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Empire
Blockworks' crypto podcast covering digital-asset markets, investing, founders, protocols, and industry structure.
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Memecoins Are Stress-Testing The Future Of Tokenized Stocks | Weekly Roundup
Jason YanowitzSantiago Roel Santos
Memecoin–stock-token pools are forcing tokenized equities to confront real liquidity and infrastructure constraints.In the BONER/HIMS pool, roughly 60,000 HIMS tokens and limited weekend minting drove the wrapper to an implied $132, or three-to-four-times Friday’s close, without squeezing HIMS itself.The experiment could accelerate 24/7 markets, but custody, backing, redemption, and token-holder rights remain unresolved.
Cloudflare CEO: The Man Deciding The Internet’s Next Business Model
Automated traffic has already surpassed human traffic, and Prince says agentic traffic could reach 1,000 times human traffic in five years, challenging ad-funded models.Cloudflare is pursuing a micropayments rail targeting roughly 10 million transactions per second, but regulation, capacity and preserving free access remain unresolved.
What’s Circle’s End Game, Robinhood Launches A Chain & Venice Raises $65M
OpenUSD targets Circle with Stripe, Visa and hundreds of partners, but Rob doubts a consortium this large will drive adoption.Robinhood’s Arbitrum-based L2 makes wallet placement scarce, while Cloudflare tests x402 stablecoin settlement across roughly one-fifth of web traffic.Circle’s bank exposure, Saylor’s Stretch overhang and October’s expected DTCC launch leave execution and regulation unresolved.
Anthropic's Fable Banned, Will Microstrategy Blow Up & Structuring A Portfolio in 2026
Jason YanowitzSantiago Roel Santos
Anthropic’s Fable was released around June 9 and blocked from export three or four days later, turning AI’s job-loss narrative into a regulatory and political liability.Jordy calls MicroStrategy panic way overblown as Saylor raises about $200M weekly, while Santi sees eventual Monte Carlo failure; open-source models and smart routing may matter more than privacy maximalism, but government restrictions remain an unresolved risk.
Figure Co-Founder: How Figure Became A $10B Business | Mike Cagney
Connect—not lending—is Figure’s claimed moat: a Six Street-backed guarantor provides a private Fannie and Freddie-style takeout, supporting $1.6B of Q1 volume and roughly 50% adjusted EBITDA margins.First-lien expansion could make TAM 25x larger, but the wallet and native on-chain vision still depend on moving TradFi dollars and securing durable legislative clarity.
AI Feels Like Crypto In 2017, Circle Raises $222M and Anthropic Cracks Down On SPVs
Agentic AI may make memory less cyclical: Micron rose 80%, Intel 85% and SanDisk about 50%, though oversupply remains a risk.Circle raised $222M for Arc at a reported $3B valuation, potentially avoiding Coinbase’s 50% net-interest-margin share, but token value capture remains disputed.Anthropic’s SPV crackdown threatens tokenized-equity exposure, with on-chain exposure reportedly near $400B versus roughly $900B.
Hivemind: Ceasefire In Iran, Is AI a Bubble & Drift Exploited For $280M
Jason YanowitzSantiago Roel Santos
Delphi is tactically long on Iran’s ceasefire, but Yan’s base case is that negotiations break down, while Jason urges defense.Iran potentially charging tanker tolls in Bitcoin or yuan could strengthen BTC’s neutral-store-of-value narrative, though the room called it mostly a headline.Possible SpaceX, Anthropic and OpenAI IPOs could compete for finite dry powder, while private/public marks warrant scrutiny.