$STABLES - Massive institutional interest in stablecoins with every boardroom and public shareholder discussing them, representing a major market trend
$CODEX - Strong bullish conviction on Codex as an L2 payment chain solution, with Dragonfly as an investor
$ATHENA - High conviction in Athena based on founder quality being the best in DeFi, despite recent market cap decline
$LAYERTWO - L2s will dominate payments due to tight connection with Ethereum consensus, offering better capital efficiency and settlement speed
$FINTECH - Trend of FinTechs and exchanges coming on-chain, with Base and Coinbase as examples of how the market will evolve
$USDT - Tether's massive profitability of $15 billion net profit annually creates a war chest for competitive advantage and acquisitions
$XRP - Ripple's war chest and aggressive M&A strategy in stablecoins makes them hard to bet against
Bearish:
$WHITELABEL - White-label stablecoin adoption facing significant challenges with aligning incentives across ecosystems, as observed post-Hyperliquid situation
$BANKS - Stablecoins fundamentally threaten banks' business model by eliminating their ability to profit from deposit spreads through permissionless DeFi infrastructure