Latest in Blockchain | December 11, 2025

Welcome to the Meridian Update. Tomorrow is Friday. Isn't that grand? Let’s dive in.

Ondo announces a new tokenized product

Ondo has had a good week. It started with the SEC ending a nearly two-year investigation with no charges.

Fresh off that news, Ondo was ready to make some product announcements. From Ondo:

“Ondo Finance has joined with State Street Investment Management and Galaxy Asset Management to announce plans for SWEEP, a new private tokenized liquidity fund bringing traditional cash management onchain.”

People in the onchain world know Ondo as a company that tokenizes assets. Ondo is one of the biggest players in tokenized stock issuance so far. This product announcement focuses on something other than tokenized stock. It focuses on something like a tokenized money market fund. We found two things in this announcement worth particular note:

• This is in partnership with State Street, one of the largest asset managers in the world and, most notably, a massive exchange-traded fund (ETF) provider. They are most famous for SPY, the best known ETF tracking the S&P 500 index. More traditional financial institutions leaning further into onchain technologies has been a theme of 2025.
• This product is launching on the Solana network. Ondo will be working to bring this product to other blockchain networks through bridging systems, but Solana will be its home base. We have seen a lot of investment and trading systems built or launched on the Solana network in 2025. 

Crypto shrugged off the Federal Reserve’s meeting

The US Federal Reserve (the “Fed”) sets monetary policy in the United States. That is, it sets interest rate targets, acts as a lender, and has a few other tools at its disposal to change how free-flowing money is in the economy. US law requires it to focus on two economic goals: maximum employment and stable prices. In other words, it is supposed to care about unemployment rates and inflation rates. This is known as the Fed’s “dual mandate.” Economic theory says these two goals, or mandates, are in tension with one other. The Fed makes decisions about how to balance the two goals. It sets interest rates, or more accurately interest rate targets, to then drive toward its balance of goals.

The Fed’s Open Market Committee (“FOMC”) is an actual group that meets to talk about this balance and set monetary policy. It has eight regularly scheduled meetings per year. One of those was this week, and it released its meeting notes yesterday:

“In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 3-1/2 to 3‑3/4 percent.”

“The Committee judges that reserve balances have declined to ample levels and will initiate purchases of shorter-term Treasury securities as needed to maintain an ample supply of reserves on an ongoing basis.”

Each time the Fed meets is a huge day in Finance Twitter and Crypto Twitter. Everyone tweets about it in the morning, tweets about the meeting notes when they drop, and then watches the Fed Chair’s press conference after.

And then, apparently, the prices of Bitcoin (BTC), SOL, and Ether (ETH) move slightly, but then promptly reverse that move. Even though the Fed announced a rate cut, which people tend to view as spurring economic growth, and announced quantitative easing (QE), which people also view as spurring economic growth, major onchain assets end the day with prices below where they started.

Look, that’s not what always happens. It is what happened yesterday. Why? Who knows. That’s just what happened. Two hours after the announcement, major onchain assets were completely flat vs. right before the announcement.

A quick trip to Capitol Hill

We talk about onchain technology regulation and onchain asset regulation several times each week. One aspect of that regulation that we talk about less frequently is actual legislation. This is because regulators like the US Securities and Exchange Commission (SEC) and US Commodity Futures Trading Commission (CFTC) move much more quickly with important statements, final rules, and letters that carry important legal weight. Legislation, meanwhile, goes through long processes where there are announcements and there is news, but it doesn’t mean much. Some times a really interesting bill is introduced. But more often than not, that bill goes nowhere. So we try not to talk about rumors, reports, and unfinished business as often as possible. Over time, those things only lead to confusion. The earlier version said one thing, the final version said something else. A tale as old as time.

That said, it’s important to know that, in 2025, Capitol Hill has been focused on legislation relating to onchain technologies and onchain assets far more than in any year prior. For example, the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” (GENIUS Act) became US law over the summer.

Right now, there is particular buzz around something referred to as the “market structure bill.” No one really knows if, when, and what will actually make it into law. So all we will say for now is there has been particular buzz this week as key Senators, uhh, discuss (bicker?) about how to move forward. Just so you know, Crypto Twitter is constantly tweeting things about this. For example, we talked about how Crypto Twitter got upset back in October. The buzz is notable right now. Something to keep an eye on.

That’s a wrap

Crypto had a muted reaction to the Fed’s rate cut, Ondo announced a new tokenized product, and Capitol Hill was still moving on crypto legislation. We’ll see you tomorrow morning.

Think we missed something today? Send us a note: email@meridianupdate.com.