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State Street ([NYSE:STT](https://247wallst.com/companies/STT/)) and Galaxy launched a tokenized liquidity sweep fund, while BNY Mellon ([NYSE:BK](https://247wallst.com/companies/BK/)) is building institutional digital asset custody in Abu Dhabi, and Western Union ([NYSE:WU](https://247wallst.com/companies/WU/)) launched USDPT, a regulated dollar-backed stablecoin on Solana.
Andreessen Horowitz closed a $2.2B crypto fund betting that autonomous AI agents will operate as independent economic actors within five years, prompting major financial institutions to build on-chain infrastructure and LPs to transition capital onto blockchain networks.
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Andreessen Horowitz closed its fifth crypto fund with a thesis that sounds like science fiction: autonomous AI agents holding crypto wallets, earning income, paying for compute and operating as independent economic actors within five years.
The pitch described agents generating value "by creating services, by writing software, by creating content, by essentially becoming an employee for, for another agent or for a human." Some teams are already "building a harness that gives an agent the ability to pay for its own compute or whatever resources it needs to continue to exist." The caller acknowledged it "sounds insane," while arguing that "given the exponential curve on which AI is currently on, it is not a stretch to believe that in 5 years, the models will be so smart and so capable that actually going out and creating value in a capitalist society is something that they can very well do." A follow-up question: "Are they going to be working for us or are we going to be working for them?" The answer offered was "maybe a combination of the two."
During the $2.2 billion raise, LPs showed appetite. "everyone is very focused on AI these days." Crypto's defensibility: "you cannot vibe code USDC, you cannot have a weekend project and end up building something like Hyperliquid." Several LPs asked about funding capital calls in stablecoins and are "starting to transition some of their own existing business on-chain."
Recent deal flow supports the thesis. State Street (NYSE:STT) and Galaxy launched a tokenized liquidity sweep fund, with tokenized fund servicing capabilities planned from Luxembourg by end of 2026. BNY Mellon (NYSE:BK), Finstreet, and the ADI Foundation are building institutional digital asset custody in Abu Dhabi. Western Union (NYSE:WU) launched USDPT, a regulated dollar-backed stablecoin on Solana, partnering with Fireblocks.
Crypto assets remain volatile. Bitcoin trades around $80,063, down more than 8% year to date (YTD) but up more than 12% over the past month. Ethereum sits near $2,319, down nearly 22% YTD.
This is a thesis, not a forecast. Five-year AI projections have a poor track record, and the regulatory framework for autonomous agents that own assets, sign contracts, and earn revenue does not yet exist. Track three signals: stablecoin throughput from non-human wallets, agent-to-agent payment protocols moving past testnets, and whether LP capital calls clear in USDC. If those converge, a16z's bet looks early rather than insane.
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