Columns and essays on the economics of AGI, verification, stablecoins, and digital markets.https://catalini.com/en-ushttps://catalini.com/writing/open-standard-stablecoin-race/https://catalini.com/writing/open-standard-stablecoin-race/Stablecoins aren’t a profit center. So the future belongs not to a dominant issuer but to 140 rivals who agree on one neutral standard, and share the upside.Tue, 30 Jun 2026 00:00:00 GMThttps://catalini.com/writing/intelligence-wants-to-be-free/https://catalini.com/writing/intelligence-wants-to-be-free/Decentralized intelligence will not win in the same format as the one we're being served by the large foundation labs.Sat, 27 Jun 2026 00:00:00 GMThttps://catalini.com/writing/nadellas-test/https://catalini.com/writing/nadellas-test/Nadella defined what decides whether your company and job stay defensible as AI improves. The economics says it holds on a single condition. One his post left out.Tue, 16 Jun 2026 00:00:00 GMThttps://catalini.com/writing/the-moral-of-fable/https://catalini.com/writing/the-moral-of-fable/Anthropic quietly rationed the one domain where AI compounds fastest. Its fix made the fence visible, but didn't move it.Thu, 11 Jun 2026 00:00:00 GMThttps://catalini.com/writing/self-improving-ai-beginning-of-infinity/https://catalini.com/writing/self-improving-ai-beginning-of-infinity/The moral of the Fable: verification sets the speed, and the labs draw the borders.Wed, 10 Jun 2026 00:00:00 GMThttps://www.koreaherald.com/article/10760547https://www.koreaherald.com/article/10760547What 17th-century maritime commerce teaches about liability when AI agents transact on our behalf.Tue, 02 Jun 2026 00:00:00 GMThttps://catalini.com/writing/banks-dye-stablecoins-pink/https://catalini.com/writing/banks-dye-stablecoins-pink/The banking lobby's demand for an "airtight prohibition" on stablecoin yield is a margarine law. History says the airtight prohibition causes the substitution it fears.Mon, 20 Apr 2026 00:00:00 GMThttps://a16zcrypto.substack.com/p/agents-are-starting-to-operate-realhttps://a16zcrypto.substack.com/p/agents-are-starting-to-operate-realAs AI agents begin operating real systems, the question shifts from capability to control — identity, payments, and verifiable trust for machine actors.Sat, 18 Apr 2026 00:00:00 GMThttps://catalini.substack.com/p/software-eats-the-brokeragehttps://catalini.substack.com/p/software-eats-the-brokerageAI is collapsing the cost of running finance while degrading the documents it trusts. Cryptographic rails solve both—and finally make four billion investors worth serving.Thu, 19 Mar 2026 00:00:00 GMThttps://catalini.com/writing/babysitting-the-slop/https://catalini.com/writing/babysitting-the-slop/Generating the output is free. Knowing when it's lying is the moat. Why verification—not intelligence—is the binding constraint on the AI economy.Wed, 18 Mar 2026 00:00:00 GMThttps://catalini.com/writing/software-eats-the-brokerage/https://catalini.com/writing/software-eats-the-brokerage/AI is collapsing the cost of running finance while degrading the documents it trusts. Cryptographic rails solve both—and finally make four billion investors worth servingTue, 10 Mar 2026 00:00:00 GMThttps://sloanreview.mit.edu/issue/2026-winter/https://sloanreview.mit.edu/issue/2026-winter/What the new stablecoin rulebook means for operators and corporate strategy.Thu, 01 Jan 2026 00:00:00 GMThttps://catalini.com/writing/banks-love-stablecoins/https://catalini.com/writing/banks-love-stablecoins/Banks worry stablecoins will drain deposits. Data says they won't. The real value is replacing settlement rails built on duct tape and COBOL with a dollar that works.Wed, 17 Dec 2025 00:00:00 GMThttps://catalini.com/writing/crypto-ready-to-be-boring/https://catalini.com/writing/crypto-ready-to-be-boring/In the age of AI, money needs identity. How World and stablecoins are building the boring infrastructure to separate humans from bots and scale the economy.Fri, 12 Dec 2025 00:00:00 GMThttps://www.koreaherald.com/article/10617819https://www.koreaherald.com/article/10617819Proprietary CorpChains versus open networks: the platform war over the rails of the global economy.Tue, 18 Nov 2025 00:00:00 GMThttps://static1.squarespace.com/static/532383d3e4b00a718e33e1da/t/68d6b40d427beb04125c26e5/1758901261405/1-The-Unwitting-Kingmaker-Why-Washingtons-GENIUS-Act-Could-Accidentally-Crown-a-Stablecoin-Superpower-and-How-to-Stop-It-Christian-Catalini.pdfhttps://static1.squarespace.com/static/532383d3e4b00a718e33e1da/t/68d6b40d427beb04125c26e5/1758901261405/1-The-Unwitting-Kingmaker-Why-Washingtons-GENIUS-Act-Could-Accidentally-Crown-a-Stablecoin-Superpower-and-How-to-Stop-It-Christian-Catalini.pdfHow the GENIUS Act’s design could concentrate the stablecoin market — and how to stop it.Fri, 26 Sep 2025 00:00:00 GMThttps://catalini.com/writing/stripes-tempo-libras-ghost/https://catalini.com/writing/stripes-tempo-libras-ghost/Libra is crypto's favorite ghost story. Stripe is betting the sequel, called Tempo, has a happier ending.Fri, 05 Sep 2025 00:00:00 GMThttps://hbr.org/2025/09/does-bitcoin-belong-on-your-balance-sheethttps://hbr.org/2025/09/does-bitcoin-belong-on-your-balance-sheetA framework for deciding whether corporate treasuries should hold bitcoin.Mon, 01 Sep 2025 00:00:00 GMThttps://catalini.com/writing/economists-puzzled-by-bitcoin/https://catalini.com/writing/economists-puzzled-by-bitcoin/See Bitcoin as “money‑as‑software” and the actual pattern snaps into focus.Wed, 20 Aug 2025 00:00:00 GMThttps://catalini.com/writing/stripe-blockchain-branded-rails/https://catalini.com/writing/stripe-blockchain-branded-rails/Can crypto go mainstream without losing its soul? Stripe’s Tempo will test whether openness can survive at scale.Mon, 11 Aug 2025 00:00:00 GMThttps://www.lightspark.com/news/insights/washingtons-new-stablecoin-lawhttps://www.lightspark.com/news/insights/washingtons-new-stablecoin-lawWhat free-banking history warns about the new U.S. stablecoin framework.Fri, 01 Aug 2025 00:00:00 GMThttps://www.lightspark.com/news/insights/can-crypto-go-mainstream-without-losing-its-soulhttps://www.lightspark.com/news/insights/can-crypto-go-mainstream-without-losing-its-soulOpenness versus convenience as crypto reaches mainstream scale.Sun, 01 Jun 2025 00:00:00 GMThttps://hbr.org/2025/06/what-gets-measured-ai-will-automatehttps://hbr.org/2025/06/what-gets-measured-ai-will-automateMeasurability decides which work AI automates first — and where humans stay in the loop.Sun, 01 Jun 2025 00:00:00 GMThttps://catalini.com/writing/crypto-adoption/https://catalini.com/writing/crypto-adoption/Build utility first, bridge old-and-new tech, execute flawlessly—why most crypto projects miss these basics and how getting them right will unlock mainstream adoption.Thu, 01 May 2025 00:00:00 GMThttps://catalini.com/writing/the-stablecoin-wars/https://catalini.com/writing/the-stablecoin-wars/Stablecoins are at a crossroads: either fade into bank plumbing or outrun incumbents and own the distribution. Who's sprinting—and who risks being left behind?Tue, 29 Apr 2025 00:00:00 GMThttps://catalini.com/writing/dollar-hegemony-cryptos-moment/https://catalini.com/writing/dollar-hegemony-cryptos-moment/Trump’s aggressive tariff gamble threatens dollar dominance—will taxing the world cost America its greatest economic privilege, and could crypto emerge as the winner?Fri, 11 Apr 2025 00:00:00 GMThttps://catalini.com/writing/trumps-strategic-bitcoin-reserve/https://catalini.com/writing/trumps-strategic-bitcoin-reserve/President Trump’s executive order carefully positions the U.S. to lead in digital assets without undermining the dollar’s global dominanceThu, 06 Mar 2025 00:00:00 GMThttps://catalini.com/writing/bitcoin-reserves-platform-play/https://catalini.com/writing/bitcoin-reserves-platform-play/Instead of merely stockpiling Bitcoin, the U.S. must overhaul its financial architecture to prepare for—and ultimately succeed in—open networks.Thu, 06 Feb 2025 00:00:00 GMThttps://catalini.com/writing/internet-of-money-wants-to-be-free/https://catalini.com/writing/internet-of-money-wants-to-be-free/Today, Coinbase unveiled a bold new white paper, proposing permissionless networks as the key to transforming payments, finance, and beyond.Thu, 16 Jan 2025 00:00:00 GMThttps://a16zcrypto.com/posts/article/bitcoin-strategic-reserve/https://a16zcrypto.com/posts/article/bitcoin-strategic-reserve/Weighing the case for a U.S. strategic bitcoin reserve.Wed, 01 Jan 2025 00:00:00 GMThttps://catalini.com/writing/crypto-scarcity-ai-abundance/https://catalini.com/writing/crypto-scarcity-ai-abundance/In a world overflowing with AI-generated content and AI agents, can crypto step in to bring back trust, authenticity, and scarcity?Thu, 19 Dec 2024 00:00:00 GMThttps://catalini.com/writing/decentralizing-ai/https://catalini.com/writing/decentralizing-ai/The latest crypto narrative positions it as the future backbone of AI. But how much of the hype holds up to scrutiny?Tue, 26 Nov 2024 00:00:00 GMThttps://catalini.com/writing/everyone-wrong-about-stablecoins/https://catalini.com/writing/everyone-wrong-about-stablecoins/Why stablecoins won’t crown a single winner: success requires a complementary business model, not just exporting digital dollars.Fri, 01 Nov 2024 00:00:00 GMThttps://www.project-syndicate.org/commentary/crypto-regulation-us-election-trump-bitcoin-boosterism-gives-harris-an-opening-by-christian-catalini-1-et-al-2024-09https://www.project-syndicate.org/commentary/crypto-regulation-us-election-trump-bitcoin-boosterism-gives-harris-an-opening-by-christian-catalini-1-et-al-2024-09Crypto regulation should reward building real utility, not speculation.Sun, 01 Sep 2024 00:00:00 GMThttps://catalini.com/writing/sec-attack-nfts/https://catalini.com/writing/sec-attack-nfts/The SEC’s regulation by enforcement stifles innovation, undermines creators, and risks leaving the U.S. trailing in the race to shape the future of digital platforms.Thu, 29 Aug 2024 00:00:00 GMThttps://catalini.com/writing/big-tech-content-moderation/https://catalini.com/writing/big-tech-content-moderation/As the battle over content moderation escalates, digital platforms and government mandates are failing. The solution is open protocols and community-driven fact-checking.Wed, 28 Aug 2024 00:00:00 GMThttps://hbr.org/2024/08/the-race-to-dominate-stablecoinshttps://hbr.org/2024/08/the-race-to-dominate-stablecoinsThe competitive dynamics deciding who wins the stablecoin market.Thu, 01 Aug 2024 00:00:00 GMThttps://static1.squarespace.com/static/532383d3e4b00a718e33e1da/t/669569734a11ca28fb2da635/1721067892253/2-ARE+STABLECOINS-WINNER-TAKE-ALL-Christian-Catalini-Jai-Massari.pdfhttps://static1.squarespace.com/static/532383d3e4b00a718e33e1da/t/669569734a11ca28fb2da635/1721067892253/2-ARE+STABLECOINS-WINNER-TAKE-ALL-Christian-Catalini-Jai-Massari.pdfWhether network effects make the stablecoin market tip to a single winner.Mon, 15 Jul 2024 00:00:00 GMThttps://catalini.com/writing/forget-antitrust/https://catalini.com/writing/forget-antitrust/Big tech will not be tamed by lawsuits, fines or draconian rules, but by the same forces that fueled its rise.Thu, 18 Apr 2024 00:00:00 GMThttps://catalini.com/writing/cryptos-killer-app/https://catalini.com/writing/cryptos-killer-app/After more than a decade of infrastructure building, crypto is at a turning point, and might soon find its ChatGPT moment.Mon, 19 Feb 2024 00:00:00 GMThttps://www.lightspark.com/news/insights/the-hidden-breakthrough-behind-bitcoinhttps://www.lightspark.com/news/insights/the-hidden-breakthrough-behind-bitcoinThe economic breakthrough underneath bitcoin’s design.Thu, 01 Jun 2023 00:00:00 GMThttps://hbr.org/2023/01/do-crypto-prices-actually-mean-anythinghttps://hbr.org/2023/01/do-crypto-prices-actually-mean-anythingWhat crypto asset prices do — and don’t — tell us about underlying value.Sun, 01 Jan 2023 00:00:00 GMThttps://hbr.org/2022/05/how-digital-currencies-can-help-small-businesseshttps://hbr.org/2022/05/how-digital-currencies-can-help-small-businessesCheaper, faster payment rails as a lifeline for small-business margins.Sun, 01 May 2022 00:00:00 GMThttps://static1.squarespace.com/static/532383d3e4b00a718e33e1da/t/62267f131e1e910dd9ef1552/1646690071283/Can+Web3+Bring+Back+Competition+to+Digital+Platforms.pdfhttps://static1.squarespace.com/static/532383d3e4b00a718e33e1da/t/62267f131e1e910dd9ef1552/1646690071283/Can+Web3+Bring+Back+Competition+to+Digital+Platforms.pdfWhether portable, user-owned assets can restore contestability to platform markets.Mon, 07 Mar 2022 00:00:00 GMThttps://hbr.org/2021/08/stablecoins-and-the-future-of-moneyhttps://hbr.org/2021/08/stablecoins-and-the-future-of-moneyWhy stablecoins matter, how they should be regulated, and what they mean for the future of money.Tue, 10 Aug 2021 00:00:00 GMThttps://www.americanbanker.com/opinion/its-time-to-knock-down-the-walled-gardens-of-the-payments-systemhttps://www.americanbanker.com/opinion/its-time-to-knock-down-the-walled-gardens-of-the-payments-systemThe case for open, interoperable payment rails over closed networks.Tue, 01 Jun 2021 00:00:00 GMThttps://www.theregreview.org/2021/05/10/massari-catalini-defi-disintermediation-regulatory-path-ahead/https://www.theregreview.org/2021/05/10/massari-catalini-defi-disintermediation-regulatory-path-ahead/How regulators should approach decentralized finance and disintermediation.Mon, 10 May 2021 00:00:00 GMThttps://www.project-syndicate.org/onpoint/bitcoin-and-new-digital-ledger-applications-by-christian-catalini-et-al-2021-04https://www.project-syndicate.org/onpoint/bitcoin-and-new-digital-ledger-applications-by-christian-catalini-et-al-2021-04Digital ledgers beyond bitcoin: what the technology is actually good for.Thu, 01 Apr 2021 00:00:00 GMThttps://en.globes.co.il/en/article-facebook-will-be-unable-to-control-libra-1001303874https://en.globes.co.il/en/article-facebook-will-be-unable-to-control-libra-1001303874Why Libra’s design points toward decentralization rather than corporate control.Thu, 01 Aug 2019 00:00:00 GMThttps://catalini.com/writing/blockchain-good-for-competition/https://catalini.com/writing/blockchain-good-for-competition/Permissionless blockchains have the potential to increase competition, privacy and innovation in digital platforms.Mon, 30 Oct 2017 00:00:00 GMThttps://sloanreview.mit.edu/article/seeing-beyond-the-blockchain-hype/https://sloanreview.mit.edu/article/seeing-beyond-the-blockchain-hype/Separating durable economics from noise in the first blockchain wave.Mon, 27 Mar 2017 00:00:00 GMT