Earlier this week, @vladtenev said we are in the “early innings of a global tokenization supercycle.” I agree. But also think something even bigger is happening. We are tokenizing the world at the exact moment we are teaching software how to act in it. Those two curves are beginning to converge & that convergence could reshape how the global economy works. Last year, I wrote for @BitcoinNews that most people were thinking about crypto all wrong. The mistake was treating crypto as a vertical industry. It is not. Crypto is a horizontal platform. If something can be digitized, it can also be tokenized. The Internet made information instantly & globally accessible. Crypto is doing the same for value. Dollars can move as stablecoins. Stocks, bonds, commodities, IP & countless other forms of ownership can now become programmable assets on open networks. So the important question is not: Will crypto win? The better question is: What happens when the world’s assets become programmable? Tokenization is not about putting existing assets on new rails. It is about changing what those assets can do. Markets can operate continuously; settlement faster; ownership more portable; access more global. Assets that once existed as static entries in closed databases can become accessible to software. And while we have been making value programmable, AI has been making software autonomous. For most of computing history, software waited for us. Agents invert that relationship. Increasingly, we will express an intent & software will execute it. As @ivanhodl highlighted during our @PayBox launch, he found the best flight in Claude & instantly booked it. That can easily extend to: “Pay this invoice when these conditions are met.” Or, “Rebalance my portfolio within these parameters.” This is usually described as an AI revolution but it is just as much a financial infrastructure revolution. Intelligence without the ability to transact is ultimately just advice. For agents to become truly useful, they need economic agency, ie. identity, permissions, wallets & payment rails. This is where tokenization & agentic commerce collide. Tokenization makes value programmable. Agents make intelligence actionable. Together, they create something new: an economy where value can move at the speed of intelligence. This is a major reason we have been investing so heavily in agentic infrastructure at @MoonPay. We are moving from an Internet where humans navigate websites to one where humans express intent & software executes it. That requires a new financial architecture. The financial system we inherited was built around borders, intermediaries & business hours. The Internet was built for humans clicking buttons. Neither was designed for billions of pieces of software continuously purchasing, investing & exchanging value across the world. Open financial networks are. The biggest story in crypto was never simply the creation of new assets. It is the creation of a new architecture for ownership & value. And the biggest story in AI may ultimately not be that machines can think. It may be that machines can act. The next Internet needs both. There are enormous questions still to solve around regulation, identity, authorization, security and consumer protection. Solving them is how technological possibility becomes trusted infrastructure. But zoom out & the direction becomes clearer. The first Internet dramatically reduced the cost of moving information. The next one will dramatically reduce the cost of moving value and intent. Tokenization may be one half of an even larger transformation: we are tokenizing the world at the exact moment we are teaching software how to act in it. For years, we have talked about bringing the economy onto the Internet. We may have had it backwards. The Internet is becoming the economy.