OP Labs restructured, laying off 20% of its staff to sharpen focus amidst intense Ethereum Layer-2 competition. Meanwhile, the Solana network advanced its payments strategy by joining the Mastercard Crypto Partner Program. In traditional finance, Wells Fargo signaled interest in bank-issued stablecoins with a new trademark filing, and U.S. regulators took steps toward coordinated oversight of digital assets.
OP Labs reduced its workforce by 20 employees, approximately 20% of its team, to concentrate on fewer development priorities. Leadership emphasized the layoffs reflected a strategic focus rather than financial strain as competition with Arbitrum and Base intensified.
The broader Ethereum Layer-2 sector continues to grow, with networks securing about $32.5 billion in total value locked according to L2BEAT data. This shift reflects industry trends where investors favor disciplined projects despite venture funding reaching $19.7 billion in 2025.
In payments, Solana strengthened its position after joining Mastercard’s Crypto Partner Program. The initiative connects over 85 crypto-native firms and financial institutions to integrate digital assets into real-world use cases like remittances.
Separately, Wells Fargo filed a trademark for “WFUSD” covering digital wallets and blockchain settlement tools. The name suggests potential plans for a dollar-pegged token, signaling traditional finance’s growing alignment with blockchain infrastructure.
On the regulatory front, the SEC and CFTC formalized cooperation through a memorandum of understanding. The agreement introduced joint staff meetings and shared enforcement data to reduce oversight fragmentation across digital asset markets.
This regulatory coordination aims to streamline examinations and limit duplicative enforcement actions for firms. The move suggests a gradual shift toward structured crypto oversight as Congress debates broader frameworks.
