Figure CEO: Blockchain Will Reshape Wall Street's "Financial Plumbing," Traditional Intermediaries May Be Massively Displaced
On May 3, Figure Technology Solutions CEO Mike Cagney announced the company is working to rebuild traditional credit market infrastructure using blockchain technology, integrating real-world assets (RWAs), securitization, and decentralized finance (DeFi).
Recent data shows Figure’s monthly loan origination volume topped $1 billion for the first time in March 2024, with first-quarter 2024 total origination hitting $2.9 billion—equivalent to an annualized rate of roughly $12 billion. Cagney noted the firm aims to cut intermediaries in securitization, lending, and stock lending markets through on-chain processes, reducing costs and boosting liquidity.
Currently, Figure has launched the yield-generating stablecoin YLDS and rolled out on-chain lending treasury products on networks like Solana, enabling users to invest in tokenized credit assets or use them as collateral for loans. The company also plans to expand into the Ethereum ecosystem and explore stock tokenization and on-chain
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Founders Fund Completes $6 Billion New Fundraise, Marking Its Largest Fund Since Inception
May 3rd (Bloomberg) — Founders Fund, the venture firm co-founded by billionaire Peter Thiel, has closed its new flagship fund at $6 billion, far surpassing its prior flagship, which raised roughly $3.4 billion.
Insiders note the fund will target high-growth areas including artificial intelligence (AI), defense technology, cryptocurrency, space, and frontier technologies.
Even as the broader Silicon Valley venture capital market remains sluggish, Founders Fund continues to attract significant institutional capital — a reflection of sustained market optimism around AI and deep tech sectors. The firm has backed notable companies such as SpaceX, Palantir Technologies, Stripe, and Facebook.
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Starlink's user base has grown approximately four times over the past four years, but the average revenue per user (ARPU) continues to decline.
On May 3rd, The Information reported that Starlink’s global user base has reached approximately 7.8 million as of 2025—up sharply from 2021. However, its Average Revenue Per User (ARPU) has dropped by roughly 18% over the same period, reflecting the company’s strategy to aggressively expand global market share through lower prices.
Per the report, Starlink’s current growth is fueled mainly by emerging markets (including parts of Africa, Latin America, and Asia) and the rollout of low-cost packages. Meanwhile, while high-margin segments like enterprise, aviation, and maritime services are still growing, they make up only a small share of total revenue.
Analysts note Starlink is transitioning from a “high-end satellite internet service” to a broader mass-market global broadband network. This shift involves cutting costs via scale expansion to amortize launch and satellite deployment expenses. Additionally, it aims to strengthen Elon Musk’s influence in the global telecommunications
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POLITICO Poll: Majority of Americans Still Skeptical of AI and Cryptocurrency
May 3rd — A new POLITICO poll reveals that despite massive political donations from the AI and cryptocurrency industries to U.S. midterm elections, the American public remains notably cautious or negative toward both sectors.
Key findings:
- 45% of Americans say “investing in cryptocurrency is not worth the risk,” while 44% view the pace of AI development as “too fast.”
- Nearly half trust traditional banks to safeguard their funds more than crypto platforms; roughly two-thirds support strict government regulations for AI or unified regulatory principles.
- Pro-AI and crypto super PACs are emerging as major financial players in the 2026 U.S. midterms: the pro-AI group Leading the Future has raised over $75 million, while the crypto-focused PAC Fairshake (backed by Coinbase, Andreessen Horowitz, and Ripple) has spent around $28 million on key primaries.
- Voters favor candidates who advocate for “strengthening AI regulation” over those pushing relaxed rules. U.S. Sen. Chris Murphy comm
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