Our Thesis

In the sections below, we explore key trends and technologies shaping the pillars for new financial economy and their transformative impact on the future.

The U.S. Dollar’s Digital Expansion

The U.S. has every incentive to see dollar-pegged stablecoins succeed globally. They increase the float and volume of USD in circulation, enabling real-time global settlement and drastically lowering transaction fees—without requiring permissioned banking rails.

Disrupting the Payment Stack

Traditional payment rails are expensive and slow. Banks charge 2–3%, hold settlements for 1–3 days, and eat the cost of credit underwriting. In contrast, stablecoins eliminate credit risk and delay. Merchants could pass on 2–3% discounts or rewards to customers directly, and stablecoin issuers can even share treasury yield—flipping the Visa/Mastercard model on its head.

Real Utility in Emerging Markets

In countries like Argentina, the value proposition isn’t just lower fees—it’s economic survival. Accepting stablecoins means avoiding predatory FX rates and local currency devaluation. It's not about saving a few percent; it's about preserving purchasing power.

Confidentiality Becomes Essential at Scale

As stablecoins evolve from speculation to real commerce rails, privacy becomes a business imperative. No company wants its financial flows publicly visible on-chain. Confidential stablecoins solve this by enabling private, compliant, and auditable transactions—just like how businesses operate today, but without intermediaries.

Post AGI Economy Demand Confidentiality

Given the computational and energy consumption, majority of AI compute has shifted away from end-users to cloud servers. To build trust and comply with privacy regulations, embodied AI systems would require advanced privacy-preserving inference techniques coupled with confidential transaction making capability that safeguard user data while enabling real-time computations.