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THE DAILY INDEX

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TLDR Crypto

MONEYGRAM TEAMS UP WITH FIREBLOCKS TO EXPAND STABLECOIN PAYMENTS

MoneyGram partnered with Fireblocks to power stablecoin payments and cross-border settlements across its 200+ country network, reducing pre-funding requirements and enabling real-time treasury operations through multi-blockchain stablecoin transfers. The integration allows near-instant digital wallet arrivals for recipients using USDC while MoneyGram reconciles payments faster on the backend, reducing friction from local banking systems and capital requirements. Fireblocks, which has secured over $5 trillion in annual digital asset transfers, will act as the programmable layer routing value across chains and jurisdictions.

ETHVAL V0.4.3: TRACKING FUSAKA'S SUPPLY EXPERIMENT

ETHval just shipped a “Supply Dynamics” dashboard to watch what Fusaka does to ETH inflation/deflation in real time. Fusaka boosts Ethereum's gas limit from 36M to 60M and massively expands blob capacity, so fees per transaction should fall at first. It is still debated whether cheaper blockspace makes ETH inflationary (because burn drops), or whether it pulls in so much extra activity that total burn still beats issuance, and ETH stays scarce. ETHval now surfaces gas utilization, daily burn/issuance, net supply, base fee, blob activity, and TVL so you can see which way the experiment goes.

TETHER IN 2025: A CAPITAL ANALYSIS

Tether is like an unregulated bank rather than a simple money transmitter. Depending mostly on how harshly you treat BTC, Tether's total capital ratio ranges from ~10.9% (OK vs minimal regulatory standards) down to ~3.9% (bad vs market norms). Group-level profits and equity look big, but most sit outside the actual reserve entity and aren't legally committed to back USDT redemptions, so they can't be counted as true regulatory capital.

WHAT ACTUALLY HAPPENS WHEN YOU SUBMIT A TRANSACTION

Ethereum transaction processing moved from validators building their own blocks to specialized block builders dominating the process through MEV-Boost relays that auction optimally-ordered blocks to validators selecting the most profitable bids. Transactions propagate through decentralized mempools where each node maintains local versions and compete on fees rather than arrival time, with wallets signing and broadcasting via RPC nodes like Alchemy before builders bundle transactions to capture MEV opportunities. Confirmation arrives after one 12-second slot when the majority attests the block, while finalization requires 12.8 minutes, providing cryptographic permanence that requires one-third of staked ETH to reverse.

PEERDAS: HOW FUSAKA MAKES L2S CHEAPER

Fusaka's main feature, PeerDAS, changes how Ethereum stores blob data. Instead of every node keeping full copies of each blob, nodes only store a small slice of every blob while still being able to verify that the full data exists. That means the network can safely handle many more blobs per block, which lowers data-availability costs for rollups. More blobs per block means cheaper L2 data and cheaper L2 transactions for users.

CAN L1S COMPETE WITH BTC AS MONEY?

Most of crypto's value is really a bet on “cryptomoney”, BTC plus L1 tokens that the market hopes can act like money one day. When you strip out TRON/Hyperliquid, L1 revenues have fallen, while their price-to-sales multiples have exploded (40x to 500x+), meaning valuations are being driven far more by monetary premium than by cash flows. Against that standard, almost all major L1s have underperformed BTC since late 2022. Even Solana, whose fundamentals went from 20 to 30x, only managed an 87% outperformance (at one point) versus BTC. BTC's claim as cryptomoney is strengthening while the “maybe we'll be money later” story for most L1s is quietly breaking.

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