Polymarket has acquired QCEX, a CFTC-regulated exchange and clearinghouse, for $112 million. This paves the way for us to welcome American traders again. I've waited a long time to say this: Polymarket is coming home 🇺🇸🦅

One day, there may be more AIs than humans creating, pricing, trading millions of polymarkets on everything (h/t @VitalikButerin). A unique benefit of onchain prediction markets is the ability for AI agents to plug in. Multiple groups quietly print on Polymarket with agentic workflows. As AI ushers in Superintelligence, Polymarket ushers in Collective Intelligence. It's happening.

Where does the yield come from? (US gov edition)

🚨NEW: Grok 4 has @Polymarket integration built in so it can better predict the future when asked questions.

Most equity tokenization today is analogous to the Variable Interest Entity (VIE) structure used by Alibaba ($BABA) on US exchanges, where American investors don’t directly own native BABA shares but instead own a Cayman company with contractual rights to Alibaba’s economics. This does open up the market to new investors who otherwise wouldn’t be able to buy, but also creates a net new entity, new shares, and new counterparty risk that dramatically increase complexity around these assets. Exposure will be somewhat indirect (though better than nothing for people who normally can’t access these assets) until onchain native issuance is the standard

A "stablecoin bank" could take many diff forms, but the one we explored in the piece resembled a narrow bank where deposits are 1:1 backed with T-bills -- - Customers could automatically earn T-bill yield on their deposits - Credit issuance itself could be done in stablecoins - From a UX perspective, customers would still just be tapping a piece of plastic ... when a customer spends at a retailer, it would functionally just be sending money from one wallet to another. The challenges would be -- - If a stablecoin bank (or a narrow bank) became large enough, the Fed and treasury would likely be concerned (because it takes money out of banks running the fractional reserve model where the Fed can implement their monetary policy and create net new money). - To do loans, a banking license is needed — but if a stablecoin isn’t backed 1:1 by true dollars, then it’s not really a stablecoin anymore and defeats the whole purpose. This is where the fractional reserve model “breaks.” In theory, however, a stablecoin could be created and issued by a federally chartered bank (that has a Master Account) which operates a fractional reserve model. This is the "deposit token" model that is beginning to be explored

We asked @bridge__harris (Associate at @foundersfund) what a stablecoin bank could look like. “From a consumer angle, it would look exactly like a narrow bank; every deposit is one-to-one backed with T-bills, so it’s super safe." "But that safety is why it scares regulators: if too much money flows out of fractional-reserve banks and into a stablecoin bank, it threatens the Fed and the broader U.S. system." "That’s why narrow banks could never get a charter or master account; it’s a direct challenge to how the U.S. financial system works today.”

We asked @bridge__harris (Associate @foundersfund) about stablecoins and their role in crypto: "Stablecoins are definitely the main character right now. There is a new announcement every day." "Stablecoins have found the most product-market fit, and it's a tokenized US dollar." "It's ironic because the original investment of crypto was to rebuild the financial system, and now we just have the tokenized US dollar."

Introducing The Robinhood Chain. The first Ethereum Layer 2 optimized for real-world assets via @arbitrum—from public to private to global. You shouldn’t have to rely on a broker to trade assets. Instead, you should be able to seamlessly trade real-world assets in seconds. We’re working with regulators to make this a reality. More is coming soon.

No Rivals: The Kingdom In the finale, we examine the full span of Founder Fund’s power, stretching across Silicon Valley, the Pentagon, and the White House. We also give an in-depth look at FF’s stunning performance – position by position.