US will pass a stablecoin bill in 2025 (95% probability on prediction markets, up 35% from prior weeks), which will be huge for connecting crypto economy to real-world economy.

Internet v1 enabled sharing information and documents; v2 added financial transactions but mostly human-mediated; v3 (agent-to-agent) enables autonomous transactions, completing the economic layer missing from TCP/IP.

Inference time compute will be the gating constraint in agent economy, as spawning agents becomes ultra-cheap but requesting execution creates bidding wars for scarce compute.