🚢 'Ship has sailed'

Ripple CEO Brad Garlinghouse says US won’t return to hostile crypto climate under Gensler. Plus the top news, stats, and reports.

Author

Ryan Allis
October 15, 2025

Learn More at www.ceek.com and www.firstblock.ai

Issue Summary: Welcome back to Coinstack, the weekly newsletter for institutional crypto investors and industry insiders. We reviewed the top news, stats, and reports in the digital asset ecosystem for our 340k weekly subscribers. This week, Ripple CEO Brad Garlinghouse said the “ship has sailed” on the U.S. returning to a hostile crypto climate under Chair Gensler, Binance reimbursed $283M following a market crash and asset depegging issues, Ethereum stablecoin activity hit new highs with weekly unique senders topping 1 million, Hyperliquid moved to activate HIP-3 to enable permissionless perp market creation, and Coinbase integrated DEX trading for U.S. users directly within its exchange on the Base network. On the fundraising front, Coinflow raised $25M in a Series A led by Pantera Capital, TransCrypts secured $15M in seed funding led by Pantera Capital, and CipherOwl closed $15M led by General Catalyst. Rounding out the week, Galaxy Digital raised $460M as part of its AI expansion and Kalshi raised $300M to scale its CFTC-regulated prediction market platform.

Price performance since we began writing Coinstack in January 2021

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💵 Weekly Crypto Fundraises & Deals

Here are all the crypto fundraises we heard about this week, ranked by size…

🗞️ Crypto News Recap: The Top 5 Stories

Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week…

  1. 🚢 ‘Ship has sailed’: Ripple CEO Brad Garlinghouse says US won’t return to hostile crypto climate under Gensler: The sector won’t be going back to a time when former Securities and Exchange Commission Chair Gary Gensler led that agency, Ripple CEO Brad Garlinghouse said on Wednesday.

  1. 📉 Binance Reimburses $283M After Market Crash and Asset Depegging Issues: Crypto exchange Binance said Sunday afternoon it had reimbursed users affected by the October 10 depegging of several Earn assets, later clarifying that the sharp price drops seen during Friday’s market crash were caused by a display error rather than actual token failures.

  1. 💰 Ethereum stablecoin activity hits new highs as weekly unique senders top 1 million:The number of unique stablecoin senders per week on Ethereum has increased at an exponential rate in the last 12 months.From January 2020 to July 2024, there was an average of ~400,000 stablecoin senders on Ethereum per week. Since August 2024, this figure has grown by over 1.7% per week on average, consistently setting record highs.

  1. 🌕 Hyperliquid to activate HIP-3 upgrade enabling permissionless perp market creation: Hyperliquid is expected to activate HIP-3, a major protocol upgrade that will enable the permissionless creation of perpetual futures markets, later today.

  1. 🚀 Coinbase integrates DEX trading within its exchange for US users on Base network:Crypto exchange Coinbase has officially launched DEX trading within its app for U.S. users, excluding those in New York.The exchange first teased the feature in August, when it was available to select users, and officially rolled it out to the public on Wednesday, according to a company blog post. Coinbase users can now trade tokens before they’re considered for traditional listing on the exchange.

💬 Tweet of the Week

Source: @RyanSAdams

📊 Key Stats of the Week

Here are the most important and interesting stats in crypto this week...

1. 📈 Barter’s Intent-Based Routing Unlocks Efficient Access to Fragmented EVM Liquidity, Driving Rapid Volume Growth Across Integrated Protocols.

Source: @OurNetwork

2. Binance has paid about $283M in compensation after three Binance Earn assets USDe, BNSOL, and WBETH depegged during Friday’s market crash. The payouts covered users affected in futures, margin, loan markets, and Earn redemptions.

Binance denied claims that the depeg triggered the broader sell-off, stating that market prices collapsed first, with depegs occurring later.

Source: @Launchy

3. During Friday’s historic collapse, Hyperliquid shattered records with $28.7B in trading volume, nearly 100,000 unique daily users, and over $20M in daily fees.

Source: @DavidShuttleworth

4. Over $910M (-15%) of stablecoin outflows on Hyperliquid since Friday’s market crash, including a daily record of $656M on Friday. Lots of traders PACKED UP for the fall season 🍂

Source: @DavidShuttleworth

5. Deposits into Lighter have tripled month-over-month and now stand at $1.17B. Since mainnet launched on October 2nd, more than $432M has already poured in.

Source: @DavidShuttleworth

📝 Highlights from the Top Crypto Reports

Here are the top highlights from the best crypto research reports this week…

About the Author: OurNetwork, aims to help you understand crypto like never before by harnessing the power of onchain data & analytics. This is an excerpt from the full article, which you can find here.

📝 Editor’s Note:

Welcome to OurNetwork’s latest. This week we’re covering aggregators, a space which has been relatively stable this year with a daily median of roughly $3.6B in trading volume.

The year’s major spike of over $28B in aggregator volume came on Jan. 19, within a day of U.S. President Donald Trump’s inauguration. At $23.8B, Jupiter, a leading aggregator on Solana, contributed the majority of volume on that day.

Early January was also a local high for crypto’s market capitalization, which was over $3.7 trillion at the time. Crypto has since eclipsed those highs, but aggregator volume has yet to return to its January peak.

Shout out to Pavel, Katerina, and Alex for covering some of the leading aggregators below.

– ON Editorial Team

📈 1inch Powers DeFi Infra with Native Cross-Chain Swaps, RWAs Via Ondo, and Recent Integrations like Coinbase, Leading in Volume and Adoption.

1inch cross-chain swaps were first introduced a year ago, on Sept. 18, 2024. Since then, the feature has gained strong adoption, with over 42,000 wallets executing over 128,000 transactions and generating $617M in total volume. The most popular directions include BNB-to-Ethereum ($137.3M), Ethereum-to-Arbitrum ($59.4M), Arbitrum-to-Ethereum ($47.2M), Ethereum-to-BNB ($44.1M) and Base-to-Ethereum ($23.9M).

In Q2 and Q3 of this year, a record share of swaps executed via external integrations (89.6% and 83.3%, respectively) — highlighting that 1inch functions as an infrastructure layer in DeFi, with many projects relying on it as their swap provider.

1inch leads RWA trading via Ondo, surpassing Uniswap, CowSwap, MetaMask, and Binance. Since launch in September, 1inch processed $16.8M volume with 53,000+ transactions, and more than 21,000 users, proving its dominance as the key onchain gateway to tokenized real-world assets.

📈 CoW Swap remains the leading intent-based aggregator in the EVM space with still high volume trades happening on Ethereum

Cow Swap hits $12.47B in volume last month. That’s 3x 2024’s monthly average. The volume is driven by transactions on Ethereum (89.7% in September), followed by Arbitrum (5.2%) and Base (4.3%). The number of transactions is also growing, jumping from 85.1k in August to 100.5k in September. Here, Base is responsible for the growth with 49.3% of trades happening there. This growth reflects continued trust in CoW Swap’s unique batch auction model protecting users from MEV and securing better prices.

User retention has increased from ~41% in 2024 to 50.7%. At the protocol level, new users are turning to Ethereum for their first transaction (31.8%) with Base leading closely (29.6%). Avalanche and Polygon saw the highest number of returning users (68% and 69%). Numbers on Lens are still trivial.

Looking at market share in the EVM space for 2025, Cow Swap holds its position with filling between 60% to 90% of all intent-based swaps. There are no strong signals that this position in the EVM space will change in the short-run.

🎧 Top Crypto Podcasts of The Week

Here are the crypto podcasts that are worth listening to this week...

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📰 The Coinstack Newsletter:

Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela.

Coinstack is a news and analysis newsletter for the digital asset industry. None of the information here is a recommendation to invest in any securities or other types of investments. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in loss.

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