Crypto Morning Brief: Coinbase Obtains Formal Trust Bank Charter from US OCC, Hyperliquid Ecosystem Elysium Mainnet Officially Launches

Coinbase received formal approval from the U.S. Office of the Comptroller of the Currency for its national trust bank charter, upgrading a conditional approval granted in April for Coinbase National Trust, which will provide federally regulated custody and payments services without operating as a full deposit-taking bank. In the same briefing, Hyperliquid ecosystem L2 network Elysium launched its mainnet, built by Kinetiq on Arbitrum Orbit and operated by Conduit, with 100-millisecond block times, roughly 300-millisecond user-perceived finality, a 300 Mgas/s execution target, HYPE as its gas token bridged 1:1 from HyperEVM, and a roughly 5.5-day optimistic withdrawal challenge period. Strategy added another 1,037 BTC last week, lifting its total holdings to 850,364 BTC. Elsewhere, meme trading tool XXYY said it will wind down, halting trading and rebate withdrawals on December 1 while keeping private-key export open until January 31, 2027, and U.S. Senator Richard Blumenthal set a November 30 deadline for Binance, Tether, World Liberty Financial and Fight Fight Fight LLC to begin producing records for a Senate investigation. The charter gives Coinbase a federal stamp for its custody business, while Elysium tests whether Hyperliquid's liquidity and pricing can be composed with a high-throughput execution layer; next up are Elysium's planned upgrade adding HyperCore market-data precompiles and a fast write channel in about four weeks, plus the Senate records deadline.