The Rise of New SovereignsPost-state power

Nation-states are quietly losing their monopoly on the services that define modernity: currency, identity, security, healthcare, education, infrastructure. Tether already runs a dollar-equivalent settlement layer larger than most central banks. Dozens of new sovereigns are coming — software companies, cryptocurrencies, communities — and we want to back the ones that take the responsibility seriously.

A future version of this page will be a piece of data-driven art — scroll-animated charts, 3D scenes, interactive data — built around this thesis. For now, the canonical essay is on the blog.