This week, we’re spotlighting the USDH issuer race, Turnkey’s lightning-fast embedded wallet kit challenging Privy, the rise of tokenized stock trading, and fresh momentum from the first U.S. Dogecoin’s ETF debut. Consumer rails and on-chain finance are entering a new phase.

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USDH Proposals: Galaxy’s Deep Dive

Galaxy Research dropped a full side-by-side of every USDH issuer and their economics.

Key takeaways:

• Models diverge fast - Native Markets lean heavy on Hyperliquid incentives (50% of yield to the Assistance Fund) while Paxos and Agora keep a more traditional reserve + T-bill backing

• Regulatory spread - Some issuers (Sky, Curve) embrace decentralized redemption and on-chain governance, while others like Paxos and Ethena chase U.S. charters or Anchorage custody

• Ecosystem bets - Native Markets ties USDH to Hyperliquid growth, Frax stays conservative, and OpenEden targets HYPE buybacks

The full matrix makes it obvious: “USDH” will not be one stablecoin but a federation of radically different collateral mixes and regulatory risk profiles - creating new opportunities for regulatory arbitrage and redemption variance.

Source: Galaxy thread

Turnkey’s Embedded Wallet Kit
Turnkey launched a new Embedded Wallet Kit, giving developers a faster, simpler way to integrate wallets on their platform. With one SDK, teams can spin up secure wallets, enable flexible logins, and ship enterprise-grade authentication, all in under 7 minutes, with no backend required.

• Spin up secure wallets instantly - Wallet creation and auth flows run fully in-browser, with no backend required (but optional)

• Flexible login options - Users can sign in with email, Google, Apple, Facebook, X, Discord, or connect external Ethereum and Solana wallets

• Stronger authentication, built in - Developers can offer secure OTP, OAuth, and passkey logins without building backend flows

With this release, Turnkey sets a new standard for embedded wallets, offering faster integration than competing solutions while still providing the flexibility to drop down into low-level infra as products evolve.

Source: Turnkey Launch post

Market Movers & Macro

• Dogecoin ETF - The first U.S. spot DOGE ETF launched Sept 11 via REX Shares and Osprey Funds under ’40-Act rules. Price action was volatile but net positive

• Figure IPO - Figure Technology Solutions priced its Nasdaq debut at $25/share, a major fintech-crypto crossover moment

• Tokenized Stocks - NASDAQ and Coinbase have SEC filings underway; pilots for 24/7 blockchain-based equities trading could begin in late 2026 if approved

• Crypto $4T+ Cap - Broad market holds above $4 trillion as rate-cut chatter builds. ETH validator exits continue but on-chain staking demand stays strong

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Closing

• USDH is splintering into multiple collateral and regulatory models - one ticker, many risks

• Turnkey launches new embedded wallet kit that’s faster and more customizable than Privy

• Dogecoin’s first U.S. spot ETF is live; tokenized stocks inch toward SEC pilots

• Infra competition is no longer about chains alone - it’s wallets, settlement, and full-stack consumer rails

The previous Cycle Snap tracked Hyperliquid’s record fees and Stripe’s first Tempo whispers. This week shows the race is accelerating.

This week, we’re spotlighting the USDH issuer race, Turnkey’s lightning-fast embedded wallet kit challenging Privy, the rise of tokenized stock trading, and fresh momentum from the first U.S. Dogecoin’s ETF debut. Consumer rails and on-chain finance are entering a new phase.

Subscribe

USDH Proposals: Galaxy’s Deep Dive

Galaxy Research dropped a full side-by-side of every USDH issuer and their economics.

Key takeaways:

• Models diverge fast - Native Markets lean heavy on Hyperliquid incentives (50% of yield to the Assistance Fund) while Paxos and Agora keep a more traditional reserve + T-bill backing

• Regulatory spread - Some issuers (Sky, Curve) embrace decentralized redemption and on-chain governance, while others like Paxos and Ethena chase U.S. charters or Anchorage custody

• Ecosystem bets - Native Markets ties USDH to Hyperliquid growth, Frax stays conservative, and OpenEden targets HYPE buybacks

The full matrix makes it obvious: “USDH” will not be one stablecoin but a federation of radically different collateral mixes and regulatory risk profiles - creating new opportunities for regulatory arbitrage and redemption variance.

Source: Galaxy thread

Turnkey’s Embedded Wallet Kit
Turnkey launched a new Embedded Wallet Kit, giving developers a faster, simpler way to integrate wallets on their platform. With one SDK, teams can spin up secure wallets, enable flexible logins, and ship enterprise-grade authentication, all in under 7 minutes, with no backend required.

• Spin up secure wallets instantly - Wallet creation and auth flows run fully in-browser, with no backend required (but optional)

• Flexible login options - Users can sign in with email, Google, Apple, Facebook, X, Discord, or connect external Ethereum and Solana wallets

• Stronger authentication, built in - Developers can offer secure OTP, OAuth, and passkey logins without building backend flows

With this release, Turnkey sets a new standard for embedded wallets, offering faster integration than competing solutions while still providing the flexibility to drop down into low-level infra as products evolve.

Source: Turnkey Launch post

Market Movers & Macro

• Dogecoin ETF - The first U.S. spot DOGE ETF launched Sept 11 via REX Shares and Osprey Funds under ’40-Act rules. Price action was volatile but net positive

• Figure IPO - Figure Technology Solutions priced its Nasdaq debut at $25/share, a major fintech-crypto crossover moment

• Tokenized Stocks - NASDAQ and Coinbase have SEC filings underway; pilots for 24/7 blockchain-based equities trading could begin in late 2026 if approved

• Crypto $4T+ Cap - Broad market holds above $4 trillion as rate-cut chatter builds. ETH validator exits continue but on-chain staking demand stays strong

  ---

Subscribe

Closing

• USDH is splintering into multiple collateral and regulatory models - one ticker, many risks

• Turnkey launches new embedded wallet kit that’s faster and more customizable than Privy

• Dogecoin’s first U.S. spot ETF is live; tokenized stocks inch toward SEC pilots

• Infra competition is no longer about chains alone - it’s wallets, settlement, and full-stack consumer rails

The previous Cycle Snap tracked Hyperliquid’s record fees and Stripe’s first Tempo whispers. This week shows the race is accelerating.