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From Stablecoins to AI Banking: Circle Co-Founder’s Next Billion-Dollar Bet on Agentic Finance
- Sean Neville, co-founder of Circle and USDC stablecoin architect, is starting a new venture with Catena Labs to create the world's first 'AI-native' financial institution.
- Catena aims to enable AI actors to execute financial transactions directly, with humans and businesses interacting with these agents like normal.
- The company focuses on building a platform for autonomous software agents to initiate and settle transactions at machine speed.
- Catena plans to provide infrastructure tools like the Agent Commerce Kit (ACK) for payments among AI agents and aims to acquire licenses for regulated stablecoin transactions.
- Regulatory challenges include policy on stablecoins and identity verification for AI entities, which Catena addresses with an identity protocol.
- Trust is highlighted as a key hurdle for Catena, which is working on data science techniques to establish trust among autonomous agents.
- The company is focused on product development and legal compliance to establish insured accounts and cross-border remittances in the future.
- Investors are optimistic about Catena's potential to revolutionize agentic finance, akin to how HTTP revolutionized the early web.
- The success of Catena's vision depends on widespread acceptance and trust in autonomous agents for financial transactions.
- Neville is dedicated to building confidence in the market for AI-based finance, with a long-term goal of enabling machines to play a greater role in financial interactions.
- Catena's journey from stablecoins to AI banking represents a bold step towards shaping the future of financial services.
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