<!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;">USDH, issued by Native Markets, has officially launched on Hyperliquid with a USDH/USDC spot market and ~$2.2M in early trading volume </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/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/U70OojIIgDxIm8rjCB23Uol37117yIyIU6dlqdo-1Q8=424" 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/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/g_jdfd3XFkSFGUMUdGcJJ9wvbdGVfiKWtxoRlMrh0do=424" 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=c79b6850-99d5-11f0-afc1-25953c66a563%26pt=campaign%26t=1758801938%26s=b3c0eb1412fdf2b7874e97b731498378c1ec74ba23cef88c00bbb36317976721/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/lxIu3OLxDZ9_ym0fovbH-I4rwoyLXO40B3MMnKkx25U=424"><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%2Flondonblockchain.net%2F%3Futm_source=ooh%26utm_medium=paid_partnership%26utm_campaign=tldr/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/Q6T7avGH-_41Npt7tvnwBgZx9mgwdfj0m3UwEI_k4Mk=424"><img src="https://images.tldr.tech/liberty50.png" valign="middle" style="vertical-align: middle !important; height: 100%;" alt="Liberty Marketing"></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">2025-09-25</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%2Flondonblockchain.net%2F%3Futm_source=ooh%26utm_medium=paid_partnership%26utm_campaign=tldr/2/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/7Tcqu87LVcEEBzMTB1endIkQaRqS2uhuei5av5yT6j0=424">
<span>
<strong>Save £300 on Tickets to London Blockchain Conference (Sponsor)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Sebastian Thrun - who led Google X and Udacity - is taking the stage at <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Flondonblockchain.net%2F%3Futm_source=ooh%26utm_medium=paid_partnership%26utm_campaign=tldr/3/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/dY0codS6Pg5RNFa9D9CVG2m_N4Upwf5wtx_NLV27NIw=424" rel="noopener noreferrer nofollow" target="_blank"><span>London Blockchain Conference 2025</span></a> to connect lessons from building self-driving cars to autonomous blockchain economies. And he's just one of <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Flondonblockchain.net%2F%3Futm_source=ooh%26utm_medium=paid_partnership%26utm_campaign=tldr/4/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/1BbanGKwmdaEAM7dws33a-iizHiVi3l0XoAzG8S3C_E=424" rel="noopener noreferrer nofollow" target="_blank"><span>many amazing speakers</span></a>.
<p></p>
<p>This isn't your typical crypto conference. With 5,000+ attendees and speakers from FICO, BCG, and UK regulators, this event is laser-focused on how blockchain is being deployed in enterprise and government systems right now - including case studies from the FCA, Estonia's government CIO, and leading companies.</p>
<p>👉 2 days of in-depth sessions.</p>
<p>👉 Direct access to the decision-makers shaping crypto policy.</p>
<p><a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Flondonblockchain.net%2F%3Futm_source=ooh%26utm_medium=paid_partnership%26utm_campaign=tldr/5/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/hDWR28tTJILp8A03UBEYaRQLTQ6zvR19notSzZYh-m8=424" rel="noopener noreferrer nofollow" target="_blank"><span>TLDR readers save £300 on Full Access tickets with code <strong>TLDRSEB</strong></span></a>
</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%2Flinks.tldrnewsletter.com%2FbVUmz6/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/8yllDDCnje63KqFZ-0ZtRLSRCuf-9yK1-J9ybT-hLOg=424">
<span>
<strong>Tether eyes $500 billion valuation in major raise (5 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Tether is in talks to raise $15-20 billion in a private placement that could value the El Salvador-based stablecoin giant at approximately $500 billion, seeking roughly 3% equity stake, though CEO Paolo Ardoino confirmed only that the company is evaluating a raise from a selected group of high-profile key investors. The potential valuation would be massive considering Tether's USDT stablecoin has a market capitalization of about $173 billion, and the company has solidified its position as the dominant player in the stablecoin market by offering cryptocurrencies pegged to traditional currencies. Tether has been expanding its US presence by appointing former White House crypto policy executive Bo Hines as strategic adviser and unveiling plans to launch USAT, a US-based stablecoin designed for American residents, as crypto companies benefit from President Trump's favorable stance on digital currencies.
</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%2Fpolicy%2F2025%2F09%2F23%2Fu-s-cftc-moves-toward-getting-stablecoins-involved-in-tokenized-collateral-push%3Futm_source=tldrcrypto/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/l_sW0K-PMRUQt34J7oW2ayNyEFHywO_8tZai-DnEWpQ=424">
<span>
<strong>US CFTC Makes Tokenized Collateral Push with Stablecoins (6 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
The Commodity Futures Trading Commission is launching an initiative to allow stablecoins as tokenized collateral for margin requirements in the derivatives market, with acting chairman Caroline Pham calling collateral management the "killer app" for stablecoins in markets. Pham continues advancing crypto policy as part of her "crypto sprint" while President Trump's nominee Brian Quintenz remains delayed in confirmation, working alongside SEC Chairman Paul Atkins to integrate digital assets into traditional financial infrastructure. The CFTC is seeking industry input until October 20 on implementing tokenized collateral policies, with support from Circle, Coinbase, and Ripple executives, following the recent President's Working Group report recommending CFTC guidance on tokenized non-cash collateral adoption.
</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%2Flinks.tldrnewsletter.com%2FH2SaCt%3Futm_source=tldrcrypto/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/-TeQQY5gHMCsmaJcZCtwPdbAkABHROm2lDA4ZIuONJ0=424">
<span>
<strong>Hyperliquid's home-grown stablecoin USDH goes live (2 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
USDH, issued by Native Markets, has officially launched on Hyperliquid with a USDH/USDC spot market and ~$2.2M in early trading volume. Backed by cash and short-dated Treasuries, USDH was selected through Hyperliquid's validator-run process, where Native Markets beat out Paxos, Frax, and others. Reserves will combine offchain management with onchain transparency via oracles, while a portion of reserve earnings will fund HYPE buybacks.
</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.cnbc.com%2F2025%2F09%2F23%2Fmorgan-stanley-crypto-trading-e-trade-next-year.html%3Futm_source=tldrcrypto/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/Y150TBXwwqyyY4tgOLe-mPAIrECk2HpBzKRqmkzj5tg=424">
<span>
<strong>Morgan Stanley to offer crypto trading through E-Trade (4 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Morgan Stanley is preparing to launch crypto trading for retail customers through E-Trade in the first half of 2026, partnering with startup Zerohash for liquidity, custody, and settlement services while taking an investment stake in the company. The Wall Street giant will initially offer direct ownership of BTC, ETH, and SOL rather than third-party managed funds, allowing clients to cut management fees while taking on greater risks as the bank develops its own custody wallet for digital assets. Wealth management head Jed Finn called crypto trading "the tip of the iceberg," emphasizing that tokenization of traditional financial assets, including cash, stocks, bonds, and real estate, will significantly disrupt the wealth management industry by enabling immediate interest payments and improved efficiency.
</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%2Fwww.ubiquity.com%2Findustries%2Fbanking-financial-services%3Futm_campaign=21657859-2025-AlwaysOn%2520-%2520Clone%26utm_source=tldr%26utm_medium=newsletter3%26utm_term=crypto/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/xj1W6XWwv0j1oNLsV1xmlkrjqien-HU2bT50hDPB2FU=424">
<span>
<strong>Stop losing users to 3-hour wait times during the next bull run (Sponsor)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Ubiquity is the #1 outsourcing partner for fintechs and crypto companies (96% client retention!). Deploy <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.ubiquity.com%2Findustries%2Fbanking-financial-services%3Futm_campaign=21657859-2025-AlwaysOn%2520-%2520Clone%26utm_source=tldr%26utm_medium=newsletter3%26utm_term=crypto/2/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/08wvCVwPYw2WQvpV7UcOk0VTmiqAE1HNaf7DbD-hd18=424" rel="noopener noreferrer nofollow" target="_blank"><span>agents trained on crypto complexity</span></a> (stuck transactions, gas fees, bridge failures), scale from 1K to 100K support tickets, and deliver always-on support with 24/7 coverage across all time zones. <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.ubiquity.com%2Findustries%2Fbanking-financial-services%3Futm_campaign=21657859-2025-AlwaysOn%2520-%2520Clone%26utm_source=tldr%26utm_medium=newsletter3%26utm_term=crypto/3/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/a1QR9ZfB_z5XDDob3DvMeM7vIZbdoyBRGbrHIUWxW5M=424" rel="noopener noreferrer nofollow" target="_blank"><span>Calculate your ROI with Ubiquity</span></a>
</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%2Fvitalik.eth.limo%2Fgeneral%2F2025%2F09%2F24%2Fopenness_and_verifiability.html%3Futm_source=tldrcrypto/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/jMfWx4wMXfeiYO9CehdYWXWFuqs7fHOJbsJ8S6LOCbU=424">
<span>
<strong>The importance of full-stack openness and verifiability (9 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
As the internet becomes real life, societies must insist on openness (free, auditable code/designs) and verifiability (users can prove systems behave correctly) across software, hardware, and biotech. This matters in health, personal/commercial tech, and civic infrastructure, where closed stacks create monopoly power and opaque risks. A world of open, formally verified OSes, secure open hardware, on-device AI, privacy-preserving cryptography, and public-inspectable sensors delivers both security and local sovereignty. The crypto ecosystem should prioritize a fully open and verification-friendly stack for high-security, non-performance-critical applications, then expand outward.
</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%2F1970504716468847045.html%3Futm_source=tldrcrypto/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/rIxPMmeTXs4Yuc1brbVS-TF1fVHm9Ws3t6mogYFnTuY=424">
<span>
<strong>x402: Machine-readable Payments (3 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Coinbase's new x402 protocol introduces a standardized way for servers to signal that a payment is required using the long-unused HTTP 402 code. Unlike human-facing paywalls, x402 is machine-readable, enabling AI agents and other automated systems to detect and process payments directly. Instead of card details, agents can authorize stablecoin transfers via cryptographic signatures, which are then routed through a new entity called a “Facilitator” (similar to a merchant acquirer) to post payments on-chain. This unlocks a new use case for stablecoins as native internet money, allowing bots, APIs, and AI systems to autonomously pay for services, data, or content online.
</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%2Fthreadreaderapp.com%2Fthread%2F1970585743568597039.html%3Futm_source=tldrcrypto/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/E1ojKo65KWXKzOxv-m3CqnCqekxaWz6bT2ah_rr9wug=424">
<span>
<strong>Perp DEX dominance rotates faster than the rest of DeFi (1 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Perp traders are ruthless. Liquidity and users jump to whatever venue offers the best fills, incentives, and UX, hence the rapid rotations from dYdX to GMX to Hyperliquid. Other DeFi verticals turn over more slowly. Aave still leads lending, Uniswap spot, and Lido staking. Expect the top perp DEX to keep changing hands, even as leaders in other categories remain sticky.
</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%2F1969794415595077997.html%3Futm_source=tldrcrypto/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/1iz0ze9IplKdyEvdXP7oYc_Em5JBe_M3pD9cil9H11A=424">
<span>
<strong>Low-Risk DeFi Analysis (6 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Vitalik Buterin has, for the first time, explicitly declared DeFi as Ethereum's killer app, marking a significant shift from his previously withheld praise for crypto financial applications due to his exceptionally high standards requiring broad global impact and unambiguous societal good. Five financial primitives – holding, trading, lending, borrowing, and issuing – make quality banking services globally and permissionlessly accessible rather than limited to geographic elites. The endorsement comes as Ethereum's metrics show significant scale: ETH at $540 billion market cap, DeFi assets at $500 billion, DeFi TVL at $100 billion, and Ethereum L1 scaling from 20 TPS to 10,000 TPS and L2s from 3,000 TPS to 1 million TPS, positioning Ethereum as the most credibly neutral chain for long-term asset storage and the foundation for more impactful DeFi primitives like credit systems.
</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%2Fthreadreaderapp.com%2Fthread%2F1970507214906663285.html%3Futm_source=tldrcrypto/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/x06qRdtrxoKBBh6cf4KezCSXLKbAh-EzAtW42XBvfgE=424">
<span>
<strong>USDe stablecoin growth continues (1 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Active USDe loans on Aave have increased by ~$1.4B since the start of 2025, highlighting growing demand for stablecoin borrowing in DeFi.
</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%2F1970742503298281519.html%3Futm_source=tldrcrypto/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/ePeqAbX52LVBulhPBW9Zg3lHw0jOrTZxdkwTjDFXN_k=424">
<span>
<strong>ETH as the onchain gold (1 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
The US will push stablecoins as global settlement rails tied to Treasuries, but many nations will instead favor gold.
</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%2F1970491592482971661.html%3Futm_source=tldrcrypto/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/Xo15iqUQ10rJ0yLITBF9Oe00zkRFRoD9QuJd4etVuFM=424">
<span>
<strong>AI and prediction markets could be transformative (1 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Prediction markets thrive on data, speed, and resolution, exactly where AI excels.
</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%2F1970981934600946088.html%3Futm_source=tldrcrypto/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/l5B1ksb2Yh71K_w9t9QZQ8fc-IwEglngHc8gRAtKZQg=424">
<span>
<strong>Coinbase USDC Lend Growing (1 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
In less than a week, over $20 million USDC has been deposited into the product, all earning over 10%.
</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%2F6/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/G_srxFCMuzrtiC7UvDbUUhqqWyw_z0Q-R83K7pFo-RI=424" 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%2F6/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/NJ6PitDc4z3_5axItbm8jG8BQZXazA1GsW-4Eiw4RQg=424" 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/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/GTkKe9s8xbUdeGU2Xk1Yf0w_ipVr8vxEVQFr64jagQQ=424"><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/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/TAZ8_wSNmQ3xB7Vbmih0IJp32WjlE_70JqujO78tYBE=424" 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/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/rZC0BigbJdQuU49wfocKsSAt0ORvah2ZbVxcfPEyTpI=424"><span>Esham Macauley</span></a> & <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.linkedin.com%2Fin%2Flincolnmurr%2F/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/EQCHVbdA3fWlxCDYh4uGNewUm3FvyVMA3A4cEgLFLY0=424"><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/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/zXU2KNEQCNKYWnxUhm7nR3c1ibKJgIJBHbBXgu3CWKE=424">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=c79b6850-99d5-11f0-afc1-25953c66a563%26pt=campaign%26pv=4%26spa=1758801685%26t=1758801938%26s=b7a039067a35910bda0e01260b2f84aae298583f57a32e95ed3ad072306a5c72/1/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/x7DGH7Bg5J-Ply0yKDqqiyuttNmwJlAmoYuc9yiy6pM=424">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/CI0/0100019980c3c86c-c23f7e7b-c398-4af5-896b-1a35fd1baaea-000000/TPq9ULf_tx3WSc5x9c8q9fFOEsRsKGrbPgQXIYhRb58=424" style="display: none; width: 1px; height: 1px;">
</body></html>