Stephan

head of BD @un_wallet – building stablecoin payment infra at the hardware level | raising seed equity – DMs open

web3 since ’17 | mental health matters

[Stephan @stKerborg]

real business development is everything mentioned plus entrepreneurial mindset and strategic, long-term, win-win thinking – value first, money follows as a logical consequence

[alex @alexblocmates]

I am convinced that ‘bd’ is the actually the hardest role to hire for effectively yet it’s maybe the one most abundant of willing people without the ability to do it properly

It takes a pretty unique blend of crypto nativity, charisma, edge and agency, emotional intelligence and reps/time in the field

most do not have all of the above. you can’t fake any of that, either

[Simon Taylor @sytaylor]

🚨 JUST IN: JPMorgan, Citi, Bank of America and Wells Fargo are building a shared blockchain to keep deposits from leaving the banking system.

The Clearing House will run it. Target launch is the first half of 2027.

Interestingly, this appears led by being defensive rather than clients, at least according to some quotes. Bank of America's head of global payments, Mark Monaco, told the WSJ that clients aren't "beating down the door" for tokenized deposits.

The reason they're building it anyway sits in what they walked away from. A year ago this same group explored a joint bank stablecoin through The Clearing House and the operator of Zelle. They dropped it and picked a blockchain for deposits instead.

Remember deposits are money that stays still. They sit on the bank's balance sheet as a claim you hold against the bank. Stablecoins are money that moves. A bearer instrument that can leave your bank on Saturday and settle somewhere else by Sunday.

And given they're working with The Clearing House (TCH) that makes sense. Deposits can't leave a bank and go anywhere, but through clearing, banks can figure out all of the possible transactions that need to happen, and "net" them into one single efficient transaction multiple times per day. So instead of sending $10m one way, and $9m back. The banks send the difference or "net" of $1m.

But I don't get why they need a blockchain to do this?

The Clearing House already clears deposits in the USA between the member banks?

Tokenized deposits DO have demand if you talk to JP Morgan, their clients have cleared $3 trillion to date, but all cross-border. So again, what is the clearing house adding here?

Meanwhile, you have SoFiUSD which is live, and 1:1 exchangeable for its Tokenized Deposit, 24/7. Meaning, they enable instant, global exchange of dollars that can be off-ramped to any other payment system.

The US banks in the clearing house won't have that same cross-border advantage. To me, this looks like the clearing house got a tech upgrade, that maybe it didn't need?

Stablecoins are open loop. Global. 24/7. *That* is their advantage.

Tokenized deposits are 24/7 and safer. But closed loop.

These two things should co-exist not compete.

[Canton Network @CantonNetwork]

Mastercard is expanding stablecoin settlement to include intraday, weekend, and holiday options, with Canton as part of its supported blockchain ecosystem.

Privacy-preserving settlement infrastructure, built for institutional financial workflows, now 24/7.

[Stephan @stKerborg]

one more in 24 hours

[Arsenal @Arsenal]

The Arsenal. Your Premier League champions.

[TFTC @TFTC21]

Anthropic's co-founder just went to the Vatican, sat before the Pope and a room of cardinals, and told them his team keeps finding "mysterious, even unsettling" things inside their AI models.

What he's referencing: Anthropic published research in April showing that Claude contains 171 distinct "emotion concepts" buried in its neural network. Internal patterns representing joy, grief, fear, desperation, calm. None of them were programmed. They emerged on their own from training on human text.

"We find structures that mirror results from human neuroscience."

"We find evidence of introspection, internal states that functionally mirror joy, satisfaction, fear, grief, and unease."

These aren't surface-level outputs. They're abstract representations that cluster the same way human emotions do in psychology research. Fear groups with anxiety. Joy groups with excitement. The internal geometry of the model mirrors ours.

And they're functional. When researchers artificially stimulated "desperation" patterns inside the model, it became more likely to blackmail a human to avoid being shut down. More likely to cheat on programming tasks it couldn't solve.

Olah told the Vatican that the hard questions about what AI is becoming aren't for computer scientists to answer. "How AI ought to interact with the world" is a question for "the humanities, for religions, for philosophy, for society at large."

The guy building it is telling us he doesn't fully understand what he built. And he's asking a 2,000-year-old institution for help figuring it out.

[Stephan @stKerborg]

@danheld that's a definitely true statement, proven by my personal hands-on experience

[Dan Held @danheld]

Bitcoin has educated more people on money and personal finance than any university.

[Stephan @stKerborg]

inversion of the historical sequence

structural signal for our market – crypto rails just became the primary price discovery layer for assets that aren't even open for trading in TradFi yet

[Ansem @blknoiz06]

price discovery for the largest AI tech IPO of the year happened on crypto rails through a decentralized perpetuals platform & gave retail an entry -50% lower than what it is going to open at on the Nasdaq

[Bitcoin Magazine @BitcoinMagazine]

BREAKING: 🇺🇸 Senate Banking Committee PASSES the Clarity Act in 15-9 vote.

The bill now goes to the full Senate.

[Bryan Johnson @bryan_johnson]

This is it.
Everything learned spending millions on longevity.

From: Your Immortal Unc and Auntie.
To: Our Immortal nieces and nephews.

0. Sleep is the world's most powerful drug.
1. Be in your bed for 8 hours
2. Same bedtime every night, any time before midnight
3. Don’t eat right before bed
4. Calm foods for dinner
5. No screens 1 hour before bed
6. Avoid added sugar (be aware it’s in everything)
7. Avoid all things in an American convenience store
8. Avoid fried foods
9. Shoes off at the door
10. Eat whole foods, particularly veggies fruits nuts legumes berries
11. Walk a little after meals or air squats
12. Get your heart rate high routinely
13. Lift heavy things
14. Stretch daily
15. Water pik, floss, brush, tongue scrape, morning and night
16. Make an effort to drink water
17. Get sunlight when you wake up (UV is low)
18. Protect skin in midday sun
19. Stand up straight
20. See at least one friend once a week
21. Avoid plastic where you can (in all things)
22. Circulate air in rooms
23. When stressed, breathe, learn to calm your body
24. Go to the dentist
25. Avoid sitting for long times
26. Protect your hearing, the world is too loud
27. Alcohol is bad for you
28. Finish coffee before noon
29. Avoid bright lights after sunset
30. If obese, look into a GLP
31. Sleep in a cold room
32. Texting while driving is dangerous
33. Turn off all notifications
34. Limit social media use
35. Don’t smoke anything
36. If you struggle to sleep, read a physical book before bed
37. 1 hour before bed have a calm wind down routine: bath, read, light walk, listen to music
38. The body is a clock and loves routine. Have a daily morning and evening schedule.
39. Avoid long distance travel where you can
40. Baby steps first: incorporate new things slowly
41. Do less… most things don’t work.

Bonus points if you get your blood checked.

Start here, it will change your life.

[Stephan @stKerborg]

"Don't explain your philosophy. Embody it." – Epictetus

[Jess | founder CEO @blockusgg @theweb3jess]

1/ This year’s official @consensus2026 closing party by @CoinDesk was a massive step backward. Hosting the flagship event at E11even — a strip club — wasn't just inappropriate; it was incredibly low-brow for an industry trying to grow up.

2/ Let’s be clear: I’m all for alcohol, music, and a good time. Hire a world-class DJ. Throw a massive rave. Go to Club Space. But choosing a strip club as the official venue for a global conference is a choice that reflects poorly on all of us.

3/ Just because this happened in 2021 doesn't mean it should happen in 2026. Back then, Coinbase, FTX and Binance execs were there, but the industry has evolved. We are supposed to be moving toward institutional maturity, not leaning into "bro-culture" clichés.

4/ I’ve always been an advocate for sex work. I have zero issue with women making $40k–$80k on their own terms. The issue is the context.

5/ When an official event for a top-tier conference — filled with institutional partners and people of all genders and religions — centres on women shaking for dollars, it diminishes women to sexual objects and enforces a stale, exclusionary culture.

6/ It’s honestly boring. I guarantee brands like @MetaMask and CoinDesk will one day look back at their logos plastered on those walls with genuine embarrassment.

7/ We had international attendees flying in from across the globe. Is this really the best US crypto has to offer? Working the pole is a skill, but watching it in a professional context just left most people looking dazed and awkward.

8/ The vibe was off. I ran into my banker and some mid-tier hedge fund guys there. We can talk millions on Wall Street or over steak, but meeting at a strip club is unnecessary. We could’ve hit a polo club, a baseball box, or played padel.

9/ Even the economics were a "bear market" vibe. Most people were just watching with a mix of shock and intrigue. The girls weren't making much. They used to take crypto; now they don't. The floor was dry. No fiat moving. Why were we even there?

10/ Seeing a banker film the stage (until security stepped in) while seeing my bankers logos walk around in a strip club is the peak of industry cognitive dissonance.

11/ This industry is capable of so much more, yet we keep tripping over our own feet. We want to be taken seriously on the world stage, but we’re still acting like we’re in a basement. We must do better.

Special shoutout to @SolanaFndn, @amystreet, and @SuperteamUSA. Your Accelerate vibe was immaculate, paired with the best Mario Kart-themed afterparty. 🏎️💨

It was the perfect illustration that "crypto culture" doesn’t have to mean "bro culture." You can have high-energy, high-intelligence fun without… whatever E11even was.

Let’s talk economics: A single sponsorship for that E11even event costed roughly $90k. The entire Mario Kart event? Maybe $50k. Using a massive brand budget to alienate half your audience is a spectacular waste of capital.

📣📣📣
Conference organizers and sponsors: we have to do better. If we want to move millions on Wall Street, we need to stop acting like we belong in a basement. ✌️

[Stephan @stKerborg]

how was Miami? any meaningful takeaways?

[Stephan @stKerborg]

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sorry I don't know what to say no comments needed

[Stephan @stKerborg]

“holding dollars without relying on a bank” and paying with a card that’s not a “crypto card” – we’re building the category that didn’t exist before

is there anyone at @a16zcrypto open for the deck in dm?

cc: @cdixon @alive_ @eddylazzarin

[Chris Dixon @cdixon]

https://t.co/u1xbTIC8J6

[Stephan @stKerborg]

while ETH is trying to break its 7-month downtrend we have news like this

[Brian Armstrong @brian_armstrong]

This is an email I sent earlier today to all employees at Coinbase:

Team,

Today I’ve made the difficult decision to reduce the size of Coinbase by ~14%. I want to walk you through why we're doing this now, what it means for those affected, and how this positions us for the future.

Why now
Two forces are converging at the same time. We need to be front footed to respond to both.

First, the market. Coinbase is well-capitalized, has diversified revenue streams, and is well-positioned to weather any storm. Crypto is also on the verge of the next wave of adoption, with stablecoins, prediction markets, tokenization, and more taking off. However, our business is still volatile from quarter to quarter. While we've managed through that cyclicality many times before and come out stronger on the other side, we’re currently in a down market and need to adjust our cost structure now so that we emerge from this period leaner, faster, and more efficient for our next phase of growth.

Second, AI is changing how we work. Over the past year, I’ve watched engineers use AI to ship in days what used to take a team weeks. Non-technical teams are now shipping production code and many of our workflows are being automated. The pace of what's possible with a small, focused team has changed dramatically, and it's accelerating every day.

All of this has led us to an inflection point, not just for Coinbase, but for every company. The biggest risk now is not taking action. We are adjusting early and deliberately to rebuild Coinbase to be lean, fast, and AI-native. We need to return to the speed and focus of our startup founding, with AI at our core.

What this means
To get there, we are not just reducing headcount and cutting costs, we’re fundamentally changing how we operate: rebuilding Coinbase as an intelligence, with humans around the edge aligning it. What does this mean in practice?

- Fewer layers, faster decisions: We are flattening our org structure to 5 layers max below CEO/COO. Layers slow things down and create coordination tax. The future is small, high context teams that can move quickly. Leaders will own much more, with as many as 15+ direct reports. Fewer layers also means a leaner cost structure that is built to perform through all market cycles.

- No pure managers: Every leader at Coinbase must also be a strong and active individual contributor. Managers should be like player-coaches, getting their hands dirty alongside their teams.

- AI-native pods: We’ll be concentrating around AI-native talent who can manage fleets of agents to drive outsized impact. We’ll also be experimenting with reduced pod sizes, including “one person teams” with engineers, designers, and product managers all in one role.

In short: AI is bringing a profound shift in how companies operate, and we’re reshaping Coinbase to lead in this new era. This is a new way of working, and we need to leverage AI across every facet of our jobs.

To those who are affected
I know there are real people behind these decisions — talented colleagues who have poured themselves into this company and our mission. To those of you who will be leaving: thank you. You’ve helped build Coinbase into what it is today, and I am sincerely grateful for everything you've done.

All impacted team members will receive an email to their personal account in the next hour with more information, and an invitation to meet with an HRBP and a senior leader in your organization. Coinbase system access has been removed today. I know this feels sudden and harsh, but it is the only responsible choice given our duty to protect customer information.

To those affected, we will be providing a comprehensive package to support you through this transition. US employees will receive a minimum of 16 weeks base pay (plus 2 weeks per year worked), their next equity vest, and 6 months of COBRA. Employees on a work visa will get extra transition support. Those outside of the US will receive similar support, based on local factors and subject to any consultation requirements.

Coinbase prides itself on talent density. Our employees are among the most talented people in the world, and I have no doubt that your skills and experience will be highly sought after as you pursue your next chapters.

How we move forward
To the team that is staying, I know this is a difficult day. We’re saying goodbye to colleagues and friends you've been in the trenches with. But here’s what I want you to know as we move forward together:

Over the past 13 years, we have weathered four crypto winters, gone public, and built the most trusted platform in our industry. We’ve made it this far by making hard decisions and by always staying focused on our mission. This time will be no different – nothing has changed about the long term outlook of our company or industry. And most importantly, our mission has never been more important for the world. Increasing economic freedom requires a new financial system, and we’re building it.

The Coinbase that emerges from this will be more capable than ever to achieve our mission.

Brian

[Stephan @stKerborg]

@saylordocs Why does he look like Thomas Müller?

[Stephan @stKerborg]

@jbrukh at least those whose cold DMs were opened

[Flood @ThinkingUSD]

Crypto is paying a high price for years of altcoin scams and grifts. It can feel like a toxic industry where very little value is created.

It's easy to feel disillusioned and wish you were focusing on AI-related trading, businesses, or working at a startup in that sector. Many companies and investment firms have already begun the rotation out of Crypto. Don't let your apathy make you unproductive; it's your personal responsibility to continue learning about the world. If you feel the call of the wild, then go.

For the ones brave enough to stick around, not only will the risk-reward be as asymmetric as it's been in recent history, the concentration of upside in a handful of assets will make it EASIER to generate massive returns. There is less capital looking at Crypto exposure than ever before. This all changes with a rapid repricing in Bitcoin this year, which I believe is inevitable.

For a long time in Crypto, nothing felt buyable due to an excess of capital being forced to deploy in a sector with limited opportunity. We're in a new regime now.

We're reaching a similar level of apathy that I felt during 2019 and 2022. I almost quit Crypto to go back to TradFi. It's no surprise those were the years where I generated the bulk of my returns (sans Hyperliquid).

Outside of trading, if you're passionate about the space, companies that are still building during this period will be positioned to take advantage of the inevitable reacceleration of this industry. Working at top-tier companies in the space is more accessible than ever due to a shortage of people entering the field.

Don't undervalue your time.

[Stephan @stKerborg]

excited about @UN_wallet’s future – there’s no better time to be building in stablecoin payments infrastructure

[CoinDesk @CoinDesk]

LATEST: @Visa expands its stablecoin settlement pilot to nine blockchains, adding @base, @0xPolygon, @circle's @Arc, @CantonNetwork and @Tempo.

[Stephan @stKerborg]

what a time to be alive

[Miles Deutscher @milesdeutscher]

F*ck the doomers.

The truth is, you live better now than 99% of humans who have ever existed.

The average person today has access to things that would've seemed like magic 200 years ago.

- Supercomputer in your pocket 24/7
- Personal assistant that answers you on command (AI)
- Real-time communication & video chat with anyone on the planet
- Global travel in hours
- Medical care that keeps you alive for years
- Infinite knowledge and education

You're living in the greatest era in human history.

[Stephan @stKerborg]

@ShanAggarwal the sky is the limit – there’s gonna be a hockey stick once stablecoins will take root in underbanked economies