HadickM

Another fantastic event at this year's Goldman Digital Asset Summit. Our panel was the first of the day, and was still standing room only in a 500 person auditorium at 9am - showcasing that the institutional excitement for crypto, stablecoins and tokenization is at ATHs

On a fully diluted basis, at this morning's high, Circle market cap flipped Coinbase, the Company who gets >50% of their gross revenue.

Over half of all "crypto" spot trading in latam is stablecoins - up from ~30% 18 months ago. Stables + BTC are over 75%. Increasingly the demand for non-BTC and stables outside of small pockets of crypto native speculators is drying up. With a few L1s, defi, and memes taking the rest of the liquidity.

Clear that stablecoins and BTC have the most PMF, but also that for the rest of this ecosystem to survive we need to show real PMF, with protocols that solve a need for real users, and to move away from just pushing forward the casino.

Every conversation I have with a builder around the stablecoin + RWA space today revolves around how to own the end customer. There is very little belief that there is defensibility in infrastructure businesses anymore. Always the same concern whether its someone working on a blockchain, a wallet, issuing, orchestrating, or anything in between.

Seems clear that the whole value chain is being compressed and whoever has the best wedge product(s) and GTM will win.

@Polymarketがどれだけうまく実行を続けているか、そして競合他社よりもどれだけ先を行っているかは驚くべきことです。

5月の取引量は10億ドルを超え、昨年の10月以前のどの月よりも大きいです。2025年には2024年よりも多くの取引量を記録する傾向にあります。最も近い純粋な競合他社の10倍の規模です。成長を加速させるX契約が発表されました。暗号通貨であろうとなかろうと、最も価値のある消費者ブランドの1つです。

So who’s going to do for broad tokenized assets what Stripe is doing for stablecoins in payments?

Robinhood or Revolut maybe first to switch to distributing other tokenized assets?

Someone else?

Under appreciated point wrt to stablecoin adoption is that the most underserved, largest, and fastest growing market today is the EM SMB market, not retail global south.

Nubank called out how this segment has surprised them a few weeks ago - over 5mm accounts in Brazil with no investment or marketing.

In the report we did with @artemis and @CastleIslandVC we showed that B2B cross-border payments was the fastest growing payments use case.

Stripe/Bridge launched their stablecoin Financial Accounts aimed at this segment.

Access to US dollar financial services will only accelerate the growing trend of entrepreneurship in this economies - likely the biggest near term opportunity for any new stablecoin powered biz is solving problems for this segment.

This is such a wild chart - back at the turn of the year I predicted it would be consistently 20% this year, but seems possible @HyperliquidX has shown us a path to surpassing that number.

And yet I still talk to crypto investors who are bearish DeFi.

Incredible - CRCL is indicating an open up 18% and yet COIN up only 2.5% - implying the rest of the business is worth close to 2x net revs

Coincidentally, I have gotten more calls from non-crypto investors across stages this past week then in the 3 years prior, all asking about how to get stablecoin exposure

@jerallaire と @circle チーム全体にとって、そしてより広い業界にとっても、まさに巨大な勝利です。関わったすべての人におめでとうございます。

今週のマネー2020では、すべての会話でその雰囲気を感じることができ、誰もがステーブルコインが避けられないことを知っています。

先週のブルームバーグにおける@artemis、@dragonfly_xyz、及び@CastleIslandVCのレポートについての素晴らしいカバレッジ

ソニーは自社のステーブルコインを発行する予定です（残念ながら、他のすべての企業もそうするでしょう）

（s/o @ElBarto_Crypto）

アルテミスは、これまでで最も包括的なステーブルコイン決済利用に関する報告書を発表しました。私たち@dragonfly_xyzは、@artemisチームの研究と洞察をまとめることをサポートしました。私たちにとっての最も興奮すべき重要なポイントのいくつか:

私たちは再び、金融商品/トレーディング会社を技術会社と誤解するフィンテック/暗号投資サイクルの時期に差し掛かっています。

どちらも素晴らしい投資となる可能性がありますが、それらを非常に異なる倍数で売却することになるでしょう（したがって、あなたのエントリ倍数は重要です）

Even my wife who works in private equity is surprised by the recent ETH turnaround

Founders - if you're going to do pre deposit vaults (with private LP agreements), make sure you have something waiting for those depositors on the other side. Time and again this is the story.

With the admin continuing its retreat on tariffs, that will bring the market focus back to the strong idiosyncratic setup, which is extremely positive - especially for the collapsing barrier between CeFi/Defi cap markets and stables - we've recently seen

- Robinhood launching their own settlement layer on-chain

- Stripe launching USD stablecoin accounts globally

- Kraken and Bybit launching equities trading

- Meta doing a stablecoin

- @MorphoLabs launching their Apollo/Securitize/Gauntlet levered ACRED strategy, as well passing over $200mm borrowed through Coinbase smart wallet since inception 3 months ago

- Coming launch of @convergeonchain with @ethena_labs and @Securitize to bring a tailor settlement layer that will bring RWA/CeFi/DeFi venues together

- @OstiumLabs explosion the past month on perps for commodities / indices / and now mag7 equities with over $6bn of volume since liberation day

- @superstatefunds launching primary issuance for equities on Solana

- Stablecoin mentions in earnings calls skyrocketing (Marqeta, SoFi, Visa, BNY Mellon, ACI, Mastercard and we aren't over)

And i'm sure i've missed some. But the velocity of these stories is only accelerating. The collapsing of defi/cefi with stablecoins at the center is THE story of the year in crypto. And there's never been a better time to invest or build at this intersection.

With the admin continuing its retreat on tariffs, that will bring the market focus back to the strong idiosyncratic setup, which is extremely positive - especially for the collapsing barrier between CeFi/Defi cap markets and stables - as a reminder we've recently had:

- Robinhood launching their own settlement layer on-chain

- Stripe launching USD stablecoin accounts globally

- Kraken and Bybit launching equities trading

- Meta doing a stablecoin

- @MorphoLabs launching their Apollo/Securitize/Gauntlet levered ACRED strategy, as well passing over $200mm borrowed through Coinbase smart wallet since inception 3 months ago

- Coming launch of @convergeonchain with @ethena_labs and @Securitize to bring a tailor settlement layer that will bring RWA/CeFi/DeFi venues together

- @OstiumLabs explosion the past month on perps for commodities / indices / and now mag7 equities with over $6bn of volume since liberation day

- @superstatefunds launching primary issuance for equities on Solana

- Stablecoin mentions in earnings calls skyrocketing (Marqeta, SoFi, Visa, BNY Mellon, ACI, Mastercard and we aren't over)

And i'm sure i've missed some. But the velocity of these stories is only accelerating. The collapsing of defi/cefi with stablecoins at the center is THE story of the year in crypto. And there's never been a better time to invest or build at this intersection.

Three weeks away from @thestablecon - catch me, @nic__carter, @SamBroner and @matt_homer chat about what the most active stablecoin VCs are looking for in new investment opportunities