TLDR Index
TLDR Crypto

TLDR CRYPTO 2025-06-06

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01MARKETS & BUSINESS

CIRCLE PRICES IPO AT $31 PER SHARE, VALUATION AT $6.9 BILLION

Circle priced its NYSE IPO at $31 per share, above the original $24–$26 range, selling roughly 34 million shares to raise $1.1 billion and achieve a $6.9 billion valuation. The stablecoin issuer, known for USDC, will begin trading under the ticker “CRCL” on Thursday, marking the second major crypto IPO under the Trump administration. Circle's public debut provides access to deeper capital markets and heightened regulatory scrutiny amid legislative momentum for clearer stablecoin rules. This offer follows an aborted SPAC attempt in 2021.

coindesk.com5 min read

JPMORGAN TO ACCEPT CRYPTO ETFS AS COLLATERAL FOR LOANS

JPMorgan will allow clients to use crypto exchange-traded funds as collateral for loans beginning with BlackRock's iShares Bitcoin Trust. The bank will also include crypto holdings when calculating client net worth, treating digital assets similarly to traditional ones in determining borrowing capacity. This initiative aligns with broader industry shifts after the Federal Reserve lifted guidance discouraging bank crypto activities and the OCC clarified that banks can custody customer crypto assets.

cointelegraph.com3 min read

02INNOVATION & LAUNCHES

LEVEL: ONCHAIN BANKING PROTOCOL

Level has built an onchain banking protocol that aggregates USDC and USDT deposits, allocates them to low-risk lending strategies, and issues a single fungible stablecoin, lvlUSD, backed by the pooled receipt tokens. By accepting both native stablecoins and existing receipt tokens, Level solves fragmentation in DeFi lending and expands the on-chain money supply through transparent, programmable fractional-reserve operations. All reserve allocations and lending positions are fully onchain and auditable, combining the productivity of fractional-reserve banking with DeFi's transparency.

links.tldrnewsletter.com13 min read

SIDEBAR: COINBASE'S FOUR-STEP PLAN FOR AFRICAN BUILDERS

Coinbase's new West Africa lead, Damilare Aregbesola, is rolling out a four-part Base Batch program aimed at helping African builders go beyond hackathons with sustained access to funding, mentorship, and global exposure. The initiative includes workshops, a buildathon, a world-class incubator, and a global demo day offering up to $1M in funding. Aregbesola highlights stablecoins as the most impactful blockchain use case in Africa today, urging builders to focus on solving core financial challenges before chasing newer trends.

mariblock.com3 min read

03GUIDES & TUTORIALS

UNDERSTANDING FLUID: A COMPREHENSIVE OVERVIEW

Fluid's Liquidity Layer unifies onchain capital by pooling deposits into multisided lending, vault, and DEX protocols, allowing users to earn yield while enabling overcollateralized borrowing and efficient asset swaps. Its Vault protocol's range-based liquidation engine supports up to 95% LTV with minimal penalties, and its “Smart Collateral” and “Smart Debt” primitives let collateral and debt positions double as DEX liquidity, driving over $10 billion in USDC–USDT volume. Since rebranding from Instadapp in late 2024, Fluid has grown to nearly $2 billion in deposited collateral and surpassed $46 billion in DEX trading volume across Ethereum and its Layer 2s, all governed by FLUID tokenholders. Upcoming upgrades include a modular, gas-efficient DEX V2 and a Solana launch via Jupiter Lend.

links.tldrnewsletter.com45 min read

HOW TO CREATE YOUR OWN BRAND IN CRYPTO

It's important to be clear, consistent, and connect: focus on your niche, deliver value, and engage with your audience and fellow creators. Be opinionated, human, and experimental. Make sure you recycle strong ideas, don't overuse AI, and build a recognizable voice. Most importantly prioritize authenticity and positivity.

threadreaderapp.com2 min read

04MISCELLANEOUS

ETHENA HITS LOWEST FDV/REVENUE RATIO

Ethena's FDV/Revenue ratio dropped to a cycle low of 12.6 in May, signaling stronger revenue efficiency as USDe climbs back to a $5.7B market cap, just 5% below its all-time high. This financial strength fuels bullish sentiment for the Converge stack, powered by Arbitrum, Celestia, Ethena, and Securitize.

threadreaderapp.com2 min read

FARMING AIRDROPS IN THE KAITO ECOSYSTEM

By staking $KAITO on Kaito Earn, users can earn $sKAITO and become eligible for side airdrops from projects integrating with the Kaito ecosystem. Confirmed campaigns include Huma, Sunrise Layer, Skate, Camp Network, Humanity Protocol, and more, each allocating 0.2–1.5% of their token supply to stakers and top contributors.

threadreaderapp.com2 min read