<!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;">S&P Global has partnered with Chainlink to publish its Stablecoin Stability Assessments (SSAs) directly onchain. The ratings evaluate stablecoins </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/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/0Ug-o7p4-Sy5s_Vr_6K7F4RsDfxNMpq_K0QLFVxbsVQ=427" 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/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/9UxZ51pqyyUNGB0BFGxfkJI_MiJFrQl_K-l08Af2a_g=427" 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=890fb642-a9a5-11f0-a3d7-1b7960e74724%26pt=campaign%26t=1760530945%26s=691edee8d6f6a73e019a398f44c4d0432cd732894fa1d4f5b0ff5b3ef25572c9/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/Ov1HPeq4DgaE5I6b_v0cJyHIhhaPiVXYqPefC-M9C68=427"><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%2Fhubs.li%2FQ03HYyr10/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/oWoYQlKgjBDUBJw3bfmtGkDffPK5og3naY7UZTIDHbQ=427"><img src="https://images.tldr.tech/galaxy.png" valign="middle" style="vertical-align: middle !important; height: 100%;" alt="Galaxy"></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">2025-10-15</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%2Fhubs.li%2FQ03HYyr10/2/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/H7C-iEy-A7JDgYY-YkyqhjumXfYKKGcSPYY9ecdXwMg=427">
<span>
<strong>Crypto markets move fast. Galaxy Trading helps institutions keep pace (Sponsor)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Crypto has been through collapses, comebacks, and everything in between. <a class="underline" href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fhubs.li%2FQ03HYyr10/3/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/mMP0J2H2ZqarbYlydR83riN3tRv5J5JAAEami-0U9Hw=427" rel="noopener noreferrer nofollow" target="_blank"><span>Galaxy Trading</span></a><a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fhubs.li%2FQ03HYyr10/4/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/UNcJzrQLvxH8EO9Nq4S9p773MGvVKqvRaISWBUp90Lw=427" rel="noopener noreferrer nofollow" target="_blank"><span> connects institutions to digital asset markets</span></a> - powered by infrastructure that combines scale, sophistication, and resilience to withstand market turbulence.
<p></p>
<p>Galaxy delivers <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fhubs.li%2FQ03HYyr10/5/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/PF8qdE1MExAWhYRgJEyhCav9oAt9dREENE9fk6Frq14=427" rel="noopener noreferrer nofollow" target="_blank"><span>reliable liquidity and tailored strategies </span></a>across spot, derivatives, and lending. In the last year alone:</p>
<ul>
<li>$20B+ in derivatives volume</li>
<li>An average loan book over $874M</li>
<li>1,300+ institutional counterparties</li>
</ul>
<p>Galaxy is backed by a publicly traded company regulated by the CFTC, FCA, FinCEN, and the NFA - built to survive volatility and capitalize on opportunities. Spot trading? Derivatives strategies? Lending solutions? Whatever you're looking to achieve, Galaxy can deliver.</p>
<p><a class="underline" href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fhubs.li%2FQ03HYyr10/6/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/t8dlEnudzEvxJ8rU1PCmJqQRXUHQ-5jt4joSfd3HCqo=427" rel="noopener noreferrer nofollow" target="_blank"><span>Explore Galaxy Trading</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%2F1stzEq/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/QaYxxJoy09EH6lhoO4Hge42qN5gco1iVCJ9zuVAbmKg=427">
<span>
<strong>Bernstein Projects USDC Tripling to $220B by 2027 (3 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Bernstein projects USDC supply to increase from $76B to $220B by end-2027, capturing roughly one-third of the global stablecoin market as new US regulation takes effect. Analysts cite Circle's compliance-first approach, 28-chain integrations, and partnerships with Coinbase, Binance, and OKX as key advantages under the GENIUS Act, which formally defines payment stablecoins and favors US issuers.
</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%2Flinks.tldrnewsletter.com%2FjZhLhQ/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/-nsJBDuRmnMqdR2PsVa2rZDfj-aO2mX8IfSGlfhBeLI=427">
<span>
<strong>S&P Global Brings Stablecoin Risk Ratings Onchain via Chainlink (3 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
S&P Global has partnered with Chainlink to publish its Stablecoin Stability Assessments (SSAs) directly onchain, enabling DeFi protocols to integrate real-time risk data into smart contracts. The ratings evaluate stablecoins on factors like asset quality, governance, redeemability, and liquidity, helping institutional users assess fiat-backed stability. The SSAs will debut on Base, Coinbase's Ethereum Layer 2, before expanding to other networks. Chainlink co-founder Sergey Nazarov said the integration brings S&P's trusted framework into digital markets, advancing transparency and compliance as stablecoin adoption scales.
</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.circle.com%2Fblog%2Fenabling-machine-to-machine-micropayments-with-gateway-and-usdc%3Futm_source=tldrcrypto/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/z5PB_OHZw0BhZ4B32WScagQbZc7iEiSx6XjrEqTdwPU=427">
<span>
<strong>Machine-to-Machine Payments with Gateway, x402, and USDC (6 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Circle is integrating Gateway with the x402 protocol ecosystem pioneered by Coinbase and Cloudflare to enable lightweight machine-to-machine payments for agentic AI systems that need to settle thousands of small transactions per second for data, compute, content, and API calls. Gateway's new batching feature launching on testnet allows hundreds of thousands of transactions to be processed together through deferred settlement, bundling payments offchain before settling onchain to eliminate per-transaction gas costs while preserving finality at a fraction of the cost and latency. The integration avoids gas fees on micropayments that make high-frequency small transactions impractical, and enables crosschain agency where sellers on one chain can accept payments from buyers on another through Gateway's chain-abstracted USDC design. Circle is also participating with Google on its Agent2Agent and Agent Payments Protocol initiatives, leveraging Gateway's throughput and efficiency for autonomous transactions, including AI research assistants paying per article in USDC or compute models dynamically compensating providers in real-time across any supported blockchain.
</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%2F1977710454177698252.html%3Futm_source=tldrcrypto/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/5GTfv9UHdArpR30OEOjv1Y-SmcKbDdctM_XZAHlADyQ=427">
<span>
<strong>ZKsync Prividium Breakthrough Initiative (5 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
ZKsync Prividiums are private, permissioned Ethereum-secured Layer 2s validated by 35+ global financial institutions, including Citi, Deutsche Bank, State Street, and Mastercard, for cross-border payments and intraday repo use cases. The technology addresses enterprise requirements by keeping all transaction data off-chain in institution-controlled environments while posting only ZK proofs to Ethereum, enabling atomic finality, role-based access controls, and selective regulator visibility without exposing sensitive counterparty or balance information to competitors. Cross-border payment demonstrations showed near-instant settlement across interoperable bank blockchains with consolidated liquidity at FMI chains, eliminating the $27 trillion locked in nostro/vostro accounts and reducing the estimated $120 billion annual corporate fees, while intraday repo demonstrations enabled 24/7 automated atomic settlement of cash and collateral through smart contracts, removing manual reconciliation and daylight credit risk. Native interoperability through ZKsync Gateway enables trust-minimized asset transfers between Prividiums using Merkle proof verification rather than inefficient third-party bridges, with one-second ZK finality allowing institutions to verify proofs quickly without re-executing transactions. Everything is still a proof of concept.
</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.fintechbrainfood.com%2Fp%2Fthe-stablecoin-opportunity%3Futm_source=tldrcrypto/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/lOyESSU15GngeouBMJ09aWXJNujkevrC-DkhSnsz19w=427">
<span>
<strong>The Stablecoin Opportunity That Banks Are Missing (8 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Banks are fighting stablecoin yield while missing the massive revenue opportunities, similar to how the Durbin Amendment's 2011 carve-out for community banks accidentally created Chime and Cash App by capping interchange fees at $0.21 for banks over $10 billion but allowing smaller banks to charge $0.44, enabling fintechs to partner with sub-$10 billion banks and use higher interchange to fund growth. The stablecoin "loophole" where Circle earns T-bill yields and shares revenue with distributors like Coinbase, who offer 4.1% APY, mirrors this pattern, while banks focus on the Treasury's $6.6 trillion deposit flight warning rather than strategic positioning as international banks and GSIBs aggressively pursue tokenization. Three opportunity tiers exist: sponsor banks can partner as stablecoin issuers and BIN sponsors, regional banks can help customers with cross-border payments and MSB corporate treasury management, and both regional and GSIBs can become primary corporate "wallets", collapsing multiple bank relationships into single interfaces while capturing onchain lending opportunities as all deposits and treasury eventually tokenize. Historical precedent shows merchants create money when existing systems are too slow or inefficient, from the UK's 1770s coin shortage to the US' 1830s gold supply issues, with stablecoins solving 24/7 global platform and AI micropayment bottlenecks that 20th-century money cannot meet.
</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%2F1977418696428536180.html%3Futm_source=tldrcrypto/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/O_3ljRDNXD60QBvhgj2H_UYLwDIKr0inZorc1OC7PWg=427">
<span>
<strong>Who is Nick Szabo? (4 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Nick Szabo invented Bit Gold in 1998 using proof-of-work puzzles, timestamping, Byzantine fault tolerance, and cryptographic chains that became direct predecessors to Bitcoin's design, coined "smart contracts" in 1994, envisioning computerized protocols executing automatically without intermediaries. He participated as an original 1990s Cypherpunk fighting NSA surveillance, with his core philosophy that "trusted third parties are security holes" becoming Bitcoin's trustless foundation. Linguistic analysis by Aston University identified Szabo as the likely Bitcoin whitepaper author, while Wei Dai claimed only "Nick Szabo and me" had the ability to build Bitcoin, though Szabo denies being Satoshi, and despite early Ethereum support resulting in a denomination named after him, he's since turned critical.
</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%2Fx.com%2F0xcoconutt%2Fstatus%2F1975853429151944929%3Futm_source=tldrcrypto/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/csb4CCATAaVLlxLiKOxsMXVvftJN8zQp8JWhgtCIAxM=427">
<span>
<strong>Stablecoins Don't Win by Minting. They Win by Moving (9 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
USDT and USDC dominate 85% of stablecoin supply not through branding or liquidity alone but through distribution moats built over years of integrations across every exchange pair, DeFi protocol, OTC desk, and on/off-ramp, demonstrating that issuance is a product challenge while distribution is an ecosystem challenge requiring network effects. Ethena's USDe reached $12 billion as the fastest stablecoin to hit $10 billion through horizontal distribution embedding in Aave for leveraged loops and Pendle for yield tokenization, while Hyperliquid's USDH exemplifies vertical distribution embedded directly in platform usage loops, contrasting with PayPal's PYUSD which despite 400 million users sits at only $2-2.5 billion supply because distribution only matters when connected to real use cases. A new mental model separates transacting stablecoins like USDT/USDC with high velocity and deep integration from holding stablecoins like wallet-issued tokens optimized for yield and safety with low velocity, suggesting wallets could route idle balances into "staked dollars" that earn returns without manual interaction. The next opportunity lies in orchestration layers that restore stablecoin fungibility across issuers by autonomously reading and converting different stablecoins into USD, solving the fragmentation problem as over $140 billion sits idle while less than 10% engages actively 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%2F1977862822358028775.html%3Futm_source=tldrcrypto/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/Yk7ug_QACS9b-9goMS2LrJqk96KjChq5P9f4yplGRR0=427">
<span>
<strong>Crypto Must Move Beyond the Casino (2 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
The recent market chaos is a wake-up call for crypto's dependence on speculation. The industry must fix its market structure, bridging onchain and offchain systems, and stop leading with “50x leverage products.” Instead, builders should focus on stablecoins, programmable money, and global capital markets that drive real-world economic growth. If more than half of onchain activity in five years isn't tied to real GDP, “we've failed.”
</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%2Flinks.tldrnewsletter.com%2FQSUL21/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/haqqPTjol7evu8-oWqJH0Skvml_hLoCPRN0c4wth6Xg=427">
<span>
<strong>Circle Partners with Safe for Institutional USDC Storage (2 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Circle has named Safe, the multisig smart account platform securing over $60B in digital assets, as its “premier institutional storage solution” for USDC.
</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%2F1977195903749652808.html%3Futm_source=tldrcrypto/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/0IKhZFz3mjeVXJZSFQ6lxeDQaMGUVPCb8hEkKEdOYTw=427">
<span>
<strong>Steak ‘n Shake Will Only Accept Bitcoin Payments (1 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
After pushback from the Bitcoin community, Steak ‘n Shake will not consider adding Ethereum payments and instead maintain opinionated around Bitcoin.
</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%2F1977744541382787334.html%3Futm_source=tldrcrypto/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/Wd7pxTSEHCyPNJ-nz1W7rCdDi8JrkCehRAUNRFJrUgI=427">
<span>
<strong>Monad Airdrop Claim Live (1 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Monad's MON token is now claimable for early ecosystem users and select NFT holders.
</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%2F1977810393348346005.html%3Futm_source=tldrcrypto/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/a1jkD8UZIoa30DK5jxjwpZAO2lLyTSBk0TYu_xMHbcs=427">
<span>
<strong>Reddit Removing NFTs (1 minute read)</strong>
</span>
</a>
<br>
<br>
<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
After a multi-year trial run with collectible avatars and crypto wallets associated with accounts, Reddit announced it's shutting down this initiative at the start of next year.
</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%2F6/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/zzYjkC5BWcJO3TeSyWEZk3vyqyPxX3D7zCFo1_c7urI=427" 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%2F6/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/KDl6YSzCrX4rwptxwsZ_r6X9idCLhaw82fRawI4ajw8=427" 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/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/9hzK1_YpkS6A3FeTNNpasZFwway7mHQCd6WKAxdsHWI=427"><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/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/3lSKZFDj9ux2xBZzmHTV97v4GA2Nq-vPteL_FNpWatA=427" 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/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/vDr_L7z2U7usjl-tWmmE9J553j-LNKVFVSjlnsZ2Gow=427"><span>Esham Macauley</span></a> & <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.linkedin.com%2Fin%2Flincolnmurr%2F/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/4UIZWgvOeslRbIYW59eUmjIsJ-3_1svFNzg3Y-elCmI=427"><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/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/lQPmhvtdBGSZFheI8X20HKdgOtOpIkeqT4M9zqI3ONM=427">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=890fb642-a9a5-11f0-a3d7-1b7960e74724%26pt=campaign%26pv=4%26spa=1760529677%26t=1760530945%26s=cf9e75986f0ac765d6af30d80939069298e601d1fcb6448db229ea7cf31661df/1/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/CwMqW29I3m9IQOFDzxVP8tZg_uCbZNYprfO0eEwIFlA=427">unsubscribe</a>.
<br><br> **This is a paid advertisement provided to you by Galaxy Digital Inc and its affiliates (“Galaxy Digital”) solely for informational purposes. Additional information on the company and risk factors related to the offering can be found at https://www.galaxy.com/email-disclaimer-2025
</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/CI0/01000199e7d2544f-87c9f7bd-5fd5-41af-b147-fcd006c5dcd3-000000/4dZhrv3z_Epqxq7kLY6oxKD4dVeGhMC_irPdi-ywRCY=427" style="display: none; width: 1px; height: 1px;">
</body></html>