Your Wallet Knows Too Much: Who Fixes Onchain Privacy? The chain never leaked your ID. Data breaches did, then the chain showed your bags $124M+ in wrench attack exposure in H1 2026, up ~12x YoY Wallets or protocols: who should own the fix? Time to address it honestly October 15 | 3 PM UTC | 11 AM ET LFG

Nik Storonsky says Revolut will be a bank with "effectively zero risk." He started his career trading derivatives at Lehman Brothers. Storonsky told the FT today that Revolut will cap lending at 10-20% of deposits. It will sell the loans it does make, whole or through securitizations, what some call an "asset-light model" Revolut lends about 6% of its deposit funding base. A typical bank lends out closer to 100%. At the end of 2025, Revolut held GBP 50.2bn of customer balances and a GBP 2.2bn loan book. It kept 90% of its assets in cash and treasuries. --- This is a fundamentally different business model from traditional banks where the goal was "net interest margin." Take deposits, lend them out, and earn the spread. Profit depends on the current interest rate, and every new loan needs more capital. Revolut uses the license to hold your salary and savings. It earns from cards, FX, wealth and subscriptions. Storonsky puts Return on Equity (ROE) at 40-50% after stripping out excess capital. That is about double the best banks, and higher than Nubank. And you can see this in how investors are reacting. They valued Revolut at $115bn in July, around 68x 2025 net profit of $1.7bn. Barclays was worth about $95bn the same week on $12.9bn of net profit. --- "Zero risk" here means credit risk. Three risks stay with Revolut: 1. Rate cuts shrink interest income, which was GBP 974m in 2025 (22% of revenue). 2. Loan sales need private credit and securitization buyers to keep buying. 3. Fraud, AML and outages become the main ways Revolut can lose money or a license. Northern Rock failed in 2007 when the securitization market shut, because it funded itself there. Revolut funds itself with deposits. A shut market would stop its lending growth and leave its funding intact. --- If you hold a license or want one, decide what you want it for. Fee income grows without tying up capital, and investors pay tech multiples for it. Private credit funds want consumer loans and have no customers to lend to. Revolut has 80M. It can originate the loans, sell them to the funds and keep the fees. What makes this so interesting to me is HOW different it is from Nubank. Nubank is THE subprime lender in Brazil. It made that wildly profitable. It is a bank that lends. Revolut is in Europe, where interest rates are far worse, credit spreads are tighter, and it builds an entirely different machine. h/t @maxkarpis for the story find

Coinbase started as a place to buy Bitcoin. Now it calls itself the "everything" exchange. This is NOT progress.

"Stripe had 50 users two years after launch, John Collison says. good ideas can feel slow-going too, he explains, that's what made him doubt it. the slowness was the product strategy all along"

From Goldsmiths to Central Banking: The Origins of Private and Public Money in Britain In 17th-century London, private money in its modern form first emerged from the goldsmith-bankers. Wealthy merchants deposited gold and silver for safekeeping in the goldsmiths’ secure vaults. In exchange, they received receipts. These receipts gradually became transferable — anyone who trusted the goldsmith could accept them as payment. The goldsmiths soon discovered they could lend out a portion of the deposited metal while still honouring every receipt on demand. They began issuing additional notes against these loans. This created new private money: paper claims that circulated independently of physical coin, expanding the money supply through credit. Early examples include the notes issued by houses such as Hoare’s Bank, which began as goldsmiths in the 1670s and still operate today. Private money was born as a convenient, expandable claim on trusted private institutions. Public money has much older roots in sovereign power. E.g., for centuries in England the Crown issued coins through the Royal Mint — gold and silver pieces such as the sovereign, first authorised by Henry VII in 1489. These coins were public money: legal tender carrying the full authority and credit of the state. They were accepted everywhere without doubt about the issuer’s ability to honour them, forming the stable foundation of the monetary system long before paper existed. The two systems began to merge with the founding of the Bank of England in 1694. Created as a private joint-stock bank to finance the government’s wars, the Bank immediately started issuing its own notes. At first it operated alongside the goldsmith-bankers and country banks, all of which continued to issue their own private notes. Over the next 150 years the Bank steadily gained a special position as the government’s banker and the holder of the nation’s ultimate reserves. The decisive integration occurred with the Bank Charter Act of 1844. This Act gave the Bank of England a near-monopoly on issuing new banknotes in England and Wales. Existing private issuers were limited to their current circulation and could not expand; new banks were prohibited from issuing notes at all. Private banks shifted from printing their own notes to creating money in the form of deposits — transferable claims spendable by cheque. These private deposits ultimately cleared and settled through the system in Bank of England notes and reserves. The Bank of England itself evolved from one bank among many into the central anchor of the entire structure: its liabilities became public money, the final means of settlement with sovereign backing, while commercial banks expanded the money supply on top through private credit creation. The result was the two-tier monetary architecture that still defines modern finance — private innovation and scale built securely on a public foundation of trust and finality.

Offer your own branded stablecoin | 5/6 Embed in your neobank, a stablecoin which is: • Instantly liquid • Insured up to $150K per holder • Private on public blockchains • Generates powerful rewards based on your stablecoin’s market cap • Instantly interoperable with all DeFi protocols The same high-margin revenue model as Circle & Tether — without the liquidity, security, or compliance burden.

The way we invest is changing. Research is becoming AI-powered. Analysis is becoming AI-powered. Execution is becoming AI-powered. Today, we're launching @StableJack_xyz, an AI-powered trading terminal that helps investors find opportunities, analyze the market, and execute trades across stocks, crypto, forex, and commodities. Powered by @HyperliquidX

The biggest banks spent a decade building their own private blockchains. Most of those projects are now quietly winding down. Yet the same banks are moving real money onto public chains. A new @0xPolygon whitepaper explains the shift. Here is my read.

The mass[Wallets] Launcher | 2/6 Create branded mobile app in minutes: • White-label and fully non-custodial • Full ownership of UX • Diverse support of assets No heavy development. No custody headaches. Your brand. Your UX. Live on iOS & Android in minutes, not months.

just found out Cartier (the watch brand) is using stablecoins to move money globally internally in its business. a 200 year old watch dynasty is adopting stablecoin rails. that should tell you everything you need to know. at this rate, stablecoins as a rail will inevitably flip ACH and Wires in the next 5 years as the superior way to move money around the world. stablecoins are faster cheaper and more efficient than any legacy payment system

We are not just a wrapper on top of a stablecoin; we are the stablecoin. We are not just a player on top of a settlement chain; we are the settlement layer. We don’t just tap into liquidity; we are liquidity. We are not just a wrapper on top of a BaaS; we are the BaaS itself.