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Crypto Whale Data

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$SoFi launches SoFiUSD stablecoin to offer settlement infrastructure for banks and fintechs SoFi Technologies announced Thursday the launch of SoFiUSD, a fully reserved U.S. dollar stablecoin issued by SoFi Bank, marking what the company says is the first time a national bank has issued a stablecoin on a public, permissionless blockchain. The product aims to position SoFi as a stablecoin infrastructure provider for banks, fintechs, and enterprise platforms seeking faster, more efficient money movement, according to a statement shared with The Block. Initially deployed on Ethereum, support may also extend to other networks over time. SoFi said partners will be able to integrate SoFiUSD into settlement and payment flows using the firm's bank-grade infrastructure, enabling near-instant transactions around the clock at fractional-cent costs. The company added that the stablecoin will also be made available to SoFi members in the future, expanding its use beyond institutional settlement. Bank-issued stablecoin infrastructure SoFi Bank is an OCC-regulated, FDIC-insured depository institution, and SoFiUSD is fully backed 1:1 by cash reserves held for immediate redemption, according to the firm. As a federally chartered bank, SoFi said it can hold reserves in cash at its Federal Reserve account, eliminating liquidity and credit risk while generating yield that can be shared with partners and stablecoin holders. The company said its infrastructure will also allow banks, fintechs, and enterprise partners to issue their own white-label stablecoins or use SoFiUSD directly within their own systems. SoFi CEO Anthony Noto said the launch applies the firm's regulatory and operational framework to address slow settlement, fragmented providers, and opaque reserve models in financial services. "Blockchain is a technology super cycle that will fundamentally change finance, not just in payments, but across every area of money," Noto said, adding that SoFiUSD combines the firm's national bank charter with transparent, fully reserved onchain technology to provide a "safer and more efficient way to move funds." SoFi said SoFiUSD will be used not only within its crypto trading business but also for settlement by card networks, retailers, and other businesses seeking lower-cost, faster payments. The stablecoin is also expected to play a role in SoFi Pay for international remittances and point-of-sale purchases, as well as serve as an alternative payment method for its platform partners that process billions of transactions annually. The move comes as other major fintech and payments firms have unveiled or pursued their own stablecoin initiatives this year, including Klarna's planned KlarnaUSD, Western Union's USDPT, and Stripe's USDB — reflecting a broader push among traditional finance companies into blockchain-based settlement and payment infrastructure. SoFi's stablecoin launch also builds on its recent expansion into crypto services. In November, the firm became the first national bank to offer crypto trading directly to consumers under SoFi Crypto, allowing members to buy, sell, and hold nearly 30 cryptocurrencies within its app, following a phased rollout. SoFi previously offered crypto trading via a partnership with Coinbase in 2019, which was subsequently suspended in 2023. "One of the holds we've had for the last two years was in cryptocurrency, the ability to buy, sell, and hold crypto," Noto explained last month. "We were not allowed to do that as a bank. It was not permissible. But in March of this year, the OCC came out with an interpretive letter that it's now permissible for banks, like SoFi, to offer cryptocurrencies.$
$'Vote before Christmas or end up on Santa's naughty list': Uniswap founder submits UNIfication proposal for final governance decision founder Hayden Adams has submitted the long-anticipated UNIfication proposal for a final governance vote, setting up a decision window that runs from Dec. 19 through Dec. 25. In a post on X early Thursday, Adams urged delegates to participate ahead of the holiday deadline. "Vote before Christmas or end up on Santa's naughty list," he wrote. The vote follows a request for comment proposal from Uniswap Labs and the Uniswap Foundation last month and could mark a significant shift for the protocol and its token holders, who have long pushed for a so-called "fee switch" that would divert a portion of trading fees from liquidity providers to the protocol. The proposal follows years in which the authors said legal battles and a hostile U.S. regulatory environment under former Securities and Exchange Commission Chair Gary Gensler discouraged activating protocol fees, conditions they argue have now changed. If approved, the proposal would take effect following a two-day timelock and execute a series of onchain actions designed to restructure how value flows through the Uniswap ecosystem. These include an immediate retroactive burn of 100 million UNI from the treasury (an estimate of what might have been burned if the protocol fee switch had been active at token launch), the activation of protocol fee switches on Uniswap v2 and v3 on Ethereum mainnet, and the routing of Unichain sequencer fees into the same UNI burn mechanism. Fee activation for Uniswap v4 would be addressed through a separate governance proposal, Adams said. Uniswap has been one of the best-performing DeFi protocols in 2025, generating nearly $100 million in monthly fees on average and over $1 billion year-to-date, according to The Block's data dashboard. Fee switch rollout RELATED INDICES Protocol fees would be rolled out gradually to minimize disruption, according to the proposal, beginning with Uniswap v2 pools and a selected set of v3 pools that account for 80% to 95% of LP fees on Ethereum mainnet. On v2, activating the fee switch would reduce liquidity provider fees from 0.3% to 0.25%, with the remaining 0.05% directed to the protocol. On v3, protocol fees would be set as fractions of LP fees, initially one-quarter for 0.01% and 0.05% pools and one-sixth for 0.30% and 1% pools, with governance able to adjust the parameters over time. Under the proposal, Unichain sequencer fees would also be routed to the UNI burn mechanism after Layer 1 data costs and a 15% allocation to Optimism. Unichain, which launched about nine months ago, is currently processing roughly $100 billion in annualized decentralized exchange volume and about $7.5 million in annualized sequencer fees, the team said. The rollout could later expand to Layer 2s, other Layer 1s, Uniswap v4, UniswapX, PFDA — which is designed to route certain MEV (maximal extractable value) to the protocol — and aggregator hooks, the authors wrote. Beyond fee activation, the UNIfication proposal outlines a broader reorganization of the Uniswap ecosystem. This includes contractual agreements intended to align Uniswap Labs with Uniswap governance. Under the proposal, Uniswap Labs would enter into a services agreement recognized as legally binding in Wyoming under the state's Decentralized Unincorporated Nonprofit Association (DUNA) framework, alongside indemnification agreements covering members of the independent committee that negotiated the deal. The proposal text states that this structure is intended to ensure Labs' activities remain aligned with the interests of UNI token holders. The governance package also would shift operational responsibilities historically handled by the Uniswap Foundation to Uniswap Labs, eliminate Labs' interface, wallet, and API fees, and establish an annual growth budget of 20 million UNI funded from the treasury starting in 2026. The proposal frames these changes as part of a long-term model in which protocol usage drives UNI burns while Labs focuses on protocol development and growth. Uniswap's native token is trading up around 7.5% on Thursday following the proposal's submission for a final vote, according to The Block's UNI price page.$

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Silk Road bitcoin wallets wake up, SEC Chair Atkins signals quick action on crypto priorities, and more Happy Wednesday! Bitcoin ETF inflows flipped positive on Tuesday, with $152 million added ahead of the Fed's rate decision this afternoon. However, analysts said traders remain firmly defensive as leverage resets, whales accumulate, and one of 2025’s lowest pre-FOMC confidence levels sets the stage for sharp volatility. In today's newsletter, Silk Road wallets move bitcoin to an unknown address after a decade of dormancy, SEC Chair Paul Atkins signals quick action on crypto priorities, a U.S. teachers union urges the Senate to withdraw its crypto market structure bill, and more. Meanwhile, a crypto AI startup, "four times better" than ChatGPT and Grok, raises $15 million. Plus, Strategy says MSCI's 50% bitcoin test risks an index "whiplash" and conflicts with U.S. pro-innovation policy. P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe! Silk Road bitcoin wallets wake up after decade of dormancy Hundreds of Silk Road wallets that had been dormant for over a decade suddenly activated late Tuesday, moving approximately $3.14 million worth of bitcoin into one unidentified address. Wallets belonging to the now-defunct darknet marketplace still hold around $41.3 million in bitcoin following the transfers, per Arkham labeling. After analysts flagged the new movements, Coinbase Director Conor Grogan resurfaced his prior identification of roughly $47 million in wallets linked to Silk Road creator Ross Ulbricht. Ulbricht received a full and unconditional pardon from President Trump in January and was subsequently released from prison. However, the reason for the reactivation remains unclear as onchain investigators continue to track the flows. The Block reached out to Ulbricht for comment following the unexpected activity.

Silk Road bitcoin wallets wake up, SEC Chair Atkins signals quick action on crypto priorities, and more

Happy Wednesday! Bitcoin ETF inflows flipped positive on Tuesday, with $152 million added ahead of the Fed's rate decision this afternoon. However, analysts said traders remain firmly defensive as leverage resets, whales accumulate, and one of 2025’s lowest pre-FOMC confidence levels sets the stage for sharp volatility.

In today's newsletter, Silk Road wallets move bitcoin to an unknown address after a decade of dormancy, SEC Chair Paul Atkins signals quick action on crypto priorities, a U.S. teachers union urges the Senate to withdraw its crypto market structure bill, and more.

Meanwhile, a crypto AI startup, "four times better" than ChatGPT and Grok, raises $15 million. Plus, Strategy says MSCI's 50% bitcoin test risks an index "whiplash" and conflicts with U.S. pro-innovation policy.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Silk Road bitcoin wallets wake up after decade of dormancy

Hundreds of Silk Road wallets that had been dormant for over a decade suddenly activated late Tuesday, moving approximately $3.14 million worth of bitcoin into one unidentified address.

Wallets belonging to the now-defunct darknet marketplace still hold around $41.3 million in bitcoin following the transfers, per Arkham labeling.
After analysts flagged the new movements, Coinbase Director Conor Grogan resurfaced his prior identification of roughly $47 million in wallets linked to Silk Road creator Ross Ulbricht.
Ulbricht received a full and unconditional pardon from President Trump in January and was subsequently released from prison.
However, the reason for the reactivation remains unclear as onchain investigators continue to track the flows.
The Block reached out to Ulbricht for comment following the unexpected activity.

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