Where Does Value Accrue in the Agent Economy? Visa's Head of Crypto on stablecoins, x402/MPP, and card networks Shoal Signal with @cuysheffield, Head of Crypto at @Visa, hosted by @zaddycoin We cover where value accrues in the agent economy, stablecoins vs. cards and the value propositions, the trust problem with open x402 endpoints, autonomous agents, headless merchants, why agents buying tokens will dwarf everything else, and why he thinks agents should stay accountable to a human. 0:00 Intro 1:49 Where does the value accrue 2:31 Payment networks vs payment infrastructure 5:24 Trust and governance is the missing piece 6:37 Anyone can spin up an x402 endpoint 7:53 Why a crypto vet won't give agents a wallet 10:17 Headless merchants are the big opportunity 11:35 Sell workflows, not tools 13:43 The demand side is the harder problem 19:25 Where the first billion gets spent 23:15 Token share on inference 25:02 Problems with agent spend 26:49 Agents buying tokens dwarfs everything 33:04 Should agents be self-sovereign? 35:06 Every individual becomes their own corporation 36:24 Visa Intelligent Commerce and TAP 39:22 Visa CLI for developers 41:30 The browser-to-checkout gap 44:31 New merchants built for agents 46:28 Where the alpha is