The Quietest Part of Startupland isn't so Quiet | Tomasz Tunguz
Stablecoins hold $165b in US T-bills, more than China or Switzerland. Hyperliquid generates $610m annualized fees. Gold, oil, & stocks trade 24/7 on crypto perpetual markets.
In short : Stablecoins hold $165b in US T-bills, more than China or Switzerland. Hyperliquid generates $610m annualized fees. Gold, oil, & stocks trade 24/7 on crypto perpetual markets. Crypto is the quietest part of the venture capital market. Funding is at multi-year lows. The narrative says the space is moribund. But beneath the surface, something structural is happening. Crypto is now a top-10 holder of US government debt. Stablecoin issuers hold $165b in US Treasury bills. That is 2.5% of the total $6.1t T-bill market. To put that in perspective, stablecoin issuers now hold more…
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