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Reports from the stablecoin frontier • Co-Founder & CEO @CodexFX • Prev: @Optimism @Wharton @PalladiumMag

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behind closed doors, in Davos and DC, incumbent banks and challenger stablecoin companies are in the midst of a protracted fight should stablecoins be allowed to pay interest? trillions of dollars are at stake. which arguments on each side actually make sense? will allowing stablecoins to pay yield really destroy the global economy? Omid Malekan of Columbia Business School is regarded among insiders as one of the few scholars who understands both the traditional financial system and crypto deeply he is the ideal guest for this moment. in this conversation, we strip away the rhetoric to reveal what is really going on: • 01:03 – Why banks are terrified of stablecoins paying interest • 03:12 – “If you want lending to die, support stablecoins” • 13:40 – How disingenuous is the CEO of Bank of America? • 22:58 – Claiming that stablecoins reduce bank deposits is a lie • 30:55 – Nobody accounted for a bank run starting in a WhatsApp group • 34:33 – Big banks are using smaller banks as human shields • 49:49 – "I can verify Tether's liabilities in 30 seconds. JPM can't verify theirs at all." • 59:02 – Wall Street's blockchain pilots are a lie • 01:01:54 – Tokenized bank deposits will never be a thing • 01:06:15 – The hidden tax on every American paycheck brought to you by , the stablecoin foreign exchange specialist

behind closed doors, in Davos and DC, incumbent banks and challenger stablecoin companies are in the midst of a protracted fight should stablecoins be allowed to pay interest? trillions of dollars are at stake. which arguments on each side actually make sense? will allowing stablecoins to pay yield really destroy the global economy? Omid Malekan of Columbia Business School is regarded among insiders as one of the few scholars who understands both the traditional financial system and crypto deeply he is the ideal guest for this moment. in this conversation, we strip away the rhetoric to reveal what is really going on: • 01:03 – Why banks are terrified of stablecoins paying interest • 03:12 – “If you want lending to die, support stablecoins” • 13:40 – How disingenuous is the CEO of Bank of America? • 22:58 – Claiming that stablecoins reduce bank deposits is a lie • 30:55 – Nobody accounted for a bank run starting in a WhatsApp group • 34:33 – Big banks are using smaller banks as human shields • 49:49 – "I can verify Tether's liabilities in 30 seconds. JPM can't verify theirs at all." • 59:02 – Wall Street's blockchain pilots are a lie • 01:01:54 – Tokenized bank deposits will never be a thing • 01:06:15 – The hidden tax on every American paycheck brought to you by , the stablecoin foreign exchange specialist

575,423 views • 5 months ago

Darrell Duffie of Stanford is famous for being the world’s foremost scholar of financial market plumbing. Few will know that he was also a director of The Narrow Bank (TNB), the bank the Fed quietly strangled for the crime of being too safe. In this episode we cover: Why did TNB die? What are the parallels to the state of stablecoins today, if any? Do stablecoins actually threaten bank deposits? What does a Treasury security purpose-built for on-chain settlement look like? What tokenized assets should serve as the backbone of financial system of the future? Darrell’s Brookings paper with Don Wilson and TNB’s regulatory comment letter on Regulation D are both worth reading alongside this episode. • 00:00 – Intro • 01:07 – The Bank That Couldn’t Fail • 03:53 – Will Stablecoins Kill Lending? • 07:54 – Private Credit’s Run Problem • 11:14 – Too Safe to Exist • 18:31 – Why USDC Can’t Run Wall Street • 25:21 – The Narrow Bank Returns • 28:22 – If Duffie Ran Global Finance • 31:25 – The Stablecoin Sandwich Problem • 34:20 – The End of CLS? • 40:31 – Nubank vs. JPMorgan Brought to you by Codex, the stablecoin foreign exchange specialist.

Darrell Duffie of Stanford is famous for being the world’s foremost scholar of financial market plumbing. Few will know that he was also a director of The Narrow Bank (TNB), the bank the Fed quietly strangled for the crime of being too safe. In this episode we cover: Why did TNB die? What are the parallels to the state of stablecoins today, if any? Do stablecoins actually threaten bank deposits? What does a Treasury security purpose-built for on-chain settlement look like? What tokenized assets should serve as the backbone of financial system of the future? Darrell’s Brookings paper with Don Wilson and TNB’s regulatory comment letter on Regulation D are both worth reading alongside this episode. • 00:00 – Intro • 01:07 – The Bank That Couldn’t Fail • 03:53 – Will Stablecoins Kill Lending? • 07:54 – Private Credit’s Run Problem • 11:14 – Too Safe to Exist • 18:31 – Why USDC Can’t Run Wall Street • 25:21 – The Narrow Bank Returns • 28:22 – If Duffie Ran Global Finance • 31:25 – The Stablecoin Sandwich Problem • 34:20 – The End of CLS? • 40:31 – Nubank vs. JPMorgan Brought to you by Codex, the stablecoin foreign exchange specialist.

15,716 views • 2 months ago

"I'd probably clear half the employee base at Circle." I sat down with KAST CEO and ex-Circle exec raagulanpathy in Buenos Aires to explore what it takes to win in stablecoins. → Scale first, everything follows → Stop diversifying, focus → USDC can be #1

"I'd probably clear half the employee base at Circle." I sat down with KAST CEO and ex-Circle exec raagulanpathy in Buenos Aires to explore what it takes to win in stablecoins. → Scale first, everything follows → Stop diversifying, focus → USDC can be #1

25,184 views • 7 months ago

the chain where all stablecoins move will be worth trillions many are chasing this, mostly L1s that also run fintech or stablecoin issuer businesses if you're considering building there, ask yourself: do you want to deploy on a competitor's infra? open systems like codex win

the chain where all stablecoins move will be worth trillions many are chasing this, mostly L1s that also run fintech or stablecoin issuer businesses if you're considering building there, ask yourself: do you want to deploy on a competitor's infra? open systems like codex win

22,849 views • 6 months ago

general purpose L2s are parasitic to ethereum you split the user base, and especially post EIP-4844, the value accrual to the L1 is minimal the future lies with purpose-built L2s that just do one thing deeply at codex, we get deep on stablecoins

general purpose L2s are parasitic to ethereum you split the user base, and especially post EIP-4844, the value accrual to the L1 is minimal the future lies with purpose-built L2s that just do one thing deeply at codex, we get deep on stablecoins

24,916 views • 7 months ago

research fetish is the biggest disease in crypto PhD founders raising $10M+ just to do research no one asked for and never ship actual products you can have all the TPS in the world, but if the customer doesn't give a fuck, you don't have a product

research fetish is the biggest disease in crypto PhD founders raising $10M+ just to do research no one asked for and never ship actual products you can have all the TPS in the world, but if the customer doesn't give a fuck, you don't have a product

16,827 views • 5 months ago

five years ago, i moved to LA to work on scaling with vitalik over time, the tech derisked, and the real problem was always product-market fit. applying the tech in a way that was vertical-specific stablecoins were the most underserved vertical

five years ago, i moved to LA to work on scaling with vitalik over time, the tech derisked, and the real problem was always product-market fit. applying the tech in a way that was vertical-specific stablecoins were the most underserved vertical

19,246 views • 7 months ago

on-chain FX is the holy grail everyone keeps chasing but can't figure out the classic problems are obvious. non-USD stables have no liquidity, you can't move real volumes, and there's no demand either why the hell would anyone use an onchain mechanism if spreads are wider and more expensive? we have solutions on both sides

on-chain FX is the holy grail everyone keeps chasing but can't figure out the classic problems are obvious. non-USD stables have no liquidity, you can't move real volumes, and there's no demand either why the hell would anyone use an onchain mechanism if spreads are wider and more expensive? we have solutions on both sides

12,790 views • 7 months ago

around 60% of all stablecoins sit on ethereum our job at codex is to make sure they keep moving there too we wake up thinking about stablecoins, we go to bed thinking about stablecoins we just do this one thing

around 60% of all stablecoins sit on ethereum our job at codex is to make sure they keep moving there too we wake up thinking about stablecoins, we go to bed thinking about stablecoins we just do this one thing

12,043 views • 7 months ago

tether might be one of the best businesses of all time $5 billion in free cash flow and you could probably staff it with 15 people meanwhile, traditional tech companies have become capital-intensive with significant variable cost for inference stablecoins still have the old magic and are what every tech company wishes it still was. zero marginal cost, near-infinite scale

tether might be one of the best businesses of all time $5 billion in free cash flow and you could probably staff it with 15 people meanwhile, traditional tech companies have become capital-intensive with significant variable cost for inference stablecoins still have the old magic and are what every tech company wishes it still was. zero marginal cost, near-infinite scale

11,310 views • 7 months ago

Stablecoins don't just have financial implications, they have national security implications. They’ve become a structural bid for Treasuries, and a new instrument of American power.

Stablecoins don't just have financial implications, they have national security implications. They’ve become a structural bid for Treasuries, and a new instrument of American power.

13,184 views • 9 months ago

codex is staffed to solve the fiat-stablecoin barrier holding back adoption

codex is staffed to solve the fiat-stablecoin barrier holding back adoption

10,349 views • 7 months ago

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