Businesses have more ways to move value than ever before. The challenge isn't creating more forms of money. It's helping businesses use them. Mastercard will make Open USD (OUSD) available through @BVNKFinance, helping customers access new forms of value movement through infrastructure they already use. It's another step toward a more connected and interoperable multi-money future. Read more from Jorn Lambert: mastercard.com/us/en/news-an…

Assorted things I've been mulling over regarding agents in the economy: • Companies are in some sense the original superintelligence. It's often the case that they can use their amortized cognitive surplus to advance their interests against those of certain consumers: relative to the optimization capacity of companies, consumers can be inattentive, underinformed, irrational, etc. (Think, say, of some of the classic insurance upsells at the end of a booking process, which is typically priced substantially above what a regular policy would cost.) Herbert Simon introduced the idea of bounded rationality, and firms often end up benefiting from it. Thanks to personal agents, we will probably get somewhat more rational in how we engage with companies. • How exactly will outcomes change? Well, certain kinds of price discrimination will work less well (how do coupons work if every agent hunts fastidiously for them?), and certain kinds of customer cross-subsidy will change (today, people who forget to cancel subscriptions subsidize those who don't). Taken across the economy as a whole, I'm not sure what the incidence of all of this will be. • In corporate strategy, people have long debated the relative importance of distribution and product quality. Perhaps you've made something better, but does anyone know about it? Won't people just continue to buy the ACME Corp Mousetraps? Personal agents will, I think, act as a kind of structural subsidy for product quality. How would markets look different if individuals always spent at least 10 hours researching their purchases? On the margin, focusing on making a product better is, I think, going to become a more effective strategy for companies. This is good! • It true, a corollary is that information about product quality will become more important and impactful. Today, most people have very limited ability to aggregate and integrate such data, but agents will have insatiable thirst for such signals. (It's often said that data is becoming more valuable because it helps in the training of models. That's obviously true, but I think there's a secondary way in which it's more valuable simply as a complement to cheaper intelligence.) • A big question is whether agents will increase superstar effects (rational agents all settle on the same product) or increase dispersion (because everyone has slightly different tastes and preferences, which agents are good at eliciting, finally overcoming the artificial clustering we've been subjected to). • Many internet companies have monetized demand routing, which is in turn often predicated on short attention spans. "I'll click on the first thing I see." This has led to some amount of inefficiency, as companies try to propitiate capricious ranking algorithms and incur various placement fees. It's not all deadweight loss (willingness to pay is itself a kind of signal, which is valuable to buyers), but it's not great. How will the nature and value of this routing change in a world of personal agents? I don't know the answer, but I think that the effects might be pretty big. • Much of what I'm writing hinges on the assumption that personal agents will be on the consumer's side. I suspect that that will be the winning strategy, but whether it's true, and what it means to be true, involves a lot of other questions. Taken as a whole, the market is a massively parallelized, decentralized, and highly imperfect value attribution machine, and, taking stock of all of the effects, it seems to me that the quality point may well be the biggest: that agents will change the nature of the backpropagation such that the rewards for better products increase. Maybe this is too optimistic, but I suspect (and hope) that companies that make things that they're proud of will feel that the universe is a little more partisan in their favor.

感觉交易所都在悄悄转型了 OKX推出了OKX Money，Gate推出了Gate Money，币安、Bybit、Bitget也都在进军支付赛道。当然了不仅仅只有支付，相当于交易所集合了各类资产，不仅只有加密了 还有一个点比较有意思，包括币安、OKX、Gate我都有看到在宣传AI，前两天币安和OKX的线上活动也说了这一点，另外他们还上线了自己的AI Agent 以后各种小的交易所将会越来越难以生存，因为光OKX和币安他们每年的AI支出就有数千万美元之多，头部交易所的优势越来越明显，反观小型交易所又没有资金又跟不上发展，最后赚不到钱只能倒闭

各个交易所一定会开始搞交易大赛的，是电竞形式的交易大赛，没有什么比这种形式更容易获得年轻人注意力，没有什么比这种传播效果更好，而且可持续的造星运动。

今天可能是美国政府最高效的一天： • White House Super Intelligence Accord：一群顶级 AI 公司在白宫签下关于 Super Intelligence 的共同原则 • America.gov：把 29,000 多个政府网站和服务，试图重新做成一个 AI 入口 • 全数字化 Passport：第一次申请护照也将可以在线完成，不用打印表格、不用排队，自己上传照片 • 新版美国护照 “Flight of the Eagle”：2028 年开始启用的新设计 尤其令人耳目一新的是国务卿 Marco Rubio 介绍新版护照和数字申请流程的那一段。 他没有像传统政府官员那样站在那里念政策，而是直接在大屏幕上一步一步 demo：现在申请护照有多麻烦，以后在 America.gov 上怎么填信息、上传照片、提交申请、追踪审批和寄送。 甚至还吐槽现在的流程： “No printing forms, no drugstore hostage photo, no appointment, no line, no middleman.” 整个发布方式不像政府发布政策，更像 Apple 在发布一个新产品。 不管你怎么看这些具体政策，至少在“政府服务也应该有产品体验”这件事上，今天确实让人眼前一亮。

Couldn’t capture the actual moment it was pumping, but this was 🤯🤯🤯