Jordi, great analysis. The Fisher equation framing is the sharpest insight here. Most analysts file stablecoins under "crypto speculation" while $33 trillion quietly moved through these rails last year. That's not a category error. That's a career-ending miss.
Question: You mention regional banks facing deposit flight as AI agents sweep idle funds into higher-yielding instruments.
Here's what keeps me up at night.
Banks don't just babysit deposits. They multiply them. Your $100 becomes $90 in loans, which becomes someone else's deposit, which becomes more loans. That's how most dollars get born.
Stablecoin issuers hold reserves one-to-one. No multiplication. No lending. It's financially abstinent. So if a meaningful chunk of that $6.6 trillion in deposits migrates to fully-reserved stablecoin ecosystems, we get faster payments but fewer dollars. That's like upgrading to a Ferrari and discovering nobody's making gasoline anymore.
Do you see new credit creation mechanisms emerging on programmable rails, or is this a tension the market is cheerfully ignoring until it isn't?
I think this goes back to the comment about fractional reserve banking was only necessary because of the lack of speed in the system. If that is no longer true with real-time settlement via stablecoins, more dollars are not necessary. We are entering a deflationary world where get more done for less.
No one would be taking stable-coins seriously if a “no fee” real-time payment system for the U.S. dollar was available. No fee means the merchants would not pay a fee or any percentage of the transaction for using the system.
Like transporting products over the national interstate highway system without paying a toll, America needs a payments highway that connects all buyers and sellers in real-time. Like cash, but cash that is deposited directly into the sellers account in real-time 7/24/365
great question. my understanding is liquidity is unlocked by DeFi protocols that create on-chain credit creation or alternatively tokenization of the underlying treasury. this is Clarity Act exemption for stablecoin yield for permitted "activity". in my opinion AI and DeFi Alt Coins are the real winners here not Bitcoin
Good article, although I do find it strange, you always use stable coins as one of your biggest reasons for bitcoin. Isn't this more of an ETH bullish standpoint? Am I not seeing something, or is this just bitcoin maxi gymnastics ? Let me know! Thanks!
Really like this framing: once the economic actor becomes software, money has to behave like an always-on API.
Two questions I’m wrestling with:
Where do you think the profits accrue? Do smart-contract networks like Ethereum/Solana capture meaningful rent from agentic stablecoin flows, or do fees get competed toward near-zero with value migrating up the stack to issuers (Circle/USDC), wallets/exchanges, and the identity and trust layer (Visa/Mastercard)?
On the $33T 2025 stablecoin throughput stat, is that mostly trading/arbitrage velocity versus true commerce payments? What’s your read on the mix?
Stablecoins are a symptom not a solution. Stablecoins have become a thing because governments have failed to create national real-time payment systems for their currency.
I’m not referring to “digital currency” because sovereign currency already exists as “digital” in your bank checking account. What is needed is a public payments “highway” to connect buyers and sellers to their bank accounts in real-time.
No one would be taking stable-coins seriously if a “no fee” real-time payment system for the U.S. dollar was available. No fee means the merchants would not pay a fee or any percentage of the transaction for using the system. Like transporting products over the national interstate highway system without paying a toll, America needs a payments highway that connects all buyers and sellers in real-time. Like cash, but cash that is deposited directly into the sellers account in real-time.
The investment and effort needed to move to the new 24/7 AI infrastructure may lead us to a future of only a few companies really controlling things and taking away choice and options.
No one would be taking stable-coins seriously if a “no fee” real-time payment system for the U.S. dollar was available. No fee means the merchants would not pay a fee or any percentage of the transaction for using the system. Like transporting products over the national interstate highway system without paying a toll, America needs a payments highway that connects all buyers and sellers in real-time. Like cash, but cash that is deposited directly into the sellers account in real-time.
In a future where AI moves money at the speed of electricity, its interesting to think how investments will shift from passive S&P 500 funds toward owning shares in autonomous AI agents. These agents would dynamically assemble and constantly rebalance a universal bundle of all assets spanning onchain real estate, Bitcoin, prediction markets, staked coins, and everything else to maximize returns.
Outstanding Jordy! One of the biggest areas of friction IMO is going to be authentication and authorization. The fact that at this stage of internet, digital finance, AI adoption and maturity that we still have to provide all our personal information and create auth/auth credentials UN/PW for each entity we transact with is insane and it creates an attack surface that is massive. How does this friction evolve and shrink to a seamless, sound, hard and reliable auth/auth process, especially when agents need the same but with a person or entity with agent oversight on one end? I have LastPass as my UN/PW vault and it is huge, cumbersome but necessary at this point. As we all know, fraud is not going away, attacks will be more prevalent, more relentless and smarter in an AI world, how do we deal with these facts? On the way to this being solved and maybe it never gets completely solved, there will be fraud and the need for the ability to challenge and reverse transactions, how does this happen at the speeds you are framing. Talk about an opportunity, the company that solves this is going to be worth a lot, maybe its open source, free and a universally accepted protocol. We don't know at this stage. Would love your and others take on this...Thanks
The only stablecoins that matter today are US dollar denominated ones. With the US political system breaking down and becoming unreliable, will the world want to depend on our executive-captured Federal Reserve for its liquidity? Second, aren’t exchange rates just more sand in the gears that AI agents can clean? Enter Bitcoin as a non-sovereign, trustless, digital settlement layer.
Your vision for stable coins and AI agents reminds me of the utility coin craze of 2017. Every loyalty program will have its own stable coin which won't be interoperable with the other loyalty programs. Even in the best case that we all use just Tether for example, all our activities will be traceable across AI agents and always be tied to our identity.
In principle, I agree with all of this. However, I'm trying to wrap my head around the edge of such small micro payments. Obviously they can't be settled on the base layer and something like Lightning solves the problem but at some point the number of payments grow so significantly. So how many layers will we end up with to support such massive volume of payments? Or do we ultimately drop information on the micro payments after we project it down to the base settlement layer.
Jordi, great analysis. The Fisher equation framing is the sharpest insight here. Most analysts file stablecoins under "crypto speculation" while $33 trillion quietly moved through these rails last year. That's not a category error. That's a career-ending miss.
Question: You mention regional banks facing deposit flight as AI agents sweep idle funds into higher-yielding instruments.
Here's what keeps me up at night.
Banks don't just babysit deposits. They multiply them. Your $100 becomes $90 in loans, which becomes someone else's deposit, which becomes more loans. That's how most dollars get born.
Stablecoin issuers hold reserves one-to-one. No multiplication. No lending. It's financially abstinent. So if a meaningful chunk of that $6.6 trillion in deposits migrates to fully-reserved stablecoin ecosystems, we get faster payments but fewer dollars. That's like upgrading to a Ferrari and discovering nobody's making gasoline anymore.
Do you see new credit creation mechanisms emerging on programmable rails, or is this a tension the market is cheerfully ignoring until it isn't?
I think this goes back to the comment about fractional reserve banking was only necessary because of the lack of speed in the system. If that is no longer true with real-time settlement via stablecoins, more dollars are not necessary. We are entering a deflationary world where get more done for less.
No one would be taking stable-coins seriously if a “no fee” real-time payment system for the U.S. dollar was available. No fee means the merchants would not pay a fee or any percentage of the transaction for using the system.
Like transporting products over the national interstate highway system without paying a toll, America needs a payments highway that connects all buyers and sellers in real-time. Like cash, but cash that is deposited directly into the sellers account in real-time 7/24/365
For example see The MAFIA paradigm:
https://www.amazon.com/MAFIA-paradigm-America-Financially-Independent/dp/B0FSZ2QMKV
The MAFIA paradigm exposes the crypto lies and reveals the path forward for the USA 🇺🇸
great question. my understanding is liquidity is unlocked by DeFi protocols that create on-chain credit creation or alternatively tokenization of the underlying treasury. this is Clarity Act exemption for stablecoin yield for permitted "activity". in my opinion AI and DeFi Alt Coins are the real winners here not Bitcoin
I love how you're keeping us at the bleeding edge (and always love to hear how BTC is going to outperform ;)).Thanks, Jordi!
Love this article. Thanks, Jordi!
Good article, although I do find it strange, you always use stable coins as one of your biggest reasons for bitcoin. Isn't this more of an ETH bullish standpoint? Am I not seeing something, or is this just bitcoin maxi gymnastics ? Let me know! Thanks!
Really like this framing: once the economic actor becomes software, money has to behave like an always-on API.
Two questions I’m wrestling with:
Where do you think the profits accrue? Do smart-contract networks like Ethereum/Solana capture meaningful rent from agentic stablecoin flows, or do fees get competed toward near-zero with value migrating up the stack to issuers (Circle/USDC), wallets/exchanges, and the identity and trust layer (Visa/Mastercard)?
On the $33T 2025 stablecoin throughput stat, is that mostly trading/arbitrage velocity versus true commerce payments? What’s your read on the mix?
Great questions!
Whichever senators vote against a clarity act are simply “bought and paid for.” Take notice.
Which ones were they?
So an intelligent agent with a balance sheet might hold Bitcoin on the asset side while keeping operational float in stablecoins.
For payments, pricing, and short‑term float: stablecoins.
For long‑term surplus, treasury, and macro bet on AI+digital rails: Bitcoin
Stablecoins are a symptom not a solution. Stablecoins have become a thing because governments have failed to create national real-time payment systems for their currency.
I’m not referring to “digital currency” because sovereign currency already exists as “digital” in your bank checking account. What is needed is a public payments “highway” to connect buyers and sellers to their bank accounts in real-time.
No one would be taking stable-coins seriously if a “no fee” real-time payment system for the U.S. dollar was available. No fee means the merchants would not pay a fee or any percentage of the transaction for using the system. Like transporting products over the national interstate highway system without paying a toll, America needs a payments highway that connects all buyers and sellers in real-time. Like cash, but cash that is deposited directly into the sellers account in real-time.
For example see The MAFIA paradigm:
https://www.amazon.com/MAFIA-paradigm-America-Financially-Independent/dp/B0FSZ2QMKV
The MAFIA paradigm exposes the crypto lies and reveals the path forward for the USA 🇺🇸
Are you saying the mafia should control the national payment system? CDBC
Ha ha very funny. Read the book
One concern comes to mind.
The investment and effort needed to move to the new 24/7 AI infrastructure may lead us to a future of only a few companies really controlling things and taking away choice and options.
It could further centralise control.
How do we prevent that?
No one would be taking stable-coins seriously if a “no fee” real-time payment system for the U.S. dollar was available. No fee means the merchants would not pay a fee or any percentage of the transaction for using the system. Like transporting products over the national interstate highway system without paying a toll, America needs a payments highway that connects all buyers and sellers in real-time. Like cash, but cash that is deposited directly into the sellers account in real-time.
For example see The MAFIA paradigm:
https://www.amazon.com/MAFIA-paradigm-America-Financially-Independent/dp/B0FSZ2QMKV
The MAFIA paradigm exposes the crypto lies and reveals the path forward for the USA 🇺🇸
Thanks I will check it out
Jordi FUCKS
In a future where AI moves money at the speed of electricity, its interesting to think how investments will shift from passive S&P 500 funds toward owning shares in autonomous AI agents. These agents would dynamically assemble and constantly rebalance a universal bundle of all assets spanning onchain real estate, Bitcoin, prediction markets, staked coins, and everything else to maximize returns.
Outstanding Jordy! One of the biggest areas of friction IMO is going to be authentication and authorization. The fact that at this stage of internet, digital finance, AI adoption and maturity that we still have to provide all our personal information and create auth/auth credentials UN/PW for each entity we transact with is insane and it creates an attack surface that is massive. How does this friction evolve and shrink to a seamless, sound, hard and reliable auth/auth process, especially when agents need the same but with a person or entity with agent oversight on one end? I have LastPass as my UN/PW vault and it is huge, cumbersome but necessary at this point. As we all know, fraud is not going away, attacks will be more prevalent, more relentless and smarter in an AI world, how do we deal with these facts? On the way to this being solved and maybe it never gets completely solved, there will be fraud and the need for the ability to challenge and reverse transactions, how does this happen at the speeds you are framing. Talk about an opportunity, the company that solves this is going to be worth a lot, maybe its open source, free and a universally accepted protocol. We don't know at this stage. Would love your and others take on this...Thanks
The only stablecoins that matter today are US dollar denominated ones. With the US political system breaking down and becoming unreliable, will the world want to depend on our executive-captured Federal Reserve for its liquidity? Second, aren’t exchange rates just more sand in the gears that AI agents can clean? Enter Bitcoin as a non-sovereign, trustless, digital settlement layer.
Fantastic
Your vision for stable coins and AI agents reminds me of the utility coin craze of 2017. Every loyalty program will have its own stable coin which won't be interoperable with the other loyalty programs. Even in the best case that we all use just Tether for example, all our activities will be traceable across AI agents and always be tied to our identity.
In principle, I agree with all of this. However, I'm trying to wrap my head around the edge of such small micro payments. Obviously they can't be settled on the base layer and something like Lightning solves the problem but at some point the number of payments grow so significantly. So how many layers will we end up with to support such massive volume of payments? Or do we ultimately drop information on the micro payments after we project it down to the base settlement layer.