and do not receive interest at all. Tether’s stablecoin market share is in the range of 63-69%.⁷ In September, they announced that they will be launching a future US version under the ticker USAT and led by Bo Hines (former Executive Director of the Presidents on Digital Assets). USAT will be issued by Anchorage Digital Bank, which has a national trust bank charter with the U.S. Office of the Comptroller of the Currency.
• The financial service industry has always thrived on innovation which is why regulation is so important. The evolution of stablecoin for consumers will transform from no yield to marginal or competitive yield to complex yields that are aggressive. Currently, yields range from 0% to 15% depending upon the structure of the stablecoin. Like anything, money wrapped on the stablecoin rails that offers a higher yield may involve complexities related to algorithms and collateral risk.¹ (See Stablecoin Yield: How it Works, How Much, and What Risks) We would note that JP Morgan started in November issuing JP Coins (ticker: JPMD) backed by the firm’s deposit receipts.² This demonstrates that banks are not getting caught flat footed and we would expect competition to be very dynamic.
• Credit card companies will use their dominance to redefine their relationship with the consumer, but for now are emphasizing Blockchain to facilitate cross-border payments and security.
  • Visa rolled out a service called Visa B2B Connect, which uses blockchain technology to facilitate seamless, transparent, and direct business-to-business cross-border payments, cutting out many intermediaries and operating in over 100 countries and territories.
  • Mastercard for example is developing in collaboration with Ripple and Gemini the use of RKUSD, working with Humanity protocol to introduce financial verification tools using zero-knowledge proofs (ZKPs) for enhanced privacy as well as their own Stablecoin wallets.³
• Today, Banks, and most significant financial institutions like SWIFT and DTCC are embracing blockchain technology in their latest upgrades because otherwise they risk getting disintermediated. Evidence of this comes in a SWIFT announcement that it was “Transforming the experience for retail cross-border payments” through a coalition of 30 early adopters across 17 countries.⁴  Similarly, read DTCC statement about how their “Collateral AppChain provides a solution that enables institutions to tokenize assets using any tokenization capability; public or private chains.”⁵

Tokenization of Real Estate

The tokenization of the Real Estate industry as a Total Addressable Market (TAM) is a multi-trillion global opportunity ripe for disruption. The tokenization of real estate will hit everyone where they live and work! With a massive need for liquidity on top of leverage it aligns well with the potential benefits of crypto. Wrapped as a digital asset we believe, like money, will evolve as a democratized benefit and opportunity for everyone. Real Estate works on-chain because of its need for leverage, the alignment of cash flows and most importantly because data records can track ownership and bring about transparency with fractionalized benefits. Commercial properties such as a 90-story office building in New York, a shopping mall in Texas or a shipping port in Asia will be tokenized in the not so distant future. The features that blockchain bring from automation, immutability and transparency work well in the real estate market whether they are centralized or decentralized. As the stablecoin rails integrate and proliferate we can see the adoption by real estate entrepreneurs seeking to align capital as smart contracts integrated with automated payments. 

The Buildout of AI & Data Center Infrastructure Will Continue

The adoption of blockchain technology progress in 2026 will be very different than what was pursued in the earlier period back in 2021. The urgency with which mega companies are budgeting and spending on this innovation is unprecedented. Stepping back, despite the sell-off in November, the headlines from the Magnificent 7 (Mag7)⁹ continue to provide evidence that trillions will flow to this buildout. As capital spending on data centers and AI is accelerating in 2026, we expect to see some of the early benefits that this automation brings to the world to be evident. Blockchain, as smart contracts, integrates with AI and confirms truth through reliable and immutable record keeping.

With capital spending related to data centers infrastructure stocks forecasted to reach multi-trillion levels through 2030 the headlines and industry importance will remain top of minds. These projects require long lead time and their capacity to meet demand for AI and blockchain remains critical. On a negative side, be prepared, higher electric bills will follow for many. The U.S. Energy Information Administration forecasts wholesale power prices to rise 8.5% to $51/megawatt-hour in 2026, up from $47/MWh this year, which was 23% higher than in 2024. And overall sales of electricity will likely increase by an additional 2.6% next year after rising 2.4% in 2025.⁶

Bitcoin & DATS

Bitcoin is not in a bear market, yet. Pullbacks in a bull market trend will continue as long as governments like Japan and the US continue to spend excessively. This does not mean that Bitcoiners who HODL (Hold on For Dear Life) get a free lunch on inflation, currency hedges and or risk. Volatility is a natural characteristic of Bitcoin, and leverage in the ecosystem should remain a concern. We would not be surprised to see a treasury company, not Strategy, to be a forced seller due to excess leverage. However, it may be simply easier to merge with an unleveraged treasury company rather than sell core HODL. Companies with a business model defined by revenues directly associated with blockchain have the potential to outperform the group which also includes hundreds of treasury companies (Direct Category). Digital Asset Treasury strategies (DATS), as companies, will consolidate and continue to accumulate digital assets, but only those with defined businesses that contribute  to the network and or ecosystem will trade at a meaningful premium to their net asset value so they can continue to be “DAT Consolidators”.