Welcome to part four of our “Tar Heel Chain” series. In this installment, our reporting takes us inside the office of North Carolina State Treasurer Brad Briner, where six months into his tenure, Briner’s record returns, AI-driven efficiency gains, and energy-focused vision reveal how fiscal leadership is shaping the foundation of America’s digital economy.

The unmarked government building requires security clearance to reach the upper floors. State Treasurer Brad Briner’s assistant escorts us through the elevator to his conference room, where the North Carolina State Treasury seal dominates the wall behind two flags: American and North Carolina state colors creating a backdrop of institutional authority. The setting is modest government functionality. Wood-grain conference table, standard office chairs, built-in cabinets lining the walls. Yet this understated space houses the decision-making apparatus for over $100 billion in state investments.

Briner sits relaxed, jacket unbuttoned, exuding quiet authority. With his Exeter, UNC, Harvard, Goldman Sachs pedigree, he speaks the language of the private sector—results, pragmatism, and vision—without the typical politician’s talking points.

Six months into his tenure, the numbers validate that confidence. His leadership delivered $8 billion in pension fund gains during the first half of 2025—a 6.11 percent return that nearly doubled the required six-month target of 3.25 percent and outperformed the broader U.S. stock market during the same period.

When I ask what drove him from private sector success to public service, his answer reveals the calculating mind behind North Carolina’s digital asset strategy.

“I tell the story all the time about the end of 2021,” Briner begins, describing a pivotal moment when he delivered fantastic investment results to his boss, expecting recognition. “And instead I got, ‘well, what am I going to do with all that money?’ Which was not the reaction I was expecting.”

The dismissive response triggered a deeper question about purpose. “So I’m a big believer in taking the skills that God has given you and maximizing them. That’s our purpose, my purpose, in being on this planet.”

The performance represents more than investment success; it demonstrates institutional transformation. The gains helped reduce the $16 billion pension deficit Briner inherited from the previous administration, while his August discovery, of $170 million in idle taxpayer funds sitting unallocated in state accounts for years reveals the kind of systematic efficiency gains his approach generates.

When conversation turns to technology implementation, his results-driven philosophy becomes clear. “We have to get better at what we do, and we can’t just ask for more resources to do that. We have to be more efficient with the resources we have,” Briner explained, describing his rationale for implementing one of the first AI pilot programs in state government. The 12-week partnership with OpenAI targeted administrative efficiency in divisions handling large datasets—exactly the kind of “highly fact-oriented” work that artificial intelligence excels at processing.

“If you can disintermediate that duopoly through stablecoins, that’s a real business, and it’s inarguable.”
Brad Briner

The AI results mirror his investment performance. Extraordinary and sustainable. “We saw 10 percent productivity growth,” Briner noted. “For those who study economics, 1 percent to 2 percent productivity growth a year is fantastic. 10 percent in 12 weeks is unheard of since the dawn of the internet.” The gains continued compounding after the pilot ended, creating permanent efficiency improvements rather than temporary optimizations⁴.

Briner’s approach to AI implementation reveals sophisticated thinking about data privacy in government applications. “The thorny issue is how do you interface with private data in the context of large language models?” he explained. “People are sending us private proposals, and it is trade secret in certain instances, so we’ve got to be very careful about that.” His solution involves Microsoft Copilot with guaranteed data isolation—no ingestion into broader model training.

The same pragmatic approach applies to digital assets policy. While personally owning Bitcoin through ETFs and Treasury Companies, Briner maintains careful distinction between personal conviction and institutional responsibility regarding the state’s pension system. “We’re trying to make 6.5 percent in our pension system in as low risk, low volatility way as humanly possible,” he explained, describing his “leading edge, not bleeding edge” investment philosophy.

Rather than direct cryptocurrency speculation, Briner advocates building the digital assets economy through infrastructure investments. “If you think about stablecoins and payments, for the longest time in this country, we’ve had a duopoly of payments,” he said, comparing America’s 2.5 percent to 3 percent credit card processing fees to China’s 0.4 percent. “If you can disintermediate that duopoly through stablecoins, that’s a real business, and it’s inarguable.”

Beyond his investment and banking oversight roles, the treasurer is responsible for nominating one person to the utility committee of North Carolina—a responsibility that directly connects to what he identifies as the state’s most pressing competitive challenge, energy costs. “I think the number one thing on my list of what I’m worried about in the future of staying there is energy prices,” Briner said, referring to the state’s number-one-for-business ranking. His analysis directly connects renewable energy subsidies to rising power costs that threaten digital economy competitiveness.

“The reason power prices are up here is that commitment,” Briner explained, referring to net zero targets. “Those subsidies are coming out of your power bill.” His solution involves nuclear development, particularly through recently passed Senate Bill 266, which provides new financing mechanisms for long-term nuclear projects through construction work in progress provisions.

On small modular reactors, Briner admits puzzlement about deployment delays while recognizing their potential for data center applications. “When it comes to SMRs, I confess to not understanding what takes so long. Essentially, it’s the technology that’s been in existence on nuclear submarines for 50 years,” he said. “Something that I’d love to see deployed behind the meter for large data centers is a great example, so that we’re not affecting the neighbor’s power bills and we’re able to attract those kind of businesses.”

As ex-officio chair of the Banking Commission, Briner actively courts FinTech companies through regulatory evolution. “We’ve seen a couple digital assets trust companies charter here in North Carolina over the last year,” he noted, describing ongoing efforts to support digital asset businesses while maintaining consumer protection. “We’d love people’s input, and so for folks who are listening and interested in these topics, reach out to us, because we know it’s evolving fast.”

Briner represents a new generation of public leadership. One that measures success through productivity gains, infrastructure development, and institutional performance rather than political rhetoric.

His ability to deliver 10 percent efficiency improvements while maintaining fiduciary discipline and generating record investment returns demonstrates exactly the kind of executive competence North Carolina needs as it competes for digital-economy dominance. This combination of private sector results and public sector responsibility typically translates well to statewide political success.

His vision for North Carolina’s digital-economy leadership requires what he calls “an attitude of embracing innovation across the spectrum.” The challenge isn’t technological capability; it’s institutional willingness to act decisively on the infrastructure foundation already in place.

Don’t miss our upcoming Tar Heel Chain documentary, where we bring North Carolina’s digital economy story to life on screen.

Global Premiere September 30, 2025 | 2PM EST

From blockchain to nuclear energy, see how the state is building the backbone of America’s future.Watch the trailer here.