In brief
- Blockchain infrastructure firm Fireblocks is buying TRES Finance to add accounting and reconciliation to its platform.
- The move targets enterprises running stablecoin and treasury flows on-chain at scale.
- The acquisition reflects growing demand for audit-ready crypto operations.
Fireblocks, a blockchain infrastructure company focused on digital asset custody and transaction services, has agreed to acquire TRES Finance, a crypto accounting platform that produces standardized financial records from on-chain activity.
While Fireblocks has built its business around custody and transaction infrastructure for exchanges, banks, asset managers, and fintech firms, acquiring TRES appears to address a gap between on-chain transaction data and the accounting, tax, and audit requirements those clients face.
The deal values TRES Finance at about $130 million and was structured as a mix of cash and equity.
“Both crypto-native firms and traditional institutions need clear, accurate accounting and auditability,” Fireblocks CEO Michael Shaulov said in a posted statement, adding that with the acquisition, their customers could “now run both their digital asset operations and get the financial intelligence they need on one secure, compliant, scalable stack.”
TRES Finance converts blockchain activity into structured financial records that integrate with enterprise systems such as general ledgers and ERP software. Its tools are used by crypto firms and regulated institutions to track balances, flows, and exposures across multiple wallets, blockchains, and custodians.
Incorporating those capabilities would allow Fireblocks to offer accounting and reconciliation alongside its existing custody and transaction services.
Still, an integration also carries risk, particularly in terms of execution.
“As firms scale digital asset operations, there is growing pressure to collapse the time and coordination required across custody, execution, reconciliation, and reporting,” Wesley Crooks, CEO of blockchain engineering firm FP Block, told Decrypt.
Integrated platforms “can materially simplify portfolio management,” he added. Yet integration also shifts risks instead of eliminating those outright, he explained.
“Traditional separation of custody, execution, and accounting created independent controls; when those layers are combined, governance and oversight must be made explicit,” Crooks said. What remains as a question is “whether institutions maintain sufficient internal checks during incidents, disputes, or audits,” he added.
Accounting frameworks and tax treatments for digital assets also remain uneven across jurisdictions, which could result in product standardization lagging after regulatory changes.
When regulated finance comes to a point where it has more broadly adopted stablecoins and tokenized assets, vertical integration could provide a “sequential” response, Wook Lee, CEO and Founder, EDENA Capital Partners, a regulated digital securities infrastructure provider, told Decrypt.
“In the early stages of regulated digital asset adoption, vertical integration can help establish accountability and regulatory trust,” Lee said, adding that as markets mature and cross-border participation grows, “interoperability becomes essential,” such that future prospects would turn to the question of how regulated systems “can connect seamlessly across jurisdictions.”
Stablecoin activity
Fireblocks’ move comes amid broader pressures in the crypto industry and its stablecoin sector in particular.
“The gap was clear: Stablecoin settlements exceed hundreds of billions monthly. Enterprises run entire treasury flows onchain. But blockchain transactions generate operational records, not financial records,” the company tweeted.
To date, stablecoin settlement volumes have reached $46 trillion in total transaction volume over the past year, up 106% from the prior period, according to an estimate by venture capital firm a16z.
On an adjusted basis intended to exclude bot-driven or artificially inflated activity, stablecoin transaction volume totaled about $9 trillion over the past year, up 87% from a year earlier, per the firm, which noted that the level exceeds PayPal’s transaction volume and represents more than half of Visa’s.
In a 2026 forecast, financial intelligence firm Moody’s said regulated stablecoins “could gain greater prominence in settlements for tokenized funds and digital securities,” as developments in artificial intelligence drive more automation and high-frequency transactions.
The firm warned, however, that broader adoption would heighten scrutiny around reserves, governance, and financial stability, making regulatory clarity and operational standards critical to their long-term role.
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