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2026.
The world's most profitable companies.
Are increasingly looking like rent-collecting companies.
Microsoft collects a software tax.
NVIDIA collects a computing power tax.
Apple collects an ecosystem tax.
And stablecoin issuers.
Collect an interest tax.
As of June.
The total stablecoin market cap has exceeded $260 billion.
The vast majority of these assets are used to purchase US short-term Treasury bonds.
Users think they are holding digital dollars.
But issuers are earning treasury bond yields.
Many business models.
After repackaging.
Their essence hasn't changed in decades.
$NVDA