The Daily Peg
World Liberty Financial responds to Justin Sun's lawfare with lawfare of its own.
Editorial hello
Today, I wanted to write about what happens to stablecoin assets under management and transaction velocity once AI agents become fully normalised within finance. Unfortunately, I can’t find the original commentary arguing that both are likely to surge — though the thesis strikes me as entirely plausible.
Since I don’t have the goods to back up the claim, I’m instead going to focus on an important caveat: even if agentic usage explodes, that alone does not guarantee a proportional increase in net demand for stablecoin collateral, particularly US Treasuries. Rising velocity could ultimately offset a meaningful share of net inflows. It’s hard to predict, really.
That said, I am becoming increasingly convinced there is another mechanism that will create incremental demand beyond what already exists for USTs: leverage. I’ll have more to say on the mechanics over the coming days, but I wanted to flag the idea now because it’s something I’ve been discussing privately for a while — and, frankly, I’d like the timestamp so The Peg gets some credit if the thesis plays out.
In other news, Ronnie Stoeferle — one of the best-known voices in the gold world and editor of the In Gold We Trust report — has let the cat out of the bag regarding my contribution to this year’s edition. It will be on, you’ve guessed it, gold tokenisation. The full report will be released on May 20, and I have something exciting planned around it.
Back tomorrow.
