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I hope you weren’t expecting Santa to leave a drone under the tree this week. Europe is forcing Apple to pair nicely with others. More signs of the AI fueled debt explosion. And in the year of the stablecoin, the rise of stablecoin-based banks.

• U.S. Bans New China-Made Drones, Sparking Outrage Among Pilots (WSJ)
• Pentagon Adds Grok-Derived Products to Something Called the ‘AI Arsenal’ (Gizmodo)
• iOS 26.3 Brings AirPods-Like Pairing to Third-Party Devices in EU Under DMA (MacRumors)
• AI debt boom pushes US corporate bond sales close to record (Financial Times)
• A $309 Billion Bet Fuels 24/7 Dollar Banking Without Borders (Bloomberg)

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