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Jonah Burian argues stablecoin adoption and onchain activity create a self-reinforcing loop that makes growth structurally irreversible. Stablecoin supply has grown ~60x since early 2020 to 1.4% of US M2, with each $1B generating ~$19M annually in protocol revenue while operating roughly 3x harder than PayPal dollars and 87x harder than M2 dollars by velocity. Despite market hacks and drawdowns, stablecoin growth has remained relentlessly upward, attracting usecases that draw more dollars onchain.

Thesis: compute becomes a commodity, like oil. Supply-constrained today, but heading toward standardization. Like oil, it needs market infrastructure — futures, storage/logistics, price discovery, hedging instruments. First movers are the cloud operators; the real prize is the exchange layer that gets built atop them. The venture opportunity is backing that layer, not the underlying chips or data centers.