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the chain where all stablecoins move will be worth trillions many are chasing this, mostly L1s that also run fintech or stablecoin issuer businesses if you're considering building there, ask yourself: do you want to deploy on a competitor's infra? open systems like codex win

haonan

27,719 subscribers

22,849 views • 7 months ago •via X (Twitter)

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Darrell Duffie of Stanford is famous for being the world’s foremost scholar of financial market plumbing. Few will know that he was also a director of The Narrow Bank (TNB), the bank the Fed quietly strangled for the crime of being too safe. In this episode we cover: Why did TNB die? What are the parallels to the state of stablecoins today, if any? Do stablecoins actually threaten bank deposits? What does a Treasury security purpose-built for on-chain settlement look like? What tokenized assets should serve as the backbone of financial system of the future? Darrell’s Brookings paper with Don Wilson and TNB’s regulatory comment letter on Regulation D are both worth reading alongside this episode. • 00:00 – Intro • 01:07 – The Bank That Couldn’t Fail • 03:53 – Will Stablecoins Kill Lending? • 07:54 – Private Credit’s Run Problem • 11:14 – Too Safe to Exist • 18:31 – Why USDC Can’t Run Wall Street • 25:21 – The Narrow Bank Returns • 28:22 – If Duffie Ran Global Finance • 31:25 – The Stablecoin Sandwich Problem • 34:20 – The End of CLS? • 40:31 – Nubank vs. JPMorgan Brought to you by Codex, the stablecoin foreign exchange specialist.

Darrell Duffie of Stanford is famous for being the world’s foremost scholar of financial market plumbing. Few will know that he was also a director of The Narrow Bank (TNB), the bank the Fed quietly strangled for the crime of being too safe. In this episode we cover: Why did TNB die? What are the parallels to the state of stablecoins today, if any? Do stablecoins actually threaten bank deposits? What does a Treasury security purpose-built for on-chain settlement look like? What tokenized assets should serve as the backbone of financial system of the future? Darrell’s Brookings paper with Don Wilson and TNB’s regulatory comment letter on Regulation D are both worth reading alongside this episode. • 00:00 – Intro • 01:07 – The Bank That Couldn’t Fail • 03:53 – Will Stablecoins Kill Lending? • 07:54 – Private Credit’s Run Problem • 11:14 – Too Safe to Exist • 18:31 – Why USDC Can’t Run Wall Street • 25:21 – The Narrow Bank Returns • 28:22 – If Duffie Ran Global Finance • 31:25 – The Stablecoin Sandwich Problem • 34:20 – The End of CLS? • 40:31 – Nubank vs. JPMorgan Brought to you by Codex, the stablecoin foreign exchange specialist.

Haonan

15,861 views • 3 months ago

behind closed doors, in Davos and DC, incumbent banks and challenger stablecoin companies are in the midst of a protracted fight should stablecoins be allowed to pay interest? trillions of dollars are at stake. which arguments on each side actually make sense? will allowing stablecoins to pay yield really destroy the global economy? Omid Malekan of Columbia Business School is regarded among insiders as one of the few scholars who understands both the traditional financial system and crypto deeply he is the ideal guest for this moment. in this conversation, we strip away the rhetoric to reveal what is really going on: • 01:03 – Why banks are terrified of stablecoins paying interest • 03:12 – “If you want lending to die, support stablecoins” • 13:40 – How disingenuous is the CEO of Bank of America? • 22:58 – Claiming that stablecoins reduce bank deposits is a lie • 30:55 – Nobody accounted for a bank run starting in a WhatsApp group • 34:33 – Big banks are using smaller banks as human shields • 49:49 – "I can verify Tether's liabilities in 30 seconds. JPM can't verify theirs at all." • 59:02 – Wall Street's blockchain pilots are a lie • 01:01:54 – Tokenized bank deposits will never be a thing • 01:06:15 – The hidden tax on every American paycheck brought to you by , the stablecoin foreign exchange specialist

behind closed doors, in Davos and DC, incumbent banks and challenger stablecoin companies are in the midst of a protracted fight should stablecoins be allowed to pay interest? trillions of dollars are at stake. which arguments on each side actually make sense? will allowing stablecoins to pay yield really destroy the global economy? Omid Malekan of Columbia Business School is regarded among insiders as one of the few scholars who understands both the traditional financial system and crypto deeply he is the ideal guest for this moment. in this conversation, we strip away the rhetoric to reveal what is really going on: • 01:03 – Why banks are terrified of stablecoins paying interest • 03:12 – “If you want lending to die, support stablecoins” • 13:40 – How disingenuous is the CEO of Bank of America? • 22:58 – Claiming that stablecoins reduce bank deposits is a lie • 30:55 – Nobody accounted for a bank run starting in a WhatsApp group • 34:33 – Big banks are using smaller banks as human shields • 49:49 – "I can verify Tether's liabilities in 30 seconds. JPM can't verify theirs at all." • 59:02 – Wall Street's blockchain pilots are a lie • 01:01:54 – Tokenized bank deposits will never be a thing • 01:06:15 – The hidden tax on every American paycheck brought to you by , the stablecoin foreign exchange specialist

Haonan

575,423 views • 5 months ago

around 60% of all stablecoins sit on ethereum our job at codex is to make sure they keep moving there too we wake up thinking about stablecoins, we go to bed thinking about stablecoins we just do this one thing

around 60% of all stablecoins sit on ethereum our job at codex is to make sure they keep moving there too we wake up thinking about stablecoins, we go to bed thinking about stablecoins we just do this one thing

haonan

12,043 views • 8 months ago

Ask yourself these three questions—and be honest: Who am I? Not who they told you to be. Not the mask you wear. Deep down… who are you really? Where am I going? Are you moving with purpose, or just floating through the days? Are you chasing something that lights you up, or running from something that hurt you? What do I want to accomplish? Not just for money, or for status—but what will make you proud when it’s all said and done? What legacy do you want to leave behind?

Ask yourself these three questions—and be honest: Who am I? Not who they told you to be. Not the mask you wear. Deep down… who are you really? Where am I going? Are you moving with purpose, or just floating through the days? Are you chasing something that lights you up, or running from something that hurt you? What do I want to accomplish? Not just for money, or for status—but what will make you proud when it’s all said and done? What legacy do you want to leave behind?

𖣂Prince𖣂

302,140 views • 1 year ago

general purpose L2s are parasitic to ethereum you split the user base, and especially post EIP-4844, the value accrual to the L1 is minimal the future lies with purpose-built L2s that just do one thing deeply at codex, we get deep on stablecoins

general purpose L2s are parasitic to ethereum you split the user base, and especially post EIP-4844, the value accrual to the L1 is minimal the future lies with purpose-built L2s that just do one thing deeply at codex, we get deep on stablecoins

haonan

24,916 views • 8 months ago

"If that means I'm on some dead isolated chain where people are talking about proof of work changes, I don't care” - Softfork Mechanic #BIP-110 This is what everyone has been warning about. If you run BIP110, there is a risk you will fork yourself off the network. It will knot be Bitcoin

"If that means I'm on some dead isolated chain where people are talking about proof of work changes, I don't care” - Softfork Mechanic #BIP-110 This is what everyone has been warning about. If you run BIP110, there is a risk you will fork yourself off the network. It will knot be Bitcoin

James Viggiano

61,860 views • 1 month ago

codex is staffed to solve the fiat-stablecoin barrier holding back adoption

codex is staffed to solve the fiat-stablecoin barrier holding back adoption

haonan

10,349 views • 8 months ago

"If you're a guy like Russell Westbrook..." - Lou Williams "How the hell are you there? Ask to be bought out or waived or cut." - Chandler Parsons The Kings are not trying to win and it's "gross" 🤢🤮 Michelle Beadle | Chandler Parsons | Lou Williams

"If you're a guy like Russell Westbrook..." - Lou Williams "How the hell are you there? Ask to be bought out or waived or cut." - Chandler Parsons The Kings are not trying to win and it's "gross" 🤢🤮 Michelle Beadle | Chandler Parsons | Lou Williams

Run It Back

67,723 views • 6 months ago

MrBeast reveals the mental reframe he uses every time he feels like quitting "You just got to control your thoughts. Be like, this is the life I chose. You want success, you want to change the world, this is the price you have to pay. You should actually see this as a good thing" "This is why no one else will do what you will do. What you are feeling right now is your moat. You're lucky. It's hard. Push through it and you'll be happy you did" "There are times where I'm like, I really want to play this strategy board game, I want to do this thing. And I look at the schedule and I'm like, maybe I could do that in four days. It's very easy in moments like that to go I'm like a zoo animal. I don't have free will. I'm like a little robot to my businesses" "No, the average person does not want to live the life I live or be in my head. They would be miserable because you're just working all the time. They would just ask themselves why am I working all the time? Why don't I do literally anything else?" "Most people would be like oh, let's just grab a couple million dollars and be happy"

MrBeast reveals the mental reframe he uses every time he feels like quitting "You just got to control your thoughts. Be like, this is the life I chose. You want success, you want to change the world, this is the price you have to pay. You should actually see this as a good thing" "This is why no one else will do what you will do. What you are feeling right now is your moat. You're lucky. It's hard. Push through it and you'll be happy you did" "There are times where I'm like, I really want to play this strategy board game, I want to do this thing. And I look at the schedule and I'm like, maybe I could do that in four days. It's very easy in moments like that to go I'm like a zoo animal. I don't have free will. I'm like a little robot to my businesses" "No, the average person does not want to live the life I live or be in my head. They would be miserable because you're just working all the time. They would just ask themselves why am I working all the time? Why don't I do literally anything else?" "Most people would be like oh, let's just grab a couple million dollars and be happy"

Jaynit

65,156 views • 3 months ago

🚨BREAKING🚨 Keir Starmer has stated AGAIN, this time to the BBC that if you do not get Digital I.D, that you will have to pay £85 EVERY time you are required to prove who you are by paying a company to verify WHO you are. This will punish the elderly mostly and anyone else who doesn't have a mobile phone (or want one) He has also stated previously that if you don't have Digital I.D you will lose your job. Link to the video where he said this yesterday

🚨BREAKING🚨 Keir Starmer has stated AGAIN, this time to the BBC that if you do not get Digital I.D, that you will have to pay £85 EVERY time you are required to prove who you are by paying a company to verify WHO you are. This will punish the elderly mostly and anyone else who doesn't have a mobile phone (or want one) He has also stated previously that if you don't have Digital I.D you will lose your job. Link to the video where he said this yesterday

Grifty

1,353,049 views • 10 months ago

Want to make physical products? You must go to Shenzhen, China. This video explains why and will tell you why your life either must be: A. Opportunity THEN City or B. City THEN Opportunity If there is something that you want to do, you need to move to the right city for it (Opportunity THEN City) If you're stuck in a particular place, you must adapt what you do to where you live (City THEN Opportunity) This is very important life lesson. Pursuing an opportunity that your city is not ideal for will cause you a lot of hardship. If you're set on an opportunity, you gotta move to the place that gives you the best chance of achieving it eg moving to Los Angeles to become an actor or New York to do finance. If family or some other reason keeps you in a specific place, you must, sadly adapt your goals to where you live eg getting into agriculture if you live in Iowa or tech if you live in Silicon Valley. Be bold, move across the world to achieve or your goals. Or, don't, and be practical about your ambitions. Combine the two and you will be unhappy.

Want to make physical products? You must go to Shenzhen, China. This video explains why and will tell you why your life either must be: A. Opportunity THEN City or B. City THEN Opportunity If there is something that you want to do, you need to move to the right city for it (Opportunity THEN City) If you're stuck in a particular place, you must adapt what you do to where you live (City THEN Opportunity) This is very important life lesson. Pursuing an opportunity that your city is not ideal for will cause you a lot of hardship. If you're set on an opportunity, you gotta move to the place that gives you the best chance of achieving it eg moving to Los Angeles to become an actor or New York to do finance. If family or some other reason keeps you in a specific place, you must, sadly adapt your goals to where you live eg getting into agriculture if you live in Iowa or tech if you live in Silicon Valley. Be bold, move across the world to achieve or your goals. Or, don't, and be practical about your ambitions. Combine the two and you will be unhappy.

molson 🧠⚙️

278,335 views • 1 year ago

Ask yourself: are you ready? “The IRGC, they’re willing to die for what they believe in. What would happen if Israel was bombing us? Where the f*ck would all of you be, you people that don’t want to vote for a Democrat? Where would you pussies be?"

Ask yourself: are you ready? “The IRGC, they’re willing to die for what they believe in. What would happen if Israel was bombing us? Where the f*ck would all of you be, you people that don’t want to vote for a Democrat? Where would you pussies be?"

Fuentes Updates

435,715 views • 5 months ago

Congratulations to @welovebvss on Instagram!!! You are this week’s winner of R10 000 !!!! You could also win yourself R10 000 Cash, all you have to do is buy a bottle on Billiato and post a picture or video it with the Hashtag #Billiato10K and just like that you could be our next winner. Who’s next??? Could it be you ???

Congratulations to @welovebvss on Instagram!!! You are this week’s winner of R10 000 !!!! You could also win yourself R10 000 Cash, all you have to do is buy a bottle on Billiato and post a picture or video it with the Hashtag #Billiato10K and just like that you could be our next winner. Who’s next??? Could it be you ???

Don Billiato

19,382 views • 1 month ago

on-chain FX is the holy grail everyone keeps chasing but can't figure out the classic problems are obvious. non-USD stables have no liquidity, you can't move real volumes, and there's no demand either why the hell would anyone use an onchain mechanism if spreads are wider and more expensive? we have solutions on both sides

on-chain FX is the holy grail everyone keeps chasing but can't figure out the classic problems are obvious. non-USD stables have no liquidity, you can't move real volumes, and there's no demand either why the hell would anyone use an onchain mechanism if spreads are wider and more expensive? we have solutions on both sides

haonan

12,790 views • 8 months ago

Mistral CEO Arthur Mensch on the need for open-source AI: “If you assume that the entire economy is going to run on AI systems, enterprises will just want to make sure that nobody can turn off their systems.” “If you treat intelligence as electricity, then you just want to make sure that your access to intelligence cannot be throttled.” "The only way in which you can create systems that are effectively using the folklore knowledge of your employees, the knowledge that you've accrued for decades... is to create your own models based on those open-source models." “This is a technology which is so important, that you don’t want to be locked into a single vendor.” Arthur Mensch on Big Technology Podcast

Mistral CEO Arthur Mensch on the need for open-source AI: “If you assume that the entire economy is going to run on AI systems, enterprises will just want to make sure that nobody can turn off their systems.” “If you treat intelligence as electricity, then you just want to make sure that your access to intelligence cannot be throttled.” "The only way in which you can create systems that are effectively using the folklore knowledge of your employees, the knowledge that you've accrued for decades... is to create your own models based on those open-source models." “This is a technology which is so important, that you don’t want to be locked into a single vendor.” Arthur Mensch on Big Technology Podcast

a16z

288,194 views • 6 months ago

🧪People often ask me if a high layup is "worth it" - and what I think is that, people are making the game WAY too technical. It's Basketball man. If you like layups and you want to do layups, you're going to have more fun with a high driving layup rating lol. It's really that simple. It's worth it for ME. It's all about how you want to play the game. Whether you find success with it or not all depends on your shot selection and your timing. #NBA2K25

🧪People often ask me if a high layup is "worth it" - and what I think is that, people are making the game WAY too technical. It's Basketball man. If you like layups and you want to do layups, you're going to have more fun with a high driving layup rating lol. It's really that simple. It's worth it for ME. It's all about how you want to play the game. Whether you find success with it or not all depends on your shot selection and your timing. #NBA2K25

ᴅɪᴍᴇᴡᴏʀᴋ🧪🥼

10,328 views • 1 year ago

Again there was this debate about Remco when Hugo Calatayud wrote that “he chased his idol Remco to the bus where he didn’t stop to sign any autographs” but I don’t like this chasing much… Either you stay somewhere where this pro cyclist is and there take or ask for a photo, but not chase all the time. Give the pros also some privacy. How do you see it? 🎥: Hugo Calatayud

Again there was this debate about Remco when Hugo Calatayud wrote that “he chased his idol Remco to the bus where he didn’t stop to sign any autographs” but I don’t like this chasing much… Either you stay somewhere where this pro cyclist is and there take or ask for a photo, but not chase all the time. Give the pros also some privacy. How do you see it? 🎥: Hugo Calatayud

Lukáš Ronald Lukács

59,198 views • 6 months ago

People often put stablecoins and crypto assets (like Bitcoin) in the same bucket. In reality, they are distinct products solving a different problems. Bitcoin behaves more like an asset. Stablecoins behave like cash that moves at internet speeds. Most of the interesting payments work in fintech right now is happening on the second one. If you're building in that direction and want the infrastructure layer handled, we'd love to have a chat -> Podcast by Scalto ft. Andy Werner

People often put stablecoins and crypto assets (like Bitcoin) in the same bucket. In reality, they are distinct products solving a different problems. Bitcoin behaves more like an asset. Stablecoins behave like cash that moves at internet speeds. Most of the interesting payments work in fintech right now is happening on the second one. If you're building in that direction and want the infrastructure layer handled, we'd love to have a chat -> Podcast by Scalto ft. Andy Werner

Transak

11,139 views • 3 months ago