Fireblocks $2.5B Firesale

Axios reported today that Visa (V) is in late-stage talks to acquire Fireblocks for ~$2.5 billion. While Fireblocks immediately denied the rumors, Coindesk reported that the rumors have been circulating for weeks, with Coinbase (COIN) also in the mix to potentially acquire. While a $2.5 billion price would be a huge down-round from the $8 billion valuation Fireblocks raised at in 2022, it would still rank among the largest crypto-industry acquisitions ever.

SoFi (SOFI) has launched SoFi Earn (SOFIE), letting crypto customers buy and hold a token to earn a variable 4.4% APY. It’s a familiar idea for eligible Coinbase customers who hold funds in USDC, except SOFIE represents a bank deposit with FDIC insurance up to applicable limits. Each SOFIE represents $1 held at SoFi Bank and can be swapped dollar-for-dollar into the bank’s separate stablecoin, SoFiUSD, to buy crypto or transfer funds to supported wallets 24/7. That swap ends SOFIE’s interest and deposit insurance coverage. The launch follows SoFi's introduction of consumer crypto trading in November 2025, and its SoFiUSD stablecoin launch a month later. Read more →

Yesterday’s OCC decision is already drawing criticism from the American Bankers Association, which says allowing stablecoin rewards through crypto platforms could pull deposits away from banks and hurt lending. The dispute comes down to who pays. The GENIUS Act bans companies that issue stablecoins from paying holders interest, but doesn’t explicitly ban exchanges like Coinbase from offering rewards. The Blockchain Association argues that the OCC’s decision to drop proposed restrictions on certain rewards arrangements better follows the law as written. Read more →

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