Good morning,

This update covers a few topics rather than the usual single topic. I didn’t mean to try a new format but I am happy with how it turned out–perfect for a week where there are several things worth saying something about. Curious whether you guys have a preference for single or multiple topics.

Also, I recorded an interview with Katherine Wu a couple weeks ago about regulation and it has only gotten better with age. I’m not sure how frequently I’ll be doing interviews, but transcripts will be available to members when I do them. Eager to hear your feedback. Who else should I speak with? Both the audio and the transcript will be available tomorrow.

On to the post:

USDC

Hasu noticed that Coinbase Pro only listed BAT against their stablecoin, USDC, and not Bitcoin. More notable, users cannot buy BAT with fiat either. This is a smart way to force usage of USDC.

Unlike exchanges like Binance where volume is mostly in BTC pairs, Coinbase Pro volume is mostly in Fiat pairs. Prioritizing USDC pairs lets them offer a similar experience to their traders while onboarding them to a cryptocurrency they control. When done well, users won’t even notice it. It’s a matter of time before they automatically convert fiat deposits into USDC. Maybe they get rid of all USD pairs and replace them all with USDC pairs. This would accelerate their plans to aggregate demand for applications built on crypto infrastructure.

Already a member? Read the full update here

Become a member to get posts like this

Support the site and get members-only benefits

Subscribe for $100 a year

or subscribe monthly for $12 a month


Members receive a members-only analysis each week that is timely and substantial. I've been asked to be more opinionated and responsive to current events, so I'll try to do that in this more private forum. If you want my critical take on what matters in the industry, you might enjoy these analyses.

You can see a sample of a members-only analysis here. And a list of all of them here. Don't take it from me, check out these tweets from members:

  • "@tonysheng's writing is the best out there and this is worth every penny" --Myles Snider, CEO of Aurora EOS
  • "Highly recommend signing up for a membership if you're full-time in crypto or passionate about the space" --Spencer Noon, Managing Partner at DTC Capital
  • "All signal, no noise" --Zach Segal, Product at Coinbase

Over time, I'd love to develop more benefits like transcripts of podcasts (maybe host my own), a members-only discussion forum, AMAs with industry leaders, and more.

Thank you. I hope you'll stick around.

–Tony

If you aren’t already familiar with my work, I write long-form analyses on building and investing in crypto, and the impact of crypto on society.

My readers include investors at Union Square Ventures, a16z, Village Global, Multicoin Capital, Scalar Capital, and Polychain and builders of Bitcoin, Ethereum, Zcash, EOS, Tezos, 0x, and Coinbase.

Some awfully nice things people have said:

Tony’s blog is one of the best hidden gems in crypto. The content is regularly some of the most insightful out there. I read every post with a fine toothed comb.

–Kyle Samani, Cofounder and Managing Partner, Multicoin Capital

Tony is one of the most insightful and independent writers in the space. His newsletter consistently provides original perspectives on crypto/blockchain fundamentals that inspire you to think more critically.

–Soona Amhaz, Cofounder and CEO, Token Daily

If you read one person’s writing in the space, make it Tony’s. Tony breaks down complicated crypto concepts and economic theories in ways that educate both the beginner and expert alike.

–Erik Torenberg, Cofounder and Partner, Village Global


Not a member? You're missing out.

Join thousands of crypto insiders who make reading my analyses a part of their weekly routine.

Subscribe for $100 a year

or subscribe monthly for $12 a month

Member updates

November 6, 2018

Coinbase tries to drive adoption of USDC (plus IDEX, CryptoKitties)

October 31, 2018

Keynesian Beauty Contest follow-up, regulatory grey areas and alegal projects

October 23, 2018

The (web3) client is in the hands of the enemy