CRYPTO IS GETTING COOPTED BY FINTECH

Summary from the TLDR Crypto newsletter

Custodial stablecoin issuers now functionally control crypto, with technical ability to freeze assets across major DeFi protocols like Aave and social influence that delayed legislation like the CLARITY Act due to centralized yield concerns. Tokenized securities risk replicating this centralization if intermediaries like DTCC – whose affiliate Cede holds 83% of US public equities – become the dominant "power sub-issuers" onchain, effectively reducing crypto to backend infrastructure for legacy fintech players. MetaLeX Labs focuses on enabling direct onchain securities issuance by companies without intermediaries, aiming to diversify the issuer base and prevent concentration of control.