Currency of Power

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Currency of Power

Currency of Power

@CurrenPower

Researching the emerging monetary order, by @mariekeflament & @Nicolas_Colin

Europe 🇪🇺 Katılım Mayıs 2021
10 Takip Edilen45 Takipçiler
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Currency of Power
Currency of Power@CurrenPower·
1/ 🚨 New @EuroStableWatch edition ➡️ Europe pursues both CBDCs and stablecoins but treats them as rivals instead of partners.
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Raphaël Bloch 🐳
Raphaël Bloch 🐳@Raph_Bloch·
After weeks in London, Zurich, NYC, and Cannes for @EthCC, one thing is clear: we are witnessing the end of native digital assets. I’ve been covering crypto for nearly 10 years and visited financial hubs all over the world - this is the first time I’m seeing a shift this big. Almost no one is talking about native tokens anymore. It’s striking how fast the conversation has changed. For the past decade, blockchain meant native digital assets - Bitcoin, Ether, SOL, and thousands of others. But that era is ending. Most native tokens have collapsed because, in reality, they don’t do much. Bitcoin remains because it became digital gold. Ethereum and Solana remain because their networks have real utility - tokenization and payments. But let’s be clear: their token prices are not protected by fundamentals. Both networks could function perfectly with much lower token prices. The rest? They’re fading away. Because the native token model never truly proved its value. In many cases, it was simply a way to raise money without the constraints of equity. That model isn’t sustainable. Investors are realizing it. Some projects - @AcrossProtocol being one example - are already rethinking their token models and exploring equity structures. This will not be an isolated case. Examples like this will multiply. We are now entering a new era: The era of non-native digital assets. The real opportunity is no longer assets created for blockchains - but assets moving onto blockchains. This wave is already being driven by companies like: - @circle - @tether - @KriptownFR - @tradeon21x - @Securitize - And many others Stablecoins are the clearest example. Over $300B of dollars are already on-chain. Soon, this will become trillions. Next: - Stocks - Bonds - Funds And this is exactly why TradFi is now entering at scale. The first decade of crypto was about creating new assets. The next decade is about bringing the world’s assets on-chain.
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Marieke
Marieke@mariekeflament·
Two systems are competing to replace the petrodollar. 🇺🇸 Cryptodollars: compute as the new oil, stablecoins as the new recycling loop. 🇨🇳 Electroyuan: own the grid, choose the currency. The rest of the world just gets to pick a dependency 👇 @CurrenPower
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DGLD - Digital Gold Token
DGLD - Digital Gold Token@DGLD_Official·
Our CEO @khem sat down with @mariekeflament and @Nicolas_Colin on the @CurrenPower podcast. The main takeaway: not every gold token is the same. Most people assume tokenized gold is just a digital ETF. It isn't. When you hold $DGLD, you own the actual physical metal safely secured in a Swiss vault (not a paper claim on another piece of paper claim). You can even redeem it down to a single gram. Kurt also shared some fascinating lessons from his time at PayPal, why Diem actually failed (spoiler: it wasn't the tech), and how zero-knowledge proofs will fix digital identity. It is a great conversation. Enjoy it.
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Robin Brooks
Robin Brooks@robin_j_brooks·
Markets have been the ultimate constraint on Trump. It was like that in April 2025 when China tariffs went to almost 150% and arguably also in January 2026 over Greenland. Markets are now very distressed. Trying to take Kharg Island just isn't realistic. robinjbrooks.substack.com/p/how-bad-is-t…
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Robin Brooks
Robin Brooks@robin_j_brooks·
We already know the winner in the war with Iran and that's Russia. The closure of the Straits of Hormuz has swung Russian crude from pariah to prized commodity. Urals oil price is the highest since right after the Ukraine invasion. Putin is loving this... robinjbrooks.substack.com/p/markets-in-t…
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Marieke
Marieke@mariekeflament·
@mariekefl/note/p-190261608?r=1kzl0&utm_medium=ios&utm_source=notes-share-action" target="_blank" rel="nofollow noopener">substack.com/@mariekefl/not…
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Marieke
Marieke@mariekeflament·
This week in @CurrenPower — Wide Open, Locked In. For decades, America and China have been locked in a structural embrace that neither could easily escape. China manufactured; America consumed. China saved; America borrowed.
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Jess Hoversen
Jess Hoversen@JessicaHoversen·
Exactly this. And on top of the compounding macro problems, the geopolitical backdrop is vastly different. What does coordination (which was essential to stabilizing the global economy in the GFC) look like in the age of the 'Donroe Doctrine'?
Joe Weisenthal@TheStalwart

Not necessarily from the perspective of the financial system, but just from the macro, it's the first time since 2008 that things are feeling a bit 2008-ish bloomberg.com/account/newsle…

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Jess Hoversen
Jess Hoversen@JessicaHoversen·
Iran’s foreign exchange system is another example of dysfunction in the economy. Subject to decades of sanctions, capital controls, and state intervention, it is no wonder that it’s fragmented. It never got better because the multi-tiered exchange rate system enabled corruption and split the economy into haves and have-nots, which appeared to be absolutely fine by the regime. open.substack.com/pub/hegemoney/…
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Nicolas Colin
Nicolas Colin@Nicolas_Colin·
A Graeberian view on AI, by @biancoresearch 👇
Jim Bianco@biancoresearch

We need to rule the database — and end its rule over us. Citrini assumes AI will destroy thousands of high-paying jobs and create none in return. He’s missing the real story. The modern job has become soul-draining, mind-numbing database slavery. Millions of talented, ambitious people spend hours of their lives chained to a screen: fixing other people’s mistakes, chasing missing fields, reformatting decks for the tenth time, and babysitting bloated spreadsheets no one will ever read. Our entire existence is ruled by the database. You can’t board a plane, clear security, close a mortgage, pay taxes, or resolve a customer issue unless the system approves — and it’s wrong half the time. Customer service has been reduced to apologizing while you clean up someone else’s mistake. This system is broken, expensive, and — until AI — no one saw another way. Fear of the unknown is why AI scares so many people. They see only disruption and lost jobs because they can’t picture the world when the drudgery finally dies. This is why Citrini's piece below struck a nerve. That’s why we don’t just want agentic AI. We need it. We need thousands — soon millions — of intelligent agents to annihilate this soul-crushing layer. When that weight lifts, work transforms. Humans get to do what lights us up: judgment, relationships, creativity, and solving problems that matter. The office stops being a prison. It becomes a place people genuinely want to be — buzzing with collaboration and the thrill of “we built this together.”This is the real revolution: better, richer, more human lives at work. The transition won’t be easy. Transitions never are. But we need it. The only question is whether the people at the top have the courage to let the old model die. Many C-suite leaders fought hard against even basic hybrid work. If they struggled with that, how will they lead the bigger reinvention coming? The bitter irony: their own jobs are most at risk. That’s why the most exciting companies today are run by 30-year-olds with no legacy baggage. So, are the boomer executives ready to reinvent themselves, or will they scream that everyone needs to stay stuck in the past as slaves to the database, as they demanded everyone stay slaves to the office when they fought remote work?

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Robin Brooks
Robin Brooks@robin_j_brooks·
The Dollar is tumbling. Not against the G10, where it's basically stable, but against EM, where it's making new lows almost every day. One of the main beneficiaries of all this is the Brazilian Real, which is the strongest versus USD in almost 2 years... robinjbrooks.substack.com/p/what-we-know…
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TBPN
TBPN@tbpn·
Stripe co-founder @collision predicts there will be a "torrent" of agentic commerce in the future, and that the agents will transact with stablecoins, running on "really high-throughput blockchains":
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Marieke
Marieke@mariekeflament·
We sat down with @profplum99 for a thought-provoking conversation on @CurrenPower. From Passive Investment, to Bitcoin, Gold, Tokenisation, Michael’s takes are sharp and thought provoking. My mind is still spinning from all we discussed!! 🎧currencyofpower.co/p/how-much-doe…
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Robin Brooks
Robin Brooks@robin_j_brooks·
The Dollar yesterday fell back to its recent lows against EM, even though core PCE inflation came in hot and the SCOTUS decision should have lifted it. Regime change for USD is upon us. Things that ordinarily lift the Dollar no longer do so. This is big. robinjbrooks.substack.com/p/regime-chang…
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Robin Brooks
Robin Brooks@robin_j_brooks·
The rollout of reciprocal tariffs last April caused an alarming and sharp fall in the Dollar, so why isn't today's Supreme Court ruling causing the Dollar to rise? The April fall in the Dollar was about policy chaos in DC, which will now only get worse... robinjbrooks.substack.com/p/what-we-know…
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Izabella Kaminska
Izabella Kaminska@izakaminska·
THREAD 🧵I know everyone is very excited about aliens this morning, but I ask you, is it really as exciting as super wonky insights on dollar liquidity plumbing, Federal Reserve balance sheet policy, and stablecoin statecraft? I think not. I interviewed Fed governor Stephen Miran this week and those were just some of the topics we discussed. For those who can't be bothered to wade through the transcript, I thought it might be useful to highlight the wonkiest bits. thepeg.co/p/transcript-f…
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