Our report "A Framework For Crypto Neobanks" is now live! Stablecoin payment infrastructure is inevitable but the crypto companies built for it may not be. The category has fragmented into five distinct models that each occupy a different layer of the stack. The survivors will either own infrastructure, own distribution, or specialize in markets traditional banks fail to serve. Rain and RedotPay are early proof of both paths. Rain holds a Visa principal membership and sells issuance infrastructure to other crypto apps. RedotPay focuses on emerging markets where dollar access is the actual product. Across 190 tracked crypto card programs, Rain and RedotPay account for roughly 90% of observed onchain volume while everyone else is fighting over the remainder. Then there's the settlement layer. Visa's stablecoin settlement pilot has hit a $7B annualized run rate across nine chains. Mastercard is moving in the same direction with expanded stablecoin settlement capabilities. The incumbents are extending downward into it before a parallel rail can form outside their networks. The most likely path is not a clean victory for either side. Incumbents will adopt stablecoin rails. A select few crypto companies will still command the volume. The technology can win while most of the companies fall behind.

I pay for starlink - it’s a great product. Cursor is also a great product Codex is a great product and Claude code with fable is a ridiculous product (so ridiculous it got nat sec banned) That’s the main diff btwn now and 1999. All of this stuff is awesome

higherliquid

betting on Lorcana from here

wall street about to find out what the fuck low float high fdv means

my mom has never spoken to me about the market and i plan to keep it that way

it’s a good day

i think we can all agree that our national security is at risk if the knicks don't win the finals

models are the commodity. the harness is the moat. its easy to rotate from GPT5.5 to Fable. your harness doesn't change. the memory of how you work, the skills built over time, those compound our @NousResearch Hermes report now free for everyone to read members.delphidigital.io/rep…

happy fable day this evening’s smoke

mr president please please announce another fake iran deal do you see these markets??? are you asleep still after the game?? hello???

Thanks @beeple, I’ve been a fan of your art for a long time. This is my new favorite. When I decided to sell my art I wanted every piece on the blockchain and to accept Bitcoin as payment. “The Internet of Money” by Andreas Antonopoulos really opened my eyes.

Mamdani's New York

perpetual underclass?

a crackhead for president saying hyperliquid would hit so hard

Hyperliquid

reading bullish ZEC tweets all day today to feed my bias instead of getting a lobotomy (they're the same thing)