The Pomp Letter - Stablecoins Are Eating The World
REMINDER - Crypto Investor Day Is One Week Away!Reflexivity Research invites you to join us on Friday, October 25th in New York City as we continue to bridge the power of traditional finance with the innovation of crypto. We’re inviting hundreds of institutional investors, capital allocators, and entrepreneurs together for the inaugural Crypto Investor Day. The event will be hosted by Reflexivity Research and moderated by Anthony Pompliano. Expect top-tier speakers, plenty of networking opportunities and hours of insightful discussions around the future of crypto across the traditional finance and institutional landscapes. No gimmicks or distractions, we operate our events on an insights-per-minute KPI. To investors, Stablecoins are the second best product in crypto after bitcoin. I would even argue that stablecoins are the only other product with true product-market fit. The data is overwhelming. Nic Carter’s Castle Island worked with Brevan Howard, Visa, and Artemis to publish a white paper on stablecoins. Two of the most compelling data points were:
These are large numbers in emerging markets. But the stablecoin story is not exclusive to emerging markets. Philip Gradwell was recently hired as Head of Economics at Tether and shared the following three statistics: #1 - USDT has 330 million on-chain wallets and accounts, a proxy for users, as of Q3 2024, plus tens of millions more who only use USDT on centralized platforms. #2 - Growth is accelerating with Q3 welcoming 36 million new users, Tether’s best quarter yet. #3 - Fastest rate of growth is on Layer 2 chains and TON added 3.3 million users in its first six months. These insights are great across the two sources because they tell us a few things about stablecoins that every investor should internalize. Here are my takeaways:
I am watching the stablecoin story closely because of how strong the product-market fit has been. My expectation is we will see stablecoins eat into the market share of dollars. Remember, 100% of dollars used to be physical currency. Today that number stands at less than 10%. Eventually 80-90% of dollars will be stablecoins in my opinion. The challenge for investors is how to invest alongside this trend. Buying a stablecoin that is always worth $1 won’t allow you to make any money. You have to find unique ways to allocate capital and benefit from the trend. You could invest in private companies behind these assets. Maybe crypto exchanges that embrace the assets will have an advantage. There will be payment processors who are stablecoin-friendly, which may drive outsized returns. But the exact investment strategy to benefit from the rise of stablecoins is still unclear. Let me know if any of you have ideas. I would love to learn from you and think more critically today. Hope everyone has a great day. I’ll talk to everyone tomorrow. -Anthony Pompliano Founder & CEO, Professional Capital Management 🚨 Talk or Hang Out With Anthony Pompliano 🚨I want to meet you. In order to get the meeting scheduled, you have to purchase a certain amount of my new book, How To Live An Extraordinary Life. You can do one of the following:
You can use this link to purchase up to 100 books and then use this link for a discount on bulk buys over 100 books. Here is how it works:
I have already done a few calls with people and spoken at different events. It is just as fun for me as for you, so I look forward to meeting many of you as well. World’s Greatest Trader Reveals His Secrets - Tom SosnoffTom Sosnoff is the Founder of TastyTrade and the CEO of TastyLive. He is also an entrepreneur with over $2 billion in exits. In this conversation, we discuss economic data points that may be wrong, how he built such great products, how he thinks about trading 100 positions a day, why he makes 18,000 trades per year, and the daily mindset of a trader. Listen on iTunes: Click here Listen on Spotify: Click here Podcast Sponsors
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research. You're currently a free subscriber to The Pomp Letter. For the full experience, upgrade your subscription. |
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