What's up, macro chat! So first off I really enjoyed listening to @Raoul Pal talking about how G7 macro is quite possibly dead if all bond markets get "Japanified." But it will migrate elsewhere; as Dr. Ian Malcolm always says, "capital finds a way."

Then last night as I was reviewing my portfolio allocations, I was trying to decide what to do with some of my "cash." It wasn't really cash though, because it generates as much yield as the S&P 500 is supposed to without the volatility. By cash here, I'm actually talking about my stablecoin balances in BlockFi. Then, a lightning bolt hit my and brought up what Raoul said and I went, oh holy sh*t, this isn't cash; it's fixed income. I've tokenized my cash into a stablecoin custodied by BlockFi (or Ledn or wherever else you like) and they're paying me a coupon on it. It's not actually a US Dollar, but represents a claim to be repaid at par with a monthly perpetual coupon. And just like a bond, there is a risk that I may lose all my principal, so it's on me to do the due diligence and make sure the counterparty is creditworthy. That kinda smells to me like a new breed of fixed income.