Daily Brief: September 26, 2025
Euro Stablecoin, Aussie Crypto Rules, Ethereum Boost
TL;DR: European banks are launching a euro stablecoin under the MiCA framework to enhance digital payment autonomy and reduce dependence on US stablecoins. Meanwhile, Australia is tightening crypto exchange regulations to protect consumers and foster innovation. Ethereum's upcoming Fusaka upgrade aims to improve scalability and reduce transaction costs, crucial for handling more transactions efficiently. These moves reflect significant shifts in digital finance, regulation, and blockchain scalability.
🇪🇺 European Banks Unite for Euro Stablecoin Launch
Nine major European banks, including ING and UniCredit, are launching a euro-denominated stablecoin. This initiative is regulated under the EU's Markets in Crypto Assets (MiCA) framework and aims to provide efficient, low-cost cross-border payments around the clock.
The stablecoin is set for release in the second half of 2026. It will be managed by a new company based in the Netherlands and supervised by the Dutch Central Bank. This move is part of a broader strategy to create a European alternative to US-dominated stablecoins.
This project supports Europe's goal of enhancing digital payment autonomy. It comes amid delays in the EU's central bank digital currency, the digital euro. The stablecoin could serve as a practical digital euro alternative, fostering innovation in financial infrastructure.
Why it matters: This initiative strengthens Europe's digital payment sovereignty, offering a regulated euro payment solution that reduces reliance on US stablecoins and fosters innovation.
🇦🇺 Australia Moves to Regulate Crypto Exchanges
Australia is proposing new legislation to regulate crypto exchanges more strictly. The draft law introduces two new financial product categories: digital asset platforms and tokenized custody platforms. These platforms will need an Australian Financial Services Licence, expanding oversight beyond the current AUSTRAC registration.
The legislation aims to protect consumers by setting standards for holding and settling digital assets. It includes rules for activities like wrapped tokens and staking, with penalties for breaches reaching up to AUD 16.5 million. Smaller platforms with limited customer holdings and turnover are exempt to encourage innovation.
The crypto industry has generally welcomed the draft law, viewing it as a balanced approach to consumer protection and innovation. The government is seeking feedback until October 24 to refine the legislation, which is seen as a cornerstone of Australia's digital asset roadmap.
Why it matters: As digital assets grow in popularity, clear regulations are crucial to protect consumers, reduce fraud risks, and provide certainty for businesses in the crypto sector.
🚀 Ethereum's Fusaka Upgrade Boosts Layer 2 Scaling
Ethereum is gearing up to launch its Fusaka upgrade on December 3, introducing Peer Data Availability Sampling (PeerDAS) through EIP-7594. This technology allows nodes to download only small data chunks instead of the entire blockchain, significantly boosting scalability. It addresses data bottlenecks that particularly affect layer 2 rollups, which rely on efficient data throughput from layer 1.
The Fusaka upgrade will also double the current blob capacity per block, increasing from 6/9 to higher limits, with plans for further expansion. Blobs, introduced in the Dencun upgrade, are specialized data storage units that help reduce transaction costs for layer 2 solutions. This increase in blob capacity highlights Ethereum's commitment to efficiently scaling layer 2 rollups.
Vitalik Buterin, Ethereum's co-founder, emphasized the careful testing of PeerDAS due to its novel nature but noted its potential to greatly enhance Ethereum's scalability. The recent increase in blob usage, driven by projects like Coinbase's Base, shows the growing demand for this technology. This upgrade is essential for reducing transaction costs and supporting greater network throughput.
Why it matters: The Fusaka upgrade addresses key scalability challenges, enabling Ethereum to handle more transactions at lower costs, crucial for its growth and adoption.
