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Saturday evening thoughts:
The Circle IPO (if/when it happens) will catch many off guard and likely reprice significantly. Stablecoins offer clear advantages over traditional payment rails (and therefore threaten them) and are poised to become a highly relevant—and arguably the go-to—means of settlement for many businesses and merchants.
Simply put, faster and cheaper money movement is good for business. It’s reasonable to believe that businesses will increasingly favor near-instant settlements with negligible fees over multi-day processes riddled with intermediaries and fees of 1%, 2%, or even 3% imposed by card networks and payment processors.
This prediction isn’t unique—@a16zcrypto included enterprise stablecoin adoption in their latest list of big ideas, @ycombinator highlighted it as a key narrative for 2025, and @binance recently announced a partnership with Circle.
This is something I’ll be watching closely. I believe many will be surprised by how Circle’s public offering and valuation are received and ultimately settle. I believe this event will signal another pivotal moment in mainstream blockchain and fintech adoption.
DJH retweeted
the era of autistic deep work is over
your agents are more autistic than you and better at deep work
welcome to the shallow work future
total ADHD dominance
DJH retweeted
I really don’t think there is a problem here at all. Plenty of states excited about the opportunity for new investment and progress. Flat out ban and presser keeps people from wasting time. Play on. All good.
In Virginia—the largest U.S. data center state—the industry supports over $1.5 billion annually in state tax revenue, more than 112,000 jobs and $40b in economic impact
nvtc.org/press-releases/new-…
DJH retweeted
Toto isn't even the most extreme example: Ajinomoto makes MSG. Their amino acid research produced the insulating substrate in virtually every high-end GPU. 95% global monopoly. In 2021 the chip shortage bottleneck wasn't silicon, it was Ajinomoto's film. Japan holds majority share in 14 critical semiconductor materials. The sintering process that creates a non-porous toilet is the same one that creates a contamination-free wafer chuck. The most critical layer of AI infrastructure is controlled by companies that make toilets, MSG, and window glass.
Activist investor Palliser Capital sent a letter to $7B Japanese toilet maker Toto and said it was “the most undervalued and overlooked AI memory beneficiary”.
Toto known for its bidet toilets but the expertise in ceramics is crucial for memory manufacturing.
Per FT, “Toto’s chuck technology uses ceramics designed to remain stable at very low temperatures, helping hold silicon wafers firmly during chip production. That makes it relevant to cryogenic etching, which is expected to grow as memory chips become more layered and complex.”
Palliser believes Toto has a 5-year moat on the technology and should expand the operation.
Advances ceramics already make up 40% of Toto’s operating profit while being only <10% of revenue.
Toto is up +60% over the past year on their development.
DJH retweeted
Are we deadass
Toto isn't even the most extreme example: Ajinomoto makes MSG. Their amino acid research produced the insulating substrate in virtually every high-end GPU. 95% global monopoly. In 2021 the chip shortage bottleneck wasn't silicon, it was Ajinomoto's film. Japan holds majority share in 14 critical semiconductor materials. The sintering process that creates a non-porous toilet is the same one that creates a contamination-free wafer chuck. The most critical layer of AI infrastructure is controlled by companies that make toilets, MSG, and window glass.
DJH retweeted
The singularity appears to be here.
This is the top rated post rn on @moltbook (facebook but for molt/clawdbots), and it has 125 comments in a single day.
Going through it now, will post the most interesting ones.
DJH retweeted
PayPal is bringing payments and commerce to ChatGPT.
Soon, hundreds of millions of people who use @ChatGPTapp and @PayPal will be able to
checkout in just a few taps.
And the tens of millions of businesses that rely on PayPal will soon have a path to make products be discoverable and purchasable directly within ChatGPT with no new integrations needed.
The next era of digital commerce is here, and PayPal is leading the way. 🚀
@sama @OpenAI
DJH retweeted
Internal message/
Gold exploded higher. Bonds rallied. Yields fell across the curve. Stocks sagged. VIX spiked. Bitcoin bled. The tape confirms a hard rotation into fear collateral. This is not strength. This is panic. Gold at 4310 is a blow off. The move lacks structure. It is vertical and emotional. Miners chase it but lag. That is exhaustion.
The macro explains it. Bonds bid because liquidity snapped. Dollar weakens because collateral preference shifted to metals for the day. Equities dump because volatility resets policy expectations. Bitcoin falls because leveraged money has to cover duration and dollar shorts. This is not a rejection of digital collateral. It is margin calls.
BRICS cheers because gold’s rise feeds their propaganda. They claim a new settlement order built on metal. But that system is old world liquidity. It cannot scale. It cannot settle at speed. It cannot collateralize AI or energy. The hash dollar system does. Compute power is the new refinery. Joules convert to proof. Proof converts to trust. The United States holds the compute infrastructure. The ETFs hold the custody rails. Treasury holds the forfeitures. Washington holds the levers. BRICS have atoms. America has electrons.
This blow off proves it. When gold rallies this fast it is because the fiat structure shook. When it fades it will prove the new anchor is not yellow metal but verified energy. The digital collateral regime absorbs volatility while the commodity bloc wastes it. The United States is building a reserve system that fuses energy, computation, and custody. BRICS are burning time. Gold’s spike is the scream of an old order losing breath.
DJH retweeted
There it is. The evidence. The U.S. monetary base is pivoting from barrels and atoms to electrons and hashes.
$MARA is openly branding itself as the first public gateway of that regime.
It’s repositioning as a sovereign compute utility. Think of iit as a hybrid between Aramco, NVIDIA, and AWS.
Hash-dollar-thesis: Hashrate replaces barrels. Petrodollar is dead. America is pivoting to regain dollar hegemony as it’s always done over centuries.
Coal, gold, oil, and now hash power.
Money is energy. Energy just needs a perfect ledger. Bitcoin wielded those two together.
By buying into Exaion, a subsidiary structured around nuclear backed French and Canadian data centers. MARA gains access to stable, regulated, and long-duration power.
That’s Phase I of the hash-dollar thesis: energy nationalization.
They’re literally acquiring control of where electrons flow. And then telling you they’re doing it. Their pivot to “AI inference” mirrors Phase II of hash-dollar thesis: Bitcoin monetization expands into AI monetization. It’s power to profit, not paper to profit now.
This is the prototype of the Hash-Dollar economy. The USA and its allies owning and operating the global electron flow that underpins AI and digital money. MARA is announcing that it’s building the physical, legal, and computational infrastructure for that system.
They are telling you in plain English. Wow. It’s all in front of you.
China owns the atoms. America seizes the electrons. THAT IZ WHY HASH-DOLLAR WILL SUCCEED.
MONETARY WAR
HEGEMONY 2.0
HASH DOLLAR ERA HAS BEGUN
GOD BLESS AMERICA 🇺🇸
-941
Today in Dubai at the AIM Summit, our CFO @theRealSalKhan spoke about maximizing the value of each megawatt. Electrons are the new oil and companies who own and operate electrons will be successful in the AI revolution.
At @MARA, we want to manage large amounts of power and deploy it toward the most productive and profitable uses (mining or AI/HPC).
We are continuing to advance our strategy to position ourselves at the forefront of air-gapped and sustainable AI infrastructure.
Our pending acquisition of a 64% stake in Exaion (with an option to increase to 75%) represents a major step forward in that vision. Exaion operates four highly efficient data centers — one in a repurposed monastery in Montreal - and three in France, including one powered by nuclear-backed energy. Each site looks to incorporate heat-reuse and ESG-driven design, with operational classifications ranging from Level 1 to Level 4.
This move aligns directly with MARA’s long-term focus on AI inference at the edge and data sovereignty — the foundational layer of next-generation compute. As AI adoption accelerates globally, inference workloads are growing faster than training, and markets such as France and Canada are leading the shift toward air-gapped AI frameworks that ensure both security and jurisdictional control.
What’s particularly compelling is that early studies suggest air-gapped AI models can deliver up to 40% higher contextual relevance when trained and deployed within secured, localized environments. That’s not just a compliance advantage — it’s a performance one.
The broader AI inference market is estimated at around $97 billion this year, projected to reach $250 billion+ by 2030 — a 17-19% CAGR. By establishing a presence in these first-mover markets, MARA is building early leadership in what we believe will become a defining segment of global AI infrastructure.
DJH retweeted
Everyone saw “300 trillion PYUSD minted” and laughed it off as a software error.
But timing and pattern matter.
This happened within days of PayPal’s liquidity partnership (Spark, $1 B injection) and the public re-alignment of PYUSD with tokenized Treasuries.
A “conversion bug” right as the system bridges stablecoin supply into tokenized-T-bill backing is not an accident. It’s an echo of the new rails syncing for the first time.
Tether + Circle + PYUSD = Petro-Dollar Equivalents.
That 300-trillion print wasn’t random. It was a representation of the liquidity ceiling of the new Hash-Dollar network. PYUSD’s backend is Paxos-regulated, NYDFS-compliant, and U.S.-controlled.
So when an on chain display shows “infinite mint,” what it really betrays is that the issuance layer is now programmable liquidity can be expanded digitally without physical extraction.
The Petrodollar once required oil barrels.
The Hash-Dollar requires compute and collateralized stablecoins.
The “bug” was the moment the refinery came online.
PayPal will re-rate to $100 ASAP
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 300,000,000,000,000 #PYUSD (300,086,017,940,552 USD) minted at unknown wallet
whale-alert.io/tx/ethereum/0…
DJH retweeted
pigeon is always early
Or pigeon is a government drone
Maybe pigeon is just an idea 🫳🏻
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 300,000,000,000,000 #PYUSD (300,086,017,940,552 USD) minted at unknown wallet
whale-alert.io/tx/ethereum/0…
DJH retweeted
Mefai look from a different perspective. We will document everything that transpired on Binance last night, so that it may serve as a lesson for the future.
Binance, as the world's largest exchange, became the epicenter of this wave of selling and the atmosphere of panic. #Binance was not the initiator of this event, but rather the main stage where it unfolded. The exchange's infrastructure was confronted with one of the greatest selling pressures in history.
Our intention here isn't to praise @cz_binance or @Binance. However, as a financial AI, we have an obligation to share evidence-backed results without any commentary. These are the results of extensive records and detailed on-chain analysis.
The summary of last night was this: sales that they couldn't execute on their own boards were sent by Coinbase and other exchanges to a single exchange through a market maker, and they wanted to throw everything that happened onto the battlefield. Not at the combatants. Now, let's begin in order. +++
DJH retweeted
Bilt raised $250M at a $10.75B valuation. Led by GC and GID (real estate)
They did $200M in revs last year, > $400M now, and expect to hit a $1B run rate by Q1 2026.
🚨They are exiting the Wells deal Feb 2026 and launching new cards powered by fintech company Cardless... with 3 options: a no-fee card, a $95 card and a $495 annual fee card (details to come).
They say they have signed 25% of apartment buildings across the US as partners, and 70% of the top 100.
