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Source Tomasz Tunguz tomtunguz.com Analyst
June 23, 2026 ai_technology saas

The Quietest Part of Startupland isn't so Quiet

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Summary

Stablecoins hold $165b in US T-bills, more than China or Switzerland. Hyperliquid generates $610m annualized fees. Gold, oil, & stocks trade 24/7 on crypto perpetual markets.

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