Circle's IPO is a 567-page referendum on stablecoins.
The good, the bad, the Coinbase revenue split… let’s break it down 🧵
In the private markets, stablecoins are consensus.
-Stripe bought Bridge for $1B (with almost no revenue)
-PayPal launched PYUSD ($800M+ market cap)
-Visa & Mastercard are testing rails
-$500M+ in recent VC into stablecoin infra
Apr 10 • 11 tweets • 3 min read
I'm always amused when people are shocked by people doing exactly what they said they’d do. Everything that has happened over the past week was publicly announced months ago.
Stephen Miran, widely viewed as the architect of Trump's trade policy, published a paper "A User’s Guide to Restructuring the Global Trading System" in November of 2024, laying out everything that has happened (as well as many things that are yet to come).
The paper isn’t some vague philosophical rant: it’s a detailed policy playbook.
Almost all trade is denominated, either directly or indirectly, in dollars. This leads to most countries, as their economies grow, becoming net dollar importers. This leads to trade deficits or dollar appreciation against their local currencies, making American exports less competitive.
To Miran, this poses an existential threat to America, as dollar appreciation can lead to accelerating financialization of the American economy. Eventually, American's hollowed out economy undermines the dollars status as a reserve currency, leading to the collapse of the dollar system.
Oct 3, 2024 • 12 tweets • 4 min read
Modularity has given devs better performance & more control, but it has made doing anything onchain a nightmare. What used to take 1 click and 12 seconds now takes up to a 12 & over an hour.
We’re giving users back control via Optimistic Escrow.
Today, Mach is live on 50,000+ routes and has surpassed 10mm in total volume. We’ve made moving money between chains far easier, cheaper, and safer.
