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Daily Update — Decemeber 08, 2025

Hydrogen Hype; Geopolitics of Data Centers; and Growing Stablecoin Adoption

Today is Monday, December 8, 2025, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

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Energy Transition & Sustainability

Listen: Breaking down the hydrogen hype

 

European hydrogen has experienced a turbulent 2025, with project delays and cancellations dominating the headlines. But the data tells a more nuanced story, with large volumes of projects starting construction.

 

In this episode of the “Energy Evolution” podcast, senior energy transition reporter James Burgess speaks to Christian Stuckmann, Uniper's head of hydrogen business development, and Andy Beard, Shell’s president for hydrogen, to discuss the nascent energy transition sector. They explain how they have been able to progress projects despite industry headwinds from policy delays and demand uncertainty, with the refining industry emerging as a leader in green hydrogen.

Artificial Intelligence

Geopolitics of data centers – An AI showdown that will reshape the world

 

Nations worldwide are in an AI race, determining the future of economic competitiveness, national security and societal paradigms. This race requires a massive infrastructure build-out, supported by some public policies and potentially hindered by others. The US has established an early lead in developing data centers, but China is not far behind, with a potentially close finish in the home stretch for AI advantage. 

 

Like other breakthroughs — such as the steam engine, electricity and the internet — AI could alter human behaviors, reshaping global commerce and international relations. Effectively developing and regulating the emerging technology will give those that prevail an edge, rendering technological leadership a crucial priority for the world's leading powers.

Digital Assets

Stablecoins, Financial Stability, And Treasuries: What’s Next For Money And Safe Assets?

 

Tokenization of traditional US financial instruments should accelerate the growth of regulated US dollar stablecoins. This will further establish stablecoin reserves as key marginal buyers of short-term US Treasuries, potentially affecting market volatility and federal government debt management strategies.

 

Stablecoin adoption and tokenization are expected to accelerate together in 2026, driven by supportive regulation. The US Genius Act of July 2025 established the regulatory framework for US-issued stablecoins, including 1:1 backing with eligible reserves, support for the segregation of reserve assets from issuer insolvency risk, and regulatory supervision of issuers (similar to frameworks in Europe, the Middle East and Asia-Pacific). Stablecoins’ enablement of on-chain cash payments in financial market transactions (in place of wiring funds through traditional payment systems) is critical to the operational benefits of tokenization.

In case you missed it

  • To bolster the country's petrochemical industry, the South Korean government will comprehensively review a restructuring plan submitted by three downstream companies seeking to integrate petrochemical facilities with refining complexes.
  • The European Union has committed to phasing out all remaining imports of Russian oil by the end of 2027 and will "never again" depend on energy from the Kremlin, officials announced Dec. 3.
  • Tanker operators focusing on sanctioned trades have continued to acquire aged ships in secondhand markets this year to renew their fleets while sending some of their oldest ships to scrapyards, according to several tanker analysts, industry participants and ship-tracking data.

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