Blockchain in November 2025: Fusaka, Project Crypto and stablecoins
Ethereum prepared its Fusaka upgrade, the SEC discussed a token taxonomy and the Bank of England consulted on systemic sterling stablecoins.
This is an edited version of the November 2025 update on the original blog, presented as of 15 November 2025.
Ethereum prepared the Fusaka upgrade
On 6 November, the Ethereum Foundation scheduled Fusaka for 3 December. The upgrade included PeerDAS, which lets nodes check the availability of rollup data by sampling it. The announcement gave 60 million as the default gas limit. The change was intended to expand capacity, while fees would still depend on demand and on the network handling the transaction. Ethereum Foundation announcement
The SEC outlined possible categories for tokens
On 12 November, SEC Chair Paul Atkins discussed a possible taxonomy for digital assets as part of Project Crypto. It distinguished among digital commodities, collectibles, tools and tokenized securities. The speech outlined an approach under consideration. SEC speech
A tokenized fund gained another use as collateral
On 14 November, Binance announced that eligible institutions could use BlackRock's BUIDL as collateral through an off-exchange arrangement. It was one specific use of tokenized assets, with its own rules on eligibility and custody. Binance announcement
The Bank of England consulted on systemic stablecoins
The Bank opened a consultation on 10 November on its proposed regime for systemic sterling stablecoins, including reserve requirements and temporary holding limits. The consultation set out how the Bank was thinking about these payment instruments at the time. Bank of England consultation announcement