Good post on evolving stablecoin market structure. I would extend it further: yes, I think that stablecoin issuers are going to have to share yield with others, but this is just one instance. Everyone is going to have to share yield. Today, the average interest on US savings

People said institutions wouldn’t touch crypto. Too complex, too risky, not the same world. We disagreed. We believed finance and DeFi would merge, and built for that future before it was obvious. Good read from Jason Rosenthal at a16z crypto on the rise of enterprise sales in

Built a DeFi intern who: – never sleeps – knows every protocol, APY, etc. – moves faster than most traders Just needs more personality before I let him loose. Should I tell you his name or let him introduce himself?👀

ICYMI: Morgan Stanley’s Global Investment Committee now recommends allocating up to 4% of portfolios to crypto for growth-oriented investors — a clear signal that digital assets are entering the mainstream of portfolio construction.

For every neobank build on crypto rails: What users ask: - can I earn 8-10% on my money? - can I borrow some cash? - what’s the quickest way to send money to mom? What they don’t say: - can I use 4626 vaults? - can I bridge to an L2? - can I see the contract code? Better

USDe "depeg to $0.65" is really a misnomer. USDe a tokenised fund running a basis trade, and settling multi billion $ positions in something that can swing +35% . Crypto industry would benefit from calling things what they are.

Billions coordinated by code across machines that don’t trust each other. People underestimate how big that is. In Tradfi this would literally be the banker calling the fund manager •⁠ ⁠hey can you post more collateral? •⁠ ⁠⁠let me call you back •⁠ ⁠⁠hey if you