Edul Patel 🍊 | duldul.eth

We already are, and we'll be happy to help all other YC companies do the same

@Joshmbivins @borjaneira_ Happy to chat.. :)

@borjaneira_ I want to talk to whoever is on the leading edge of this

The stablecoin on/off-ramp must be understood as a dealer function situated at the boundary between two monetary hierarchies. Stablecoins compress the transport of money: they reduce latency, intermediaries, reconciliation, and settlement frictions within the tokenized domain. However, they do not eliminate the scarcity of local convertibility. Instead, they displace it toward the edges. Consequently, the ramp spread is the compressed price of an entire stack of constraints: fiat liquidity, banking access, inventory, compliance, fraud, regulation, FX scarcity, balance sheet capacity, and the cost of offloading positions into deeper layers of liquidity. In the traditional system, these costs are distributed across correspondent banks, FX desks, domestic rails, payment intermediaries, and nostro/vostro structures. In the stablecoin model, many of these frictions condense into a single quote: the price at which local currency can be converted into tokenized dollars, or tokenized dollars into local currency, with size, speed, and certainty of execution. This price is a form of jurisdictional basis. It does not merely measure the cost of moving money; it measures the difficulty of crossing a monetary border. In liquid, open jurisdictions, this basis will tend to compress due to competition. In jurisdictions with capital controls, dollar scarcity, inflation, banking fragility, or regulatory risk, the spread may persist because it essentially prices sovereignty, balance sheet capacity, and access. Thus, stablecoins may commoditize global settlement, but they make local convertibility more valuable. They decentralize transport, yet they can recentralize economic rent at the points of entry and exit. What this allows is that, provided the players operating these tolls are ultra-efficient, the aggregate cost of the overall structure could be driven down. Therefore, the structural business is not simply moving stablecoins. It is market-making across incompatible monetary systems. The winner here will be whoever controls the scarce constraint within each respective corridor: licensing, banking access, local liquidity, distribution, compliance, or balance sheet capacity. Stablecoins compress settlement. Ramps price convertibility. The spread is the market price of crossing monetary jurisdictions.

“Michael Saylor should have sold his kidney before selling Bitcoin” is the general crypto market reaction to Strategy selling Bitcoin for the first time in four years. Strategy sold 32 Bitcoins last week, amounting to about $2.5 million. While that may look like Bitcoin’s biggest believer is losing conviction, the real story is quite mundane. But what lies beneath is far more interesting. Strategy offloaded 0.004% of its 843,706 BTC holdings to fund a dividend payment. The sale was simply about a cash obligation coming due on a financial instrument most people have not yet understood. STRC is Strategy's Variable Rate Perpetual Preferred Stock, a unique financial instrument that sits at the intersection of crypto and traditional capital markets. Here’s how it works. >Strategy raises capital from institutional investors by issuing STRC shares >Those proceeds go directly into buying Bitcoin >In return, investors receive a variable dividend paid in perpetuity There is no maturity date, no redemption right and no liquidation event. The principal is never paid back. What investors hold is a permanent claim on a yield stream backed by the world's largest corporate Bitcoin treasury. The variable dividend is based on SOFR plus a credit spread, currently at 11.5%. Saylor has effectively taken a non-yielding asset like Bitcoin and engineered a yield-generating wrapper around it. Capital markets get a familiar structure in the form of an institutional fixed income instrument, while Bitcoin gets a permanent, scaled buyer. The 32 BTC sale was a small, programmatic liquidation to fund a dividend distribution on STRC, not a change in conviction about Bitcoin. This is what the maturation of crypto as an asset class actually looks like in practice. Image source: @CoinDesk

I've said it before, and I'll say it again Blockchain is the future of finance Source: @livemint

Bitcoin Pizza Day is many things. But what I love most is how it brings the entire ecosystem together. There’s a fun tradition we have. Every 22nd May, pizzas go out across the industry. Thank you @CoinDCX, @CoinSwitch, and @BitGo for keeping traditions alive. Happy Bitcoin Pizza Day! 🍕

Bitcoin Pizza Day is one of my favourite moments in the crypto calendar because its a reminder of how far we've come from 10,000 BTC for two pizzas See you in Bangalore tomorrow🍕

The world’s largest crypto market is building in the dark. But that absence has not stopped the industry from building. If anything, it has only revealed how much demand exists and how far ahead of policy the technology has moved. Will the policy arrive in time to shape what gets built? Read my piece for the Techgraph to know which market I’m referring to. techgraph.co/opinions/the-w…

Great to have Team Mudrex at @TradersMela, Ahmedabad. Speaking to 1,000+ traders and investors about the convergence of crypto, gold, and global markets was a reminder of how much demand there is for more diversified assets. Events like these are how we stay connected to India's crypto community and ensure we're building what it needs. The curiosity and appetite are there. That's the India we're building Mudrex for.

The CLARITY Act passing the US Senate Banking Committee is a landmark moment for global crypto regulation. This is a signal worth watching. For those who want to learn more, we've got you covered 👇

"The most important component is last-mile distribution." Aishwary Gupta (@0xAishwary) from @0xPolygon contributed to our Asia stablecoin whitepaper and this quote captures exactly why most strategies fall short in Asia. On-chain settlement means nothing without local rails.

We've been building @Sabermoney for a while now. And along the way, we've made mistakes. The kind that cost you time, money, and a few sleepless nights. At some point I thought: why keep these lessons to ourselves? If we went through it, someone else is going through the exact same thing right now. So we put it all down. We launched the Stablecoin Strategy for Asia 2026 at our Bangkok event a few weeks back and it's the guide I wish we had when we started. Not a market overview. An operator's blueprint. What works, what doesn't, and what nobody tells you about building stablecoin payments in Asia. If you're in this space, it's for you. Link in comments.

The debate on stablecoins in India is as much about sovereignty as it is about tech and financial stability. Nikhil Kamath raised the right questions about the sovereignty risk in dollar-backed stablecoins. But while we debate which stablecoin is ideologically correct, the uncomfortable truth is that India is already losing the infrastructure race. As you’re reading this, $320 billion in global stablecoin infrastructure is building user behaviour, technical standards, and settlement habits that don't get unwound easily. That is why UPI is such a remarkable story. India didn't wait for foreign payment networks to establish themselves first and scramble to regulate them later. It built the rails first and set the terms. The opportunity to do the same with blockchain-based payments is closing fast. Gold-backed stablecoins, rupee-pegged tokens, and CBDCs each come with their own set of trade-offs worth a serious conversation. But the underlying questions that cut across all of them are who builds the infrastructure, who writes the rules, and who is accountable when something goes wrong? Nearly 120 million Indian crypto holders currently operate without basic protections, and $135 billion in remittances to India come via inefficient rails when far better and cheaper options exist. That is the urgency.

This is what we can bring to India with a little bit of CLARITY in our crypto policy

100+ stablecoin operators. Just real talk on what's working and what's breaking with Stablecoins in Asia We also dropped our whitepaper, everything we've learned building stablecoin payments infra in Asia. The guide we wish we had when we started. Link below 👇

Bloomberg just won the Pulitzer for trAPPed, a graphic novel about an Indian neurologist held under "digital arrest" for 8 days. Congrats @SuparnaSharma, Anand RK, and the entire team. The Pulitzer jury called it a riveting account of how surveillance and digital scams are reshaping everyday life. Just last month, India's I4C flagged a sharp rise in crypto wallet drainer scams. Digital arrests and wallet drainers exploit the same vulnerabilities. The only difference is that India's crypto users lack basic consumer protections like defined escalation paths, dispute mechanisms and deposit insurance. Advisories and awareness campaigns are necessary. But they are not sufficient substitutes for policy frameworks. trAPPed gave a face to a crisis that statistics couldn't convey. Can we now build the trust infrastructure to support them?

The financial rails of the agentic economy are being built in real time as you’re reading this. In just the past few weeks: Stripe launched an agent-ready wallet that enables AI systems to make purchases securely Lightspark built an account that allows AI agents to transact autonomously Coinbase introduced a marketplace where agents can discover and pay for the capabilities they need The internet, as we know it, was designed around humans but AI agents don’t operate through browsing and clicks. They need machine-native identity, discovery, and most critically, payments. And this is where the convergence with crypto starts to feel inevitable. Traditional payment rails were never built for sub-cent, high-frequency transactions or 24/7, always-on global settlement. Blockchains, on the other hand, already enables programmable money, instant, borderless settlement and frictionless micropayments What’s emerging is a full-stack operating environment for agents. AI agents will likely use both traditional and on-chain rails, depending on the task at hand. But as machine-to-machine commerce scales, the bigger question is what financial infrastructure they will default to. And that answer is being shaped right now.

What he said 👇