What Tether’s recent moves say about crypto’s evolution

plus, rates expectations plunge

“The whole of life is just like watching a film. Only it's as though you always get in ten minutes after the big picture has started, and no-one will tell you the plot, so you have to work it out all yourself from the clues.” – Terry Pratchett

Hello everyone, and Happy Friday! I hope you’ve got good things planned for the weekend.

Today, I dive into what Tether’s recent strategy says about ecosystem evolution - there’s an interesting landscape emerging. I also include a teensy bit of macro comment. And, some notes on blockchain marketing.

IN THIS NEWSLETTER:

• Rates expectations: moving a monolith

• What Tether’s recent moves say about crypto’s evolution

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WHAT I’M WATCHING:

Rates expectations: moving a monolith

I know I often roll my eyes at the obsession over rates moves, and here I am obsessing over rates moves – but I’m hammering on about this more than usual because the conflicting signals (macro vs monetary) are intensifying at a particularly vulnerable time for markets (economic shifts ahead, inflated stock valuations).

So, today I’ll be brief. Speaking yesterday in Dallas, Fed Chair Jay Powell dropped some hints that there might be a rate cut pause in December.