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<div style="display: none; max-height: 0px; overflow: hidden;">The New York Stock Exchange is developing a platform for trading and onchain settlement of tokenized securities that will enable 24/7 operations </div>
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<h1><strong>TLDR Crypto <span id="date">2026-01-20</span></strong></h1>
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<strong>Stop forcing crypto users through TradFi verification processes (Sponsor)</strong>
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Legacy KYC tools = slow onboarding + frustrated crypto users. Learn 18 tactics to speed up verification, stop fraud, and stay compliant — without adding friction.<p></p><p><a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwithpersona.com%2Fguides%2F18-kyc-tactics-crypto%3Futm_source=tldr%26utm_medium=paid-partner%26utm_audience=p%26utm_campaign=acq_gen_ds_crypto-fy25q4_18-kyc-tactics-crypto_20260120/3/0100019bdb8e094f-4ca999cd-9928-4557-8961-2283cc9d5284-000000/xSQjkJCo8Xt28HIE8-XSVPPlaSDhqaDJ2TKQ47RFTP4=441" rel="noopener noreferrer nofollow" target="_blank"><span>This Persona guide</span></a> is <strong>built specifically for crypto's unique challenges. </strong>Read it for:</p>
<p>✅ Strategies that go beyond basic compliance to boost conversion rates</p>
<p>🔧 Configurable flows that adapt to user type, risk, and region</p>
<p>🛣️ Pathways to building trust with users, bank partners, and regulators</p>
<p>Stop pushing crypto users through banking-style processes. <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwithpersona.com%2Fguides%2F18-kyc-tactics-crypto%3Futm_source=tldr%26utm_medium=paid-partner%26utm_audience=p%26utm_campaign=acq_gen_ds_crypto-fy25q4_18-kyc-tactics-crypto_20260120/4/0100019bdb8e094f-4ca999cd-9928-4557-8961-2283cc9d5284-000000/689biuWDglqfQUYx_vSxVjniaBXmDGulGs_eDhpcAg8=441" rel="noopener noreferrer nofollow" target="_blank"><span>Preview 8 tactics</span></a> now and unlock 10 more in the <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwithpersona.com%2Fguides%2F18-kyc-tactics-crypto%3Futm_source=tldr%26utm_medium=paid-partner%26utm_audience=p%26utm_campaign=acq_gen_ds_crypto-fy25q4_18-kyc-tactics-crypto_20260120/5/0100019bdb8e094f-4ca999cd-9928-4557-8961-2283cc9d5284-000000/nBExyl9mxzprSIpXIcfhmcv25q9QuoZiQtJ0s-0WvCg=441" rel="noopener noreferrer nofollow" target="_blank"><span>full guide</span></a>.
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<strong>New York Stock Exchange Develops Tokenized Securities Platform (5 minute read)</strong>
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The New York Stock Exchange is developing a platform for trading and onchain settlement of tokenized securities that will enable 24/7 operations, instant settlement, fractional share trading, and stablecoin-based funding. Subject to regulatory approvals, the platform will combine NYSE's Pillar matching engine with blockchain-based post-trade systems that support multiple chains, and will create a new NYSE venue for tokenized shares fungible with traditional securities as well as natively-issued digital securities. Tokenized shareholders will receive traditional dividends and governance rights. The initiative is part of parent company ICE's broader digital strategy to prepare its clearing infrastructure for 24/7 trading.
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Bitcoin fell back toward $92,000, sparking over $750M in long liquidations, as Greenland-linked US-EU tariff-war headlines hit a market already weakened by delays to US crypto market structure legislation and broader crypto-specific underperformance. The NYSE is also developing a 24/7 platform for trading and onchain settlement of tokenized US equities and ETFs, targeting fractional trading, instant settlement, and stablecoin-funded flows pending regulatory approval.
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<strong>Ethereum Self-Sovereignty (3 minute read)</strong>
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Vitalik Buterin outlines an ambitious 2026 roadmap to reverse a decade of centralization drift in Ethereum's infrastructure and user experience. Core technical initiatives include ZK-EVM and BAL to reduce full node requirements, Helios for trustless RPC verification, ORAM/PIR for privacy-preserving data queries, and social recovery wallets with timelocks to eliminate seed phrase dependency without introducing custodial backdoors. The plan also addresses privacy censorship resistance through ERC-4337 mempool integration with native account abstraction (AA) and FOCIL, alongside IPFS-based decentralized application interfaces.
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<strong>Ethereum Emerges as the Institutional Backbone for Tokenized Finance (4 minute read)</strong>
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This post highlights 35 recent examples of global institutions building on Ethereum's stack, spanning tokenized stocks and ETFs, money market funds, deposit tokens, stablecoins, AI-driven payments, and 24/7 settlement across banks, asset managers, fintechs, and Big Tech. Ethereum is the preferred base layer and L2 ecosystem for regulated tokenization, staking products, and programmable capital. It is the settlement rail for institutions moving real-world assets and financial infrastructure onchain at scale.
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<strong>What if you could spend crypto like cash? (Sponsor)</strong>
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There's plenty of cards that help you save crypto. <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Finvest.amararewards.com%2F%3Fo=459%26cp=5191%26a=3514%26cid=2185%26m=56%26p=f%26s1=secondary_012025%26utm_source=tldr_%26utm_campaign=secondary_012025/1/0100019bdb8e094f-4ca999cd-9928-4557-8961-2283cc9d5284-000000/7zO1tsgk3u7grJzlrHQi4JR2U5b-1EgF_TflYOLlJG4=441" rel="noopener noreferrer nofollow" target="_blank"><span>AMARA</span></a> lets you spend it. Built on the $EMBR token, AMARA offers a charge-card-based spend layer funded by card receivables. Early investors can earn bonus shares and priority access to $EMBR. <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Finvest.amararewards.com%2F%3Fo=459%26cp=5191%26a=3514%26cid=2185%26m=56%26p=f%26s1=secondary_012025%26utm_source=tldr_%26utm_campaign=secondary_012025/2/0100019bdb8e094f-4ca999cd-9928-4557-8961-2283cc9d5284-000000/HfEP9uLPI7tr-r8vI2kudmBxDdeZq7r4mVyq5D7yMQA=441" rel="noopener noreferrer nofollow" target="_blank"><span>Invest now</span></a>
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<strong>Morpho 2026 (4 minute read)</strong>
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Morpho scaled from 67,000 to 1.4M+ users in 2025, with deposits growing from $5B to $13B and active loans reaching $4.5B, powered by major institutional integrations including Coinbase's crypto-backed loans (DeFi's largest integration to date), plus Crypto.com, Gemini, Societe Generale Forge, and Bitget. RWA deposits surged from near-zero to $400M by Q3 2025, signaling accelerating institutional adoption. Most large institutions now have active DeFi teams and research, with 2026 expected to convert this interest into concrete deployment.
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Cantor Fitzgerald's initiation of coverage on single-token DATs like PURR and HYPD (both holding Hyperliquid's HYPE) represents the most detailed Wall Street sell-side research on an individual crypto asset to date, enabled by banks' ability to profit from trading DAT equities rather than tokens directly. The DAT structure solves a critical incentive misalignment by creating equity vehicles that attract institutional and retail capital more effectively than raw tokens. However, DATs face a fundamental conflict between their dual mandate of accumulating tokens at low prices while simultaneously driving token appreciation for NAV growth.
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<div style="text-align: center;"><strong><h1>Miscellaneous</h1></strong></div>
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<strong>The Hidden Dangers & Costs of Tokenized Assets (5 minute read)</strong>
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Tokenized gold products PAXG and XAUT suffer from exponential slippage, while CME Gold Futures maintain under 3 bps slippage at $20M – a liquidity gap of multiple orders of magnitude. Two Binance PAXG flash events in mid-October 2025 cascaded through oracle dependencies to liquidate $6.84M in longs and $2.37M in shorts on Hyperliquid. Market makers face structural barriers, including 10-50 bps minting fees, KYC/custodian requirements, and T+1 to T+5 redemption windows that make tokenized asset inventory effectively illiquid.
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<strong>Vitalik Calls for “Better DAOs” Beyond Token-Holder Voting (2 minute read)</strong>
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Vitalik Buterin argues today's token-holder voting DAOs are inefficient and vulnerable to capture, and says the ecosystem needs different and better DAO designs that actually address the weaknesses of human politics. He points to higher-stakes needs like better oracle architectures for stablecoins and prediction markets, onchain dispute resolution, curated security lists, fast funding for short-term efforts, and long-term maintenance, while calling out privacy and decision fatigue as the two biggest blockers that ZK (for private governance) and selectively used AI (to reduce fatigue without replacing human judgment) could help solve.
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<h1><strong>Quick Links</strong></h1>
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<strong>x402 Hackathon Winners (1 minute read)</strong>
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The Ethereum Foundation's Developer Acceleration Team announced winners from the recently concluded x402 Hackathon, showcasing projects building infrastructure and tooling on the x402 protocol to advance AI development on Ethereum.
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<strong>Ethereum Staking Locks Nearly Half of ETH Supply (1 minute read)</strong>
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~77.8M ETH, about 46.6% of total supply, is now locked in Ethereum's validator deposit contract, up ~38% year over year with zero exit queue and over one million validators.
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<strong>Perps Volume Surges Past Spot DEXs as Solana Lags (1 minute read)</strong>
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Perpetuals trading volume is now roughly 3x spot DEX volume, with Hyperliquid leading 30-day perp volume and Solana only barely cracking the top 10 at about $31.3B.
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<strong>Tokenized Assets Hit Fresh All-Time Highs Across the Board (1 minute read)</strong>
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Token Terminal data shows stablecoins ($307.7B), tokenized funds ($14.2B), tokenized commodities ($4.3B), and tokenized stocks ($456.5M) have all reached new all-time high market caps.
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