WingRiders Governance Token PriceWRT

Under appreciated point wrt to stablecoin adoption is that the most underserved, largest, and fastest growing market today is the EM SMB market, not retail global south. Nubank called out how this segment has surprised them a few weeks ago - over 5mm accounts in Brazil with no investment or marketing. In the report we did with @artemis and @CastleIslandVC we showed that B2B cross-border payments was the fastest growing payments use case. Stripe/Bridge launched their stablecoin Financial Accounts aimed at this segment. Access to US dollar financial services will only accelerate the growing trend of entrepreneurship in this economies - likely the biggest near term opportunity for any new stablecoin powered biz is solving problems for this segment.

I appreciate what this paper is trying to do, but the points about liquidity, stability and scale don't really make sense wrt to the focus on treasuries because that's not how issuers manage their liquidity or how MMFs scale - they do so with a range of other products like reverse repo and a broad bond ladders. I'd like to see an analysis done with a more robust set of products that reflects the actual operations of how issuers work today and how other products (like MMFs) scale

Good read here on what the Senate is considering WRT to the tax bill

RT @HadickM: Interesting wrt to COIN valuation. Estimating that COIN's share of Reserve Income remains flat to Q1 (~53.5%) gets me to ~$1.2…

Interesting wrt to COIN valuation. Estimating that COIN's share of Reserve Income remains flat to Q1 (~53.5%) gets me to ~$1.29bn in revs to COIN. Using the same CRCL Net Rev multiple of 32.8x that implies that ~$42.3bn of COIN's ~$60.5bn EV (~70%) is due to this rev share agreement. It also implies, using some Wall Street estimates of the non-stablecoin revs (~85% of net revenue), that the rest of Coinbase's business is being valued at less than 3x net revenue - significantly below tradfi peers. So either one of three things is true, that there isn't a lot of (or at least outsized) demand in the market for non-stablecoin crypto exposure, the CRCL valuation will come down dramatically, or Coinbase needs to significantly re-rate upwards.