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Unchained

In an AI Agent World, Do Money Markets Win Over Stablecoins? - Bits + Bips

May 18 · 58 min
0:00-58:27

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USDC became Hyperliquid's stablecoin infrastructure, and the 30-year broke 5% for the first time since 2008. Austin, Ram, Chris, and Gordon Liao of Circle work through who wins.

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Coinbase and Circle have moved into Hyperliquid, installing USDC as its aligned quote asset and taking over treasury and technical deployment. For Gordon Liao, Circle's Chief Economist and Head of Research, that is a liquidity supernova. For Chris Perkins, it is the moment every TVL-trapping platform was always going to arrive at. 

Meanwhile, the CLARITY Act has cleared the Senate Banking Committee on a bipartisan vote, but the ethics question — whether Democrats will vote for a bill that leaves Trump's family holdings untouched — remains unresolved. 

And as Kevin Warsh is confirmed as Fed chair, the 30-year yield breaks 5% for the first time since 2008.


Hosts:

Guest:

  • Gordon Liao | Master of Coin, Circle

Timestamps 🚀 00:00 Introduction 🟡 01:17 Why Coinbase and Circle moved into Hyperliquid and how every TVL trap will monetize its float 🌊 07:14 Gordon: USDC on Hyperliquid is a 'liquidity supernova' 🧑‍⚖️ 12:29 Even though Elon Musk lost, Ram explains why Sam Altman is still a villain 🏃 18:21 Where value will really accrue in the AI race ⛓️💳 24:48 Whether agents will use blockchain rails or just credit cards 🤖 30:59 Why Chris thinks money market funds might win out over stablecoins among AI agents 🏛️ 36:11 CLARITY clears Senate Banking — what's still blocking 60 votes 🧨 41:27 Why Austin thinks the ethics fight is the one problem with no clean answer 📈 46:01 Why, after Warsh's confirmation, the 30-year cleared 5%

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