Banks led by JPMorgan Chase could offer one of the year’s biggest discounts to sell some of the $5 billion in debt for software firm Qualtrics International Inc. that the underwriters were stuck holding a few months ago

Banks keep banker’s hours. Onchain credit doesn’t. Borrow, repay and lend at 3am on a Sunday, the same way you would on a weekday. No branch, no cutoff, no waiting for Monday. Longbow never closes.

Banks are starting to run from AI data center debt. ING has put about $500 million of data center loans up for sale all at once, Bloomberg reports. That's 12 loans, including a $25 million piece of OpenAI, SoftBank and Oracle's Stargate site in New Mexico. Banks are the ones closest to these projects. They see the contracts, the power deals and the delays before anyone else. And at Stargate, the warning signs are already there. Oracle has sent the developer a force majeure notice, a legal step that can excuse it from its obligations if events beyond its control get in the way. Now the market is turning too. Yesterday, the S&P 500 lost $3 trillion in a single day as fears grew that Democrats will go after AI and data centers. Junk bonds tied to data center companies like CoreWeave were among the hardest hit. The whole AI buildout runs on borrowed money. Big Tech has raised $326 billion in debt and new shares this year alone to keep it going. If the lenders are heading for the exit, who'll fund the AI build up?

Banks are not threatened by Stores of Value and slow expensive networks, they are threatened by high speed infinitely scalable infrastructure that can support global StableCoin and Tokenized equity economies. You think Im joking. Remember this post.

"[Banks] were actually there to protect against people who didn't know what they were doing and kept making mistakes." AI agents need the same guardrails, says @ysiu of @animocabrands "You can still use the power of intelligence, but you create very, very restrictive harnesses."