1/ Last week at @Permissionless, our CEO @henri_stern sat down with @sequoia’s @josephinekchen to reflect on what’s changed (and what hasn’t) when building through multiple crypto cycles. From stablecoin to UX design, here’s what’s driving adoption. Watch the convo or read on.

2/ Lessons from building Privy over the past few years: 1️⃣ Wallets must be intuitive. Users shouldn’t need to understand crypto to own assets. From @opensea to @HyperliquidX, builders are prioritizing smooth onboarding + embedded self-custodial wallets.

3/ 2️⃣ Infra used to dictate product. Now it’s the other way around. Builders start with the experience they want, then choose the stack that makes it possible. It’s a shift from crypto-first to user-first thinking, and it’s reshaping how apps get built.

4/ 3️⃣ Stablecoin rails are powering use cases that matter: Holding dollars globally. Sending money across borders. Earning yield or more efficient treasury management. These are real problems, now solvable with programmable digital money.

5/ From Sequoia’s POV, we’re still early. Crypto infra is just starting to make global finance more accessible. Fintech and crypto aren’t merging, they’re becoming indistinguishable. If you're building a financial app today, you will likely touch stablecoin rails.