The Ledger, every show

“If you look at stablecoins today, they're a two hundred and thirty billion dollar market. Those two hundred and thirty billion dollars rotate on chain to the tune of about 27 trillion dollars last year in 2024, which was greater than Visa's total settlement vo…”

“This is a market that I think will experience 10 to a hundred X growth over the next five to 10 years.”

“But I think that it's going to be very difficult for traditional sports betting platforms to compete with prediction markets at scale.”

“Eventually, my view is the stablecoin market or tokenized fiat currencies will exceed Traditional fiat currencies.”

“And the largest consumers of DeFi will be banks, will be fintech companies, and will be institutions.”

“So for all those reasons, I still think permission DeFi is incredibly interesting, incredibly powerful, and probably will be Orders of magnitude larger than the DeFi that we know today.”

“I suspect that 98, 99% plus of the blockchain applications, the DAOs that exist today, are not going to be around long term.”

“But I don't think they're going away. So today meme coins are five percent of total crypto market cap. I think they'll always be here because investing is inherently about feeling like you're part of a community.”

“If you look at Tether, last year they made over ten billion dollars of profit with a small team.”

“We may see more adoption in the longer tail before some of the more institutional assets.”

“After the results started coming in from the seven swing states, Poly market reached 95% probability on each of those seven states, in some cases, many, many hours or a day or two ahead of when the Associated Press called the race.”

“It's a company called Hive Mapper, and they've now mapped roughly 10% of the world's roads in just a couple years without spending a single dollar of capex.”

“Well, we think the major users of blockchains just may be AI agents themselves.”

“We're now discussing a Bitcoin strategic reserve at the federal level in the U.S. And in 31 states.”

“Tether alone was the seventh largest buyer of treasuries in the past year.”

“There are dozens of these algorithmic stable coins that have been launched over the years. Most of them have failed. Some of them have temporarily failed and revived.”

“So because of that uncertainty, I think DAOs probably trade at lower multiples than companies, at least in the near term.”

“So BlackRock's ETF had thirty seven billion of inflows in 2024. That was the third most of any ETF In the market. And by far the largest first year launch in history.”

“And as this greatest wealth transfer in human history plays out, 30 trillion over 20 years from boomers to Gen Z and millennial There's just a natural demographic tailwind for Bitcoin. I think Bitcoin is very well positioned.”

“80% of all transactions on blockchains involve a stable coin in one way, shape, or form.”

“Today, the euro dollar market exceeds the total quantity of U.S. Domestic banking deposits.”

“Polymarket.com in November was one of the hundred most popular websites in the world. Had about two X the website traffic as Coinbase.com.”

“While there are defaults, as you would expect, there's been almost negligible loss given default because of the way the collateral is then liquidated in those scenarios.”

“For private credit, the incremental yield ultimately is roughly similar between a private credit product off-chain and on-chain. There's no real discernible difference between the two today because that perceived risk has migrated towards zero.”

“And AI agents cannot open a bank account. You have to be a human or a company to open a bank account. But if you're an AI agent and you want to send micropayments to other AI agents or micropayments to humans, that's really not possible on traditional banking.…”

“In today's market, crypto is two and a half to three trillion. We're below where we were in crypto market cap in 2021, almost four years ago, despite all the progress in the space.”

“Borrowing digital assets has historically been very difficult, but recently there have been massive improvements in infrastructure to be able to do that and to be able to execute on a more fundamental or event-driven long short strategy within the space.”

“In an equilibrium state, lenders should be able to earn more. Borrowers should be able to pay less and there's less rent seeking by these platforms.”

“If you own stocks on your Fidelity or Schwab account, you are earning Zero percent on them if you're a retail investor. And on the back end, to the extent people are shorting an asset that you own, Fidelity, Schwab, whoever your brokerage is, is making that sp…”

“There's really no limit on the number of times a token can get rehypothecated in DeFi or on these digital networks.”

“One of the reasons that the financial crisis occurred in oh eight, oh nine is if you were to look at The TenQ of Lehman Brothers. Last filing before it went bankrupt. There's a big other line item on the balance sheet. You have to read into the footnotes. No o…”

“And my hope is that, and my sense is that people won't even use the term DeFi in five to 10 years. It will just be called finance because we don't call finance today centralized finance.”

“Blockchains are three trillion dollar asset class. Total assets globally are 600 trillion. So it's 50 bips of global assets.”

“And 70% of all Bitcoin Has not moved on chain in the past year.”

“So today meme coins are five percent of total crypto market cap.”

“The number of wallets sending and receiving these and the number of stable coins outstanding have both been compounding at 40 to 60% per year for the past five years.”

“Tokenized gold is now billion and a half dollar market.”

“So Polymarket, which is built on a blockchain, facilitated, I think, close to three billion dollars on the U.S. Presidential election.”

“So one is Polymarket is doing about, call it, five hundred million to a billion dollars a month of volume across its markets. And this is across roughly 50 to 75,000 active wallets.”

“Aave, as an example, now has close to thirty billion dollars of capital deposited in its platform and single digit billions, maybe perhaps over ten billion today now borrowed.”

“Uniswap, for example, just passed one trillion dollars of trading volume since inception. It launched a few years ago.”

“Crypto today is about 20 basis points of all global assets. So it's a trillion and a half asset class. Global assets are roughly 600 trillion.”

“So of the two hundred billion, about a hundred and fifty billion are fiat backed stable coins. The largest one is Tether. The second largest one is USDC, and then there are longer tail of others.”

“Within Nexus Mutual, there's this capital pool that pays out claims. There's roughly four hundred million dollars in the capital pool. There's roughly twenty million a year of annualized premiums being paid in”

“So a network like MakerDAO has something on the order of 50 different core units that are each responsible for the finance and accounting of the DAO, The growth marketing strategy of the Dow, the core engineering services, and they all have to apply to the Dow…”

“Today, there are roughly 2000 Crypto native funds globally that collectively represent, call it, 50 to seventy-five billion of capital.”

“The entire crypto market cap was maybe ten billion, so less than one 100th of the size that it is today.”