<!DOCTYPE html><html lang="en"><head><meta http-equiv="Content-Type" content="text/html charset=UTF-8"><meta charset="UTF-8"><meta name="viewport" content="width=device-width"><meta name="x-apple-disable-message-reformatting"><title>TLDR Crypto</title><meta name="color-scheme" content="light dark"><meta name="supported-color-schemes" content="light dark"><!--[if mso | ie]>
<style type="text/css">
a {
color: #010101 !important;
}
@media (prefers-color-scheme: dark) {
a {
color: #FEFEFE !important;
}
}
</style>
<![endif]--><style type="text/css">
:root {
color-scheme: light dark; supported-color-schemes: light dark;
}
*,
*:after,
*:before {
-webkit-box-sizing: border-box; -moz-box-sizing: border-box; box-sizing: border-box;
}
* {
-ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%;
}
html,
body,
.document {
width: 100% !important; height: 100% !important; margin: 0; padding: 0;
}
body {
-webkit-font-smoothing: antialiased; -moz-osx-font-smoothing: grayscale; text-rendering: optimizeLegibility;
}
div[style*="margin: 16px 0"] {
margin: 0 !important;
}
table,
td {
mso-table-lspace: 0pt; mso-table-rspace: 0pt;
}
table {
border-spacing: 0; border-collapse: collapse; table-layout: fixed; margin: 0 auto;
}
img {
-ms-interpolation-mode: bicubic; max-width: 100%; border: 0;
}
*[x-apple-data-detectors] {
color: inherit !important; text-decoration: none !important;
}
.x-gmail-data-detectors,
.x-gmail-data-detectors *,
.aBn {
border-bottom: 0 !important; cursor: default !important;
}
.btn {
-webkit-transition: all 200ms ease; transition: all 200ms ease;
}
.btn:hover {
background-color: #f67575; border-color: #f67575;
}
* {
font-family: Arial, Helvetica, sans-serif; font-size: 18px;
}
@media screen and (max-width: 600px) {
.container {
width: 100%; margin: auto;
}
.stack {
display: block!important; width: 100%!important; max-width: 100%!important;
}
.btn {
display: block; width: 100%; text-align: center;
}
}
body,
p,
td,
tr,
.body,
table,
h1,
h2,
h3,
h4,
h5,
h6,
div,
span {
background-color: #FEFEFE !important; color: #010101 !important;
}
@media (prefers-color-scheme: dark) {
body,
p,
td,
tr,
.body,
table,
h1,
h2,
h3,
h4,
h5,
h6,
div,
span {
background-color: #27292D !important; color: #FEFEFE !important;
}
}
a {
color: inherit !important; text-decoration: underline !important;
}
</style></head><body class="">
<div style="display: none; max-height: 0px; overflow: hidden;">Google has launched an open-source protocol that enables AI agents to send and receive payments, including stablecoins, through partnerships </div>
<div style="display: none; max-height: 0px; overflow: hidden;">
<br>
</div>
<table align="center" class="document"><tbody><tr><td valign="top">
<table align="center" border="0" cellpadding="0" cellspacing="0" class="container" width="600"><tbody><tr class="inner-body"><td>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr class="header"><td bgcolor="" class="container">
<table width="100%"><tbody><tr><td class="container">
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" style="margin-top: 0px;" width="100%"><tbody><tr><td style="padding: 0px;">
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding: 15px 15px;">
<div style="text-align: center;">
<span style="margin-right: 0px;"><a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Ftldr.tech%2Fcrypto%3Futm_source=tldrcrypto/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/OJzvFvH3fk4FILPcAXLOflChvzI4xfXYha2CdILaa-M=423" rel="noopener noreferrer" target="_blank"><span>Sign Up</span></a>
|<span style="margin-right: 2px; margin-left: 2px;"><a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fadvertise.tldr.tech%2F%3Futm_source=tldrcrypto%26utm_medium=newsletter%26utm_campaign=advertisetopnav/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/7gpdylWE9Cnr5QBbqOQRbKlYGFB-OUgebdQc0vNSBYE=423" rel="noopener noreferrer" target="_blank"><span>Advertise</span></a></span>|<span style="margin-left: 2px;"><a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fa.tldrnewsletter.com%2Fweb-version%3Fep=1%26lc=156ca424-84b7-11f0-a15f-2567a0c406a7%26p=cc75d97a-937a-11f0-bde5-9d053252f8dd%26pt=campaign%26t=1758110741%26s=56996629091ada37a3c893ddee6854b32d4fe7cdb09ad7b3460bdd63ba22a228/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/WiK8zOH_E96DzgUUpa2FctNKsjS9zZjBlGeLx3uu-LU=423"><span>View Online</span></a></span>
<br>
</span></div>
</td></tr></tbody></table>
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="text-align: center;"><span data-darkreader-inline-color="" style="--darkreader-inline-color:#3db3ff; color: rgb(51, 175, 255) !important; font-size: 30px;">T</span><span style="font-size: 30px;"><span data-darkreader-inline-color="" style="color: rgb(232, 192, 96) !important; --darkreader-inline-color:#e8c163; font-size:30px;">L</span><span data-darkreader-inline-color="" style="color: rgb(101, 195, 173) !important; --darkreader-inline-color:#6ec7b2; font-size:30px;">D</span></span><span data-darkreader-inline-color="" style="--darkreader-inline-color:#dd6e6e; color: rgb(220, 107, 107) !important; font-size: 30px;">R</span>
<br>
</td></tr></tbody></table>
<br>
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr id="together-with"><td align="center" height="20" style="vertical-align:middle !important;" valign="middle" width="100%"><strong style="vertical-align:middle !important; height: 100%;">Together With </strong>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Finvest.pacaso.com%2F%3Futm_source=email%26utm_medium=paid-partnership%26utm_campaign=partnership30-385_09-17_10758330809/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/5h-Awf5vRMcwhmkXIcDgRzlHVD0X2clr4NhSbxFx4Tk=423"><img src="https://images.tldr.tech/pacaso.png" valign="middle" style="vertical-align: middle !important; height: 100%;" alt="Pacaso"></a></td></tr></tbody></table>
<table style="table-layout: fixed; width:100%;" width="100%"><tbody><tr><td style="padding:0;border-collapse:collapse;border-spacing:0;margin:0;">
<div style="text-align: center;">
<h1><strong>TLDR Crypto <span id="date">2025-09-17</span></strong></h1>
</div>
</td></tr></tbody></table>
<table style="table-layout: fixed; width:100%;" width="100%"><tbody><tr id="sponsy-copy"><td class="container" style="padding: 15px 15px;">
<div class="text-block">
<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Finvest.pacaso.com%2F%3Futm_source=email%26utm_medium=paid-partnership%26utm_campaign=partnership30-385_09-17_10758330809/2/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/ciUTP40Wdnd1qs0YfP5p0KURoK3gYysf2qFpOCo-2wQ=423">
<span>
<strong>How 433 Investors Unlocked 400X Return Potential (Sponsor)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Institutional investors back startups for outsized returns. Regular investors have to wait. But not anymore. <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Finvest.pacaso.com%2F%3Futm_source=email%26utm_medium=paid-partnership%26utm_campaign=partnership30-385_09-17_10758330809/3/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/6SurmgyBD9m4NIUuTYyY6d1pxY1SSP9bZ0gvhnHzowA=423" rel="noopener noreferrer nofollow" target="_blank"><span>Thanks to regulatory updates, some companies are doing things differently.</span></a>
<p></p>
<p>Take Revolut. In 2016, 433 regular people invested an average of $2,730. Today? They got a 400X buyout offer from the company, as Revolut's valuation increased 89,900%.</p>
<p>No wonder <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Finvest.pacaso.com%2F%3Futm_source=email%26utm_medium=paid-partnership%26utm_campaign=partnership30-385_09-17_10758330809/4/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/6Tt5Aln7GQVLPY9v4Tg1JxyRAYrIjf1nFqoTqMntZHg=423" rel="noopener noreferrer nofollow" target="_blank"><span>12K+ regular people are taking the chance on Pacaso.</span></a></p>
<p>Founded by a former Zillow exec, Pacaso's co-ownership tech reshapes a $1.3T market. They've earned $110M+ in gross profit to date. They even reserved the Nasdaq ticker PCSO.</p>
<p>The same investors that backed Uber, Venmo, and eBay also backed Pacaso. And you can join them. But only until tomorrow. <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Finvest.pacaso.com%2F%3Futm_source=email%26utm_medium=paid-partnership%26utm_campaign=partnership30-385_09-17_10758330809/5/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/4UaSSRev2rfhUxJmtqk8h9tmoCkcvMLd4iFsL4B8y7w=423" rel="noopener noreferrer nofollow" target="_blank"><span>Invest before this opportunity ends.</span></a></p>
<p><em>This is a paid advertisement for Pacaso's Regulation A offering. Please read the offering circular at invest.pacaso.com. Reserving the ticker symbol is not a guarantee that the company will go public. Listing on the Nasdaq is subject to approvals. Comparisons to other companies are for informational purposes only. Past performance is not indicative of future results. </em>
</p>
</span></span></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr>
<tr bgcolor=""><td class="container">
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td style="padding: 0px;">
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding-top: 0px; padding-bottom: 0px;">
<div class="text-block">
<div style="text-align: center;"><span style="font-size: 36px;">📈</span></div></div>
</td></tr></tbody></table>
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding-top: 0px; padding-bottom: 0px;">
<div class="text-block">
<div style="text-align: center;">
<h1><strong>Markets & Business</strong></h1>
</div>
</div>
</td></tr></tbody></table>
<table style="table-layout: fixed; width: 100%;" width="100%"><tbody><tr><td style="padding:0;border-collapse:collapse;border-spacing:0;margin:0;" valign="top">
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding: 15px 15px;">
<div class="text-block">
<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.coindesk.com%2Fmarkets%2F2025%2F09%2F15%2Fpantera-backed-solana-treasury-firm-helius-raises-usd500m-stock-soars-over-200%3Futm_source=tldrcrypto/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/LMPFVX3KLbWszJm7B79L5JRhb2GpuDlRIY0TGkOtapw=423">
<span>
<strong>Solana Treasury Firm Helius Raises $500M, Stock Soars 200% (4 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Helius Medical Technologies has raised over $500 million in a private financing round led by Pantera Capital and Summer Capital to create a Solana-focused treasury company. Shares surged over 200% above $24 in pre-market trading following the announcement. The vehicle will hold SOL as its reserve asset and aims to expand to more than $1.25 billion through stock warrants. It will directly compete with recently launched Forward Industries, which has already purchased 6.8 million SOL tokens for roughly $1.58 billion last week from its $1.65 billion war chest backed by Galaxy Digital. Helius plans to leverage Solana's yield-bearing design to generate income through staking rewards of around 7% and DeFi lending opportunities. Incoming executive chairman Joseph Chee will lead the digital asset strategy alongside Pantera's Cosmo Jiang and Dan Morehead.
</span>
</span>
</div>
</td></tr></tbody></table>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding: 15px 15px;">
<div class="text-block">
<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.coindesk.com%2Fmarkets%2F2025%2F09%2F15%2Fdogecoin-inches-closer-to-wall-street-with-first-meme-coin-etf%3Futm_source=tldrcrypto/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/1MVN83XvPZjW-K_svfF4x7sure9A6PP9Ir3nMZEJJ8g=423">
<span>
<strong>Dogecoin ETF to Launch This Week (5 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
The Rex Shares-Osprey Dogecoin ETF (DOJE) could debut Thursday, potentially becoming the first US ETF centered on a memecoin. There have been multiple delays. Bloomberg ETF analysts Eric Balchunas and James Seyffart say Thursday is the most likely launch date, although they have cautioned that nothing is certain. DOJE will offer futures-based exposure to DOGE via a Cayman subsidiary rather than direct token ownership, structured more like a mutual fund under the Investment Company Act of 1940 rather than the Securities Act framework used for bitcoin ETFs. Several firms have already filed applications for spot DOGE ETFs that would hold the actual token, currently under SEC review. DOGE has outperformed over the past month with 15% gains ahead of the potential ETF debut.
</span>
</span>
</div>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding-top: 0px; padding-bottom: 0px;">
<div class="text-block">
<div style="text-align: center;"><span style="font-size: 36px;">🚀</span></div>
</div>
</td></tr></tbody></table>
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding-top: 0px; padding-bottom: 0px;">
<div class="text-block">
<div style="text-align: center;">
<h1><strong>Innovation & Launches</strong></h1>
</div>
<br>
</div>
</td></tr></tbody></table>
<table style="table-layout: fixed; width: 100%;" width="100%"><tbody><tr><td style="padding:0;border-collapse:collapse;border-spacing:0;margin:0;" valign="top">
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding: 15px 15px;">
<div class="text-block">
<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.coindesk.com%2Fbusiness%2F2025%2F09%2F16%2Fgoogle-teams-up-with-coinbase-to-bring-stablecoin-payments-to-ai-apps%3Futm_source=tldrcrypto/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/ynIwbMl-ZEaeiqEqtAFiBgqmVaBMFHEqU1uIRJ5_SV8=423">
<span>
<strong>Google and Coinbase Bringing Stablecoins to AI Agents via x402 (4 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Google has launched an open-source protocol that enables AI agents to send and receive payments, including stablecoins, through partnerships with Coinbase, the Ethereum Foundation, and over 60 organizations, including Salesforce, American Express, and Etsy. The initiative builds on Google's April protocol for standardizing agent-to-agent communication, now extending into financial transactions to ensure payments are secure, interoperable, and executed with human user intent as AI agents potentially handle complex tasks like negotiating mortgages or shopping autonomously. Coinbase contributed x402 – its AI-integrated payments standard – to the collaboration. The broader partnership aims to cover both crypto and traditional finance use cases across the ecosystem.
</span>
</span>
</div>
</td></tr></tbody></table>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding: 15px 15px;">
<div class="text-block">
<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fthreadreaderapp.com%2Fthread%2F1967597913619738783.html%3Futm_source=tldrcrypto/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/5pzAbZbhxf5TwdqbQBLipyZ-wzhPDBX8nx_JKjihLRk=423">
<span>
<strong>Base Announces New Bridge Between Base and Solana Bridge (2 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Base is launching a bridge to Solana, enabling seamless interaction across both ecosystems. The bridge will allow users to deposit and use SOL in Base apps, import Solana SPL tokens into Base, and export Base-created tokens back to Solana. This marks a major step toward cross-chain interoperability, expanding developer and user access to liquidity and applications across two of crypto's most active ecosystems.
</span>
</span>
</div>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding-top: 0px; padding-bottom: 0px;">
<div class="text-block">
<div style="text-align: center;"><span style="font-size: 36px;">💡</span></div></div>
</td></tr></tbody></table>
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding-top: 0px; padding-bottom: 0px;">
<div class="text-block">
<div style="text-align: center;">
<h1><strong>Guides & Tutorials</strong></h1>
</div>
</div>
</td></tr></tbody></table>
<table style="table-layout: fixed; width: 100%;" width="100%"><tbody><tr><td style="padding:0;border-collapse:collapse;border-spacing:0;margin:0;" valign="top">
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding: 15px 15px;">
<div class="text-block">
<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fdrive.google.com%2Ffile%2Fd%2F1JMu1pXfNEij2j8P2bSrRI9OQ_oGQG22E%2Fview%3Futm_source=tldrcrypto/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/5FyBFPDpjn1NyZV4cnxFgr_jELT94AqqO5n6mYs_cF8=423">
<span>
<strong>Wall Street Needs Ethereum (6 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Global finance is at an inflection point as legacy infrastructure (designed for paper and T+2 settlement) is too slow, costly, and fragmented for a 24/7 digital economy. Ethereum is the inevitable foundation for institutional adoption, already securing ~$1T in assets and hosting 80% of tokenized RWAs. With frameworks like the GENIUS Act, CLARITY Act, and MiCA, regulation is aligning globally, and institutions like BlackRock, Fidelity, Apollo, and JPMorgan are already in production on Ethereum. The window for strategic positioning is closing fast. Those who adopt Ethereum today can shape standards, capture liquidity, and build competitive advantage, while late movers risk permanent disadvantage.
</span>
</span>
</div>
</td></tr></tbody></table>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding: 15px 15px;">
<div class="text-block">
<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fthreadreaderapp.com%2Fthread%2F1967642891653877825.html%3Futm_source=tldrcrypto/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/dKR6HhReC7H3apneW-Stg6jUgkUC_8FaIGZ9iwBuIlE=423">
<span>
<strong>a16z on Network Tokens (2 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Network tokens derive their value from the functioning of blockchains and smart contract protocols. These tokens often embed economic mechanisms like buybacks, burns, or dividends, and can bootstrap new networks while decentralizing control. Under frameworks like the SEC's 2019 guidance and FIT21, tokens like BTC, ETH, SOL, and UNI may avoid securities classification when decentralization ensures systems operate without human control.
</span>
</span>
</div>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding-top: 0px; padding-bottom: 0px;">
<div class="text-block">
<div style="text-align: center;"><span style="font-size: 36px;">🦄</span></div></div>
</td></tr></tbody></table>
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding-top: 0px; padding-bottom: 0px;">
<div class="text-block">
<div style="text-align: center;"><strong><h1>Miscellaneous</h1></strong></div>
</div>
</td></tr></tbody></table>
<table bgcolor="" style="table-layout: fixed; width: 100%;" width="100%"><tbody><tr><td style="padding:0;border-collapse:collapse;border-spacing:0;margin:0;" valign="top">
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding: 15px 15px;">
<div class="text-block">
<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.galaxy.com%2Finsights%2Fresearch%2Fthe-state-of-onchain-yield%3Futm_source=tldrcrypto/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/ppH9O8-q0egYQHldquItUP6UfXJBP9XNCFkozOC8Snk=423">
<span>
<strong>The State of Onchain Yield (30 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Galaxy Digital shared a comprehensive framework for evaluating onchain yield opportunities across five core engines: policy rate pass-through in tokenized cash, protocol rewards from staking and restaking, credit spreads in pooled lending, market microstructure fees from automated market makers, and structured wrappers that package or leverage these flows. The analysis progresses from zero-yield stablecoins like USDT (where Tether has earned approximately $12.6 billion in interest income over three years without passing any to holders) through increasingly complex strategies, including staked stablecoins, native staking, liquid restaking, lending markets, and activity-generated yield from liquidity provision. Galaxy's risk-adjusted efficiency analysis reveals that cash-like instruments score highest on return per unit of risk and complexity, with tokenized cash and fixed-income products like Pendle PT retaining strong efficiency, while active AMM liquidity provision shows the lowest efficiency due to path dependence and inventory effects. Every headline yield number should be evaluated through two critical lenses: what you earn for the risk taken, and what remains after accounting for the operational complexity involved.
</span>
</span>
</div>
</td></tr></tbody></table>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding: 15px 15px;">
<div class="text-block">
<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fx.com%2FStreetFDN%2Fstatus%2F1964985284442943655%3Futm_source=tldrcrypto/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/1-4xiYQvbgkpve1-0Zz1G0U-6WjMOOnj7pJBMW4RylQ=423">
<span>
<strong>Financialization of Private Equity (15 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Private equity represents the last major financial sector to undergo financialization, with current secondary markets suffering from heavy illiquidity, outdated orderbook technology from the 1600s, and premium-heavy structures requiring 10% broker fees. Street aims to introduce spot prices, futures, hedging, options, and money markets into private equity, addressing the five dimensions of liquidity: tightness, depth, immediacy, breadth, and resiliency that directly impact investor costs and capital issuer pricing. Research shows investors demand higher returns for illiquid securities, with the illiquidity premium representing compensation for execution, inventory, and funding risks that compound during market stress, as demonstrated during events like the March 2020 "dash for cash" when even Treasury liquidity evaporated. Street's approach builds on regulatory frameworks established since the 1933 Act, including recent expansions through Regulation Crowdfunding and Regulation A that have enabled $1.3 billion in retail fundraising despite wealth screens that limit private placement access to approximately 12-13% of US households with qualifying net worth thresholds.
</span>
</span>
</div>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding-top: 0px; padding-bottom: 0px;">
<div class="text-block">
<div style="text-align: center;"><span style="font-size: 36px;">⚡</span></div></div>
</td></tr></tbody></table>
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding-top: 0px; padding-bottom: 0px;">
<div class="text-block">
<div style="text-align: center;">
<h1><strong>Quick Links</strong></h1>
</div>
</div>
</td></tr></tbody></table>
<table bgcolor="" style="table-layout: fixed; width: 100%;" width="100%"><tbody><tr><td style="padding:0;border-collapse:collapse;border-spacing:0;margin:0;" valign="top">
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding: 15px 15px;">
<div class="text-block">
<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Ffortune.com%2Fcrypto%2F2025%2F09%2F15%2Fstripe-head-of-crypto-john-egan-polygon-labs-chief-product-officer%2F%3Futm_source=tldrcrypto/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/b1eL9_X5m2yva4Iroc_AOR1kb9nwgaVuN0Sj3bJYa8c=423">
<span>
<strong>John Egan Joins Polygon Labs as CPO (1 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
John Egan, formerly Head of Crypto at Stripe, has been appointed Chief Product Officer at Polygon Labs.
</span>
</span>
</div>
</td></tr></tbody></table>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding: 15px 15px;">
<div class="text-block">
<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fthreadreaderapp.com%2Fthread%2F1967796273236607365.html%3Futm_source=tldrcrypto/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/tp9NmfGhPvEPGmAhKbgk7yvkQf9Ej98JF_6zfl7xwTY=423">
<span>
<strong>ETH's True Value Proposition (1 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Ethereum's core value lies not in being a gas token for L1 or L2 transactions, but in serving as a censorship-resistant medium of exchange and programmable store of value.
</span>
</span>
</div>
</td></tr></tbody></table>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding: 15px 15px;">
<div class="text-block">
<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fleanroadmap.org%2F%3Futm_source=tldrcrypto/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/eiiRIbQmgbnBRnnLH7GCdu7TKQb0j5JCoQCWun4Pk1U=423">
<span>
<strong>Lean Ethereum Roadmap (2 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
This website explains the various components and progress toward Ethereum's Lean Consensus roadmap.
</span>
</span>
</div>
</td></tr></tbody></table>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding: 15px 15px;">
<div class="text-block">
<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fthreadreaderapp.com%2Fthread%2F1968045776581329098.html%3Futm_source=tldrcrypto/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/tqKaXMlBttP7zjqnK6gK_B9BfxOH8IViqlKg6dTrWtQ=423">
<span>
<strong>Stablecoin Job Opportunities (1 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Over the past two years, stablecoin jobs in compliance, leadership, and sales have become prevalent across fintechs, with salaries ranging from $100k-$400k.
</span>
</span>
</div>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" style="word-break: break-word; vertical-align: top; padding: 5px 10px;">
<p style="padding: 0; margin: 0; font-size: 22px; color: #000000; line-height: 1.6; font-weight: bold;">
Love TLDR? Tell your friends and get rewards!
</p>
</td></tr>
<tr><td class="container" style="padding: 0px 10px 15px;">
<div class="text-block">
Share your referral link below with friends to get free TLDR swag!
</div>
</td></tr>
<tr><td align="left" style="padding: 10px;">
<div class="text-block">
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Frefer.tldr.tech%2F2738b62c%2F6/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/S0GSJaJ_lzNFFiHybqA4ydS1yPtbrNK-fzg0_ECx0zc=423" style="color: #464ba4; text-decoration: underline;">https://refer.tldr.tech/2738b62c/6</a>
</div>
</td></tr>
<tr></tr>
<tr><td align="left" style="padding:5px 10px;">
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fhub.sparklp.co%2Fsub_5eb7645ebcd1%2F6/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/n6gCIsyPmMCo2KaR0OQmwW8_eH7Hz3rIvEAxtP6CQUA=423" style="font-size: 16px; line-height: 1.6; padding: 10px 0; display: inline-block; text-decoration: underline;"><span style="mso-text-raise:13pt; text-decoration: underline;">Track your referrals here.</span></a>
</td></tr></tbody></table>
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td align="left" style="word-break: break-word; vertical-align: top; padding: 5px 10px;">
<p style="padding: 0; margin: 0; font-size: 22px; color: #000000; line-height: 1.6; font-weight: bold;">
Want to advertise in TLDR? 📰
</p>
<div class="text-block" style="margin-top: 10px;">
If your company is interested in reaching an audience of crypto investors and builders, you may want to <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fadvertise.tldr.tech%2F%3Futm_source=tldrcrypto%26utm_medium=newsletter%26utm_campaign=advertisecta/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/_Ze3PBMk4bH3XjA5q7p_h8dZ7kSziGCK_dnvUME9rI8=423"><strong><span>advertise with us</span></strong></a>.
</div>
<br>
<!-- New "Want to work at TLDR?" section -->
<p style="padding: 0; margin: 0; font-size: 22px; color: #000000; line-height: 1.6; font-weight: bold;">
Want to work at TLDR? 💼
</p>
<div class="text-block" style="margin-top: 10px;">
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fjobs.ashbyhq.com%2Ftldr.tech/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/uc1-QRr3WTbCW4o5ZpKDXUBVXXuOFV1fxzRR_9Tlo5g=423" rel="noopener noreferrer" style="color: #0000EE; text-decoration: underline;" target="_blank"><strong>Apply here</strong></a> or send a friend's resume to <a href="mailto:jobs@tldr.tech" style="color: #0000EE; text-decoration: underline;">jobs@tldr.tech</a> and get $1k if we hire them!
</div>
<br>
<div class="text-block">
If you have any comments or feedback, just respond to this email!
<br>
<br> Thanks for reading,
<br>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.linkedin.com%2Fin%2Fesham-macauley-76733986%2F/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/6ARa9xxYaGzoyFgpemvkK7BUFQM2-Y4-2UIJEDQMiIs=423"><span>Esham Macauley</span></a> & <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.linkedin.com%2Fin%2Flincolnmurr%2F/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/LBk5fCIO0RZI9aRKTuDxIn3k27nQ_mKW1y1-tOA_HNg=423"><span>Lincoln Murr</span></a>
<br>
<br>
</div>
<br>
</td></tr></tbody></table>
<table align="center" bgcolor="" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="container" style="padding: 15px 15px;">
<div class="text-block" id="testing-id">
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Ftldr.tech%2Fcrypto%2Fmanage%3Femail=silk.theater.56%2540fwdnl.com/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/sYTU74L4Xn_qWhqo_H9tSVKA2bc_ZdxwsI5yoxdQSyY=423">Manage your subscriptions</a> to our other newsletters on tech, startups, and programming. Or if TLDR Crypto isn't for you, please <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fa.tldrnewsletter.com%2Funsubscribe%3Fep=1%26l=514b3efb-6f16-11ec-96e5-06b4694bee2a%26lc=156ca424-84b7-11f0-a15f-2567a0c406a7%26p=cc75d97a-937a-11f0-bde5-9d053252f8dd%26pt=campaign%26pv=4%26spa=1758110468%26t=1758110741%26s=d214acf8e7e2d26345601f65ea7577d86aa09af2ca20e4603da7e0e91320ff18/1/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/fv6ozmqjj7lGS6hLuuaeyqzfYRSSBE8HSy6S3QFx8TE=423">unsubscribe</a>.
<br>
</div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<img alt="" src="http://tracking.tldrnewsletter.com/CI0/010001995790f56d-820e5f74-b8c0-458e-959e-5cdec3901d3b-000000/ErJtq9vR0fR7p0_ilmoaYz2l2_xzOyRdjBxp9dwKG4A=423" style="display: none; width: 1px; height: 1px;">
</body></html>