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Hyperliquid

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2016: JPM builds on Ethereum with Quorum 2025: JPM launches a deposit stablecoin on Base That's a 9-year gap between knowing and showing Banking moves at the speed of regulatory courage, not technological capability

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The only way $CRCL makes sense at $50B is if USDC supply goes to $500B The way USDC goes to $500B is if a major bank, asset manager, or government mints $400B I have massive FOMO and have to suspect there’s an expectation of a sovereign crowning for the company How $ETH is flat this whole year while the fruits of its labor are mooning is beyond me

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Look When JPM built Quorum on Ethereum in 2016 They knew When they launched JPM Coin They knew When they criticized crypto They knew Now announcing a stablecoin for 2025? They always knew The question is: Why pretend otherwise?

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Let's talk about JPM's blockchain timeline 2016: Built Quorum with Consensys 2020: Onyx launch for internal fintech use cases 2021: Interbank payments 2025: Public stablecoin If you just woke up thinking the banks have come, then you missed that they have already been here Here was the problem. JPM wanted to own the blockchain, so they started by building out a private financial enterprise chain. This doesn't work from a cost and scalability perspective -- an expensive lesson for all involved. Quorum was sold back to Consensys to maintain. Consensys pivoted to MetaMask and public chains shortly after. Then JPM wanted to own all the financial venues on top of the chain. So Onyx/Kinexys was born to build software on top of Quorum to own flows. That's fine, but it doesn't connect to Web3 and therefore is just the same as what JPM was doing on databases. They are already trusted internally, blockchains are best where you want no trust assumptions. Now, they are doing a deposit token on Base. Is Base better than Ethereum? Is it better than Quorum? No. Just go direct. Stop flirting and either deploy and own your L2 with your own apps and clients, like Coinbase, or deploy to Ethereum and let people build on you.

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Chime's problem isn't execution. It's imagination While global neobanks are building financial superpowers, Chime is optimizing for American subscriptions The next decade belongs to borderless banking built on stablecoins I want Chime to win and think even bigger

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