It might be a bear market but there are great teams incredible things at the frontier. Often without noise. Kicking off a series notes on some of them. For today, we have @get_truenorth questioning what happens if you put an analyst in everyone's pocket. 📱

Liquidity that’s disconnected from its points of application is exclusionary by nature and defeats the fundamental idea of money. Circulation is key for any kind of money to be adopted by the masses, and credit is the perfect tool to help circulate money. Credit does to money what gridlines do to electricity. What makes the dollar the dollar is that an entire credit apparatus sits behind it, including banks, underwriters, and guarantee structures, that takes idle liquidity and routes it toward people who can put it to work. Stablecoins have solved the movement problem, but it’s not yet a complete form of money. In last week's guest essay for @tokendispatchhq, @criptolawyer writes about the role credit needs to play to help stablecoins support financial inclusion. 👇🏾

On what a zoomed-out look at the after-effects of the ColdCard exploit reveals about the crypto ecosystem

Crypto is becoming increasingly connected with existing businesses and it’s a good thing. Every few weeks we see an example where crypto expands possibilities for existing businesses. 1. Either in the form of boosting the bottom line by saving costs or bringing additional revenue 2. Or by expanding TAM by letting companies reach new customers AZ-COM Maruwa Holdings, a Japanese logistics company, buying a stake into JPY stablecoin issuer was an example of how crypto is merging with traditional businesses. If you think about it, a stablecoin acts as a loan the user makes to the issuer for free. You give Circle a dollar, you get a token that doesn't pay you anything. Circle keeps the interest your dollar earns while sitting in Treasury bills. You forgo the interest for convenience. Everybody is happy. Circle can keep all the interest as long as it is dealing with many small holders (B2C). The equation changes when Circle has to go B2B2C. Stablecoin issuers are like asset managers. Their income is directly proportional to stablecoin’s float. But the float needs a reason to grow, a reason for the end user to hold your stablecoin. This is where distributors enter the picture. Circle pays Coinbase and Hyperliquid a significant chunk of the interest earned because, without Coinbase making USDC the default and Hyperliquid making USDC the collateral, the float itself would collapse. For years, a yen stablecoin was pointless because Japanese bonds paid zero or less, so the free loan earned nothing. Then the BoJ raised rates to 1%, the highest since 1995, regulators let issuers hold government bonds in reserves, and the spread finally exists in yen. JPYC is the first registered issuer, and an investor in its new $38M round is the trucking company AZ-COM Maruwa. Maruwa is JPYC's Coinbase. Both convert a captive capital from their audience into a stablecoin float. Coinbase's audience is people with exchange accounts. Maruwa's is its workforce. It runs payroll for about 2,300 drivers and contractors and pays them in JPYC. Payroll might be the strongest distribution channel money has, since salary is how money enters a person's hands in the first place. Every payday, yen flows into JPYC's reserves. The drivers become holders by default, just as Coinbase users ended up with USDC. The issuer earns bond yield on every unspent day. Since payroll recurs monthly, the float is replenished. Coinbase and Maruwa are different means to the same end. Coinbase charges Circle rent, and the rent now eats most of Circle's income. Maruwa bought equity in the issuer instead, so every yen of float it routes in raises the value of its own stake. Japan just put the distributor on the cap table from day one. Users lend issuers money for free; rates determine what it is worth; and distribution decides who keeps the interest. So I'd skip the volume charts for now and watch who is responsible for the float.