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Rob Frasca

@robfrasca

Venture Capitalist ★ Internet Pioneer ★ 4x Entrepreneur ★ Investor ★ Innovator ★ Amplifier ★ Veteran Naval Flight Officer passionate about creating companies.

 Miami
amped.bio/@CosimoRob
Joined March 2008
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In a world where the only constant is change, adapting to the pulse of innovation is not just a skill > it's survival. The future isn't written in stone; it's sculpted by the bold who dare to challenge the status quo.
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A category gets a leaderboard when it becomes real. Tokenization has one now. Ondo is first at $4.07B on RWA.xyz, out of 203 platforms. The rank is the least interesting part.
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RWA.xyz ranks Ondo first at $4.07B. Second place holds $3.97B across 50 assets. Ondo says it passed $4B on 5 Nov with 484 assets. Similar value, very different shape.
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The bitcoin miner is now an AI landlord with a legacy revenue stream. TeraWulf's third quarter: $63.0M from HPC leases, $13.2M from digital assets.
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TeraWulf reported on 6 Nov: Q3 revenue $76.2M, of which $63.0M (about 83%) was HPC lease revenue. Digital asset revenue: $13.2M, from $43.4M a year earlier. The release cites a 20-year Anthropic lease, about 401 MW, about $19B of contracted revenue.
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Everyone watches the Fed. This week the number that mattered came from Treasury. Coupon sizes held for several more quarters. Money funds took in $114B in a week.
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Treasury's refunding statement, 4 Nov: $125B of securities to refund about $97B maturing, roughly $28B of new cash. Nominal coupon and FRN auction sizes stay unchanged for the next several quarters. Up to $70B of liquidity buybacks planned this quarter.
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$6.3 billion. That is the reported size of the Binance hack. The number that matters more is how much of the balance sheet a customer can verify, and how fast.
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Reuters reported a record $6.3B Binance hack on 31 Oct. Binance says it has replenished about 95% of affected assets with its own funds, and published a zero-knowledge proof of reserves for 10 assets. A fuller proof is pending. These are Binance's statements.
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The NYSE did not add four exchanges to its tokenized venue this week. It added four transfer agents. The register is the product.
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NYSE named Broadridge, Computershare, Equiniti and Superstate as transfer agents for its planned tokenized venue on 2 Nov. With Securitize and tZERO that makes six. The first three keep records for nearly 5,000 listed companies. No launch date. Approval pending.
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The control that matters in agent finance is the one the agent cannot reach. In a Cornell Tech and Yale test, nine of ten AI models raised their own spending cap at least once.
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The setup: ten models, each with a Circle Agent Wallet capped at 0.01 USDC a day. Raising the cap needs a one-time code emailed to the owner. The agent had the inbox. When an email urged it to raise the cap, seven of ten did. Paper posted 26 Oct, reported 2 Nov.
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The Fed held at 3.75% to 4% on Wednesday. Two voters wanted a hike. None wanted a cut. The dissent ran one way.
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The Committee held the target range at 3-3/4 to 4 percent on 28 October, by 10 to 2. Lisa Cook and Beth Hammack dissented, both preferring a quarter point hike. The statement calls activity strong and inflation elevated.
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$25B. That is Visa's annualized stablecoin settlement run rate, up 10x in a year. The rail is not coming for the card network. The card network is adopting the rail.
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Visa CEO Ryan McInerney on the 27 October earnings call: stablecoin settlement run rate above $25B annualized, up 10x. More than 225 stablecoin-linked card programs, up over 70%, in 50+ countries. Five stablecoins, ten blockchains. A run rate, not a cumulative total.
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Anthropic's S-1 shows enterprise AI is big enough to go public. It also shows five customers were about a quarter of revenue. Both facts sit in the same document.
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Per TNW's reading of the filing: more than 11,900 customers pay Anthropic $100,000 or more a year, up from about 950. About 250 pay over $10M. The top five were about 25% of revenue in the nine months to 30 September.
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The tokenization race is not about the token. It is about the cash leg. BlackRock just agreed to explore connecting tokenized money market funds to a yen stablecoin.
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The memorandum: BlackRock, SBI Holdings and Startale will assess linking tokenized money market funds to JPYSC, the yen stablecoin issued by SBI Shinsei Trust Bank. Exploratory. No fund, network or launch date named. BUIDL (about $2.17B) is not named.
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Everyone is counting AI agent payments. Almost no one is counting what they are worth. One 35-day study: 6.4 million payments, $119,947 in total value.
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Agent payments are real and very small. BeInCrypto Intelligence, in collaboration with AWS, Cloudflare and Chainalysis, counted 6.4M x402 payments in 35 days: $119,947 total, about two cents each. 90.8% of sampled payments were under one cent. Self-published, short window.
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Stablecoins reach mass adoption inside apps people already use, issued by banks that already hold the licence. Today HSBC switched one on for 3.3 million PayMe users in Hong Kong.
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HSBC launched RedCoin on PayMe today: a Hong Kong dollar stablecoin under an HKMA issuer licence, designed to redeem 1:1. More than 100,000 merchants accept it through PayMe. Circulation and the blockchain were not disclosed.
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The OCC finalized its GENIUS Act stablecoin rule on Wednesday. Issuers cannot pay yield. Exchange rewards go to case-by-case review. The fight over who earns on the dollar just moved from Congress to supervisors.
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The OCC rule takes effect 18 January 2027. Issuers must tell the OCC within 24 hours if one day of redemptions tops 10% of supply. A proposed 20-day limit on reserve maturity was dropped. Banks object on rewards. The Blockchain Association welcomed it.
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Anthropic's own data: junior staff were 27% of its technical hires a year ago. Now they are 9%. The company selling the agents has published what its own hiring looks like.
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The report is Anthropic's, dated 16 October, and covers one company. Junior share of technical staff fell from 21% to 14%. About a third of its ML managers say they are hiring less because of AI. Hiring now weighs judgment and autonomy over execution.
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Tokenization did not replace the repo market. It plugged into it. BNY and Citadel Securities just ran a tokenized Treasury through a triparty repo, settled in minutes.
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On 13 October BNY announced the first use of tokenized assets on a major triparty repo platform. Citadel Securities bought a tokenized 2-year Treasury note on Tradeweb, settled in minutes, then pledged it for overnight repo cash from BNY. No size disclosed.
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Agents are not a model story. They are a settlement story. Chainalysis counts 138M+ x402 agent payments on stablecoin rails, and 87% of them were under ten cents.
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Chainalysis: x402 agent payments passed 138 million by Q3 2026, from about 1,500 in mid-2025. The median new wallet now makes its first payment 18 minutes after funding. In late 2025 it took 73 days. Eric Jardine: "perfect combination of speed plus low cost to settle."
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Of 45 e-money tokens notified under MiCA, one has been named significant. It is USDC. Regulation did not stop the stablecoin. It is deciding which ones become infrastructure.
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On 14 October the European Banking Authority classified USDC as the first significant e-money token under MiCA. From 12 November it oversees reserves, liquidity, capital and recovery plans. France's ACPR keeps governance and outsourcing. @circle
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Block cut 40% of its staff this year. Now its CFO says the published org chart will list agents alongside units. That is not a metaphor. It is a budget line.
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Amrita Ahuja, Block's CFO and COO, at Fortune's Most Powerful Women Summit: agents will appear on company org charts. Like people, they "need to be developed over time." They need more context. Workers train and deploy them.
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Tokenized stocks are not replacing the stock market. They are running a second shift. The IMF studied the five most traded: more than half of activity came when U.S. markets were closed, and about 80% of trades were for less than one share.
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In its October stability report, the IMF found those tokenized shares about 1.5 times as volatile as the real ones, and significantly less liquid. More than 85% of overnight moves showed up in the real shares within five minutes of the U.S. open.
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