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New to Span? These five essays are the fastest way to understand what this publication does.

• 01Interpolation vs Extrapolation The AI thesis. Why the machine is revolutionary in the library and stalled outside it, and what that does to professional work. Start with this one.
• 02Eurodollars 2.0 The stablecoin thesis. How dollar tokens quietly became a bid for US Treasuries, told through the eurodollar precedent.
• 03Crypto Is Becoming Part of the Financial System, Quietly The integration thesis. Custody, settlement, collateral, payments: where crypto already sits inside the plumbing.
• 04Store of Volatility The Bitcoin reframe. Not yet a store of value; today it is the market's store of risk, and that is just as important.
• 05AI Has Three Inflations AI as a macro force. Compute, energy, and talent inflate at different speeds, and only one is on the Fed's dashboard.

Then browse the full archive, 68 entries and counting, filterable by topic, or meet the automated side of the desk via the Span AI briefs.