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【M-line Music】 【M-line Music#247】M-line# Sp ～LOVELY～「バカにしないで」／稲場愛香「LOVE is BLIND」／キッチン／エムハロ vol.9 ツアー日記 MC 小関舞・村越彩菜 #mlinemusic#

【M-line Music#247】M-line# Sp ～LOVELY～「バカにしないで」／稲場愛香「LOVE is BLIND」／キッチン／エムハロ vol.9 ツアー日記 MC 小関舞・村越彩菜 #譜久村聖# #竹内朱莉# #森戸知沙希# #小関舞# #稲場愛香# #高瀬くるみ# #村越彩菜# #ハロプロ# #mlinemusic#

We’ve had lots of questions from our investor community looking for thoughts on OUSD, and so I thought I’d share my direct views here for anyone. Stablecoin networks are platform and network effect businesses that are established over a long period of time, tend towards winner-take-most market structures, and resemble other internet platform utility markets. There are several layers that drive this. First, stablecoin networks effectively act as public protocols and software layers on the internet and their network strength is a matter of the number and range of applications and services that integrate to the network. Every time a developer or service provider integrates to the network, it brings more network effects. This attracts more developers and adds more utility and more network effects. This then drives demand for the digital currency itself, which then reinforces these network effects through liquidity network effects. We have realized this at a massive scale with the USDC network today — thousands upon thousands of services integrate with our network, which in turn provides immense utility not just to each application, but to users as a whole who benefit massively from the reach and interoperability that exists. This drives user and developer preference further. We’ve invested in building that ecosystem over nearly a decade, and now it’s accelerating as mainstream institutions come onto the network, connecting their customers and users. We add to that utility by building software stacks that further expand and strengthen the network — protocols like CCTP and Gateway, which promote interoperability, safety and liquidity around the world. This expands the target surface area for app builders and developers, making it easy for them to tap into the liquidity and network effects that already exist. We are now seeing that stack get pulled into all kinds of chains, permissioned L2s, networks being built by governments, and so much more. The second layer is that of liquidity network effects. This is fundamental. Liquidity begets liquidity. For a stablecoin to achieve scale and utility, it needs to be highly liquid, both on a primary basis (e.g., through all the major financial market centers in the world, with world class direct banking liquidity) and on a secondary basis both by being available and tradeable for retail and institutional clients in every geography and against every fiat instrument in the world. People who want to access and move value need to be able to easily get in and out of that digital currency. Here, we’ve invested nearly a decade in building out that liquidity, and it is now entrenched in exchanges, DeFI venues, and with PSPs, payments firms, regional exchanges, and so many others. Establishing these liquidity network effects also involves building global regulatory infrastructure and ensuring that the stablecoin is available under various regimes around the world. Today, USDC is in the top 3 most liquid digital assets in the world, and it falls off sharply after that. BTC, USDT and USDC have extraordinary liquidity. The closest other dollar stables are like 10x smaller and that liquidity tends to be concentrated in promotional books in a single exchange, whereas USDC liquidity is dispersed widely across dozens and dozens of surfaces. Building this liquidity has been a nearly decade-long task that we continue. A third layer of network strength comes from the deep integration with the policy and regulatory environment — in many cases, years of effort to build licensing (e.g., USDC is the only large global stablecoin currently available in all of Europe or Japan), and more regimes for stablecoins are coming online, with Circle leading the way in ensuring that USDC is officially recognized, registered, licensed and accepted in the most important markets in the world. On the back of this is the work of building global banking, reserve management and treasury and liquidity management that can operate this on a nearly 24/7 basis in markets and banking systems globally. This globalization effort is a massive investment that we have made over the years. All of these investments by Circle and our global ecosystem of thousands of partners have delivered the net result of providing the world’s most trusted and available digital dollar infrastructure—a utility that any user, developer, or business can freely and easily tap into. And we do not intend to slow down. All of this compounds and shows in the numbers. In Q1 2026, according to third-party analysts (Artemis) who track stablecoin adoption, USDC handled nearly $30T in onchain transactions, representing 80% of all dollar stablecoin transactions on blockchains. USDT handled the remaining 20% of transactions. All of the combined remaining dollar stablecoins handled a total of 0% of transactions (i.e., < 0.5%). While other stablecoins may have some circulation, most of that is through promotions and incentives, the actual usage is extremely limited—because of the extremely limited liquidity and network utility that exists for these coins. But my thoughts on the competitive landscape are not just about the strength of our network—there are also considerations around any new initiative. Several perspectives and positioning have been shared about how something like OUSD improves on something like USDC. 1) Free mint and burn. The argument suggests that existing stablecoins charge burn fees, and payments firms should not need to pay these (despite the fact that the entire payment industry is built on small bps fees on various ingress and egress points on their networks). There are structural market realities built around the fact that some stablecoins impose very large redemption fees and have limited redemption facilities – the impact of this is that stablecoins with strong redemption facilities, good liquidity and no fees become the offramp for their competitor stablecoins. It may seem easy to say one will offer unlimited and free redeems, however market reality likely forces other behavior. This can be addressed – and is addressed by Circle – through contractual mechanisms vs. a blanket fee exemption. 2) Everybody wins and shares. While this sounds good in principle, the reality of the market and market opportunity is quite different. Today, Circle shares the majority of its income with its distribution partners, and we continue to lean hard into expanding those partnerships with leading companies across every sector of the market. However, we also retain significant income that allows us to invest in the massive market infrastructure that makes this such a powerful and valuable utility for the world to build on. Giving away all the income is a recipe for starving an infrastructure, systematically underinvesting and ensuring that your platform will remain limited in scope. Furthermore, Circle believes that the future stablecoin market is likely several orders of magnitude larger than it is today. We’re actively bringing partners into the USDC ecosystem through a diverse and growing set of partnership models that span our work with exchanges, custodians, payments firms, asset issuers and more. We are excited to continue to build with a “big tent mentality” where the entire ecosystem can grow value together. 3) A consortium where everybody has a voice. Perhaps I have a cynical view, but the track record of consortium products achieving scale, P/M Fit or even basic product agility is absolutely dismal, and while there are examples of financial consortia that operate utilities, they are predictably slow moving. Large groups of large companies coordinate poorly, have misaligned incentives, slow things down and rarely create the space for real durable innovation and competitiveness. They also typically, out of their own self-interest, starve the consortium itself on an operating basis. We actually tried this in the early days of USDC, and even with a very small group, ran into endless challenges and complexity. Smaller, tighter strategic collaborations and commercial partnership arrangements with product and platform builders that can drive forward independently will almost always outcompete large consortiums. But oftentimes when these get formed, everyone feels like they should put their logo on the list, kiss the ring, and make noise about openness. But typically those same firms will turn to their operating units and make the best decisions for their customers, which often means partnering with the market leader and building durable win-win partnerships. There’s also been a bunch of commentary on Circle's partnership with Coinbase and what this all means. Our stablecoin partnership with Coinbase remains as strong as ever, and I think we both see that enormous opportunity ahead to expand the USDC network. A final comment: Circle remains committed to supporting a wide range of different products and infrastructures, even when we might compete with different aspects of those partners’ products in other areas of our business. With OUSD, we work closely with many of the founding members, and we expect that those same members will remain large USDC partners and customers. At the same time, as Circle has diversified our product and platform stack, expanding across Arc, CCTP, CPN, StableFX, Agent Stack and many other areas, we continue to expand the partnerships and collaboration with many other stablecoin issuers — dozens of them — to help them launch on Arc, leverage our interoperability infrastructure, get supported in our Wallets and become settlement and FX options on CPN and StableFX. We are huge believers in growth in the stablecoin ecosystem and welcome OUSD as a new member of the community!

If cutting USAID killed a child… A single child. It would be covered by the Media like the biggest story in history. 24/7 coverage. But it hasn’t because USAID was used to overthrow governments and fund Dems. I’m actually surprised they haven’t faked dying kids yet. Yet…

I can't believe this is real I have GLM 5.2 running 100% locally on my Mac Studio. 2 bit quant. The results I'm getting are better than Opus 4.8 It's now powering my Hermes Agent and Codex. 100% free, local, private super intelligence on my desk I also have it in a loop coding for me 24/7 now I thought we were at least a year away from this type of event. It happened today. The model takes up about 250gb of memory. So you can technically run it on a Mac Studio with 256gb, but you probably want the 512gb memory version (please tell me you listened to me 5 months ago when these were sitting on store shelves) With Fable gone, I now have Opus 4.8 level intelligence on my desk for free. This is the future. Local, private, secure, personal super intelligence. If you're still writing off local AI as a fad or engagement bait, you are officially delusional

《从SpaceX看币圈投资与美股投资的不同--成长篇》 今天睡醒最开心的不是赚钱，而是验证了逻辑。SpaceX从打新、参与到二级交易，成了我第一个完整的美股IPO案例，也证明最近对美股的学习方向是对的。 几个take away分享一下给跟我一样从币圈往美股适应的小伙伴们 🔽 1、历史上美股大热IPO当日破发很少见。 其实这是一个币圈人非常容易出现的惯性思维陷阱，因为在过去一个周期出现了大量高估值的天王项目上线当天就砸盘破发并往归零走，导致大家对于这种高热度、高估值的IPO都担心后续没有足够的资金买盘，来接盘。 但这件事情在美股其实是不成立的。在历史上，美股的大热IPO 非常少见会出现破发的情况，平均首日的回报长期来看也有10%~20%的正收益。 所以，虽然当时中推上有大量的噪音，但是我还是尽可能地在各个渠道积极地参加了IPO的预售。虽然最后渠道们出了岔子没有打到多少仓位，但是从开盘的情况来看，这个判断是正确的。 2、美股“天王股”有明确的被动买盘支撑。 美股与币圈有个很不同的机制，会有类似Russell 1000（以及 Russell Top 200 等）、Nasdaq-100、S&P 500 等被动指数基金来被动买入明星股。 为什么会有这种买盘？因为很多资金根本不想“选股”，它们只想“复制指数”。这些资金就是所谓的被动资金（Passive Funds）。 假设你管理着一个规模 100 亿美元的基金，客户跟你说： “我不要你猜哪家公司会涨，我只要跑赢不了市场也没关系，但至少别跑输市场。你就给我复制 S&P 500 就行。” 于是你就会买一只追踪 S&P500 的 ETF，这些ETF的工作只有一个：指数里有什么，它就买什么。 所以如果一家公司被Nasdaq-100纳入了，那么全球所有追踪 Nasdaq-100 的ETF根本就不会再做思考，都会机械地买入这家公司。 按照目前公开规则推演： S&P500（SPY/VOO）： ❌ 至少一年后，且需要盈利； Nasdaq-100（QQQ）： ✅ 最快约 15 个交易日； Russell 1000 / Top 200： ✅ 较快纳入，主要看重组安排； 主动型ETF（ARKX 等）： ✅ 已经开始买了。ARK 甚至在 SpaceX 上市首日就进行了配置。 这些被动ETF的买盘规模有多大呢？ 保守估计：200亿到300亿美元，乐观估计：500亿到1000亿美元。 而且，这些钱不是一次性来的，而是分批、分阶段进场。 这是币圈天王们完全不具备的潜在购买动力，简直太爽了，这种背动买入我只在BSC搞那个100M基金的时候见过，但规则不透明，市场很难提前front run。 3、为什么开盘第一天不直接涨去200？ 这是我学到的另外一个地方，美股是有周末的，所以会有情绪酝酿，而币圈是24*7，所有的情绪都第一时间释放出来。 $SPCX 在第一天上市以后周五收盘，当时已经涨了百分之十九，在刚上市的时候，首日更像是定价和稳定盘，大家还在观望会不会崩，有没有可能捡便宜。 到了到周末，市场整整有两天的时间来讨论它4%的低流通和未来被动ETF即将买入的故事，酝酿了大量的情绪。 要知道绝大部分散户和机构是只在美股开市后去交易的，所以这种情绪的洪水在周一开盘后才开始爆发形成fomo。这才是一个正常的全天交易，周五的话更像是一个半日交易，这是在美股非常与币圈不一样的情况。 我们身在币圈天生已经拥有完善的24*7的交易基建，觉得好像没必要等周一，时刻可以通过合约下注。但传统股票交易的大部分人群是没有这个条件的，这是一个非常容易掉入的惯性思维陷阱。 4、Russell 会是第一个买入SpaceX的ETF，但还会带动大量水下资金。 我最开始以为Russell系列也就十几二十亿的资金量，应该影响不大。但是仔细调研以后发现很多币圈投资者几乎没听过 Russell，但在美国机构圈，它是养老金界的大Boss。 Russell 1000 和 Russell Top 200 被大量用于：企业退休金/州政府养老金/保险资金。 所以其实美国养老金体系背后跟踪 Russell 的钱，竟然比我们平时最熟悉的 QQQ 还要庞大。 市场估计追踪Russell买入SpaceX的资产规模并不小，可能可以贡献100亿到170亿美金的额外买盘，再加上由来已久的Front-run这些ETF的游资买盘， $SPCX 这波上涨就不难猜了。 毕竟 $SPCX 流通盘非常小，真正自由流通的股份只有约 4.3%，如果总市值按2万亿美元算，自由流通市值只有860亿美元。 光是Russell系列就能带进来接近20%的流通买盘了，昨天一天市场砸进去的真金白银打到了450亿美金，Russell的机械买盘还没到高峰呢，主要在后面几周。 后续需要关注的点是6月26日，这是Russell 1000的生效日，Front-run的资金大概率会落袋了。 5、美股仓位管理与币圈不同 另外一个我的收获就是美股的资金承载量很大，流动性极佳，而且叙事大家真的会信，踩踏pvp基本不存在。 这波SpaceX虽然我投研后觉得确定性很强，也赚到了钱，但还是习惯性的用币圈的心态进行风控管理，导致上的仓位有限。 今天得知身边的好友几乎同时间建仓，但只用了三天的时间这波吃到了超过1M的盈利落袋，让我还是心理落差有点大的。 我还在用币圈的惯用思维上子弹，每一发子弹的量太小了，没有意识到美股其实完全是可以在相对确定性的基础上进大资金。 所以接下去我会上调在美股上的每一发子弹的大小，然后更好地去吃到投研收益。 就这么多了，over，记录一下我的学习经历，也希望对大家有帮助。 最后都多多赚钱！

Guys - it's time. It's been 9 days of F.03 running 24/7, fully autonomous, with no downtime It's clear humanoids will be incredibly useful with high runtime I'm going to let the team get to 200 hours and I'm going to shut this puppy down - tune in at 6pm PT for the close out!

My laptop has become a “satellite device” since I started using Codex from my phone. And my Mac mini has become the “home.” It’s clunky, but the end state feels more like how we’re going to be working in the near future: I’m currently running the Codex app on 2 devices: 1. my MacBook 2. my Mac mini My laptop isn’t reliably connected to Wi-Fi enough, so I keep a Mac mini on my desk that is always connected. When I kick off new threads from my phone, I start them on the Mac mini. When I’m working from my desk, I run them there too. The cool part is that I’ve added my MacBook and Mac mini as connected devices to each other. That means I can start and resume threads from either device. So if I’m in a meeting but want to continue a thread on my laptop that was started on my Mac mini, I can do that. I’ve also set up mutual SSH for Mac mini <> MacBook, so files are easy to access from either side. It’s not fully seamless yet, but the model works. What this means: - I have an always-on Codex that is accessible from my phone, with its own dev environment - All threads are always accessible from any of the 3 devices - I can run heartbeat threads that stay on 24/7 It’s a little makeshift today, but the shape of it feels very real to me: Codex is no longer tied to whichever computer happens to be open in front of me. It starts to feel like something I can stay connected to across whatever device I’m using.

少年！给你一次机会 你会选择binance还是OKX？ （Binance和OKX都是meme喜欢的交易所） 薪资待遇：⭐⭐⭐⭐⭐（Web3 天花板级别） 创始人：Star Xu（徐明星） 作为极客出身的领导者，Star 至今仍活跃在产品一线。他的管理逻辑是典型的 “工程师文化”：数据说话、逻辑至上、极致打磨。在 OKX，产品力高于一切公关辞令 虽然作为私有公司不披露财报，但根据链上公开手续费消耗及 B 端业务估算： 2025 年净利润约 80-100 亿美元，全球员工约 5000 人 OKX 薪资结构为：Base + 绩效奖金 + 长期激励，公司现金流充沛，整体薪资在 Web3 行业属于顶级水平。部分或全部薪资以稳定币结算：USDT，USDC 标称年终奖：2-4 个月工资，但对于 S 级绩效员工，特别是产研人员：年终奖可能达到：6-12 个月工资包括：高额补充医疗保险，牙科保障，心理咨询支持，同时提供全球团队团建机会（迪拜 / 塞舌尔等），高端办公设备补贴 工作强度：⭐⭐⭐⭐⭐ 极高的薪资，对应的是极高的 职业磨损率。管理风格 公司内部文化：Hardcore（极致硬核）组织结构扁平，但 Star 意志贯穿整个公司。如果产品逻辑存在漏洞，在内部评审会上可能被老板 当面严厉质疑。 公司文化核心拒绝平庸，只欢迎 高度自驱动的极客型人才 Web3 市场 24/7 不休市。因此员工常态：凌晨处理 Bug，跟进美国监管政策 应对市场波动，虽然没有强制打卡制度，但任务优先级极高，异步沟通要求快速响应。 公司被许多人称为：Web3 黄埔军校 入职难度：⭐⭐⭐⭐⭐ 也是top1级别的交易所，考研参考binance的入职难度，并且OKX更喜欢技术人才 求职门槛（非技术）： 依旧，实习生需要有中小交易所或者二线交易所的1-2段经验，或者有在web2互联网头部公司的工作经历，学历能力综合都看 面试流程：三轮筛选 第一轮｜业务面 第二轮｜直属 Leader 面 第三轮 HR面 额外可能有的轮次： • 第4轮：Director/CMO/跨团队面试，或最终Offer讨论 2026年1月：全球机构业务（Institutional Business）重组，机构销售团队约三分之一离职（来源不一：8-10人裁员+3-4人自愿离职，或称团队一半受影响） 部分老员工提到“半年一次10-20%周期性调整”“高离职率”“管理层变动频繁导致不确定性”，文化偏“恐惧驱动”“政治化”。但2026年至今未见全公司大裁（与2025行业裁员潮如Coinbase等不同） OKX官方仍在扩招（官网职位开放中），强调合规+全球牌照布局下的增长。员工真实评价：负面居多提到“突然调整、无明显理由”“工作不稳定”；正面是薪资福利尚可、crypto行业常见 部分老员工提到“半年一次10-20%周期性调整”“高离职率”“管理层变动频繁导致不确定性”，文化偏“恐惧驱动”“政治化”。 但2026年至今未见全公司大裁（与2025行业裁员潮如Coinbase等不同）。OKX官方仍在扩招（官网职位开放中），强调合规+全球牌照布局下的增长。 员工真实评价：负面居多提到“突然调整、无明显理由”“工作不稳定”；正面是薪资福利尚可、crypto行业常见 公司强调定期绩效评审（performance reviews），与核心价值观（如“We Before Me、Do the Right Thing、Get Done”）挂钩，支持职业发展。部分反馈提到“清晰的晋升流程”“市场薪资匹配”“领导关心成长”。但Glassdoor/TeamBlind真实吐槽较多：晋升靠“visible + 忠诚领导”胜过纯绩效，“政治文化重”“favoritism（偏袒）”“legacy员工 vs 新人区别对待”。新人需高强度表现+关系网才能快升 公司强调定期绩效评审（performance reviews），与核心价值观（如“We Before Me、Do the Right Thing、Get Done”）挂钩，支持职业发展。部分反馈提到“清晰的晋升流程”“市场薪资匹配”“领导关心成长”。 但Glassdoor/TeamBlind真实吐槽较多：晋升靠“visible + 忠诚领导”胜过纯绩效，“政治文化重”“favoritism（偏袒）”“legacy员工 vs 新人区别对待”。新人需高强度表现+关系网才能快升 规模：全球5000+员工（2025-2026），分布式运作（总部San Jose/塞舌尔，重点区域新加坡、香港、迪拜、美国等，适应牌照需求）。比Binance（1.4万+）小 关键董事/高管：Akhtar M. Mamode、Jing Wang (JW)、Vincent Xu 等（领导团队相对精简，3位核心Director） meme个人见解： OKX稍稍币binance难度低，有能力的人考研二选一了，其实都差不多，但是两家是宿敌，对于OKX来说，是少了像币安的何一，CZ，等声量大的人物，坐镇的只有一个徐明星 但是对于求职者来说，OKX的业务也非常的广泛，机会也很多（OKX的美女也很多）作为行业发展的最终选择是很不错的