• Ethena releases its 2025 roadmap.

• Coinbase receives access to FDIC letters.

• Interest in bringing COIN stock to Base.

• Veil privacy pool protocol on Base.

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Guy Young, the founder of Ethena Labs, released the 2025 roadmap aiming to integrate USDe across decentralized finance (DeFi), centralized finance (CeFi), and traditional finance (TradFi) sectors. Ethena Labs plans to roll out iUSDe, a regulatory-compliant stablecoin designed for institutional adoption, alongside a savings and payments app integrated with Telegram. The roadmap also includes the development of the Ethena Network and applications like Ethereal perps and Derive options protocols. Since its launch in February 2024, USDe, Ethena’s first stablecoin, has become the third-largest stablecoin by market cap. USDe is an overcollateralized, yield-bearing stablecoin backed by stETH, BTC, and derivatives positions.

Coinbase has obtained a series of unredacted FDIC letters revealing a coordinated effort by the agency to restrict banks from engaging in crypto-related activities. Coinbase filed a lawsuit against the FDIC in June 2024 under the Freedom of Information Act (FOIA), seeking to obtain the letters and hold the regulator accountable. The letters show that banks must notify the FDIC before initiating or continuing any crypto-asset-related activities. Institutions had to submit detailed information about the activities for regulatory review. The letters stressed confidentiality under FDIC rules, effectively shielding the agency’s coordinated efforts from public awareness.

Jesse Pollak, Base builder #1, expressed interest in bringing Coinbase’s COIN stock onchain to Base. The idea was shared in response to a concern raised by Coinbase ambassador CBduck.eth about the inefficiencies of traditional financial systems such as long processing times for deposits to clear into a brokerage. Assets will often incur price fluctuations during the long waiting period, whereas transaction settlement on Base takes seconds. Pollak emphasized his vision that "every asset in the world will be on Base." However, he clarified that there are currently no concrete plans to tokenize $COIN on Base. The move would first depend on achieving regulatory clarity to ensure the process is safe and compliant.

Veil launched v0.1 of its privacy pool protocol on Base mainnet. The protocol uses ZK-SNARKs to provide privacy for verified users depositing ETH into fixed deposit pools. A 0.5% fee is applied to deposits in VEIL pools. Currently, access to the protocol is permissioned, and it remains in an experimental, unaudited phase.

• Across supports Ink L2

• Frax approves USTB & USCC

• Erigon mainnet validator first block

• Portrait goes live on Base

• Balancer V3 enhancements

• Pendle VIRTUAL/cbBTC market

• GMX releases development plan

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