Daily Update

Latest in Blockchain | December 18, 2025

SoFi launched a stablecoin, crypto legislation gets reslated for progress in January, and blockchain markets are open.

Aren Rendell

18 Dec 2025 — 3 min read

Welcome to the Meridian Update. Another day, more action. Let’s dive in.

SoFi is not the first major bank to its own stablecoin

Back on November 12, I shared the news that SoFi, a bank you might’ve heard of, was enabling cryptocurrency trading for users on its platform. Per its announcement, it was the first “national” bank to do so.

More recently, I shared the news that PNC Bank was bringing Bitcoin trading to its platform. It called itself the first “major” bank to do so.

Well, here we go again, maybe:

“With the launch of SoFiUSD, SoFi is the first national bank to issue a stablecoin on a public, permissionless blockchain”

2025 has been a huge year for stablecoins. The Guiding and Establishing National Innovation for U.S. Stablecoins Act” (GENIUS Act) became US law over the summer. It provides regulatory clarity, and regulatory opportunity, for the issuance and use of stablecoins in the United States. Stablecoin activity has followed. Now we have SoFi, a national bank, putting its own stablecoin on a public blockchain, though the particular one(s) were not mentioned in the announcement.

SoFi’s stablecoin news came on the heels of a third major announcement of 2025 from the US Federal Reserve Board that guided bank policies with respect to stablecoins and “crypto activities.” Each has withdrawn prior guidance or ended supervision programs related to those “crypto activities.” Collectively, they have removed restrictions, or perception of restrictions, on certain bank activities on or related to blockchain technologies.

There has been some reference to the latest Federal Reserve Board announcement, which came on Wednesday, as a precursor to SoFi’s stablecoin news. I read through the 12-page policy document, affiliated discussion from the Federal Reserve Board’s press release, and external analysis. This is not the case, as such. The most recent announcement is primarily a removal of restrictions for uninsured, state banks. SoFi is not either of those things.

Another quick trip to Capitol Hill

It’s been a week since I wrote this:

“Legislation…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 [I] 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.”

This was in the context of sharing the uptick in buzz around something Crypto Twitter knows as the “market structure bill.” Crypto Twitter hopes that it will provide complete regulatory clarity, in a favorable way, for decentralized finance (DeFi) markets. The uptick in buzz was about the possibility that the market structure bill would move forward in December. It won’t, according to this administration’s “crypto czar,” who came to prominence from a podcast and time as a venture capitalist. Just a few hours ago, he tweeted:

We had a great call today with Chairmen @SenatorTimScott and @JohnBoozman who confirmed that a markup for Clarity is coming in January…We look forward to finishing the job in January!”

Time will tell.

Whenever one door closes, blockchain markets (remain) open

The president of the United States announced that Christmas Eve and December 26 will join Christmas Day as federal holidays this year. In the aftermath, there were questions about whether the New York Stock Exchange (NYSE) and Nasdaq would announce additional closures of the traditional US stock markets. They will not.

What’s this got to do with the onchain world? Well, no one asked whether the Solana network, Ethereum network, or any other major, public blockchain network would close on either day. Because it would make no sense. They are open 24/7, 365. It’s impressive.