50T Investor Newsletter (Dec 22nd)
Dec 22, 2025
Hi Investors,
This week saw several major institutions ship meaningful onchain products at the same time. Coinbase rolled out its largest systems update to date, bringing prediction markets, tokenized equities, DEX trading, token sales, and merchant payments into a single platform. JPMorgan launched an onchain product for the second consecutive week, while Visa began settling U.S. dollar flows on Solana and DTCC started a live pilot to tokenize Treasury ownership. Alongside that institutional activity, DeFi continues to scale in parallel, including the launch of Zenrock's (50T incubated) zenBTC v2, a wrapped Bitcoin offering on Solana that generates yield directly from protocol fees. Taken together, the week made clear how much onchain activity is now happening across both traditional finance and crypto.
Below are the key developments:
Market Moves
DTCC announced an onchain pilot to tokenize ownership entitlements to DTC-custodied U.S. Treasuries on the Canton Network following an SEC no-action letter
→ Link
JPMorgan launched its first tokenized money-market fund on Ethereum, seeding it with $100MM and enabling onchain subscriptions, redemptions, and yield accrual
→ Link
Anchorage Digital acquired Hedgey, expanding from custody into full token lifecycle management including cap tables, vesting, distributions, and TGE tooling
→ Link
SoFi launched SoFiUSD, a fully reserved, bank-issued U.S. dollar stablecoin live on Ethereum and designed for institutional settlement and payments
→ Link
The SEC closed its years-long investigation into Aave with no enforcement action.
→ Link
Stripe-backed Tempo launched Tempo Transactions, adding native stablecoin fee payments, batching, scheduling, and passkey authentication
→ Link
PayPal launched a PYUSD Savings Vault on Spark, targeting $1Bn in stablecoin deposits through yield-bearing DeFi integration
→ Link
The ECB said the digital euro is technically ready, with launch now dependent on EU lawmakers
→ Link
Sen. Cynthia Lummis announced she will not seek reelection, removing a leading pro-crypto voice from the U.S. Se
Portfolio Headlines
 | Intuit announced plans to integrate Circle’s USDC into TurboTax and QuickBooks Circle agreed to acquire the Interop Labs team and core Axelar IP, bringing crosschain interoperability technology in-house to strengthen CCTP and Arc Visa began rolling out U.S. dollar settlement using USDC on Solana for U.S. banking partners, selecting Solana as a preferred settlement layer |
 | Coinbase rolled out a "system update" spanning prediction markets, U.S. equities, futures and perps, Solana DEX trading, primary token sales, Coinbase Business for merchants, and the global launch of the Base app Coinbase and Robinhood joined a new U.S. tech talent task force aimed at channeling engineers into federal government roles Coinbase sued Michigan, Illinois, and Connecticut over state-level prediction-market regulation, arguing jurisdiction rests with the CFTC VanEck amended its Avalanche ETF filing to include staking rewards, with Coinbase serving as staking provider and yield reflected in NAV |
 | Ripple announced plans to expand its $1.3Bn RLUSD stablecoin onto Ethereum L2s including Kraken’s Ink, Optimism, Base, and Unichain via Wormhole |
 | Zenrock launched zenBTC V2, introducing fee-based, verifiable BTC yield paid daily on Bitcoin and generated directly from protocol activity |
Charts of the Week
The gold-backed stablecoin market surpassed $4Bn in 2025, nearly tripling year-to-date, with Tether Gold controlling roughly half of total supply
Euro-denominated stablecoin supply grew from ~$158MM to ~$425MM in 2025, showing the rising onchain demand for non-USD fiat exposure
Application-layer protocols continue to materially out-earn base-layer chains, capturing the majority of fees and reinforcing that value accrual is concentrating at the app layer
Industry News Flash
Notable Raises
DAWN (Andrena) – DePIN Broadband Network
Raised $13MM in a Series B led by Polychain Capital to expand its Solana-based decentralized broadband network across the U.S. and internationally
→ Link
ETHGas – Ethereum Blockspace & Settlement Infrastructure
Raised $12MM in a seed round led by Polychain Capital to build an Ethereum blockspace futures market backed by $800MM in ecosystem commitments
→ Link
Fuse Energy – Vertically Integrated Clean Energy Platform
Raised $70MM in a growth round valuing the company at $5Bn to fund international expansion and new energy products
→ Link
MetYa – Web3 Social & Dating Platform
Raised $50MM to scale its consumer social platform blending Web3 identity and discovery
→ Link
Olea – Global Trade Finance Infrastructure
Raised $30MM in a Series A led by BBVA to expand AI-powered, blockchain-ready trade finance across global corridors
→ Link
RedotPay – Stablecoin Payments Fintech
Raised $107MM in a Series B to expand global stablecoin-based payments, compliance, and product infrastructure
→ Link
Industry News
Anchorage acquired Securitize for Advisors, expanding RIA-focused crypto trading, custody, and tokenization services
→ Link
Uniswap founder Hayden Adams submitted the final “UNIfication” proposal for governance vote, including protocol fee activation and a 100MM UNI burn
→ Link
MetaMask added native Bitcoin, Ethereum, and Solana support directly within the wallet
→ Link
Bybit resumed UK operations after a two-year hiatus, relaunching under a new regulatory framework
→ Link
Bitfinex eliminated all maker and taker fees across spot, margin, derivatives, securities, and OTC trading
→ Link
Hut 8 partnered with Anthropic and Fluidstack to deploy up to 2,295 MW of hyperscale AI data center capacity in the U.S.
→ Link
The UK government outlined plans for comprehensive crypto legislation by 2027 under a phased rollout
→ Link
The UK Supreme Court rejected the final appeal in the £13.3Bn Bitcoin SV lawsuit, ending the Craig Wright-backed case
→ Link
Brazil announced a pilot to use blockchain for state real-estate auctions to reduce fraud and disputes
→ Link
The FDIC proposed its first post-GENIUS Act rule governing bank-issued payment stablecoins
→ Link
The U.S. House advanced bipartisan legislation to expand DOJ and SEC authority to combat crypto fraud
→ Link
CFTC Acting Chair Caroline Pham announced plans to join MoonPay as Chief Legal and Administrative Officer
→ Link
A former Pump.fun developer was sentenced to six years in prison for a $2MM Solana-based fraud scheme
→ Link
The Federal Reserve sought public comment on a proposed “skinny master account” framework for payment-system access
→ Link
Exodus, MoonPay, and M^0 announced plans to launch a fully reserved U.S. dollar stablecoin in early 2026
→ Link
Brazilian exchange B3 announced plans to launch an in-house tokenization platform and BRL-denominated stablecoin
→ Link
Terraform Labs sued Jump Trading over alleged market manipulation tied to the TerraUSD collapse
→ Link
House Republicans urged the Treasury to repeal the IRS rule taxing staking rewards at receipt
→ Link
PayPal applied for a Utah industrial bank charter to create “PayPal Bank” and expand lending and FDIC-insured services
→ Link
SBI Holdings announced plans to launch a yen-denominated stablecoin in Japan
→ Link
Robinhood unveiled new AI-driven investing tools and expanded prediction-market contract types
→ Link
Media & Insights
📄 Research Piece of the Week: Messari
The Crypto Theses 2026
📌 Post of the Week: Dan Tapiero
Structural Shift in Capital