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Our founder, CEO, and @BrettonWoodsCom member @d_inderias - talking @BIS_org crypto asset guidelines our bank consortium work in the 🇵🇭, and the importance of local stablecoins to manage sovereign currency risk . @hedera @BangkoSentral @UBXph @StateBank_Pak
At @CurrencyResearc's Digital Currency Conference in Bangkok, BWC Member @d_inderias joined a panel discussing the role of public-private partnerships in the acceleration of digital currencies.
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Incredibly high signal podcast on the evolving payment infrastructure powering agentic commerce with @terryangelos and @arampell
The wallet wars are here.
Very Good Security chief strategy officer Terry Angelos joins a16z's Alex Rampell, his TrialPay co-founder from back in 2006 (TrialPay was later acquired by Visa), to discuss how agents are learning to spend money.
"Agents have all of a sudden become significantly more helpful and useful because they effectively have arms and legs, which are payment credentials."
VGS holds the payment credentials behind about 1/3 of all e-commerce, and now it's helping AI agents pay merchants. If you've bought anything online, there's a good chance VGS has already helped keep your card safe.
In the last three months, Terry says agents went from "spectators to actors." Once an agent has your payment credentials, it can book the piano teacher it previously could only find and recommend.
Now Stripe's Link, Shopify's Shop Pay, and PayPal are racing to connect to agents. It's all headed toward open standards from the card networks: agentic tokens that let an agent pay with your actual card.
VGS went from zero agentic tokens to a few million a week in three months.
0:55 From TrialPay to Visa to VGS
2:05 How VGS vaults 1/3 of e-commerce
6:05 Why big merchants use 3-5 processors
9:55 Why AI agents need a payment vault
12:15 Agents go from "spectators to actors"
13:40 The wallet wars, old and new
19:55 Walled gardens vs open standards
23:55 How agents can pay with your real card
26:40 Your saved card goes multiplayer
29:40 How do you trust an agent's purchase?
32:35 Who pays when your agent gets it wrong
35:40 Why Amazon blocks agents
39:50 What's overhyped and underhyped
43:35 When merchants get agents too
45:40 Why agents could break card rewards
47:00 VGS's eras: vault, updates, network
@terryangelos @arampell
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Incredibly excited for Visa to receive approval from the PBOC to begin preparations to establish a domestic business in China
investor.visa.com/news/news-…
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Data show that long yields signal a higher real cost of capital. Debt management and FX intervention can buy time, but durable relief requires fiscal adjustment and credible inflation control. New @IIF paper: iif.com/Publications/ID/6708…
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BWC Vice Chair Rebecca Patterson discusses inflation, the Federal Reserve, and the role of AI in monetary policymaking in the latest episode of the Council on Foreign Relations’ The Spillover, “Central Banks in a Bind.” Listen to the full conversation: youtube.com/watch?v=Nb16VPdw…
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This is hilarious: a street interviewer in Hong Kong, who asks wealthy people how they made their money, accidentally interviewed one of Hong Kong's most notorious gangsters - Guo Yonghong (郭永鸿), former leader of Wo Shing Wo (和胜和), one of Hong Kong's largest triad organizations.
The funny part is that he obviously has no idea who he is and keeps asking him questions like "what industry are you in?" and "how old were you when you made your first million?" - questions Guo obviously don't want answered on camera 😂
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the founder of Dropbox was way ahead of his time
watch him explain how distribution & virality beat great products
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S&P Global is paying attention to DeFi vaults.
Key takeaways from its latest primer:
• Vaults are becoming the on-chain equivalent of managed funds.
• They improve operational efficiency but introduce new risk considerations.
• While crypto-native today, they're poised to become *core infrastructure* for tokenized real-world assets and institutional capital.
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🚨 UPDATE: Upbit says it is not participating in OUSD issuance, joining Samsung and other South Korean firms in distancing themselves from Open USD.
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The biggest misconception in DeFi lending is that protocols price credit risk.
They don’t.
They are bad at handling credit events.
They key is collateral liquidity and gap risk.
The collateral does not need to be “high quality” in a credit sense. It needs a continuous price, deep liquidity, and reliable liquidation. Actually harder.
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I like this Omid guy - he speaks the truth.
Sorry, but this is not a blockchain and the assets on the Corda-based network they seem to allude to are not tokens. There’s literally nothing about this solution that Citi couldn’t have rolled out years ago using vanilla ledger tech (I was there, I would know).
The lack of awareness on these distinctions will be a big problem for a lot of companies eventually.
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WSJ: JPMorgan, Bank of America, Citi, and Wells Fargo are building a tokenized deposit network to compete with crypto.
The goal is to keep deposits inside the banking system while offering speed and 24/7 settlement.
The network will be operated by The Clearing House, and it sounds like the underlying blockchain hasn’t been selected yet.
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If y’all wonder why I am building in @CantonNetwork this is one of those reasons.
$CC
