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Ethereum Prepares December Launch After Fusaka Testnet Success
Plus: 💳 Visa adds 4 new stablecoins, 🪙 Trump-backed WLFI airdrops 8.4M tokens, 🇦🇺 Australia mandates crypto licenses.
Juan Aranovich
October 29, 2025
Hi! In today’s edition:
🚀 Ethereum’s Fusaka passes last test before December go-live
🌐 Visa doubles down on stablecoin payments
💰 Trump-backed WLFI drops 8.4M tokens to early users
⚖️ Australia drops long-awaited crypto license rules
🎧 Arthur Hayes and Adam Schlegel on PE in crypto
🎙️ Bits + Bips dives into AI agents and bank adoption
By Ayesha Aziz
Ethereum Fusaka Upgrade Clears Final Test Before December Launch
Ethereum's Fusaka upgrade successfully deployed on the Hoodi testnet Tuesday, completing its final testing phase before the Dec. 3 mainnet launch.
The upgrade introduces Peer Data Availability Sampling through EIP-7594, enabling validators to read smaller data pieces on layer 2 networks instead of full blobs for improved node efficiency.
Fusaka also includes EIP-7825 and EIP-7835, raising the gas limit and improving efficiency as Ethereum prepares for parallel execution of multiple smart contracts. Additional proposals focus on enhancing zero-knowledge rollups.
The upgrade will roll out in three phases: mainnet launch, blob capacity increase activation, and a second hard fork expanding blob capacity. Fusaka addresses Ethereum's scalability challenges within the blockchain trilemma as rival layer 1s like Solana and Sui prioritize speed.
Visa Expands Stablecoin Support Across Four New Blockchains
Visa is adding support for four stablecoins across four blockchains as the payments giant accelerates its digital asset strategy.
CEO Ryan McInerney announced the expansion during Tuesday's fourth-quarter earnings call, revealing the new stablecoins will represent two currencies convertible to over 25 traditional fiat currencies.
The move builds on Visa's existing stablecoin infrastructure, which already includes Circle's USDC, Euro Coin, PayPal USD, and Global Dollar across Ethereum, Solana, Stellar, and Avalanche networks. Consumer spending through Visa's stablecoin-linked card services quadrupled in the fourth quarter compared to last year, with monthly volume surpassing $2.5 billion in annualized run rate.
Since 2020, Visa has facilitated over $140 billion in crypto and stablecoin flows. The company now operates more than 130 stablecoin-linked card issuing programs across 40 countries. Visa is also enabling banks to mint and burn their own stablecoins through its tokenized asset platform while expanding cross-border payment capabilities.
Unchained is streaming today!
At 1:30 pm ET, Steve Ehrlich sits down with Willem Buiter (former Chief Economist at Citigroup and member of the UK's Monetary Planning Committee) to discuss why central banks could find a place for bitcoin, being bullish on DeFi, and more.
USD1 Airdrop Rewards Early Adopters With 8.4 Million Tokens
World Liberty Financial announced an 8.4 million WLFI token distribution to early participants in its USD1 Points Program. The airdrop, worth around $1.1 million, rewards users who earned points by trading USD1 pairs on partner exchanges and maintaining balances over the past two months.
The distribution will occur across six exchanges, including Gate.io, KuCoin, LBank Exchange, HTX Global, Flipster and MEXC. Each platform will announce specific timing and eligibility details independently. The Trump-backed crypto project stated the points program will continue expanding with new venues, DeFi integrations, and additional reward opportunities.
USD1, custodied by BitGo, currently ranks as the sixth-largest stablecoin with a $2.98 billion market capitalization. World Liberty Financial is actively developing real-world asset tokenization and plans to launch a debit card in Q4 2025 or Q1 2026.
WLFI trades at $0.14 with a $3.8 billion market cap, down 70% from its September peak.
Australia Mandates Licenses for Stablecoin and Crypto Wallet Providers
The Australian Securities and Investments Commission released updated guidance Wednesday classifying stablecoins, wrapped tokens, tokenized securities and digital asset wallets as financial products requiring licensing. Companies offering these services must obtain an Australian Financial Services License to operate legally in the country.
ASIC is providing sector-wide no-action relief until June 30, 2026, giving businesses time to assess requirements and apply for licenses. The regulator also proposed additional relief for certain stablecoin distributors and custodians of digital asset financial products.
Industry leaders praised the clarity after extended periods seeking regulatory direction. However, concerns remain about ASIC's ability to process a large volume of applications within the deadline. Steve Vallas of Blockchain APAC noted structural bottlenecks, including limited local expertise, banking access, and insurance capacity, could shift compliance from a legal to logistical challenge.
Bitcoin, gaming NFTs and tokenized concert tickets remain exempt from financial product classification. Exchanges dealing exclusively in Bitcoin don't require licenses under the framework.
Arthur Hayes and Adam Schlegel on Why Private Equity Is Crypto’s Next Big Wave
Crypto’s unsexy middle market is about to get a cash injection. Arthur Hayes and Adam Schlegel discuss Maelstrom’s $250M PE fund targeting companies ignored by VCs and exchanges.
Crypto has spent years obsessing over tokens, airdrops, and speculation. But what about the unsexy businesses actually making money?
Arthur Hayes and Adam Schlegel join Laura Shin to talk about Maelstrom’s $250M private equity fund targeting crypto’s most profitable, yet overlooked, companies, $50M revenue businesses with 50% margins that VCs can’t touch and exchanges won’t pay cash for.
But while everyone frames this as just another fund, Hayes and Schlegel argue it’s actually the missing piece in crypto’s maturation: a cash buyer for founders who’ve done their time and want out without four-year earnouts.
Plus: Why Asian crypto companies with monster margins get ignored by Western capital.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, PumpFun, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
AI Agents, JPM Capitulates, Stablecoin Wars and the Fed Innovation: Bits + Bips
The Fed’s next move, AI’s labor shock, and why banks are rushing into crypto.
In this episode of Bits + Bips, former BlackRock executive and SharpLink co-CEO Joseph Chalom joins hosts Austin Campbell, Chris Perkins, and Ram Ahluwalia to discuss why the Federal Reserve may move to ease rates despite a “Goldilocks” economy, the growing role of stablecoins in foreign exchange and settlement, and how major banks like JPMorgan and Citi are expanding their use of blockchain.
The conversation also explores Japan’s first yen-backed stablecoin, the implications of AI for the labor market, and the generational shift that could make crypto wallets the default interface for finance.
Plus, the implications of CZ’s pardon and why it’s “bullish” to have Mike Selig chairing the CFTC.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
🌐💳 Circle launched the public testnet for Arc, its new blockchain designed to bring traditional finance tools like instant payments and privacy features onto crypto rails, with early support from big names like BlackRock, Visa, HSBC, Amazon Web Services, and AI firm Anthropic.
🎯🇺🇸 Prediction platform Polymarket is preparing to relaunch for U.S. users by late November following regulatory clearance, focusing first on sports wagers and eyeing a potential $10-15 billion valuation.
🐋 Stable, a blockchain designed for stablecoin payments, announced the second phase of its pre-deposit campaign after its first round hit an $825 million cap in minutes amid allegations that large investors gained early access, prompting the project to introduce wallet limits but still facing criticism over fairness.
🗳️ Trump Media & Technology Group revealed plans to debut Truth Predict, a new betting platform tied to Truth Social where users can wager on real-world events such as elections and inflation rates, using Crypto(.)com’s U.S. derivatives system and with ambitions to expand globally into areas like sports and commodities.
📈 A trading bot unexpectedly sent Hyperliquid’s HYPE token soaring from $47 to $98 in one minute on Lighter DEX before crashing, exposing the dangers of low liquidity and raising questions about market transparency after the platform removed the price spike from its chart.
🧠 ETH treasury company SharpLink will invest as much as $200 million worth of ETH into the Linea layer 2 network, using staking, restaking, and ecosystem incentives to generate returns while Anchorage Digital Bank safeguards the funds.
🌍 Western Union is preparing to launch USDPT, a Solana-based stablecoin, in early 2026, with plans to let people swap between crypto and cash through its global retail network and partner platforms.
🏢 Securitize revealed it will go public through a merger with Cantor Fitzgerald’s CEPT SPAC, aiming to raise up to $469 million and expand its lead in the tokenization sector, where it already manages over $4.5 billion in assets.
💰 Terminal Finance, a new decentralized exchange backed by Ethena Labs, reached $280 million in pre-launch deposits across three vaults holding stablecoins, ether, and bitcoin, positioning itself as a key trading hub for Ethena’s ecosystem ahead of its year-end debut.
