The chief economist at Apollo is warning that mass adoption of AI agents could trigger a bank run as they optimize user investments. Gary Gensler spent his last few years as SEC chair warning that the exact same problem will hit the markets: the pursuit of algorithmic perfection at scale destroys system stability. Personal-finance agents making simultaneous optimal decisions could potentially cause a massive flash crash. Agent acausal coordination, with no messages passed between them, will show up in a lot of places. Markets will get the big headlines, but huge numbers of clever advisors making very similar choices will impact all of human society. Capability gains make this worse, not better. The smarter the agents, the narrower the optimal path; and knowing that other agents see that exact same path lets them move together without talking to each other. Agents do not need to collude to act in unison. Thus, they break no human laws by doing so. Human laws were not written for this. They were not written for a lot of what is coming, and it is about to start happening very fast.

Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch. This expands the addressable market of underlying collateral from $2.5 trillion of crypto to $150 trillion+ of real-world assets. As part of the partnership, bStocks will serve as tokenized spot collateral, hedged with Binance USDT-denominated equity perpetuals - the same delta-neutral structure Ethena has securely executed across crypto assets since inception. Importantly, Binance provides lower ADL priority for eligible delta-neutral accounts including Ethena's, adding another layer of risk mitigation for USDe holders. Binance equity basis has averaged ~11%+ annualized over the past 6 months, while open interest has grown on average ~30% per month in the last 3 month period. We expect the market opportunity size for equity perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena last cycle. Allocations begin today.

.

Good morning, have a great weekend.

1:1 stablecoin swaps on unlimited size

I think the fomo app is gonna double the amount of suicides we see this cycle. I mean I'm financially comfortable and it's even hard for me watching people catch these 7fig in a day trades while I just barely miss them cause I was eating dinner or whatever. Imagine someone stuck in a disadvantaged position experiencing that constantly... So please take care of yourself and watch out for your friends. There's always another day, another trade. Gammi loves you and wants to see you win.

An empty highway in the spring of 2020 in Los Angeles

Introducing @EthenaPay: the internet money neobank. →Card spend cashback at 5.0% →Best-in-class 6.0% dollar savings rate →Borderless, free, instant global money transfers →Free global onramps in USD, GBP, EUR and local FX →Multi-currency high-rewards savings accounts in local FX →Unified fiat IBAN integration with self-custodial stablecoin accounts →Buy Now Pay Never where your savings rewards covers daily expenses Not coming soon™️. Live now to download on iOS.