Onchain spot equities will follow the same path as stablecoins. Once dollars increasingly live onchain, it becomes natural for users to buy and hold other assets (like equities) on the same rails. This is because onchain will become the default home for folks' portfolios. The real unlock isn't convenience (24/7 and faster settlement) but new utility, especially permissionless securities lending (more yield passed to holders) and borrowing against equities without the typical brokerage gatekeeping.
2026.01.01·links.tldrnewsletter.com·4 min read·TLDR Crypto Coinbase Institutional forecasts that the stablecoin market cap will reach $1.2T by the end of 2028, driven by regulatory clarity and institutional adoption.
2026.01.01·links.tldrnewsletter.com·4 min read·TLDR Crypto Maple Finance will focus on transparency, automation, and global access as core differentiators in the institutional DeFi lending space.
Bitcoin's “digital gold” narrative looks weaker this cycle because BTC hasn't moved like a crisis hedge while gold and silver have.
MONY is a tokenized money market fund on the Ethereum mainnet.
VanEck's David Schassler predicts Bitcoin will be a "top performer" in 2026 after lagging the Nasdaq 100 by roughly 50% year-to-date, with the firm actively buying ahead of expected liquidity return and currency debasement acceleration. Gold surged 70% this year to $4,492, with Schassler targeting $5,000 in 2026 as funding future liabilities increasingly relies on money printing, pushing investors toward scarce stores of value. Bitcoin historically responds sharply when debasement ramps and liquidity returns, with the thesis intact despite 2025's weakness reflecting softer risk appetite and tight liquidity conditions.
Aave's community fractured over a proposal transferring brand control from Aave Labs to the DAO following CoW Swap fees flowing to Labs instead of the treasury, with the dispute centered on who controls trademarks, domains, and social accounts for the $33 billion TVL protocol. Labs supporters argue that company autonomy enables faster execution and competitive shipping, as "DAOs are structurally incapable" of product velocity, while DAO advocates led by Marc Zeller argue token holders bearing economic risk should control branding since independent service teams maintain the protocol. The vote currently shows 58% against transfer, with one-third abstaining ahead of Friday's conclusion, as other protocols watch with growing concern. AAVE fell 18% over the week as the dispute deepened beyond typical crypto market weakness.
Browserbase partnered with Coinbase to enable LLMs to discover services through x402 Bazaar and autonomously pay per browser session via instant USDC settlement, eliminating API keys, billing setup, and human approval for agent-driven web automation. Coinbase Business handles settlement with automatic yield on idle balances, institutional custody, and real-time visibility as agents spin up browsers, navigate live websites, and extract data programmatically. The integration unlocks workflows where agents use the web by interacting with real pages and interfaces while paying for compute autonomously without reconciliation work or fraud risk.
Ghana passed the Virtual Asset Service Providers Bill, legalizing crypto trading and requiring entities to register with the Bank of Ghana or Securities and Exchange Commission, depending on activity type, with Governor Johnson Asiama confirming "no one is going to be arrested" for trading under the new framework. The country processed $3 billion in crypto transactions from July 2023 to June 2024, with 17% of adults using crypto, positioning the legislation to manage risks in an already-active market. Ghana plans targeted exploration of asset-backed digital settlement instruments, including gold-backed stablecoins in 2026, focused on payments, trade finance, and FX settlement to lower costs, expand access, and strengthen compliance.
2025.12.24·links.tldrnewsletter.com·3 min read·TLDR Crypto 2025 was the year Ethereum graduated into real financial infrastructure. It experienced rapid protocol progress (e.g., Pectra and Fusaka, higher gas limits, cheaper transactions, and more blob capacity), plus institutional and regulatory milestones (stablecoin framework via GENIUS Act, SEC staking guidance, JPMorgan/BlackRock tokenization momentum). Ethereum's L2 ecosystem, DeFi, and privacy tooling have matured materially. AI-agent commerce rails (e.g., standards + micropayments) are also beginning to land on Ethereum.
2025.12.24·links.tldrnewsletter.com·6 min read·TLDR Crypto A common narrative is that vaults and curators own distribution, so they'll capture the economics. However, lending protocols (e.g., Aave and Spark) often earn more than the vaults built on top of them because they skim a reserve factor on interest paid on borrowed notional, while vault fees are usually charged on TVL. Aave and Spark capture multiples of vault revenue per unit of TVL and, in aggregate, even rival or beat upstream issuer economics (e.g., staked ETH issuers) in today's market structure.
2025.12.24·links.tldrnewsletter.com·8 min read·TLDR Crypto The post argues that the easy, mostly delta-neutral 20-30% crypto yield era is largely over as the biggest historical yield sources (e.g., airdrops/points, perp incentives, basis trades, etc.) compress. With baseline yields (e.g., sUSDe) down sharply versus 2024, many yield products will either die or take hidden risks. The next frontier is onchain options selling (covered calls, call spreads, cash-secured puts) as a scalable way to earn yield by explicitly warehousing volatility rather than hunting temporary loopholes.
2025.12.24·links.tldrnewsletter.com·9 min read·TLDR Crypto Bittensor (TAO) is in the quiet infrastructure-building phase that preceded massive outcomes in Amazon, Bitcoin, Ethereum, Netflix, Tesla, and the market is mispricing it because it's complex, early, and noisy. Subnets are shipping quickly, there are early signs of real demand (a few subnets claiming paying customers and high performance), and improving market access (e.g., trust and ETP products).
2025.12.24·links.tldrnewsletter.com·15 min read·TLDR Crypto Aave's onchain protocol is owned and governed by the DAO, but a lot of the offchain items are controlled by Aave Labs.
BitMine reportedly bought 29,462 ETH ($88M) via BitGo and Kraken, though the specific transfers haven't been officially confirmed by BitMine.
2025.12.24·links.tldrnewsletter.com·1 min read·TLDR Crypto SYRUP is outperforming other money markets, primarily driven by leading growth, yield, and revenue metrics.
The ETHZilla DAT sold $74.5M ETH in a bid to grow its RWA tokenization business.
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Tokens on traditional blockchains are capital with fluctuating value, but they're also used for transaction and operational fees. This makes costs unpredictable, creates volatile markets for digital assets, and limits liquidity.
Binance processed $1.7 billion through suspicious accounts, including $144 million after its November 2023 $4.3 billion settlement, with 13 flagged accounts receiving $29 million from wallets later frozen by Israel and sanctioned by the US for Hizbollah and Iran connections. One Venezuelan account moved $93 million from terror-linked networks while another changed bank details 647 times in 14 months across 496 unique accounts, with physically impossible login patterns going undetected despite two independent monitors appointed in May 2024. Trump's October pardon of Binance founder Changpeng Zhao loosened the compliance environment, as the Trump family expanded business ties through World Liberty Financial's massive USD1 stablecoin rollout on Binance.
Ghana's parliament has passed the Virtual Asset Service Providers Bill, legalizing crypto trading and requiring digital-asset participants to register with the Bank of Ghana or the SEC, depending on activity type. Ghana also signaled a 2026 focus on payments and FX settlement and will explore asset-backed digital settlement instruments, including gold-backed stablecoins.
2025.12.23·links.tldrnewsletter.com·2 min read·TLDR Crypto Coinbase has entered into an agreement to acquire The Clearing Company. The acquisition adds specialized talent powering regulated onchain markets alongside the platform's existing crypto, derivatives, and equities offerings, expected to serve millions trading real-world event outcomes. The transaction is subject to customary closing conditions, with completion expected in January. Coinbase positions prediction markets as a natural fit for its unified asset class trading vision.
2025.12.23·links.tldrnewsletter.com·5 min read·TLDR Crypto Tempo is prototyping subscription payments using access keys. After a user signs up and funds the account, they approve a recurring charge (demo'd as once-per-minute to mimic monthly billing) that continues until the user cancels. A screenshot in the thread shows the full flow: 1. create account, 2. add testnet funds, 3. Approve, 4. recurring charges, 5. cancel.
Creator Coins on Zora and Base are failing because platforms frame them as investment opportunities through trading contests and "green/red" categories rather than fan support tools, creating pump-and-dump cycles where early snipers and bots profit while late participants absorb losses, destroying community trust. Most creators lack audiences that sustain ongoing demand beyond initial Jesse Pollak amplification and platform features, with trading fees peaking in hours then vanishing as prices fall when temporary attention fades. Web2's sustainable model shows fans spending on merch, donations, and virtual gifts without profit expectations, suggesting Creator Coins should function as loyalty tokens and Content Coins as onchain tip jars where value flows from appreciation, not speculation.
2025.12.23·links.tldrnewsletter.com·5 min read·TLDR Crypto Fintech hyperscalers Nubank, Klarna, and Revolut reached 127 million, 114 million, and 65 million customers, respectively, as the sector bifurcated between neobanks targeting mass affluent, stablecoins attacking corporate cross-border rails, and AI unbundling asset manager workflows, though only Stripe deployed industry-specific foundation models driving earnings despite AI assisting one in six Black Friday purchases. Banks posted record years through M&A tailwinds as prediction markets had their breakout with Wall Street making strategic bets, positioning platforms as price discovery rather than gambling. Financial nihilism emerged as a political force as consumers abandoned 60/40 portfolio retirement belief due to housing costs breaking the social contract, while open finance quietly succeeded as cash flow data was integrated into Experian and FICO scoring.
Aave Labs advanced a brand-rights proposal to Snapshot vote without author Ernesto Boado's consent, prompting accusations of a "hostile takeover attempt" from Marc Zeller, who criticized the holiday timing and recent wave of new delegations with sizable voting power. Boado called the action "disgraceful" and urged abstention as the proposal seeks to give AAVE token holders explicit control of domains, social handles, GitHub organizations, and naming rights currently stewarded by Aave Labs and BGD Labs. Aave Labs defended the move as following documented governance rules requiring a five-day ARFC minimum before voting, arguing prolonged debate was "hurting the Aave brand" and critics were trying to rewrite rules because they lacked votes. The dispute escalated earlier tensions over CoW Swap revenue allegedly diverted from the DAO treasury and a "poison pill" proposal suggesting the DAO absorb Aave Labs entirely, as the AAVE token slumped over 10% in 24 hours.
2025.12.23·links.tldrnewsletter.com·6 min read·TLDR Crypto 2026 will be defined by AI agents becoming “more expensive than people” in business, a major liquidity/IPO + M&A comeback, and the stack evolving toward long-horizon autonomous agents (8+ hour workstreams), agent observability, and agent-driven database stress. On crypto, 30% of international payments will be issued via stablecoins by December, and Cloudflare will become a gatekeeper for agentic payments via the x402/HTTP 402 Payment Required pattern.
The broad crypto market is one of the few asset classes down in 2025, and altcoin performance was an abysmal -42%.
Repeated blowups show token holders often lack real ownership if teams/founders can unilaterally change economics.
USDH just hit a new ATH in transfer volume, with greater than $1.8B moved over the last 3 weeks inside the Hyperliquid ecosystem.
Strategy (MSTR) raised about $748M by selling common shares.
2025.12.23·links.tldrnewsletter.com·3 min read·TLDR Crypto Sponsored
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Representatives Max Miller and Steven Horsford proposed amending the IRS Code to exempt stablecoin transactions under $200 from capital gains taxes if issued by GENIUS Act-permitted issuers pegged to the dollar with stable trading ranges, while excluding brokers and dealers from the benefit. The draft allows taxpayers to defer income recognition on staking and mining rewards for up to five years rather than immediate taxation, addressing "phantom income" concerns, and extends securities lending treatment to digital asset lending arrangements.
Coinbase filed federal lawsuits against Connecticut, Michigan, and Illinois, arguing that prediction markets fall under the CFTC's exclusive federal jurisdiction rather than state gaming boards. The Illinois Gaming Board issued cease-and-desist letters to Kalshi, Robinhood, and Crypto.com in April over sports event contracts, claiming state law violations. Chief Legal Officer Paul Grewal argues Congress deliberately excluded only specific commodities like onions from CFTC jurisdiction, making all other subjects, including sports, federally regulated.
Quantum computing is transitioning from “remote theory” to a plausible engineering timeline, and Bitcoin's slow governance means the network needs to start post-quantum prep now, not when a “Q-day” headline hits. The core fears include keys getting cracked, panic, contentious forks, and institutional confidence breaking if the community has to decide under duress. Furthermore, there's a world where millions of BTC in old “pay-to-public-key” outputs (including Satoshi-era coins) that can't be proactively migrated, forcing a future decision between freezing them or letting a quantum-capable attacker scoop them.
2025.12.22·links.tldrnewsletter.com·10 min read·TLDR Crypto JPMorgan launched its JPM Coin tokenized deposits on Coinbase's Base blockchain, driven by institutional demand for bank deposit products on public chains that can be interest-bearing, unlike stablecoins restricted by the GENIUS Act. The permissioned, whitelisted JPMD serves clients using Coinbase for crypto transactions as collateral and margin payments, offering different risk profiles than stablecoins or off-chain bank accounts with cutoff time issues. Tokenized deposits are the "cousin of stablecoins" as banks face interoperability challenges exporting products beyond their four walls versus stablecoins' broader distribution. The bank maintains sole control over the smart contract with proper key storage and role separation, positioning public blockchain infrastructure as the destination for innovation and customer activity.
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~80% of this year's themes show up in Messari's 2026 thesis, with standout sections on “crypto money,” “TradFi x crypto,” and “decentralized internet finance.” Most L1s can't rely on fee capture in a cheap-blockspace world, so they lean on “monetary premiums” (belief-based value), but only a few assets can sustain that. Messari's ETH framing is ultimately also slightly contradictory, as they are bearish on fees/revenue share and bullish on “winning sectors” like RWAs. RWAs may simply be low-velocity (vault-like), so they don't translate into high chain revenue.
2025 is a year where prices ended roughly flat-to-down despite real institutional progress, whereas 2026 is about activation. Stablecoins will push deeper into payments, and tokenized assets will move into mainstream collateral/settlement. Galaxy's 26 calls range from big-picture (stablecoins overtaking ACH volume, and corporate/permissioned L1s doing real settlement) to very specific (DEX spot share >25%, Polymarket weekly volumes >$1.5B, and more ETF launches).
Stablecoin transaction volume roughly doubled YoY, but the growth isn't mainly consumers buying coffee. The biggest slices are Internal transfers and B2B flows, with retail-like categories (P2P/P2B/B2P) much smaller in comparison. There's also a clear weekday greater than weekend pattern, which is exactly what you'd expect if stablecoins are increasingly used as business settlement plumbing.
The AI x crypto theme evolved from 2023's decentralized data marketplaces and compute sharing to 2025's autonomous agents managing assets and executing trades. Bittensor surpassed $10 billion market cap as x402 payment protocols enable seamless high-volume settlements without human oversight. Agentic tooling revolutionized onchain development, allowing non-technical founders to launch businesses in days. Grayscale's Decentralized AI Fund holding NEAR, TAO, and FIL signals institutional buy-in. Crypto primitives address AI's centralization risks while AI enhances blockchain usability. Regulatory tailwinds will potentially accelerate adoption toward new highs in 2026.
2025.12.22·links.tldrnewsletter.com·5 min read·TLDR Crypto Visa's chart shows tokenized ecommerce transactions growing from 4% (2019) to 54% (2025) of Visa-processed, card-not-present approved transactions.
Chainlink is positioning itself as the missing middleware for finance, moving onchain or the full toolkit for getting real-world assets and institutions to safely use blockchains at scale.
Bitwise filed a registration statement with the SEC for an SUI ETF using Coinbase Custody.
2025.12.22·links.tldrnewsletter.com·3 min read·TLDR Crypto Sponsored
You've done the research. You've got your thesis. But before you even place a trade on Hyperliquid, you've already lost money — slippage on the swap, bridge fees, gas on multiple chains.
Ethereum's state only grows. It is getting harder and more expensive for nodes to store, serve, and sync. Centralization is a risk if only large operators can run full infra. There are three potential initial directions: State Expiry (prune inactive state with proof-based revival), State Archive (separate hot vs. cold state so node performance stays stable), and Partial Statelessness (nodes hold subsets while clients/wallets cache what they need).
2025.12.19·links.tldrnewsletter.com·3 min read·TLDR Crypto