Musings on Technology
A personal collection of notes, reflections, and essays on technology, finance, and building — written over the years as I made sense of the ideas shaping our industry.
The Convergence Thesis, Three Years Later
Three years ago, I wrote about the convergence of AI, crypto, and traditional finance. The convergence has happened — faster and more completely than I expected. AI agents transact on crypto rails. Banks issue stablecoins. Tokenised assets trade in DeFi protocols. A reflection on what converged, what surprised me, and what comes next.
Stablecoins Cross $300 Billion — The Dollar Network Effect
Total stablecoin supply has crossed $300 billion — growing 50% in less than a year. Bank-issued stablecoins, regulatory clarity, and emerging market demand are driving the acceleration. The dollar's dominance in global finance is being extended through blockchain infrastructure.
The AI Infrastructure Layer: Compute, Data, and Crypto
The demand for AI compute is outstripping supply. Decentralised compute networks, data marketplaces, and crypto-native AI infrastructure are emerging to fill the gap. The convergence of AI and crypto is moving from payments to infrastructure — and the stakes are getting larger.
The Tokenisation of Private Credit: DeFi Meets Private Markets
Private credit — a $1.7 trillion market traditionally reserved for institutional investors — is being tokenised on public blockchains. The implications for access, liquidity, and transparency are significant. DeFi is no longer just tokenising Treasuries. It is tokenising the entire capital stack.
Banks Are Issuing Stablecoins — The Integration Is Complete
JPMorgan, Citi, and a growing list of banks are issuing or planning to issue their own stablecoins — enabled by the GENIUS Act's clear regulatory framework. The boundary between traditional banking and crypto infrastructure has dissolved. The integration that was predicted for years is now happening.
AI Agents Are Entering DeFi — And It's Messy
AI agents are now interacting with DeFi protocols autonomously — executing trades, managing portfolios, and optimising yield. The early results are promising and chaotic. The infrastructure is not ready. The opportunity is enormous. And the risks are real.
The Market Structure Bill: Crypto Gets Its Rules
Congress has passed comprehensive crypto market structure legislation — defining which tokens are securities, which are commodities, and how exchanges should be regulated. After years of regulatory uncertainty, the US finally has clear rules. The impact on innovation, institutional adoption, and global competitiveness will be profound.
DeFi Protocols Are Becoming Real Businesses
Aave, MakerDAO, Uniswap, and Lido are generating hundreds of millions in annual revenue. Fee switches are being activated. Buyback programmes are being implemented. DeFi is transitioning from speculative infrastructure to revenue-generating businesses — and the market is beginning to value them accordingly.
The Strategic Bitcoin Reserve Becomes Real
The US government has formally established a Strategic Bitcoin Reserve — seeded with Bitcoin seized from criminal proceedings. The reserve is modest in size but enormous in significance: the world's largest economy now holds Bitcoin as a sovereign asset.
Claude 3.7 Sonnet and the Rise of Computer-Use Agents
Anthropic's Claude 3.7 Sonnet introduces extended thinking and computer-use capabilities — AI that can operate a computer like a human, clicking, typing, and navigating applications. The agentic AI future is no longer theoretical. It is shipping in production models.