The Stablecoin Future, Milei's Memecoin, DOGE for the DoD, Grok 3, Why Stripe Stays Private

Summary

All-In hosts Jason Calacanis, Chamath Palihapitiya and David Friedberg interview Stripe co-founders John and Patrick Collison. The first half covers Stripe's scale, its move into stablecoins through the Bridge acquisition, and why the Visa/Mastercard interchange economics are harder to displace than the rent-extraction narrative suggests, followed by Jamie Dimon's remote-work rant and corporate bloat, and Pete Hegseth's request for 8% annual Pentagon budget cuts. The panel then dissects the collapse of Javier Milei's LIBRA memecoin and rejects memecoins as unproductive gambling. The back half covers the Arc Institute's Evo 2 DNA foundation model, Chamath's takeaways from xAI's Colossus build and Grok 3, an asteroid impact update, and why Stripe has stayed private.

• Stripe processes over $1 trillion a year, about 1% of global GDP, is profitable on a GAAP basis and has expanded into lending, issuing, treasury and billing.
• The Collisons argue stablecoins are the first large new payments use case, driven by cross-border flows and emerging-market consumer demand for dollar balances.
• Patrick says most interchange flows back to issuing banks and consumer rewards, so displacing Visa and Mastercard is a set of trade-offs rather than pure rent capture.
• Fraud, not transaction cost, is the bigger economic drag on merchants, and Stripe positions itself as a reputation network across the internet economy.
• Jamie Dimon's remote-work and bureaucracy rant prompts a debate on corporate bloat; Chamath blames off-the-shelf enterprise software for rigid roles and headcount.
• Proposed 8% annual defense cuts trigger discussion of multipolarity, cheap drones versus carriers, and chronic defense-procurement inefficiency.
• Milei's LIBRA collapse leads the panel to dismiss memecoins as unproductive gambling with a pump-and-rug dynamic.
• Chamath says xAI's Colossus proved pre-training still scales, making the AI capex wave look justified and turning him bullish on Nvidia.