Good morning & happy Wednesday! Today, we're diving into Visa's $2.4 billion all-cash acquisition of BioCatch (what this deal is really about, why it's not a fraud play but a bet on owning the trust layer for agentic commerce, how it stacks with Visa's other M&As + bonus deep dives into Visa's agentic payments challenges, their new stablecoin platform & the AI Monopoly Playbook inside), Cloudflare, which just gave AI agents their own stablecoin wallets to hold and spend USDC autonomously (what Cloudflare Wallets actually do & why the 14-month two-sided infrastructure stack they complete matters, how Google already won the consumer protocol race but Cloudflare is playing a completely different game with x402 + bonus deep dives into Building an Agentic OS with Claude Fable 5 & the ultimate list of stables resources inside), and AI giant Kimi that just turned a credit card into an AI distribution channel (what this play from Moonshot AI is all about, why it matters & what to expect...
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