.@circle set out to put dollars on the internet and make them work everywhere. Now @jerallaire thinks the main users of that infrastructure could be machines. He joins @cdixon to talk about what comes after digital dollars, and what the agent economy needs when software can earn, spend, and hire. Highlights: 1:58 Circle’s original vision for programmable money 7:19 Why institutions started taking stablecoins seriously 12:04 Learnings from building a global financial network 15:03 What gives a stablecoin its moat? 26:28 Crypto’s growing adoption in the shadow of AI 28:11 From making existing things better to creating entirely new markets 32:59 The weirdest experiments being built on Arc 37:02 What happens when AI hires AI 38:04 Why the next big thing starts out looking like a toy 39:05 Can blockchains counter AI’s centralizing tendencies? 44:01 What the machine economy could look like in five years

AI can’t find an algorithm that doesn’t exist. The worry is we’re wrong about what exists. @liz_harkavy and @SuccinctJT on AI vs. cryptography: "We generally believe there is no efficient algorithm for these problems. ... And so if there's not one, it doesn't matter how smart the AI is; it cannot find the non-existent algorithm."

Security researchers across the world are sounding the alarms… Is AI really going to break cryptography?

A year ago, trading RWA perps was a rounding error. Last month it was a $117B market. RWA perp volume is up 44x in twelve months, most of it now happens onchain. https://t.co/JcIwySxAIh

New markets have changed what people can trade and how. In the last decade, blockchains have started lowering the cost of building markets, making it easier to experiment with net new ones. https://t.co/u3H9bVlJnu

These assets are called “real world.” BUT trading is increasingly happening onchain. 86% of RWA perp volume now runs through onchain venues. https://t.co/V79tTZ7nhV

Just going to leave this here. Open interest in perps tied to traditional assets grew from $161 million to $4.8 billion in 13 months. https://t.co/c1wDEFe7iC

"The policy is fully baked. I think the question now is: do people have the political will to put this in place?" @milesjennings on why we need CLARITY https://t.co/jO9xHVXIAO

If we want people to start and grow crypto companies in America, we need to give them rules they can build their businesses around. We've waited long enough. https://t.co/NaLeLews1a

Technologies don't un-invent themselves. The question is... where do they get built? "Every American citizen, regardless of their political position, should want America to be the technology leader in the world." @pmarca on the CLARITY Act and why crypto belongs in the US. https://t.co/gseHzD9ZON