Fireblocks denies report of $2.5 billion acquisition talks with Visa, and more

The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.

Happy Thursday! Bitcoin is trading lower at around $81,300, while U.S. stocks are also falling as the tech selloff deepens.

In today's newsletter, Fireblocks denies a report that Visa is in talks to acquire it for around $2.5 billion, JPMorgan says crypto legal and political risks remain despite regulatory agencies' moves to provide clarity, SoFi launches an interest-bearing tokenized deposit, and more.

Meanwhile, Uniswap's aggregator hooks go live on Ethereum, Base and Robinhood Chain, while the Starknet community backs research into becoming an independent post-quantum Layer 1.

P.S. Don't forget to check out The Latent, our sister website covering AI. Get The Latent Daily here and all other The Block newsletters here. Also, follow The Block and The Latent on X for more updates.

Fireblocks denies report of $2.5 billion acquisition talks with Visa

Crypto custody and stablecoin infrastructure firm Fireblocks has denied a report that Visa is in late-stage talks to acquire it for around $2.5 billion. The report, published by Axios on Thursday, cited multiple sources.

• Fireblocks told The Block the acquisition rumors were "not true at present time," while Visa declined to comment on the report.
• Fireblocks was last valued at $8 billion in January 2022, when it raised $550 million in a Series E funding round.
• Founded in 2018, Fireblocks provides crypto custody and digital asset infrastructure to institutions. The company launched a stablecoin payments network in September 2025 with more than 40 participants, including Circle, Bridge, Zerohash and Yellow Card.
• Visa has also been expanding its stablecoin business, including payments and settlement services.

JPMorgan says regulatory actions partly offset Clarity Act setback, risks remain

JPMorgan analysts said recent actions by U.S. regulators are helping offset the setback from the Senate's failure to advance the Clarity Act, but the crypto industry still needs a market structure law.

• The analysts said the Clarity Act is unlikely to pass this year, with another attempt possible in 2027.
• The SEC, CFTC and OCC are using their existing powers to provide more regulatory clarity and make it easier for institutions to enter crypto.
• However, the analysts said these agency rules could be reversed by a future administration, leaving political and legal risks in place until Congress passes a law.

SoFi launches FDIC-insured tokenized deposit offering 4.4% yield

SoFi has launched an interest-bearing tokenized deposit called SoFi Earn (SOFIE), offering a 4.4% annual yield and FDIC insurance. The bank said it is the first nationally chartered U.S. bank to offer tokenized deposits directly to consumers.

• Each SOFIE is worth $1 and continues earning interest until customers convert it into SoFiUSD, the bank's stablecoin, at a 1:1 rate.
• Customers can use SoFiUSD to buy cryptocurrencies or transfer funds to supported external wallets around the clock. SoFiUSD is not FDIC-insured.
• SoFi expects to complete the rollout to its crypto customers in November.

US banking lobby criticizes OCC's final stablecoin rewards rule

The American Bankers Association has criticized the OCC's final GENIUS Act rule, saying it could allow crypto platforms to continue offering stablecoin rewards and undermine Congress's efforts to protect bank deposits.

• The OCC removed a provision from its proposed rule that presumed certain third-party stablecoin reward arrangements could be unlawful. Regulators will instead consider such arrangements case by case.
• ABA CEO Rob Nichols said the decision could threaten bank deposits used to fund lending. The Blockchain Association welcomed the change, saying it better reflects the law.
• TD Cowen said the decision creates uncertainty because courts may ultimately need to decide which stablecoin reward arrangements are permitted.

Coinbase Ireland fined $3.6 million over customer fund failures

Ireland's central bank has fined Coinbase Ireland €3.25 million ($3.6 million) for failing to properly safeguard customer funds and oversee outsourced operations.

• The regulator found that some customer funds were held in accounts belonging to other Coinbase entities, while daily safeguarding shortfalls reached €5.2 million in 2024.
• Coinbase said it has resolved the issues and that no customers lost money or were unable to access their funds. The fine includes a 30% settlement discount and still requires High Court confirmation.

In the next 24 hours

• October flash manufacturing and services PMI data, along with the University of Michigan's final consumer sentiment survey, are due Friday.
• Eurozone October flash manufacturing, services and composite PMI data, along with the ECB's September consumer inflation expectations survey, are due Friday.
• SOON (SOON) and Meteora (MET) are among token unlocks scheduled for Friday.

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