jy

keeping peace with the world. chef at the @SteakhouseFi kitchen

[jy @parkienator]

if you worry you suffer twice

[Steakhouse Financial @SteakhouseFi]

Steakhouse High Yield USDC is now live on @Coinbase, alongside Steakhouse USDC.

Coinbase users can now choose: lend into Steakhouse Prime or High Yield.

Curated by Steakhouse, Powered by @Morpho.
Now on Coinbase.

[jy @parkienator]

@Nibel_eth @base majulah singapura

[jy @parkienator]

Can’t really argue with this 앞에 하이닉스만 넣으면 딱인듯

[L @Profit_Lx]

마침내 결정했습니다

여러분들이 꾸준히 관심 가지시고

AI, 자본 양극화 시대에 초격차를 만들 수 있는

궁극의 포트폴리오를요

[jy @parkienator]

max bid robotics

[hansolar @hansolar21]

Korean robotics absolutely on fire today

[Steakhouse Financial @SteakhouseFi]

Stablecoin Earn, now live in Trezor Suite.

@Trezor's 2M+ users can access Steakhouse Prime USDC and USDT vaults.

Curated by Steakhouse. Powered by @Morpho.

[jy @parkienator]

@shanandwater most importantly, the lucky chad(ette) would get to work with Shan

[jy @parkienator]

@adcv_ civilisation can spread across all climates

[jy @parkienator]

“you can't hedge a worldview”

[Hedgie @HedgieMarkets]

🦔New Bloomberg reporting reveals SoftBank has committed roughly $60 billion to OpenAI, and internal advisors who questioned the size of the bet say founder Masayoshi Son shut them down. Former SoftBank insider Habib Imam described the position as "a bet on a worldview about AGI" and added "you can't hedge a worldview."
To fund the commitment, SoftBank sold its remaining Nvidia stake, took out a $40 billion bridge facility, and layered a margin loan on top, all costing around 8% interest. SoftBank's last bet of this scale was WeWork, which imploded in 2019. Insiders also told Bloomberg they worry OpenAI is losing technical ground to Anthropic.

My Take
Son shut down internal disagreement on WeWork before that one collapsed, and the Bloomberg piece describes the same dynamic playing out on a position 15 times larger. Son built his career on contrarian bets that worked, and the Alibaba return covered a lot of subsequent mistakes. The OpenAI position cannot get covered the same way, because no future windfall fits inside the same fund timeline.

The way this is financed is certainly not great in my eyes. SoftBank borrowed against its OpenAI shares to buy more OpenAI shares, paying 8% interest on a private asset with no public price discovery and no short sellers to test the valuation. That works while OpenAI keeps marking up at each private round, and collapses fast if the next round comes in flat. OpenAI's projected $14 billion loss in 2026, the token economics pressure on enterprise customers, and the IPO complications I have written about all week are the kind of catalysts that test private valuations. SoftBank does not need OpenAI to fail. SoftBank just needs the next round to disappoint, and the margin numbers get ugly.

Hedgie🤗
https://t.co/dpDaSoOE2H

[Steakhouse Financial @SteakhouseFi]

Credit where credit is due.

[jy @parkienator]

no such thing as sharpe ratio in life

[Polymarket @Polymarket]

JUST IN: Koreans are cashing out of life insurance policies at record levels to invest in the stock market.

[Steakhouse Financial @SteakhouseFi]

All credit goes to the users who trust us and believe in our work.
Our goal is to keep earning that trust for the long road ahead.

The kitchen is open and will keep serving.

[jy @parkienator]

stablecoinizing the economy one steak at a time

[Token Terminal 📊 @tokenterminal]

🥩🏡 @SteakhouseFi is pulling away from the pack.

Steakhouse currently holds a ~$1 billion lead over the next largest @Morpho vault curator, up from virtually no lead a year ago.

A curator ecosystem to follow 👇

[Steakhouse Financial @SteakhouseFi]

Doing for real-world assets what stablecoins did for payments.

Grove Basin is programmable credit infrastructure enabling eligible tokenholders instant stablecoin liquidity for approved exits from tokenized offchain assets.

The parallel with stablecoins isn't accidental. Stablecoins built a programmable liquidity layer for digital dollars. Basin builds one for tokenized real-world assets.

Learn more on how Basin works on @grovedotfinance 🦜

[jy @parkienator]

excited to announce the announcement that there will soon be an announcement

[Steakhouse Financial @SteakhouseFi]

Excited to announce there will soon be an announcement

[jy @parkienator]

@PGSideris @EthPrague @fhenix @zama Keep building that bridge!!!

[Steakhouse Financial @SteakhouseFi]

Aubrey: One food for the rest of your life?
Saylor: Steak

✍️

[Paul Frambot 🦋 @PaulFrambot]

Spent the last week calling the largest institutions to get their read on the DeFi situation.

Key takeaways:
1- Institutional interest isn't going away, for a simple reason: distributors aren't going away. Massive AUM, payments, and loans are coming onchain. Every fintech wants to move fully onchain. As an institution, you don't have a choice.

2- That said, they've completely lost trust in pool/hub models. Institutions and distributors want control: over the code, over the risk, over the compliance. With the flexibility to isolate what they want, while plugging into the global network of liquidity that's compatible with them.

The promise of an open financial system is too big to fail: not because of ideology, but because it's going to create an immense amount of value for everybody involved.

[jeff.hl @chameleon_jeff]

1/ Controversial take: hard work is more important than smart work.

It's a myth that we only have a few hours of good creative work per day. Train yourself to grind long hours first. You will surprise yourself. The work naturally become higher quality, less distracted.

[adcv_ @adcv_]

I appreciate the call-out to @SteakhouseFi in the report. It was nonetheless very stressful. It continues to be a knife-edge until the teams involved, at their earliest convenience, find a reasonable resolution to unfreeze liquidity.

There is no victory lap or dunking possible about net flows to different places. We are not interested in shuffling musical chairs around. The overall movement of liquidity (>$10bn in net outflows from the system as a whole) is a verdict on the presumed cost of capital for operating in all onchain money markets.

Our response from @SteakhouseFi is definitive. We are already known to issuers for being a huge pain in the butt and we are proud of it. In the good cases, this attitude is appreciated by teams and feedback is taken onboard. People should expect this to escalate.

We will be ratcheting up the hurdle on issuers to demonstrate seriousness from a credit and market perspective but in particular from a security point of view. This includes the expectation of working with trusted third-party subject matter experts to review and monitor security practices.

We continue to advocate that Prime repo is priced reasonably efficiently - and indeed rates on Steakhouse Prime vaults played that out over the past few weeks. However, High Yield markets have an operational risk factor that is clearly not adequately captured by the market at the moment.

Our goal is to leverage our outsize position in the curation market to drive this change in a positive direction. So far, it has been encouraging to see a reciprocation in the response from issuers we have floated this to.

I am positive we can demonstrate that onchain capital markets can operate at greater speed, more transparency and significantly lower risk over time.

[AMINA Bank @AMINABankGlobal]

🇭🇰 On Thursday at Hack Seasons Conference hosted by @mpost_io in Hong Kong, AMINA's Head of Communications, @GabyYHui, will be moderating a panel including @ambergroup_io, @SteakhouseFi, Fidelity International, and @galaxyhq to explore how capital is shifting across markets and what’s driving that movement.

Panel: The Great Capital Reallocation
🕒 15:10 – 15:50 HKT
📅 23 April
📍 Hopewell Hotel, Hong Kong Island

Institutional interest in capital continues to deepen, and as market structures evolve, the question is no longer if capital moves into digital assets — but how, where, and at what pace.

Register here to attend: https://t.co/hIh2Krxr3z

#HackSeasons #DigitalAssets #CapitalMarkets #InstitutionalFinance #Web3 #HongKong #AMINA