On my weekly AI-Macro-Crypto YouTube show, the podcast I have referenced the most about the impact of AI on our lives and investments has been Moonshots with Peter Diamandis.
Excellent piece Jordi. Scarcity, Function, and True Efficiency. As Elon said, the future won't use dollars, just massive energy. As Tom Lee said, crypto is monetizing the value of massive energy. $MSTR $BMNR
Excellent piece, Jordi. I’ve been writing about the same underlying shift — programmable money evolving into programmable ownership — and how AI agents will be the primary users of these new rails. In my latest article, "Crypto AI M&A: The Alpha Compound", I explore how this collision is already driving real M&A activity and creating compounding advantages. Your breakdown of tokenization as the bridge between TradFi and crypto infrastructure felt like the perfect complement.
This is the most rigorous tokenization thesis Ive encountered because it does something most tokenization pieces dont: it grounds the argument in specific infrastructure being built right now rather than in theoretical possibilities.
The Securitize/Computershare partnership is the data point that shifted my thinking. Computershare services 58% of the S&P 500 and processes transfer agency for more than 25,000 companies. When that kind of legacy infrastructure partner starts building tokenization rails, the conversation moves from "will traditional finance adopt this" to "traditional finance is already adopting this, the question is how fast."
The stablecoin progression you lay out, from programmable money to programmable ownership, is the right sequencing because it follows the same adoption pattern as every successful infrastructure technology. you prove the simple use case first (move money faster and cheaper), and then you extend the protocol to more complex use cases (move ownership faster and cheaper). $272 billion in stablecoin supply and $10.2 trillion in transaction volume is past the proof of concept phase. thats production infrastructure operating at scale.
Where I think the thesis gets most interesting is the AI agent connection and its the part that deserves more development. An AI agent executing a multi-step financial workflow needs three things: programmable money to move capital, programmable ownership to move assets, and instant settlement to close the loop. Current financial rails require 2-3 days for equity settlement, batch processing for payments, and multiple intermediaries for cross-border transactions. an AI agent operating at machine speed hits those bottlenecks immediately. tokenized rails solve a problem that barely existed before agents but becomes critical the moment agents start executing financial workflows at scale.
The question I keep coming back to though is where exactly the value accrues. in the stablecoin layer, the value capture is relatively clear: Circle and Tether earn the yield on the reserve assets. In the tokenization layer its less obvious. if the primary value proposition is faster settlement and 24/7 availability, and Nasdaq and DTCC can deliver those improvements by upgrading existing infrastructure rather than migrating to blockchain-native rails, then tokenization has to demonstrate value beyond speed. composability is that value. the ability to use a tokenized treasury as collateral in a DeFi protocol while simultaneously earning yield and posting margin on a perpetual future, all within the same atomic transaction, thats functionality that traditional finance architecturally cannot replicate because it requires every asset to speak the same protocol.
The plumbing phase you describe is exactly right. the building is happening now, quietly, while sentiment is subdued and attention is elsewhere. the best financial infrastructure gets built during exactly these windows.
Everyone comparing the dark fiber investment to Ai (which is incorrect imho), should have realized that the crypto infrastructure being built over the past 3 years by the likes of SUI and SOL and HYPE etc. was actually the better dark fiber reference. Much like Youtube eventually put that fiber to use, the crypto rails will soon become indespensible infrastructure allowing the creation of things we don't even know are possible today.
Another great piece Jordi helping us catch up to how our financial life or life in general will be eventually regulated. Tokenization is here! All aboard!!
Hey Jordi, this is exactly the right direction. I’d only push the opportunity even wider: tokenization is bigger than financial transfers or faster settlement. Once ownership becomes programmable, the object itself can carry rights, permissions, restrictions, provenance, usage rules, access, revocation, and audit history.
Stablecoins make money programmable. Tokenization makes ownership programmable. But the next layer is programmable authority: what an AI agent is allowed to do, on whose behalf, under what limits, with what proof afterward.
That means the real market is not just tokenized ETFs, Treasuries, collateral, or payments. It is every domain where an asset, credential, license, product, mandate, contract, or real-world right needs to become machine-readable and agent-actionable.
Financial rails are the first obvious use case because the friction is visible. But the bigger shift is that economic objects themselves become software objects. Once agents are the users of the system, they won’t just need money rails. They’ll need ownership, permission, compliance, and proof rails too.
I've been trying to get you and Pomp's attention on this for months, if not a year. Tokenization and stable coins will migrate to Kaspa. It's POW, hard supply, open-sourced, fair launched, with Bitcoin security structure. It's the second highest POW hashrate in the industry. MARA mines it. It's the first crypto to be able to scale while also not sacrificing security. It's the first directed acyclic graph (DAG) vs a chain. It's born out of a decade of research by one of the most published individuals in cryptography. Yonatan Sompolinsky was an early Bitcoiner. He was cited numerous times with ETH.
Value falls to the marginal cost of production in a free market as Jeff Booth says. When Kaspa is shipping 10 blocks per second (and going higher) as a proof of work coin with native tokenization and stable coins, there's nothing that comes close to competing. The hard fork for tokenization and stable coins natively takes place in June. Kaspa.org. Take 5 min of your day and look at it. I love Bitcoin. It's been an excellent store of value, but "never sell your Bitcoin" won't cut it for future AI interaction/money velocity. Don't take my word for it. Be curious.
Excellent piece Jordi. Scarcity, Function, and True Efficiency. As Elon said, the future won't use dollars, just massive energy. As Tom Lee said, crypto is monetizing the value of massive energy. $MSTR $BMNR
Excellent piece, Jordi. I’ve been writing about the same underlying shift — programmable money evolving into programmable ownership — and how AI agents will be the primary users of these new rails. In my latest article, "Crypto AI M&A: The Alpha Compound", I explore how this collision is already driving real M&A activity and creating compounding advantages. Your breakdown of tokenization as the bridge between TradFi and crypto infrastructure felt like the perfect complement.
Appreciate the clarity.
This is the most rigorous tokenization thesis Ive encountered because it does something most tokenization pieces dont: it grounds the argument in specific infrastructure being built right now rather than in theoretical possibilities.
The Securitize/Computershare partnership is the data point that shifted my thinking. Computershare services 58% of the S&P 500 and processes transfer agency for more than 25,000 companies. When that kind of legacy infrastructure partner starts building tokenization rails, the conversation moves from "will traditional finance adopt this" to "traditional finance is already adopting this, the question is how fast."
The stablecoin progression you lay out, from programmable money to programmable ownership, is the right sequencing because it follows the same adoption pattern as every successful infrastructure technology. you prove the simple use case first (move money faster and cheaper), and then you extend the protocol to more complex use cases (move ownership faster and cheaper). $272 billion in stablecoin supply and $10.2 trillion in transaction volume is past the proof of concept phase. thats production infrastructure operating at scale.
Where I think the thesis gets most interesting is the AI agent connection and its the part that deserves more development. An AI agent executing a multi-step financial workflow needs three things: programmable money to move capital, programmable ownership to move assets, and instant settlement to close the loop. Current financial rails require 2-3 days for equity settlement, batch processing for payments, and multiple intermediaries for cross-border transactions. an AI agent operating at machine speed hits those bottlenecks immediately. tokenized rails solve a problem that barely existed before agents but becomes critical the moment agents start executing financial workflows at scale.
The question I keep coming back to though is where exactly the value accrues. in the stablecoin layer, the value capture is relatively clear: Circle and Tether earn the yield on the reserve assets. In the tokenization layer its less obvious. if the primary value proposition is faster settlement and 24/7 availability, and Nasdaq and DTCC can deliver those improvements by upgrading existing infrastructure rather than migrating to blockchain-native rails, then tokenization has to demonstrate value beyond speed. composability is that value. the ability to use a tokenized treasury as collateral in a DeFi protocol while simultaneously earning yield and posting margin on a perpetual future, all within the same atomic transaction, thats functionality that traditional finance architecturally cannot replicate because it requires every asset to speak the same protocol.
The plumbing phase you describe is exactly right. the building is happening now, quietly, while sentiment is subdued and attention is elsewhere. the best financial infrastructure gets built during exactly these windows.
Everyone comparing the dark fiber investment to Ai (which is incorrect imho), should have realized that the crypto infrastructure being built over the past 3 years by the likes of SUI and SOL and HYPE etc. was actually the better dark fiber reference. Much like Youtube eventually put that fiber to use, the crypto rails will soon become indespensible infrastructure allowing the creation of things we don't even know are possible today.
Another great piece Jordi helping us catch up to how our financial life or life in general will be eventually regulated. Tokenization is here! All aboard!!
Admire your energy and the valuable information you provide!
Hey Jordi, this is exactly the right direction. I’d only push the opportunity even wider: tokenization is bigger than financial transfers or faster settlement. Once ownership becomes programmable, the object itself can carry rights, permissions, restrictions, provenance, usage rules, access, revocation, and audit history.
Stablecoins make money programmable. Tokenization makes ownership programmable. But the next layer is programmable authority: what an AI agent is allowed to do, on whose behalf, under what limits, with what proof afterward.
That means the real market is not just tokenized ETFs, Treasuries, collateral, or payments. It is every domain where an asset, credential, license, product, mandate, contract, or real-world right needs to become machine-readable and agent-actionable.
Financial rails are the first obvious use case because the friction is visible. But the bigger shift is that economic objects themselves become software objects. Once agents are the users of the system, they won’t just need money rails. They’ll need ownership, permission, compliance, and proof rails too.
Right on! $bmnr bull here. Can't own enough. Would love to see you in a conversation witb Tom Lee!
I've been trying to get you and Pomp's attention on this for months, if not a year. Tokenization and stable coins will migrate to Kaspa. It's POW, hard supply, open-sourced, fair launched, with Bitcoin security structure. It's the second highest POW hashrate in the industry. MARA mines it. It's the first crypto to be able to scale while also not sacrificing security. It's the first directed acyclic graph (DAG) vs a chain. It's born out of a decade of research by one of the most published individuals in cryptography. Yonatan Sompolinsky was an early Bitcoiner. He was cited numerous times with ETH.
Value falls to the marginal cost of production in a free market as Jeff Booth says. When Kaspa is shipping 10 blocks per second (and going higher) as a proof of work coin with native tokenization and stable coins, there's nothing that comes close to competing. The hard fork for tokenization and stable coins natively takes place in June. Kaspa.org. Take 5 min of your day and look at it. I love Bitcoin. It's been an excellent store of value, but "never sell your Bitcoin" won't cut it for future AI interaction/money velocity. Don't take my word for it. Be curious.