Chuk
@chuk_xyz
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Following
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👨🏿‍💻 Product Builder & Investor | Ex-Paxos 📝 Author: Stablecoin Blueprint 🎙️ Co-host: Money Code @thestablecon 📰 Editor: The Weekly Stable @twifintech
New York, USA
Joined October 2015
Too many conversations about stablecoin adoption focus on narrow benefits: lower fees, faster settlement, etc. But payments are multiplayer games. Every transaction touches two or more of: users, banks, processors, issuers, liquidity providers... In many flows, like
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A European state level fund has allocated 1% of their holdings to Bitcoin I don’t think enough people are talking about how significant this is. Let the game (theory) begin
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Great recap on the Agentic Payment landscape 👇
My favorite game: who is/isn't listed! 🕵️‍♂️ Quick refresher: -Visa has TAP so agents use credit cards + merchants recognize them -Mastercard has Agent Pay -Google has AP2 so agents can construct and negotiate temporary shopping carts + use whatever rails you/they choose -Coinbase
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The biggest neobank is Binance Already used globally by 280M users A few feature releases away from being the biggest bank in the world by # of customers
who is building Neobanks? @ether_fi
@Plasma
@UR_global
@KASTcard
@galaxyoneapp
@useTria
@usePicnicBR
@neobankless
@AviciMoney
@OrbitX_Pay
@piggywallet_app
@berryinvesting Tell me more names
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“People don’t want stablecoins, they want US dollars.” @ericbarbier, CEO of https://t.co/rCgP5BAImb, joins @chuk_xyz and @rajparekh_ on Money Code to explore how stablecoins are quietly reshaping global payments. Eric breaks down how Web2 merchants can accept crypto and
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0/ Congratulations to @paypal on briefly having the largest stablecoin ever at $300.025T. This is, of course, a joke, but I want to use it to highlight something very important about blockchains, and drive home a point I make that is often controversial.
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“Money is infrastructure, not a product.” @chuk_xyz and @rajparekh_ sit down with @LucaProsperi, CEO and Co-Founder of @m0, on Money Code to discuss how M0 is rethinking the stablecoin stack and building the infrastructure layer for digital money. Luca outlines how digital
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See @vishalkgupta's tweet for Local vs Widespread and more nuances of stablecoin pricing https://t.co/vd4SlZqTPl
@hosseeb There’s a lot to unpack here around whether or not XYX depegged, and what that even means. Let me state a couple things that you may or may not agree with me on: - Stablecoins are priced in a way that utility should outweigh the risks associated with the tokenization of the
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“Depeg-gate” is everywhere, but what does depeg actually mean? We’re using it as a catch-all accusation, yet a single price dislocation is not the same as a Terra/Luna collapse. The problem: depeg isn’t defined, but it’s deeply loaded. It implies issuer failure and reputational
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Money is social construct that operates on a social network It's most useful when it's well distributed and coordinated @0xcoconutt covers this well here: https://t.co/WB0OwnhArT
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How will a future of 1,000 stablecoins actually work? By recreating what TradFi already solved: universal interoperability across many private monies. When that happens, fragmentation disappears and users stop caring who issued their dollar, just as it is in banking: We already
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Price on one venue < Price aggregated on the most liquid venues < real time assessment of collateral and redemption ability When USDC depegged there was a real probability of collateral impairment This is a really useful thread to understand more:
While we share these suggestions privately with any partner we work with across both DeFi and CeFi, want to surface this publicly so there is zero doubt going forward on what we view as appropriate oracle design and risk management for USDe:
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One imbalanced venue does not a depeg make Looks like we need to define what a depeg is. This wasn’t it. It’s similar to if you invest $1 at a $1 billion valuation, does that make the company a unicorn?
On events of last Friday to be absolutely clear: i) Ethena's mint and redeem function had zero downtime and was processing the largest number of withdrawals in its lifetime - more than $1b in a few hours and $2b in a 24hr period with zero issues. ii) Primary liquidity venues
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“Tokenize and they will come” is the new “build it and they will come” Doesn’t work that way! “Tokenize something people want” is the new “build something people want”
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Fixed income works far better as the underlying asset is slightly less relevant for the return profile than for equity. There’s a broader pool of investors too. I’m excited for the transparent CLOs and CDOs that will eventually be brought on chain.
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Tokenized RWA cannot become collateral for loans if there’s no market for the asset. Fractionalising a mine, land, or other assets does not automatically bring liquidity & price discovery The trick is packaging risk in a way that people want and distributing to where they are
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In the same way memecoin speculation has taught the masses about trading (spreads, liquidity, AMMs, CLOBs) Stablecoins is teaching the masses about the very nature of money itself I'd bet "Eurodollar" has been referenced more times this year on CT than all previous years
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When I moved from the UK to the US I couldn’t take my credit history with me and had to start again. Global underwriting is still an unsolved problem to unlock under collateralised lending. Who is building the global onchain credit score? I know of @3janexyz Any others?
the end game for crypto is to figure out undercollateralized to kill the need for banks completely
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What irks me about the bank lobby argument (the tenuous link between paying stablecoin yield and decreasing bank loan availability) is that even if it were true they assume the free market won’t solve it. The tradfi market is hungry to originate credit. Defi wants in too.
Just as there will be an "Earn" tab in every fintech platform (via Aave & others on the backend), there will also be modules that enable instantly extending lines of credit (via defi) to any business or person, in any region, circumventing banks entirely
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