Silicon Valley’s new status symbol.. do they now apply to Crypto too? Shout out to @eshita for curating great content like this on “Bips and Sips”🍸

False. This is the opposite of what’s likely to happen. And I say this as someone who got in trouble at Citi talking about stablecoins as far back as 2018. (I was also on calls with Circle management where various bank MDs mocked the very idea of a tokenized dollar). Fraser is correct that there are many profitable things banks could do to service stablecoin issuers, and crypto in general. They should do all of those things, in part to offset the coming competition for payments related services. This was the overall pitch the few of us on the inside who understood crypto made post 2020: embrace bitcoin, custody, trading etc, to offset the inevitable losses from when the “sell side” no longer controls the rails. The notion proposed by Citi, JPM etc that they’ll use tokenized deposits (that are restricted to their customers) to improve payments is nonsensical. Banks don’t need blockchains to do this, they could do it with an excel spreadsheet or Oracle db or whatever. Permissioned blockchains are just bad databases. Bank-based payments across borders aren’t slow and expensive due to a lack of better tech. They are that way because there are too many intermediaries, and it’s profitable for each one to slow things down. If a wire takes 3 days to settle, who gets the interest on it? And who decides the F/X rate? Etc etc Part of this friction is regulatory (AML, etc) and part of it is due to liquidity constraints (banks have capital/reserve requirements in every country they operate, so they batch and net payments to save money). But you know how you eliminate both? By getting rid of some of the intermediaries! A stablecoin enables P2P payments on a decentralized rail. It also enables fierce competition likely to lead to the issuer paying out most of the float. Banks can’t compete with that. Deposits are meant to be a cheap source of funding. If USDC pays 4% and can be sent to anyone, and a CitiUSD pays only 1% but can only be sent to Citi clients, which coin would you want? Fraser is correct that for now, there’s lots to be done in terms of on and off ramps, servicing the reserve, and so on. But that’s like AT&T arguing in 1998 that their long distance phone franchise, one of the most profitable businesses in history, was safe because “if customers want VOIP, we will be the ones to give it to them” LOL, sure. What they left out was how calls on the internet would be free, and that would blow up the business model. Payments on the blockchain will also be effectively free. Banks make a killing charging for payments. For a bank like Citi, the payments franchise has been the crown jewel for a while. Their profit margins are stablecoins opportunity.

Finance requires accuracy the way architecture requires blueprints.. @ChronicleLabs Verified Asset Oracle (VAO) is the foundation layer ensuring tokenized assets are built on verified, reliable data. 🏡🏦🟢

Combined a parenting and crypto question in a prompt for the first time: pros/cons of bunk beds and digital clarity act. The bot explained which has more risks going off the rails. Multitasking hitting a new level

Whenever I sneak into a technical call, I’m struck by the contrast: Tech call: silence,thinking, precise words and concepts. BD call: words. All the words. Nonstop Starting to understand why the engineers don’t send us the invite links 🤣

We just kissed 💋 @TermMaxFi — bringing verified prices for: • USDS / USD • WSRUSD / USD • SRUSD / USD TermMax is building fixed-rate markets in DeFi. Chronicle is powering the data. Our job: deliver reliable pricing for new financial primitives. Yours: ship with confidence.

There's an epidemic of undisclosed pay to play in crypto, and it's a problem. What I mean is: Company X announces that it will do something on crypto infra Y. The infra could be an L1, L2, dApp, whatever. Both the Company and infra go around talking about how they chose each other on the merits. But in reality the infra paid the company a significant amount of cash (or more likely, tokens) to build on it. This is both dishonest and counterproductive. It's yet another example of how an industry whose technology celebrates transparency rarely practices it. To be clear, there's nothing wrong with incentivizing someone to use your tech. Doing so is why many crypto projects keep large treasuries. But for the love of god you should disclose it. I think projects who do so will actually be celebrated and are more likely to succeed in the long run.

Oracles Canne have fun too.. Keep an 👀 out for this rare interview with @ChronicleLabs @nomos_paradox with @ktrivs and @DeFiDave22 on @scrolltax recorded at the @stable_summit last week 🫶🥳

Congrats @centrifuge & @anemoycapital for absolutely leading on every front bringing tradfi products onchain🔥 “It’s about taking everything we learned in traditional markets and reimagining it with programmability, transparency, and global, 24/7 accessibility @anemoyanil

@centrifuge absolutely leading on every front, bringing traditional finance products on chain🔥 “It’s about taking everything we learned in traditional markets and reimagining it with programmability, transparency, and global, 24/7 accessibility @anemoyanil