2026-06-05 Пятница

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The Migration of Settlement Power: B18 and the Institutional Starting Point of On-Chain Banking

The article "The Migration of Settlement Power: B18 and the Institutional Starting Point of On-Chain Banking" discusses how traditional finance relies on settlement—not just transactions—to determine ownership of funds. While transactions are instantaneous, settlement requires time, counterparties, and system confirmation, during which users do not fully control their funds. In contrast, early DeFi (decentralized finance) focused on trading and liquidity while avoiding the fundamental question of who defines settlement in the absence of banks. B18, built on Coinbase’s on-chain infrastructure and operating on Base, aims to address this gap by transforming blockchain into a system that handles time, accounting, clearing order, and finality—functions traditionally managed by banks. B18 is not a typical DeFi protocol but an attempt to decouple banking from institutions and encode it into executable rules. Its capital structure reflects this ambition, with support from Paradigm and Wintermute Ventures at the protocol level, GSR Capital for market liquidity, FuturePay for real-world payment integration, and Base Ecosystem Fund builders who design the rules for fund recording, profit recognition, and liquidation conditions. Together, these layers form a new on-chain financial order where code, not institutions, governs settlement—shifting the power dynamics of finance. B18 represents the starting point of this migration. (Note: This is a submitted article and does not represent the views of ChainCatcher or constitute investment advice.)

marsbit03/21 11:22

The Migration of Settlement Power: B18 and the Institutional Starting Point of On-Chain Banking

marsbit03/21 11:22

From Tencent and Circle: Looking at the Easy and Hard Questions of Investment

The article contrasts the investment prospects of Tencent and Circle in the AI era, framing the decision as a choice between "easy" and "hard" problems, inspired by Charlie Munger's philosophy. Tencent's stock has declined despite strong earnings, as the market shifted from fearing insufficient AI investment to worrying about excessive spending. The author argues this pessimism is overdone. WeChat's nascent AI agent, Yuanbao, is seen as a prototype for a future, more powerful system-native agent. Crucially, this agent would have system-level permissions to seamlessly interact with the massive Mini Program ecosystem (housing apps like Meituan, Didi, etc.), making it a practical, usable product for billions. The author believes the high-probability success of this inevitable development makes investing in Tencent an "easy" decision that the market is currently overlooking. Conversely, Circle's recent rise is fueled by the AI narrative, specifically the belief that AI agents will require blockchain-based stablecoins for settlement, with USDC as the leading compliant option. The author deconstructs this bullish thesis, identifying high uncertainties in its core assumptions: whether AI transactions will *necessarily* use stablecoins (vs. other protocols like Google's UCP), USDC's ability to maintain its lead against competitors like Tether or PayPal, and whether stablecoins even possess strong network effects in an agent-dominated world where cost and friction are paramount. The compounding uncertainty makes investing in Circle a "hard" problem, riskier than market sentiment suggests. In summary, the author posits that Tencent presents a clear, high-probability opportunity (easy), while Circle's future is built on a chain of speculative assumptions (hard).

marsbit03/21 11:20

From Tencent and Circle: Looking at the Easy and Hard Questions of Investment

marsbit03/21 11:20

The Second Half of Stablecoins No Longer Belongs to the Crypto World

The article discusses the shift in the stablecoin market from the crypto sector to traditional finance, highlighted by Mastercard's acquisition of BVNK for up to $1.8 billion in March 2026. This move came after Coinbase abandoned a $2 billion deal for BVNK months earlier, signaling intensified competition for stablecoin infrastructure. BVNK specializes in cross-border payments using a "stablecoin sandwich" model: converting fiat to stablecoins like USDC for blockchain transfer, then back to local currency, reducing transaction times and costs. Its key asset is a suite of global licenses, including EMI from the UK FCA and CASP under EU MiCA, enabling compliance across 130+ countries. Mastercard's acquisition aims to integrate BVNK into its Multi-Token Network (MTN), a private blockchain for tokenized assets, addressing MTN's lack of connectivity with public chains. This enables atomic settlements, 24/7 B2B transactions, and programmable payments. The strategy contrasts with Visa’s partnership-focused approach, emphasizing direct control over infrastructure. The U.S. GENIUS Act (July 2025) provided regulatory clarity, defining stablecoins as non-securities under OCC oversight, which facilitated Mastercard’s move. The deal pressures players like Ripple and traditional correspondent banks, as Mastercard’s global network could disrupt cross-border payment fees. Ultimately, stablecoin evolution is becoming invisible to users—embedded in traditional finance for efficiency, not crypto adoption. Mastercard’s investment secures a foothold in the next-generation payment ecosystem.

marsbit03/21 07:12

The Second Half of Stablecoins No Longer Belongs to the Crypto World

marsbit03/21 07:12

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