Empire

Stablecoin proliferation is shifting toward corporate treasury, as banks and multinationals may issue white-label coins to capture float.CLARITY’s 49–50 failure hit Coinbase roughly 10% and Circle 12%, while the SEC’s five-year exemption may accelerate tokenized-securities innovation but remains reversible.Arc’s more than 190 partners showed Circle’s reach, but its memecoin-heavy debut obscured a payments strategy designed to offset lower rates.

Yan Liberman

Yan sees Bitcoin reaching the high $90,000s before materially easier liquidity, with only 10–15 investable tokens.His six-token book favors uncrowded productive assets: Grass has roughly $70 million expected revenue and $40 million indicated operating profit against about $330 million FDV.Grass’s October unlocks and AERO’s second-half-of-September expansion are catalysts, but demand, emissions and cross-asset opportunity cost remain unresolved.

Crypto funds moving into robotics and hardware may be an adverse-selection trap as LPs question mandate creep and post-2021 returns converge with regular venture.Cloudflare’s guardrailed, chain-agnostic wallets could make identity and authorization a value layer, while Circle’s 7% revenue growth, falling USDC supply, 62% distribution share, and November’s Western Union bet leave monetization unresolved.

Jason Yanowitz × Santiago Roel Santos

After eight months across 20-plus sectors, Santos says Inversion’s crypto-embedding thesis failed to clear the return hurdle, shifting focus to quality, cash-flowing businesses.On-chain B2B borrowing costs 8–12%, while crypto FX quotes sit 20–50 basis points above mid-market; Robinhood Chain’s more than $500 million in Uniswap volume and roughly 150,000 new active wallets show verticalization, though P&L value remains disputed.

Jason Yanowitz × Santiago Roel Santos

Crypto venture is splitting into a weak early-stage market and improving later-stage payments, stablecoin, tokenized-asset and M&A activity.Stablecoin transfer volume remains distorted by bots, but adjusted metrics, card swipes and about 30 public-company implementations offer stronger adoption evidence.Kalshi’s reported $40B raise remains unconfirmed as fee compression looms, while institutional clearing and block trades could expand prediction markets.

Avichal Garg × Jason Yanowitz

AI’s dominance makes early-stage entry difficult, pushing Electric Capital toward cold spots such as crypto.Certora’s formal verification could become critical as AI-powered attacks target DeFi securing billions.Stablecoin rails may let 5-6 billion people with limited U.S. market access pay higher P/E multiples for on-chain cash flows, though token re-rating depends on durable revenue and buybacks.

Jason Yanowitz × Santiago Roel Santos

Hyperliquid is emerging as Wall Street’s crypto entry point, as one hedge fund bought its DAT after being unable to hold HYPE, seeking an uncorrelated position.Weekend commodities trading gives TradeXYZ a price-discovery role, while US approval could rerate the asset and Kraken’s Deutsche Börse investment and possible SpaceX-linked IPO add catalysts.

DAS drew 2,900 attendees, including 130 sovereigns, endowments, and pensions, signaling an institutional bull market alongside a token bear.Stablecoins are moving toward capital markets, with Western Union exploring float release and Rain-powered cards for 100M customers across 190 countries.Most implementations are not live at scale, leaving adoption, oracle losses, RWA quality, and Clarity’s regulatory path to watch.

Iran-energy shock pushed oil from $70 to $116–120, leaving only one Fed cut priced.S&P’s official Hyperliquid perps add institutional validation; at $40, roughly $37B FDV and $140M in 90-day revenue support exchange-multiple comparisons, though Secret City data is unchecked.Tempo’s $5B valuation depends on Stripe’s BD motion, while MPP and Visa support a payments thesis exposed to weak evidence for agentic commerce.