Tether’s burgeoning gold reserves

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27 Nov 2025

Tether’s burgeoning gold reserves

Nasdaq files to increase IBIT options limit. Klarna announces USD stablecoin. Texas buys BTC exposure through IBIT. JP Morgan rolls out a structured IBIT product. In this week’s deep dive, we cover the S&P Global’s rationale for its Tether downgrade.

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Nasdaq seeks to expand IBIT options limit

Nasdaq ISE has asked the SEC to raise the trading limits for options on BlackRock’s IBIT Bitcoin ETF from 250,000 to one million contracts. It also wants to remove limits on physically settled FLEX IBIT options. The exchange says IBIT’s rapid growth, strong liquidity, and rising institutional demand justify placing it in the top tier alongside major equity ETFs. It argues the larger limits pose minimal market risk given IBIT’s scale and the small share such positions represent relative to total bitcoin supply. IBIT options have already become the largest venue for BTC options open interest.

K33 Research Pro

Tether’s burgeoning gold reserves

Nasdaq seeks to expand IBIT options limit

Klarna announces USD stablecoin

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