The Numbers I Saw and What They Mean This is Circle’s very first earnings report as a public company, and I have to say, a few numbers immediately grabbed my attention. USDC circulation at the end of Q2 2025 hit $61.3 billion, up a staggering 90% year over year. Growth of that magnitude in the … Continue reading My Observations and Thoughts on Circle’s First Earnings Report After IPO
The other day, I came across a news headline saying Apple CEO Tim Cook had given US President Donald Trump a “24K gold iPhone.” My first reaction was to raise an eyebrow surely that’s a bit over the top? But I quickly realized that media headlines love to exaggerate. After digging deeper, I found the … Continue reading From a 24K iPhone to $600 Billion
What the White House Sees (and Europe Misses): A Blueprint for Financial Power In July 2025, the White House released a 166 page report titled Strengthening American Leadership in Digital Financial Technology. Far from a technical policy memo, it represents a full institutional blueprint. Based on Executive Order 14178, it spans legislation, regulation, banking reform, … Continue reading Between Governance and Innovation: A Tale of Two Approaches to Digital Finance
I’ve always been passionate about environmental issues. But to be honest, I’m increasingly weary and anxious about street protests and slogan driven environmental movements. This isn’t a rejection of ideals, it’s a rational reflection from an economist’s point of view: what truly changes the world isn’t slogans, it’s technology. Taiwan’s invention of “Stone Paper” is … Continue reading When ESG Fails, Innovation Delivers: Lessons from Taiwan’s Stone Paper
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