raagulanpathy
@raagulanpathy
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The Stablecoin Guy | Building at @kast_official | Investing at JaffCap | Ex-VP of Circle APAC
Singapore & Cayman & BVI
Joined January 2009
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Singapore 🇸🇬 is crushing it. The Token2049 + F1 week is an absolute blockbuster, almost unmatched for a combination of conference & entertainment.
But the truly remarkable thing most visitors took away, is just how far ahead Singapore is as a city compared to others. Nearly
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If you’re wondering where to move, this is the Singapore income tax rates (in SGD).
It nets out at 10.5% on $200k, 16% on $500k and sub-20% on $1M
There is zero capital gains tax (CGT)
The GST or VAT is 8%
Dubai is zero income tax, zero CGT, but 5% VAT.
Hong Kong has flat
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Australia could beat Singapore or Hong Kong as the centre for finance, tech, crypto and more.
The country just needs two policy changes.
1/ Drop capital gains tax entirely, except on property
2/ Introduce an optional 33% flat tax on all income (but you forego all deductions)
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Singapore PM Lee publicly trashed wokeness. Thank the lord!
Wokeness doesn’t belong in the East. It holds back society.
I chuckle inside when I come across wokies, because everyone knows they’re not going anywhere in life being so fragile.
In life, take a slap or a dozen.
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BIG NEWS: We have obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS)!
The license allows Circle Singapore 🇸🇬 to offer digital payment token services, alongside cross-border money t…
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“Money makes money”
The unspoken 101 on rich people options vs other people options.
If you grow up with money or you’ve already accumulated assets, you make most of your money by capital growth.
It’s way easier to make $1M on $10M (10% a year capital growth), than actually
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Officially on the look out for top BD people and potentially a BD leader. Expanding below;
> Prefer BD people over Sales people
> Crypto native or deeply inclined
> Failing that, Fintech experience
> Failing that, you go to sleep with Bloomberg on
> 1x BD for Japan, native
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By far the best Arb trade is living in Singapore/HK/Dubai with zero capital gains tax and spending your money on the beaches of Australia & Europe.
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Betting on-chain is going to be an absolutely huge market. Sports betting is near impossible in India and yet >$200M staked for one match, online, through just one platform.
India is a cricket-mad country with 1.4B, where although sports betting is not technically illegal, it’s
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Stablecoin network effects and their long run effects, are very poorly understood. Let me explain;
1/ People focus on what backs a stablecoin. Is it really 1:1 backed by the safest assets?
Yes this absolutely matters. USDC aims to be the safest, regulated and most transparent.
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What we’re releasing, is gonna break the Internet.
Solana Breakpoint, Sept 20-21, Singapore!
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It’s now >US$100k for a license to own a car for 10 years in Singapore.
That excludes.
The car. The near additional 200% tax on the car. The registration cost of the car. The annual fees for the car. Also fuel, parking, insurance, maintenance
And at the end of 10 years, the
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“The hard part isn’t getting the money,”... “It’s making the cap table help us achieve something audacious.”
Like a neobank:
The idea is to build a stablecoin app that allows users to access US dollar-denominated stablecoins and use them in ways that resemble the services of a
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“Salute Circle, thanks for the best of times”
Over the last 2.5 years, I’ve had the immense privilege to build Circle + USDC in Asia.
We started from scratch, got licensed in Singapore in record time, opened an office, setup banking (in Asia & beyond), built partnerships from
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This a super exciting merger of giants, fascinated to see where this could lead!
The proposed merger between
@klaytn_official
&
@finschia
has potential to expedite growth of the Asian Web3 industry through creating massive synergistic opportunities, and
@animocabrands
& partners are well positioned to contribute to the booming Asia Web3 industry together ㊗️🔥
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A woman in Singapore said you need $30-40k/month to live comfortably with 3-kids.
If you’re a foreigner, she is right.
She is not even far off if you’re a Singaporean and don’t want to live in Govt housing and eat only at Hawker Centres.
The breakdown:
Housing: 4-bed is
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Singapore Govt should pay $100M for Taylor Swift”
The actual number, reported as $24M and then said to be “a lot less” is an absolute bargain.
I’m not really a fan (only go mad for Chris Brown) but I went for the experience, and it was without doubt phenomenal.
Some said 70%
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Everything in the world is going to get benchmarked against DO NOTHING.
The markets say high rates are here to stay, look at the yield curve it barely changes from 4-weeks (5.39%) to 30-years (4.53%)
Startups, stocks, even property will get benchmarked against this, and it’ll
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“What’s the point of crypto?”
As we get to the end of the year, I’ve been to dozens of conferences and met with lots of companies and regulators.
For all the excitement everyone has about their pocket of Web3 and Crypto, sometimes, I think we miss the point totally.
So, what
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Nearly everyone is trading paper money in stocks, bonds, real estate, funds etc - and they go up and down, but people rarely cash out.
The exchanges, brokers and various money managers though - they’re making the cold hard cash. They make money no matter what happens to your
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“This man took me from nothing to something”
No not Anthony Bourdain, though I’m a massive fan of his too. But the other guy, my cousin/uncle, Janarthanan Rajalingam (Janan).
I was a lost 20yo in Adelaide, he had a booming tech consulting company in New York.
My dad knew I
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Incredible week in Hong Kong & Taiwan with regulators, the Web3 ecosystem, and our banking partners.
Circle is well & truly grounded now in Asia, as the largest regulated stablecoin.
Many thanks to
@jerallaire
,
@ElizzaTrue
and Li Fan for spending time…
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This weekend - I’m going to set up my 8yo and 10yo neice/nephew with Crypto, via phantom wallets on their iPad.
Degens should start young. I figure the path to a successful Solana meme coin is through their minds, not mine.
Then when they’re older and rich, they can take
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Dropping KAST!
A stablecoin neobank.
Fixing the user experience.
To bring on the next billion users!
Where do we start?
Spend your USDT with a Visa card!
$0 cost for July
+
Just 3 mins = sign up > KYC > your Visa card
The fastest in the world!
We support all the 100+
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Cisco buying Splunk for $28bn in cash - my first reaction was this is dumb.
But I tore it down, see below (hint: not so dumb) 👇🏾
Firstly Splunk has nearly $3bn in cash, so it really only cost Cisco $25bn.
Cisco produces $20bn in free cash per year, they’d be done paying
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Crypto’s rise is hard to fathom, because it’s heartland is Emerging Markets. It wasn’t spawn from Silicon Valley or Big Tech.
The top20 has no Western Europe, no Australia or Canada - in fact the US and UK are the only two developed countries on this list.
For those who say
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Paid for my blue tick. If you follow me this week, and Bitcoin goes to $100k in the next 90 days, I’ll give away $100k to one lucky person.
Come on that’s a no brainer!!!
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To the Indian 🇮🇳 cricket fans, time lapse to when we were kids and stalked the big man himself in Adelaide, circa December 1999.
Yeah we were all skinnier then….
Left to Right: Sudhan, Romesh Nalliah, Veno Panicker, Sachin Tendulkar, me.
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Went for a long 46K step walk around Singapore yesterday. The true genius of urban planning is on full display.
The green corridor starts in Woodlands right near Malaysia, and ends near the centre of the CBD. What do you see?
- The transition between heavy industry,
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Use a Bank or a Wallet + USDC on-chain?
Credit: Hua Li for the amazing illustration
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SELL! Nasdaq is about to fly downwards. Let me explain why;
1/ The Nasdaq is overvalued
It grinded upwards for 7 months, peaking in mid-July just 4% off All Time Highs
US stocks are generally overvalued compared to 5.5% rates but the Nasdaq’s where the PE ratios are still the
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Seen Grab’s Web3 wallet? Guess who! Check the media online, was great to talk about it along with many aspects of money at internet speed, minutes after the public release!
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“I want to vote no, but I’ll vote yes”
This is for the Aussies. Today you’ll vote on an important referendum about “the voice” - a change to our constitution to give a voice to indigenous people in parliament.
I have to be upfront, I want to vote no.
Why? Because the whole
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“De-Banked” - the increasing phenomenon
The more I talk to people, the more I hear about businesses and people being De-Banked.
Often it comes as a shock for the business, as they’re left scrambling, after many years of having a good relationship with their bank.
“Crypto”
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Back in Rwanda 🇷🇼 next week!
If you’re at IFF, please drop me a message and say hello 👋
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I don’t even need to say anything, the stats speak for themselves.
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“Australia’s magic = Fresh air & freedom”
Freedom to Americans means saying what you want. Real freedom is more than that.
Freedom is free education & health
Freedom is safety to leave things around
Freedom is owning your house & not paying tax
Freedom is knowing no one will
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Congrats
@justinsuntron
on TRON hitting All Time Highs.
TRON also has the highest stablecoin-chain pair (USDT on TRON >$60B).
The only coin in the Top100 at ATH, and that’s nearly 7 years after ICO.
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“$0.0004 - the smallest Bitcoin you can trade at today’s prices”
One of the greatest misconceptions is that Bitcoin is too expensive ~$38k.
What’s little understood is that as cents are to dollars, satoshis are to bitcoin.
100 million Satoshis make up 1 Bitcoin
If Bitcoin
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What differentiates people are the excuses. Some people are just factually more relentless and will go to lengths others won’t.
Everyone has advantages and disadvantages.
My life would seemingly be much easier if I was white instead of brown. I could rent property no issue.
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Citi’s tokenized deposits is “lipstick on a pig” but I’ll give them some credit, and tear it down below.
1/ Moving USD mostly takes days, and I’m not talking from Singapore to London from DBS to Barclays.
I’m talking about moving USD within the same bank. Almost all global
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LinkedIn’s green “Open to Work” badge is a terrible terrible idea… I’ve told multiple friends to drop it.
It’ll get you plenty of hugs, but the absolute brutal truth is way more people will overlook you because you use it. That’s real talk.
I know it’s a tough economy. There
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The “2-line rule” is the easiest filter for Talent on LinkedIn. More than 2-line headline = master of none. 1-line is optimal.
A rambling pitch is easy, simplicity is much harder. How you pitch yourself, tells me volumes about how you’ll do BD if I hired you.
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Awesome fireside chat at Ripple today for their global offsite, with my friend
@BrooksEntwistle
& Bernard Ginalski.
Are we competitors? No. We’re in this together, the real competitor is the financial system which is collecting undue rent, and isn’t inc…
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“Reputation is everything”
I’m visiting Jaffna, Sri Lanka after 12 years. A city which suffered for 26 years with civil war.
As any immigrant knows, the second you step on the ground you were born, it feels like home.
The smell of the air, the pressing sun, the friendly
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When I go for a run, I hate it. Legs are heavy, lungs not pumping fast enough, the boredom is intense.
But then somehow at about the 3km mark, it switches and I start (somewhat) enjoying it. I feel lighter, everything moves in sync and I start getting quicker.
And I’ve never
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#5
Ethena (ENA) on my Top5 Alts
First Ethena - a “stablecoin” built on top of an Internet Bond.
Let me explain this in layman terms.
If you have currency, like USD, there are always those who deposit/lend and those who borrow.
Currency is just a common form of money to a
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Congrats and great to see more of this!
Beyond excited to announce that Coinbase Singapore has received an MPI license from MAS!
As Singapore Blockchain Week highlighted, the energy and excitement of 🇸🇬 as a web3 hub is unmistakable.
Excited to double down in this market and provide trusted solutions for consumers,
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“Bitcoin v Gold”
Silver’s market cap just got flipped by Bitcoin, so now attention turns to Gold.
Even as a “Bitcoin Maxi” - I think this will take until about 2050+ (when
@ASvanevik
and I are old men).
At current prices, Bitcoin would need to near $750k to flip Gold.
But
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2B+ people are not going to be very productive till November 18th 😂
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I’m honestly mixed on Bitcoin ETFs.
One one hand, I love that it will bring the OG crypto coin to the masses.
But on the other hand, if any player corners more than 5-10%, it will erode the decentralisation purity of Bitcoin.
Having said that, gold was once very centralized
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“When is the last time you did something for the first time?” - my parents saw snow for the first time this week at the ripe young age of 75.
My dad was excited to be in Switzerland 62 years after his own parents went to Jungfraujoch, the “Top of Europe”.
Totally explains why
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“I thought you’d be chillin. Why build KAST?”
Good question. Really good question.
Below is my best answer 👇
1/ Banks are crap
They have stupid rules
They ask too many questions
They’re not accessible to those who need them
2/ Stablecoins are awesome
BUT
Stablecoins apps
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@yonces_plastic
Michael Jackson had the kids, Elvis hooked up with Priscilla when she was 14.
And they’re called the King of Pop & the King of Rock.
I agree CR made mistakes, but as they say; you do the crime, pay the time.
He’s done that, and so he deserves to be allowed to move forward
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Insecure leaders are absolutely the worst.
I even used to have a name for a particular breed of them, the “passed over for partner” leader.
Typically it’s someone who has done 10-15 years at a Big4, then realised they weren’t going to make partner, probably because they had
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The winners = safety, warm weather, clean air, education & healthcare. Taxes help, but the biggest winner (Australia) is not a low tax country.
Very glad to be a Singapore resident and Australian citizen (adding UAE soon).
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Crypto Quay = centre of global crypto
It's insane how good the crypto industry network is in Singapore now.
Lots of awesome people from the top companies in the space living right in my neighbourhood.
River Valley is the new Silicon Valley.
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Back in Rwanda, for the Inclusive FinTech Forum!
Solid panel talking interoperability & inclusivity, with my friend
@BrooksEntwistle
, Oliver Lens, Sandra Yao,
@stevenmhaley
& moderated solidly by Arjun Vir Singh.
The Rwandan President was on soon after…
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Singapore’s Ice Cream sandwich index.
$1/1.20 in 2013 vs today.
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The US is about to flip pro-crypto.
The SEC has no choice, Biden has no choice.
Ethereum just went up 20% just on the rumour the SEC may approve the ETF.
Now it’s self-perpetuating.
Crypto may rocket upwards in the coming months, just on the rumour the SEC & Democrats will
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“The Great Bitcoin Squeeze”
Is it real? Let me break it down.
What kickstarted this was Bitcoin ETFs. Overnight, it made Bitcoin as easy to buy as a stock for billions of people.
Why does this matter?
Last year the only way to buy Bitcoin was with other crypto or inflows
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Morning session with Ripple CEO
@bgarlinghouse
& ELT on building in Asia.
Being closed door, I could share an unfiltered perspective. Some key takeaways;
1/ Asia is all about relationships, including with regulators. Less litigation, more trust.
2/ The hiring bar early has
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Trading Crypto or Tech? My advice is to go and enjoy Xmas, and have a long break.
The bulls have had a great year, but the Xmas rally looks nearly fully baked.
Most money managers are paid on 2&20. They’ll want to lock in a solid 20 as December 31st approaches, after a couple
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We’ve been working on some things in Japan 🇯🇵🇯🇵🇯🇵
USDC is coming to Japan - Circle and SBI Holdings begin partnership combining USDC distribution, banking and Web3 tech proliferation for the Japan market. Official announcement here, my take on this below:
Why is this such a big deal?
In June of this
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“The Asian Century”
If you’re trying to make sense of the world right now, here are 3 diagrams which highlight the gigantic shift in world order and economy underway.
PWC’s the world in 2050, highlights the ascent of the Global South and equally fast descent of current powers.
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Excited to be at Stablecoin Summit!
5/ Announcing
@raagulanpathy
from
@KAST_official
, as a speaker at Stablecoin Summit 2024!
Raagulan brings a wealth of knowledge from his time leading
@Circle
’s APAC operations. Hear his thoughts on stablecoins at our side event at
#Token2049
.
📌Andaz Singapore
🗓️ 20 Sept
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LINK 🔥🔥🔥- look at the price action. If it rises above $10, then it’s going to absolutely rip. Since it came down from its high, it’s been in a range of $9.67 to $4.66.
I’ve met their team,
@SergeyNazarov
is a legit founder and deep techie trying to solve real problems.
Is
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Hoping to achieve only 1x 3-letter word level of email status at some point.
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We ain’t messin.
KAST = spend USDe by
@ethena_labs
1:1 for US$ on your card!
Just tap with Apple Pay or Google Pay.
Another first!
KAST on Apple & Google now.
Just 3-mins from sign up to spend.
Then click download.
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Bitcoin $1M - Raags vs Balaji
I’m writing a book called “Bitcoin $1M” - and yes, started writing it before Balaji’s now famous bet.
We both believe Bitcoin will (one day) reach $1M. But that’s where most similarities end. Balaji believes that the US Do…
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Singapore 🇸🇬 is our home for Asia Pacific, specifically because it’s a regional & global leader for regulation and fintech innovation.
Very appreciative of our partnership with Monetary Authority of Singapore (MAS).
Thanks
@ddisparte
, The Asian Banker
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The brave, will see the opportunity in ALTs right now. The smart will buy quality.
The crypto market cap excluding BTC, ETH, BNB, SOL, XRP and Stablecoins.
Now: ~$300B
April 1: ~$500B
Peak 2021: ~$700B
Yet BTC & ETH aren’t far off ATH.
If you assume in the bull, BTC goes
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Lipstick on a pig = Private permissioned blockchains, run by banks, on top of their deposits.
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BlackRock Bitcoin ETF Fees = $35-50M/year.
Binance revenue = $50-100M a day
The $$$ isn’t onshore
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Crypto is entering its easy 10x phase.
The easy 100x phase is nearly gone.
But that’s OK.
In the late 90s it was the same, with the dotcom boom. Easy 100x. No real business needed.
Narrative > VC > Listing!
Sound familiar?
What it means is the money will flow to people
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A huge congratulations to
@BrooksEntwistle
and the Ripple team. I see how hard he works in representing his company and the region.
Awesome to see the Singapore crypto community/industry strengthened!
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Binance EU stablecoin delisting, by the numbers (napkin maths).
- Spot trading is 30% of all trading
- Retail spot trading is <50% of all spot
- Binance is ~50% of the market
- Europe is <10% of all crypto trading
- Most European retail will trade with Euro-fiat on their
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The Economist calling Crypto a cockroach, that will never die, is stating the obvious.
Yes, it would be nice to have clear regulations, banking support, and more.
But even without it, we persevere. In the Top20 crypto countries, 15 have banned crypto or totally cut it off
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America has a crazy ton of problems, but it’s still the largest, unified, free open market in the world.
Nearly all speak English and spend USD.
On that benchmark, it won’t be beaten in our lifetimes.
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The whatsapp tips I send my mates.
In 4.5 months…
Bitcoin up ~40%
Microstrategy = 3X
COIN = 50%
BNB = Nearly 150%
HIMS = Nearly 3X
Hang Seng = WIP
Binance def got deal of the century.
$5B fine
BNB has risen $70B since
FYI:
WTFK = Who the fuck knows
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Stablecoins are boom/bust proof.
In boom, people on-ramp them to trade.
In bust, people off-ramp to them and either wait or use it for utility/payments.
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A very warm welcome to Yam Ki Chan to the Asia Pacific leadership team. A very important role, as we enter new markets.
So delighted to have you here. We are going to do great things!
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Happy Tamil New Year! Proud that Tamil is an official language in Singapore 🇸🇬
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“100% guaranteed Customer Support hack”
Customer support lines are experiencing long waits, clunky bots and are generally impossible these days. But one trick always works.
1/ Find the customer support email or contact
2/ Write a note detailing all the things you need done,
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“My biggest contrarian view for 2024/5”
I was asked this last night. Here it is!
In the crypto world, it’s Blue Chip NFTs.
For two reasons.
1/ You think it’s a JPEG. People under-20 (2.6B people) think it’s the ultimate art. What happens when they grow up and have money?
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We can scrap Web3 and Digital Assets. All time high, we’re back to being Crypto!!
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“Rolex told me recession is coming” - I just walked into a Rolex store and they had 5 watches on sale, including a Rose Gold President watch.
The guy said he hasn’t sold a watch to retail for over 4 years. Today he had 6 on sale and only sold 1.
If that’s not a leading
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Meanwhile in China
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