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<div style="display: none; max-height: 0px; overflow: hidden;">Senators Tillis (R-NC) and Alsobrooks (D-MD) finalized a compromise on the stablecoin yield provision that has blocked the CLARITY Act for months </div>
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<h1><strong>TLDR Crypto <span id="date">2026-05-04</span></strong></h1>
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<strong>BlackRock Urges OCC to Drop Tokenized Reserve Cap, Expand Eligible Assets in GENIUS Act Comment Letter (3 minute read)</strong>
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BlackRock filed a 17-page comment letter on the final day of the OCC's 60-day window opposing a proposed 20% cap on tokenized reserve assets for stablecoin issuers under the GENIUS Act. This constraint would directly limit products like BUIDL, which backs more than 90% of Ethena's USDtb and Jupiter's JupUSD. BlackRock also asked the OCC to confirm that Treasury ETFs qualify as reserves and to add two-year Treasury floating-rate notes to the eligible asset list, arguing the real risks of reserve assets are about liquidity, duration, and creditworthiness, not whether they're tokenized.
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<strong>Coinbase Says Deal Reached on CLARITY Act Stablecoin Yield (3 minute read)</strong>
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Senators Tillis (R-NC) and Alsobrooks (D-MD) finalized a compromise on the stablecoin yield provision that has blocked the CLARITY Act for months. Section 404 prohibits paying interest or yield to US customers solely for holding stablecoins (or anything "economically equivalent to an interest-bearing bank deposit"), but explicitly exempts activity-based and transaction-based rewards tied to bona fide platform participation. Coinbase, which reported $1.35B in stablecoin revenue in 2025, much from USDC rewards-driven distribution, endorsed the deal, with CLO Paul Grewal saying it "preserves activity-based rewards tied to real participation on crypto platforms."
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<strong>Ethereum Gas Limit Set to Triple to 200M After Glamsterdam (2 minute read)</strong>
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Ethereum's Glamsterdam upgrade will raise the gas limit from 60M to ~200M, a 3x+ increase in L1 execution capacity enabled by ePBS, BALs, and gas repricings, with a further doubling expected soon after. Absent a proportional demand surge, fees could remain near zero for years.
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<strong>Coinbase Launching CUSHY Stablecoin Yield Fund (3 minute read)</strong>
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Coinbase and Superstate will launch the Coinbase Stablecoin Yield Fund (CUSHY) in Q2 2026, targeting institutional investors with stablecoin-denominated credit strategies through a tokenized share class on Superstate's FundOS platform, making it the first external fund issued via that infrastructure. The regulated fund vehicle structure is Coinbase's response to the CLARITY Act, which bans stablecoin yield "economically or functionally equivalent" to deposit interest while permitting "bona fide" reward arrangements through regulated fund vehicles. Coinbase endorsed the CLARITY Act one day before announcing CUSHY, signaling coordinated positioning between the legislative compromise and product rollout.
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<strong>Banks May Have Won the Yield Battle, But They Will Lose the War (5 minute read)</strong>
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The CLARITY Act's final stablecoin language, now headed to the Senate Banking Committee markup under Senators Tillis and Alsobrooks, bars digital asset service providers, including exchanges, brokers, and affiliates, from paying interest or yield on payment stablecoins, with an "economically or functionally equivalent" test closing indirect workarounds. Banks secured real concessions: centralized platforms lose the direct yield path, and new compliance and disclosure requirements add overhead. The prohibition leaves DeFi protocols, foreign issuers, and dollar settlement migration to onchain rails untouched, meaning the infrastructure contest for programmable dollar movement continues outside the regulatory perimeter that banks just reinforced.
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<strong>The Stablecoin Moment: GENIUS Act, x402, and the Agent Economy (6 minute read)</strong>
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Stablecoins processed $46T in transactions in 2025 (3x Visa's $16T annual volume), and the GENIUS Act, signed July 18, formalized them as payment instruments with 1:1 reserve requirements, allowing banks to issue and settle with them. Four protocols now compete for AI-agent payment rails: Coinbase's x402, Stripe/OpenAI's ACP powering ChatGPT Instant Checkout, Google's AP2, and Stripe/Tempo's MPP. x402 processes ~$50,000 in daily volume per Artemis. Stablecoin supply is projected to reach $420B by year-end, with agentic payments being the primary driver.
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<div style="text-align: center;"><strong><h1>Miscellaneous</h1></strong></div>
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<strong>The Philosophical Debt of Ethereum and the Future of DeFi Security (5 minute read)</strong>
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DeFi security faces existential threats as AI lowers exploit costs. This proposal introduces a usage-based insurance layer and a funded white-hat economy to mitigate systemic risk. These mechanisms aim to restore industry confidence and protect Ethereum protocols from catastrophic hacks by incentivizing proactive vulnerability discovery and financial recovery.
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<strong>What's Going on with MegaETH? Kumbaya DEX Fee Opacity (3 minute read)</strong>
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<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
On MegaETH's TGE day (April 30), leading DEX Kumbaya charged 1% fees on its MEGA/USDM pool and retained 50% for itself, versus the industry-standard 15-25% fee capture and Prism's $0.75 on a 0.3% rate. Kumbaya's fee structure was absent from DefiLlama and carried no public documentation until user scrutiny prompted a promise of docs "dropping tomorrow," leaving traders unable to compare costs on the chain's highest-volume day to date.
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<strong>MoonPay launches stablecoin debit card for AI agents (1 minute read)</strong>
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