But first:

Andy Borowitz: Trump Will Lose His War on Laughter.

Also:

Thursday’s weekly Indivisible organizing call, if you missed it.

And Wednesday’s One Million Rising training, which had more than 100,000 in attendance.

Share with anyone looking for ways to save our democracy.

And now:

Stablecoins Explained.  Unlike all the other crypto (if you ask me), this variety would seem to make some sense.  (Different perspectives welcome.)

My first thought: I’m glad I don’t own stock in MasterCard or Visa, selling at 38X and 35X earnings, respectively.  Stablecoins could eat into their revenue.  My second thought was to buy a few MA puts.  I’ll make a profit if Mastercard — $553 now — falls below $540 between now and October 17.  I usually lose money on bets like this, so wish me luck.

Meanwhile, the fun with SQNS seems to be over.  I hope that, like me, you sold most or all your shares in the $4-$5 range to pocket a lovely profit.  With the stock now back down to $2.70, I plan to hold the rest for now.  The Bitcoin it’s betting on might actually zoom in this crazy world.  (I think I heard the Winklevoss twins predict $500,000 a while back.)  And there’s also the chance that Sequans’ actual business will one day be valuable.

Editor’s Note: This article was originally published on July 23rd, 2025, on andrewtobias.com, syndicated with permission.