Just wrapped Money20/20. My biggest takeaway as a VC: the two forces reshaping fintech right now are AI agents and stablecoins. @SirDigitalDan from @CoinflowLabs and I dug into both in our fireside. Some takeaways: * Where will value accrue? AI is collapsing the cost of cognition, and stablecoins the cost of settlement. This changes value accrual, when those inputs aren’t scarce. I’m expecting value to migrate to regulated trust, proprietary data, distribution, underlying physical assets, networks. * What does stablecoins as programmable money unlock? Funds and spending rules can execute together, letting a product enforce agent budgets or trigger conditional payouts with less coordination across banks, processors and operational teams. * Where is agent demand emerging? Dan pointed to compute, inference and data APIs, which agents need to complete tasks. I’m looking for infra on fraud, KYA, chargebacks, and merchant side ops to help proliferate agentic commerce usage. * Who carries agent liability? A purchase can comply with the spending rules and still be a mistake. Before delegating larger budgets, businesses will want audit trails, a way to dispute purchases and an agreement on who absorbs losses. * Where’s the distribution advantage? Local integrations and merchant relationships give providers access to existing payment volume. Stablecoins can improve settlement without changing how customers pay. (Coinflow connects cards, ACH and PIX this way.) * How do existing PSPs participate? A provider can earn a processing fee when a developer funds an agent by card, even if subsequent payments settle in stablecoins. (Coinflow powers card funding for Tempo’s MPP Credits.) Thanks for the week @money2020! Curious what others took away too!