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We sat down with Matt Hougan at Breakpoint to talk about what happens when Wall Street finally starts to pay attention to stablecoins. Almost no one in traditional finance cared until the GENIUS Act. Now the Treasury Secretary is projecting a market repricing to $3.7 trillion. The question institutions...

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Stabledash

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28,855 views • 7 months ago •via X (Twitter)

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The future of US crypto regulation is being written right now. Alenka and kaisa sat down with one of the people helping shape it – Adrian Wall, Head of US Policy at TRON DAO and Managing Director at @DSAForg. Inside: 🔹 The real chances of CLARITY Act passing this year. 🔹 What GENIUS Act changed for stablecoins. 🔹 Why has stablecoin yield become such a contentious issue. 🔹 What banks are still worried about. 🔹 TRON’s role in shaping regulation. New episode of Onchain, Honestly! 👇
0:56

The future of US crypto regulation is being written right now. Alenka and kaisa sat down with one of the people helping shape it – Adrian Wall, Head of US Policy at TRON DAO and Managing Director at @DSAForg. Inside: 🔹 The real chances of CLARITY Act passing this year. 🔹 What GENIUS Act changed for stablecoins. 🔹 Why has stablecoin yield become such a contentious issue. 🔹 What banks are still worried about. 🔹 TRON’s role in shaping regulation. New episode of Onchain, Honestly! 👇

Alea Research

35,363 views • 2 months ago

.Charles Yoo-Naut (🌧️,🌧️) is one of the most quietly consequential founders in not just onchain finance, but fintech as a whole. He and farooq 🌧 started building Rain in 2021, before the GENIUS Act, before stablecoin legislation was even a conversation, when the industry was still debating whether crypto had real use cases at all. Rain was built on a belief that every financial product will eventually run on stablecoin rails, and that cards are the bridge to get there. Charles rebuilt the modern money stack from the ground up, powered by stablecoins. Today Rain processes over $3 billion a year in card volume, having raised over $300 million in three rounds across 12 months, hitting a $1.95 billion valuation. Charles sat down with Drew Rogers in San Francisco to discuss: - What it actually looks like when stablecoins settle end to end on Visa rails - Why Rain's biggest customers are companies that didn't exist two years ago - The moment cross-border payments stop needing banks in the middle - What happens when agents start making purchases, and who is liable - How a 95-person company avoids the Block trap of hiring 8,000 - Why the line between a card payment and a stablecoin payment is about to disappear - What it feels like to become a dad while scaling a company at this pace Timestamps: 02:29 - $250M Series C, $1.95B valuation 03:40 - The conviction that started four years early 06:08 - $3B annualized card volume 08:33 - USDC settlement with Visa 12:33 - From "Ramp for DAOs" to the full TAM 14:36 - Western Union and the stablecoin sandwich 21:36 - 17 days to go live 26:15 - "I don't know if I could be an AI founder right now" 33:50 - Stablecoins passing cardholder to merchant 44:01 - Microtransactions and content paywalls 46:33 - Becoming a dad Presented by Altitude
48:00

.Charles Yoo-Naut (🌧️,🌧️) is one of the most quietly consequential founders in not just onchain finance, but fintech as a whole. He and farooq 🌧 started building Rain in 2021, before the GENIUS Act, before stablecoin legislation was even a conversation, when the industry was still debating whether crypto had real use cases at all. Rain was built on a belief that every financial product will eventually run on stablecoin rails, and that cards are the bridge to get there. Charles rebuilt the modern money stack from the ground up, powered by stablecoins. Today Rain processes over $3 billion a year in card volume, having raised over $300 million in three rounds across 12 months, hitting a $1.95 billion valuation. Charles sat down with Drew Rogers in San Francisco to discuss: - What it actually looks like when stablecoins settle end to end on Visa rails - Why Rain's biggest customers are companies that didn't exist two years ago - The moment cross-border payments stop needing banks in the middle - What happens when agents start making purchases, and who is liable - How a 95-person company avoids the Block trap of hiring 8,000 - Why the line between a card payment and a stablecoin payment is about to disappear - What it feels like to become a dad while scaling a company at this pace Timestamps: 02:29 - $250M Series C, $1.95B valuation 03:40 - The conviction that started four years early 06:08 - $3B annualized card volume 08:33 - USDC settlement with Visa 12:33 - From "Ramp for DAOs" to the full TAM 14:36 - Western Union and the stablecoin sandwich 21:36 - 17 days to go live 26:15 - "I don't know if I could be an AI founder right now" 33:50 - Stablecoins passing cardholder to merchant 44:01 - Microtransactions and content paywalls 46:33 - Becoming a dad Presented by Altitude

Stabledash

23,379 views • 5 months ago

"From a stablecoin perspective, we did over 10 trillion U.S. dollars worth of stablecoin money movement last year alone. We do on average way over 3,000 transactions per second. And this is in practice, this is not in theory." Maya of Solana Foundation on the ecosystem case for building payments on Solana. "We already have these big payment companies and institutions around the world leveraging Solana, and that gives you optionality." "When you start to talk about Solana from an ecosystem perspective, it truly is unmatched, a leader across multiple verticals, from DeFi to tokenized RWAs to payments."
1:24

"From a stablecoin perspective, we did over 10 trillion U.S. dollars worth of stablecoin money movement last year alone. We do on average way over 3,000 transactions per second. And this is in practice, this is not in theory." Maya of Solana Foundation on the ecosystem case for building payments on Solana. "We already have these big payment companies and institutions around the world leveraging Solana, and that gives you optionality." "When you start to talk about Solana from an ecosystem perspective, it truly is unmatched, a leader across multiple verticals, from DeFi to tokenized RWAs to payments."

Stabledash

14,618 views • 2 months ago

🚨 The GENIUS Act Is MUCH Bigger Than Crypto… Follow the Dollar 🇺🇸 Everyone is talking about the GENIUS Act like it's just about stablecoins. I think they're missing the bigger story. Treasury Secretary Scott Bessent just connected stablecoin regulation with something MUCH larger: “Cement the role of the U.S. dollar as the world's reserve currency.” Why would the Treasury Secretary connect stablecoins to global dollar dominance? 👀 Now start connecting the pieces: 🇺🇸 GENIUS Act 💵 Regulated stablecoins 🏦 Credit unions & community financial institutions 🤝 CUSOs ⚡ FedNow ⛓️ Blockchain infrastructure 🌎 U.S. dollar reserve-currency dominance And then ask the question nobody seems to be asking: What if blockchain isn't replacing the dollar… What if it's how America plans to keep the dollar #1? This is where the conversation around Metallicus, XPR Network and regulated financial institutions gets VERY interesting. This video explores the facts, the infrastructure already being built, and my “what if?” theory about where these pieces could eventually lead. Know What You Hold!!! 🧠 #GENIUSAct #Stablecoins #USD #CreditUnions #Metallicus #XPRNetwork #FedNow #Blockchain #Crypto #DigitalDollar
8:13

🚨 The GENIUS Act Is MUCH Bigger Than Crypto… Follow the Dollar 🇺🇸 Everyone is talking about the GENIUS Act like it's just about stablecoins. I think they're missing the bigger story. Treasury Secretary Scott Bessent just connected stablecoin regulation with something MUCH larger: “Cement the role of the U.S. dollar as the world's reserve currency.” Why would the Treasury Secretary connect stablecoins to global dollar dominance? 👀 Now start connecting the pieces: 🇺🇸 GENIUS Act 💵 Regulated stablecoins 🏦 Credit unions & community financial institutions 🤝 CUSOs ⚡ FedNow ⛓️ Blockchain infrastructure 🌎 U.S. dollar reserve-currency dominance And then ask the question nobody seems to be asking: What if blockchain isn't replacing the dollar… What if it's how America plans to keep the dollar #1? This is where the conversation around Metallicus, XPR Network and regulated financial institutions gets VERY interesting. This video explores the facts, the infrastructure already being built, and my “what if?” theory about where these pieces could eventually lead. Know What You Hold!!! 🧠 #GENIUSAct #Stablecoins #USD #CreditUnions #Metallicus #XPRNetwork #FedNow #Blockchain #Crypto #DigitalDollar

Echo 𝕏

38,229 views • 1 month ago

E179: Mert Mumtaz - $SOL at $8. zcash:native at $18. The framework that caught both, and the next potential gem I sat down for the 3rd time with mert the CoFounder of Solana and the CEO of Zcash 🛡️ for a banger episode where we cut through the noise, understand the thesis for Solana and $SOL in 2026, why zcash:native is the last 100x in the large caps and why $NEAR might be the next $SOL at $8 and zcash:native at $18 Timestamps 0:00 Introduction 4:05 Dating On Zero Sleep: Mert's Relationship Secret 7:30 The X Growth Hack That 6x'd His Following 8:51 Partnerships: Piero Negrini @BitwiseInvest 9:44 $SOL Crashed To $8... Then Everything Changed 15:48 Solana's Secret Leadership Shakeup 18:22 The Two Laws That Future-Proof Solana 25:47 Why Solana Wins By Default 28:05 Why Traders Are Blind To Solana 30:38 Partnerships: KAST Trezor 31:43 One of Mert's Big Bets: Solana In 2026 36:42 How Solana Becomes The New Wall Street 42:45 The Countdown To Solana's Big Upgrade 44:23 Is Solana Actually Back? 47:31 Partnerships: Jupiter Ethena 48:14 The Zcash "Scandal" That Wasn't 55:39 AI Is Coming For DeFi's Bugs 59:24 zcash:native 's 20X Case or more, Explained 1:04:40 NEAR Protocol : The Dark Horse Mert Is Watching 1:09:32 Closing Thoughts
1:12:22

E179: Mert Mumtaz - $SOL at $8. zcash:native at $18. The framework that caught both, and the next potential gem I sat down for the 3rd time with mert the CoFounder of Solana and the CEO of Zcash 🛡️ for a banger episode where we cut through the noise, understand the thesis for Solana and $SOL in 2026, why zcash:native is the last 100x in the large caps and why $NEAR might be the next $SOL at $8 and zcash:native at $18 Timestamps 0:00 Introduction 4:05 Dating On Zero Sleep: Mert's Relationship Secret 7:30 The X Growth Hack That 6x'd His Following 8:51 Partnerships: Piero Negrini @BitwiseInvest 9:44 $SOL Crashed To $8... Then Everything Changed 15:48 Solana's Secret Leadership Shakeup 18:22 The Two Laws That Future-Proof Solana 25:47 Why Solana Wins By Default 28:05 Why Traders Are Blind To Solana 30:38 Partnerships: KAST Trezor 31:43 One of Mert's Big Bets: Solana In 2026 36:42 How Solana Becomes The New Wall Street 42:45 The Countdown To Solana's Big Upgrade 44:23 Is Solana Actually Back? 47:31 Partnerships: Jupiter Ethena 48:14 The Zcash "Scandal" That Wasn't 55:39 AI Is Coming For DeFi's Bugs 59:24 zcash:native 's 20X Case or more, Explained 1:04:40 NEAR Protocol : The Dark Horse Mert Is Watching 1:09:32 Closing Thoughts

MR SHIFT 🦁

214,270 views • 2 months ago

WATCH: Kraken Co-CEO: Sovereign Bitcoin Accumulation is an "Inevitability" Kraken Co-CEO Dave Ripley joins Spencer Nichols to explain how sovereign nations are exploring strategic bitcoin reserves and why he thinks the US could move within 12 months. He breaks down what the Clarity Act means for regulation, the bank fight over stablecoin rewards, and how tokenization is reshaping finance. Chapters: 00:42 Dave Ripley on the state of the market 05:01 How institutions are really entering crypto 07:19 The rise of B2B cross-border payments 10:28 Why Solana and Ethereum lead tokenization 14:17 Gensler, Warren and the Clarity Act 21:10 Inside Kraken's Fed master account 23:52 The bank fight over stablecoin interest 31:31 Sovereign Bitcoin adoption 38:15 AI agents as economic actors 44:30 Why Dave has never been more bullish
50:20

WATCH: Kraken Co-CEO: Sovereign Bitcoin Accumulation is an "Inevitability" Kraken Co-CEO Dave Ripley joins Spencer Nichols to explain how sovereign nations are exploring strategic bitcoin reserves and why he thinks the US could move within 12 months. He breaks down what the Clarity Act means for regulation, the bank fight over stablecoin rewards, and how tokenization is reshaping finance. Chapters: 00:42 Dave Ripley on the state of the market 05:01 How institutions are really entering crypto 07:19 The rise of B2B cross-border payments 10:28 Why Solana and Ethereum lead tokenization 14:17 Gensler, Warren and the Clarity Act 21:10 Inside Kraken's Fed master account 23:52 The bank fight over stablecoin interest 31:31 Sovereign Bitcoin adoption 38:15 AI agents as economic actors 44:30 Why Dave has never been more bullish

Bitcoin Magazine

13,360 views • 1 month ago

I sat down with Matt Hougan, CIO of @BitwiseInvest, the firm managing $15 billion in crypto assets. He told me the 4-year cycle is self-fulfilling. That Bitcoin holders sold in anticipation of the crash and created it themselves. "You haven't seen anything yet. This is the pregame. The game hasn't started yet." Very pleased to have Matt on New Era Finance Podcast. TIMESTAMPS: 0:00 Introduction 0:38 Why Bitcoin really collapsed 5:16 Paper Bitcoin vs physical demand 7:44 Gold stole Bitcoin's spotlight 9:44 Why gold's rally is actually bullish for Bitcoin 11:40 The 4-year cycle is dead — here's the data 15:07 How institutions invest differently 15:55 Institutions are licking their chops 17:19 Why central banks bought gold (and will buy Bitcoin) 20:52 Stablecoins will onboard billions 24:47 What Trump actually delivered for crypto 28:55 The Genius Act: "You haven't seen anything yet" 30:13 Will the Clarity Act pass? 32:09 Quantum FUD is slowing institutions 36:59 Every AI scenario leads back to Bitcoin 41:03 What will drag us out of this crypto winter 44:30 Is the market undervaluing Ethereum? 47:43 The Mount Rushmore of crypto: BTC, ETH, SOL, LINK 51:14 Best advice for a 25-year-old investor 52:55 How to stay sane in a bear market
58:45

I sat down with Matt Hougan, CIO of @BitwiseInvest, the firm managing $15 billion in crypto assets. He told me the 4-year cycle is self-fulfilling. That Bitcoin holders sold in anticipation of the crash and created it themselves. "You haven't seen anything yet. This is the pregame. The game hasn't started yet." Very pleased to have Matt on New Era Finance Podcast. TIMESTAMPS: 0:00 Introduction 0:38 Why Bitcoin really collapsed 5:16 Paper Bitcoin vs physical demand 7:44 Gold stole Bitcoin's spotlight 9:44 Why gold's rally is actually bullish for Bitcoin 11:40 The 4-year cycle is dead — here's the data 15:07 How institutions invest differently 15:55 Institutions are licking their chops 17:19 Why central banks bought gold (and will buy Bitcoin) 20:52 Stablecoins will onboard billions 24:47 What Trump actually delivered for crypto 28:55 The Genius Act: "You haven't seen anything yet" 30:13 Will the Clarity Act pass? 32:09 Quantum FUD is slowing institutions 36:59 Every AI scenario leads back to Bitcoin 41:03 What will drag us out of this crypto winter 44:30 Is the market undervaluing Ethereum? 47:43 The Mount Rushmore of crypto: BTC, ETH, SOL, LINK 51:14 Best advice for a 25-year-old investor 52:55 How to stay sane in a bear market

Michaël van de Poppe

190,693 views • 6 months ago

My conversation with Rob Hadick ＞|＜. As General Partner at Dragonfly, Rob has one of the clearest views on how blockchain is evolving from speculative crypto into the actual infrastructure of global capital markets. In this episode we dig into why finance, payments, asset issuance, and markets are the only parts of crypto that are truly scaling and how the industry is quietly becoming TradFi’s onchain upgrade. We spend a lot of time mapping traditional capital markets primitives directly onto blockchain rails and examining where value is actually going to accrue as tokenization, stablecoins, and onchain trading mature. At the center of the conversation is the belief that blockchain is no longer building a parallel financial system it is becoming the settlement, issuance, and trading layer for the existing one, while crypto itself settles into a more mature “capital markets +” phase focused on real assets, institutional flows, and sustainable business models. We discuss: - The current state of crypto as capital markets infrastructure and the decline of pure speculative narratives - Why finance, payments, and tokenization are winning while most other crypto applications struggle - The architectural parallel between traditional capital markets and on-chain systems - Tokenized assets = Securities - Stablecoins = Cash / settlement - DEXs & on-chain venues = Exchanges - Prediction markets = Information markets - Why institutions are moving on-chain and what they actually want (control, privacy, segregated markets) - Token vs equity: where value accrues in a non-Clarity Act world - The mass extinction event in crypto VC and why Dragonfly is doubling down on financial infrastructure - Stablecoins, RWAs, and the real path to “tokenization of everything” - Prediction markets (and why Polymarket matters) as the next interface layer - Sustainable business models and where value will ultimately capture Timestamps: 0:00 – Introduction & State of Crypto as Capital Markets 2:00 – Why Speculative Narratives Are Fading 7:00 – Finance, Payments & Tokenization as the Only Scaling Verticals 12:00 – Institutional Adoption & What Wall Street Actually Wants 18:00 – Token vs Equity Value Accrual 25:00 – Blockchain as the New Settlement & Issuance Layer 35:00 – Prediction Markets, Information & the Next Interface 45:00 – Crypto VC Consolidation & Dragonfly’s Thesis 55:00 – Real-World Assets, Stablecoins & On-Chain Markets 1:05:00 – Closing Thoughts: Where Value Accrues Next Enjoy!
1:06:45

My conversation with Rob Hadick ＞|＜. As General Partner at Dragonfly, Rob has one of the clearest views on how blockchain is evolving from speculative crypto into the actual infrastructure of global capital markets. In this episode we dig into why finance, payments, asset issuance, and markets are the only parts of crypto that are truly scaling and how the industry is quietly becoming TradFi’s onchain upgrade. We spend a lot of time mapping traditional capital markets primitives directly onto blockchain rails and examining where value is actually going to accrue as tokenization, stablecoins, and onchain trading mature. At the center of the conversation is the belief that blockchain is no longer building a parallel financial system it is becoming the settlement, issuance, and trading layer for the existing one, while crypto itself settles into a more mature “capital markets +” phase focused on real assets, institutional flows, and sustainable business models. We discuss: - The current state of crypto as capital markets infrastructure and the decline of pure speculative narratives - Why finance, payments, and tokenization are winning while most other crypto applications struggle - The architectural parallel between traditional capital markets and on-chain systems - Tokenized assets = Securities - Stablecoins = Cash / settlement - DEXs & on-chain venues = Exchanges - Prediction markets = Information markets - Why institutions are moving on-chain and what they actually want (control, privacy, segregated markets) - Token vs equity: where value accrues in a non-Clarity Act world - The mass extinction event in crypto VC and why Dragonfly is doubling down on financial infrastructure - Stablecoins, RWAs, and the real path to “tokenization of everything” - Prediction markets (and why Polymarket matters) as the next interface layer - Sustainable business models and where value will ultimately capture Timestamps: 0:00 – Introduction & State of Crypto as Capital Markets 2:00 – Why Speculative Narratives Are Fading 7:00 – Finance, Payments & Tokenization as the Only Scaling Verticals 12:00 – Institutional Adoption & What Wall Street Actually Wants 18:00 – Token vs Equity Value Accrual 25:00 – Blockchain as the New Settlement & Issuance Layer 35:00 – Prediction Markets, Information & the Next Interface 45:00 – Crypto VC Consolidation & Dragonfly’s Thesis 55:00 – Real-World Assets, Stablecoins & On-Chain Markets 1:05:00 – Closing Thoughts: Where Value Accrues Next Enjoy!

Logan Jastremski

50,055 views • 1 month ago

"We spent a decade terrified the government would build a coin to spy on us with a CBDC. Instead we built it ourselves, handed a copy to Visa and Tether, and called it Freedom" "The Fed, Treasury, OCC, FDIC, and FinCEN are jointly proposing a rule requiring US stablecoin issuers to identify customers like banks. Full Bank Secrecy Act treatment. They'll know exactly who uses a stablecoin with full KYC and AML, what they did with it, and get full transparency into your wallet" "We didn't dodge the surveillance state, we basically franchised it. Chris Giancarlo said with the Genius Act we got the worst. We got both surveillance by stablecoin operators, which is not prevented, and surveillance by government through the Bank Secrecy Act. The word privacy doesn't even appear in the Genius Act" "We've feared a CBDC, railed against China and the ECB for trying to create them. What we actually did with the Genius Act was give private companies complete transparency into everything we do, and they have to hand that to the government. Right now stablecoins are more dystopian and more like a central bank digital currency"
2:55

"We spent a decade terrified the government would build a coin to spy on us with a CBDC. Instead we built it ourselves, handed a copy to Visa and Tether, and called it Freedom" "The Fed, Treasury, OCC, FDIC, and FinCEN are jointly proposing a rule requiring US stablecoin issuers to identify customers like banks. Full Bank Secrecy Act treatment. They'll know exactly who uses a stablecoin with full KYC and AML, what they did with it, and get full transparency into your wallet" "We didn't dodge the surveillance state, we basically franchised it. Chris Giancarlo said with the Genius Act we got the worst. We got both surveillance by stablecoin operators, which is not prevented, and surveillance by government through the Bank Secrecy Act. The word privacy doesn't even appear in the Genius Act" "We've feared a CBDC, railed against China and the ECB for trying to create them. What we actually did with the Genius Act was give private companies complete transparency into everything we do, and they have to hand that to the government. Right now stablecoins are more dystopian and more like a central bank digital currency"

The Wolf Of All Streets

18,166 views • 3 months ago

$315 BILLION in stablecoins are now backed by US Treasuries. And I don't understand why no one's questioning this. Goldman's David Solomon and former Treasury Secretary Steve Mnuchin just did a victory lap on stablecoins. Their pitch: Stablecoins strengthen the dollar, create demand for Treasuries, make it easier for people outside the United States to hold dollars. Sounds great. Until you look at what's actually happening underneath... The GENIUS Act passed in July 2025. First federal stablecoin framework in US history. Stablecoin market cap has grown 50% year over year. Tether alone holds $141 billion in US Treasuries, making it one of the largest holders of American government debt on the planet. Washington's pitch is simple: every time someone in Argentina, Turkey, or Nigeria buys USDT, they're buying Treasuries by proxy. Dollar dominance strengthened. Problem solved. And here's the part they REALLY love... The US ran an $1.8 trillion deficit in fiscal 2025. CBO projects $1.9 trillion this year. National debt just crossed $39 trillion. Interest payments alone now exceed $1 trillion annually. Meanwhile, the biggest foreign buyers of Treasuries (China, Japan, Canada) have been pulling back for years. ARK Invest found that the share of Treasuries held by the largest foreign creditors dropped from 23% to just over 6% in the past 13 years. The Fed is STILL running down its balance sheet. So who's going to buy all this debt? Washington's answer: stablecoin issuers. Treasury Secretary Bessent said it himself: "A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries and help rein in the national debt." Think about what that actually means. The government is counting on a $315 billion crypto product (run largely by a company in El Salvador that just got its first real audit last week) to help finance a $1.9 TRILLION annual deficit. Stablecoin issuers currently hold less than 2% of outstanding Treasury bills. Even if the market hits $2 trillion by 2028 like Standard Chartered projects, that's still just a rounding error against $39 trillion in total debt. This is literally a NARRATIVE designed to make the debt problem sound manageable. But the Federal Reserve published a study showing that for every $1 that moves from bank deposits into stablecoins, bank lending contracts by roughly 50 cents. Stablecoin issuers can't make loans. The GENIUS Act prohibits it. They can ONLY hold Treasuries, reverse repos, and cash equivalents. So when deposits leave banks and flow into stablecoins, that money stops funding mortgages, small business loans, and commercial credit. It starts funding government debt instead. The US Treasury itself estimated stablecoins could drain up to $6.6 TRILLION from the banking system. That's not "strengthening the dollar." That's redirecting the lifeblood of the real economy into government IOUs while starving Main Street of credit. And then there's the run risk nobody wants to discuss. Fed Governor Michael Barr said it yesterday: Stablecoin issuers have every incentive to chase higher returns on their reserves. But unlike banks, they CANNOT access the Fed's discount window. If a stablecoin run happens, issuers dump Treasuries into the market all at once. Stablecoin inflows push Treasury yields down 2-2.5 basis points. Outflows spike yields UP 6-8 basis points. Easy in. Ugly out. Meanwhile, Tether is the 800-pound gorilla. $185 billion in circulation. 550 million users. And until last week, it had never had a Big Four audit. It just hired KPMG after 12 years of operating with nothing but quarterly attestations. This is the entity Wall Street is celebrating as the future of dollar dominance. A company headquartered in El Salvador that fought transparency in court twice and LOST both times. Here's what Solomon and Mnuchin are actually telling you if you listen carefully: Stablecoins create captive demand for short-term US government debt. Foreign governments don't want to hold Treasuries anymore. So Washington's solution is to get 550 million retail users in emerging markets to hold them instead through a digital wrapper called a "stablecoin." The holders get zero interest. The GENIUS Act explicitly prohibits it. The issuers pocket the Treasury returns. Tether made $10 billion in profit last year. And the real economy loses credit while the government gets cheaper funding. This is a classic Wall Street pitch to sell financial innovation as progress: "This strengthens the system. This is good for everyone." Then the leverage builds, the risks concentrate, and the people who sold you on it are nowhere to be found when it unwinds. Stablecoins are NOT saving the dollar. They're a $315 billion shadow money market fund with no Fed backstop, no deposit insurance, and run dynamics that could destabilize the very Treasury market they're supposed to support. If you want to hold dollars, hold dollars. If you want to own the asset that central banks are actually buying instead of Treasuries, you already know what that is... 🥇
1:23

$315 BILLION in stablecoins are now backed by US Treasuries. And I don't understand why no one's questioning this. Goldman's David Solomon and former Treasury Secretary Steve Mnuchin just did a victory lap on stablecoins. Their pitch: Stablecoins strengthen the dollar, create demand for Treasuries, make it easier for people outside the United States to hold dollars. Sounds great. Until you look at what's actually happening underneath... The GENIUS Act passed in July 2025. First federal stablecoin framework in US history. Stablecoin market cap has grown 50% year over year. Tether alone holds $141 billion in US Treasuries, making it one of the largest holders of American government debt on the planet. Washington's pitch is simple: every time someone in Argentina, Turkey, or Nigeria buys USDT, they're buying Treasuries by proxy. Dollar dominance strengthened. Problem solved. And here's the part they REALLY love... The US ran an $1.8 trillion deficit in fiscal 2025. CBO projects $1.9 trillion this year. National debt just crossed $39 trillion. Interest payments alone now exceed $1 trillion annually. Meanwhile, the biggest foreign buyers of Treasuries (China, Japan, Canada) have been pulling back for years. ARK Invest found that the share of Treasuries held by the largest foreign creditors dropped from 23% to just over 6% in the past 13 years. The Fed is STILL running down its balance sheet. So who's going to buy all this debt? Washington's answer: stablecoin issuers. Treasury Secretary Bessent said it himself: "A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries and help rein in the national debt." Think about what that actually means. The government is counting on a $315 billion crypto product (run largely by a company in El Salvador that just got its first real audit last week) to help finance a $1.9 TRILLION annual deficit. Stablecoin issuers currently hold less than 2% of outstanding Treasury bills. Even if the market hits $2 trillion by 2028 like Standard Chartered projects, that's still just a rounding error against $39 trillion in total debt. This is literally a NARRATIVE designed to make the debt problem sound manageable. But the Federal Reserve published a study showing that for every $1 that moves from bank deposits into stablecoins, bank lending contracts by roughly 50 cents. Stablecoin issuers can't make loans. The GENIUS Act prohibits it. They can ONLY hold Treasuries, reverse repos, and cash equivalents. So when deposits leave banks and flow into stablecoins, that money stops funding mortgages, small business loans, and commercial credit. It starts funding government debt instead. The US Treasury itself estimated stablecoins could drain up to $6.6 TRILLION from the banking system. That's not "strengthening the dollar." That's redirecting the lifeblood of the real economy into government IOUs while starving Main Street of credit. And then there's the run risk nobody wants to discuss. Fed Governor Michael Barr said it yesterday: Stablecoin issuers have every incentive to chase higher returns on their reserves. But unlike banks, they CANNOT access the Fed's discount window. If a stablecoin run happens, issuers dump Treasuries into the market all at once. Stablecoin inflows push Treasury yields down 2-2.5 basis points. Outflows spike yields UP 6-8 basis points. Easy in. Ugly out. Meanwhile, Tether is the 800-pound gorilla. $185 billion in circulation. 550 million users. And until last week, it had never had a Big Four audit. It just hired KPMG after 12 years of operating with nothing but quarterly attestations. This is the entity Wall Street is celebrating as the future of dollar dominance. A company headquartered in El Salvador that fought transparency in court twice and LOST both times. Here's what Solomon and Mnuchin are actually telling you if you listen carefully: Stablecoins create captive demand for short-term US government debt. Foreign governments don't want to hold Treasuries anymore. So Washington's solution is to get 550 million retail users in emerging markets to hold them instead through a digital wrapper called a "stablecoin." The holders get zero interest. The GENIUS Act explicitly prohibits it. The issuers pocket the Treasury returns. Tether made $10 billion in profit last year. And the real economy loses credit while the government gets cheaper funding. This is a classic Wall Street pitch to sell financial innovation as progress: "This strengthens the system. This is good for everyone." Then the leverage builds, the risks concentrate, and the people who sold you on it are nowhere to be found when it unwinds. Stablecoins are NOT saving the dollar. They're a $315 billion shadow money market fund with no Fed backstop, no deposit insurance, and run dynamics that could destabilize the very Treasury market they're supposed to support. If you want to hold dollars, hold dollars. If you want to own the asset that central banks are actually buying instead of Treasuries, you already know what that is... 🥇

George Noble

90,823 views • 5 months ago

"Tokenized assets are exploding in value." Ian de Bode is President Ondo Finance, the company bringing US treasuries, stocks, and ETFs on-chain. He watched tokenized treasuries grow from $1 billion to $15 billion in two years. The man building the rails between Wall Street and crypto now says the two systems are about to merge and traditional finance isn't ready. "You should prepare for a world in which tokenized securities co-exist with normal securities. So get ready." We cover: Why tokenized assets exploded from $1B to $15B and aren't slowing down How every crypto exchange became a stock broker overnight Why Tesla and Google don't care about tokenizing their stock (and why that doesn't matter) How every token is backed 1:1 with daily third-party attestations Why tokenized stocks work like stablecoins: your wallet, no permissions, 24/7 How hedge fund leverage loops and carry trades come to DeFi Why perps on stocks could become a bigger market than all of crypto The road to markets that never close and who moves first What the Genius Act and Clarity Act actually signal Thanks to Ian De Bode for coming on New Era Finance Podcast. TIMESTAMPS: 00:00 - Intro 00:50 - Tokenized Assets Explode To $15 Billion 02:40 - Where The Demand Comes From 04:30 - Native Tokenization vs Permissionless Wrappers 07:20 - How Every Token Is Backed 10:00 - Using Tokenized Stocks In DeFi 13:30 - Leverage, Collateral & Capital Efficiency 17:00 - Perps On Stocks: Bigger Than Crypto 21:00 - The Road To 24/7 Markets 24:30 - Genius Act, Clarity Act & What's Next
27:09

"Tokenized assets are exploding in value." Ian de Bode is President Ondo Finance, the company bringing US treasuries, stocks, and ETFs on-chain. He watched tokenized treasuries grow from $1 billion to $15 billion in two years. The man building the rails between Wall Street and crypto now says the two systems are about to merge and traditional finance isn't ready. "You should prepare for a world in which tokenized securities co-exist with normal securities. So get ready." We cover: Why tokenized assets exploded from $1B to $15B and aren't slowing down How every crypto exchange became a stock broker overnight Why Tesla and Google don't care about tokenizing their stock (and why that doesn't matter) How every token is backed 1:1 with daily third-party attestations Why tokenized stocks work like stablecoins: your wallet, no permissions, 24/7 How hedge fund leverage loops and carry trades come to DeFi Why perps on stocks could become a bigger market than all of crypto The road to markets that never close and who moves first What the Genius Act and Clarity Act actually signal Thanks to Ian De Bode for coming on New Era Finance Podcast. TIMESTAMPS: 00:00 - Intro 00:50 - Tokenized Assets Explode To $15 Billion 02:40 - Where The Demand Comes From 04:30 - Native Tokenization vs Permissionless Wrappers 07:20 - How Every Token Is Backed 10:00 - Using Tokenized Stocks In DeFi 13:30 - Leverage, Collateral & Capital Efficiency 17:00 - Perps On Stocks: Bigger Than Crypto 21:00 - The Road To 24/7 Markets 24:30 - Genius Act, Clarity Act & What's Next

New Era Finance Podcast

56,237 views • 3 months ago

The third co-founder has stepped away from Polygon. We know there’s a lot of buzz and questions, so we connected with Aishwary (Global head of payments & RWA) from Polygon to address all the concerns and bring you the full picture. 04:00 - 3rd co-founder exit from Polygon. 15:30 - Objective behind Matic to Pol? 21:28 - What is AggLayer, and how is it going to help the polygon? 30:08 - In which sector is Polygon leading compared to other blockchains? 38:37 - How stablecoin GENIUS Act going to help Ethereum and Polygon? 55:08 - A message for polygon token holders.
59:39

The third co-founder has stepped away from Polygon. We know there’s a lot of buzz and questions, so we connected with Aishwary (Global head of payments & RWA) from Polygon to address all the concerns and bring you the full picture. 04:00 - 3rd co-founder exit from Polygon. 15:30 - Objective behind Matic to Pol? 21:28 - What is AggLayer, and how is it going to help the polygon? 30:08 - In which sector is Polygon leading compared to other blockchains? 38:37 - How stablecoin GENIUS Act going to help Ethereum and Polygon? 55:08 - A message for polygon token holders.

Kashif Raza

14,054 views • 1 year ago

LIVE NOW -- Why is ETH Down So Bad this Cycle? | Kyle Samani SOL/ETH is up 300% YoY, and ETH/BTC is down 50% over the last 2 years. Why is ETH underperforming so bad? Kyle Samani is the Managing Partner & Co-Founder at . Kyle and Multicoin are among the largest investors and proponents of Solana. They have been spearheading the ‘integrated blockchain’ investment theses even before the success of Solana redefined that corner of crypto. This episode is not intended to be a debate like the vs Justin Drake one. Ryan and David are mostly going to sit back and hear Kyle’s perspective and reasoning as to why ETH has been down so bad in this crypto cycle. ========================================= Timestamps: 0:00 Intro 5:40 Ethereum in a Vacuum 10:10 $ETH Vs. $BTC 25:50 Broken Layer2 Interoperability 34:46 Value Capture 51:46 What Needs to Change 55:23 Decentralization 1:06:34 #Solana 1:12:25 Steelmanning #Ethereum 1:17:49 Closing & Disclaimers
1:18:45

LIVE NOW -- Why is ETH Down So Bad this Cycle? | Kyle Samani SOL/ETH is up 300% YoY, and ETH/BTC is down 50% over the last 2 years. Why is ETH underperforming so bad? Kyle Samani is the Managing Partner & Co-Founder at . Kyle and Multicoin are among the largest investors and proponents of Solana. They have been spearheading the ‘integrated blockchain’ investment theses even before the success of Solana redefined that corner of crypto. This episode is not intended to be a debate like the vs Justin Drake one. Ryan and David are mostly going to sit back and hear Kyle’s perspective and reasoning as to why ETH has been down so bad in this crypto cycle. ========================================= Timestamps: 0:00 Intro 5:40 Ethereum in a Vacuum 10:10 $ETH Vs. $BTC 25:50 Broken Layer2 Interoperability 34:46 Value Capture 51:46 What Needs to Change 55:23 Decentralization 1:06:34 #Solana 1:12:25 Steelmanning #Ethereum 1:17:49 Closing & Disclaimers

Bankless

91,016 views • 2 years ago

.Sam Broner spent years at a16z crypto studying hundreds of stablecoin-focused startups. Mature fintechs, banks weighing their stablecoin strategy, early teams pitching infrastructure plays. The one pattern that kept surfacing: stablecoins were built for trading, not payments. Before a16z, Broner was an engineer at Microsoft, where he built the Fluid Framework that helped re-platform Word from desktop to browser. He demoed for Bill Gates two weeks into the project. Spent time at the Boston Fed's stablecoin initiative during MIT Sloan, angel invested in Cursor before most people had heard of it, and kept circling back to the same problem: moving from one stablecoin to another still works like a trade, not a payment. That's when he founded The Better Money Company - a stablecoin clearinghouse. Any stablecoin in, any stablecoin out, at a fixed price, with a guaranteed time of delivery. Its member issuers include Bridge, Paxos Labs, Agora, M0, MoonPay 🟣, brale, and Frax Finance ¤⛓️¤. Clients include Ramp, Privy, Turnkey 🔑, and Modern Treasury. The Better Money Company raised $10 million from a16z crypto, BoxGroup, and Sunflower Capital, and came out of stealth last week. Broner's point is simple. You don't sell Wells Fargo dollars at a variable price to get Bank of America dollars. Stablecoins shouldn't work that way either. Sam Broner sat down with Drew Rogers in Brooklyn. 00:00 - "I was living in Beijing in 2017" 02:24 - Paperwork in payments, and why engineers find it ridiculous 06:49 - MIT Sloan, the Boston Fed, and the stablecoin research scene 09:07 - The Fluid Framework: coding under a podium while Satya watched 13:10 - Why making payments a little bit better matters at massive scale 15:08 - Stablecoins are optimized for trading pairs, not payment flows 17:20 - What a clearinghouse is: from London taverns to hub-and-spoke 21:46 - Guaranteed pricing, guaranteed settlement, compliant clearing 25:41 - "Better money needs to be one to one" 31:52 - Instant payouts for gig workers: a weekend build on stablecoin rails 33:49 - Tourists in the Bazaar: how agents will transact 39:58 - Atomic payments and why faster settlement changes everything 44:01 - Why enterprise agent payments dwarf consumer agent payments 47:38 - Selling shovels vs. going for gold 53:24 - What's next for The Better Money Company Episode 0048, Presented by Altitude
49:13

.Sam Broner spent years at a16z crypto studying hundreds of stablecoin-focused startups. Mature fintechs, banks weighing their stablecoin strategy, early teams pitching infrastructure plays. The one pattern that kept surfacing: stablecoins were built for trading, not payments. Before a16z, Broner was an engineer at Microsoft, where he built the Fluid Framework that helped re-platform Word from desktop to browser. He demoed for Bill Gates two weeks into the project. Spent time at the Boston Fed's stablecoin initiative during MIT Sloan, angel invested in Cursor before most people had heard of it, and kept circling back to the same problem: moving from one stablecoin to another still works like a trade, not a payment. That's when he founded The Better Money Company - a stablecoin clearinghouse. Any stablecoin in, any stablecoin out, at a fixed price, with a guaranteed time of delivery. Its member issuers include Bridge, Paxos Labs, Agora, M0, MoonPay 🟣, brale, and Frax Finance ¤⛓️¤. Clients include Ramp, Privy, Turnkey 🔑, and Modern Treasury. The Better Money Company raised $10 million from a16z crypto, BoxGroup, and Sunflower Capital, and came out of stealth last week. Broner's point is simple. You don't sell Wells Fargo dollars at a variable price to get Bank of America dollars. Stablecoins shouldn't work that way either. Sam Broner sat down with Drew Rogers in Brooklyn. 00:00 - "I was living in Beijing in 2017" 02:24 - Paperwork in payments, and why engineers find it ridiculous 06:49 - MIT Sloan, the Boston Fed, and the stablecoin research scene 09:07 - The Fluid Framework: coding under a podium while Satya watched 13:10 - Why making payments a little bit better matters at massive scale 15:08 - Stablecoins are optimized for trading pairs, not payment flows 17:20 - What a clearinghouse is: from London taverns to hub-and-spoke 21:46 - Guaranteed pricing, guaranteed settlement, compliant clearing 25:41 - "Better money needs to be one to one" 31:52 - Instant payouts for gig workers: a weekend build on stablecoin rails 33:49 - Tourists in the Bazaar: how agents will transact 39:58 - Atomic payments and why faster settlement changes everything 44:01 - Why enterprise agent payments dwarf consumer agent payments 47:38 - Selling shovels vs. going for gold 53:24 - What's next for The Better Money Company Episode 0048, Presented by Altitude

Stabledash

16,388 views • 4 months ago

Nikhil Srinivasan sold his first company to Coinbase 🛡️ in 2018. A few years later, he went on to lead product on Sardine's AI risk platform. Last year he left to start Infinite. At Coinbase, his team added every new blockchain and asset to the platform beyond Bitcoin and Ethereum, including USDC. At Sardine, he led compliance while co-founder Raj led payments, and together they shipped one of the first real virtual account programs in stablecoins. Those two seats are where the thesis behind Infinite took shape. Infinite is a global B2B stablecoin processor backed by Y Combinator and Coinbase 🛡️, settling same-day payments to 170+ countries. His bet is simple. Stablecoins are rewriting the rails of global payments, and compliance is what decides who actually wins. Nikhil Srinivasan sat down with in San Francisco. 00:00 - "There's a whole story as to how we got to this problem" 02:35 - Infinite, and the team that shipped at Sardine 06:25 - Virtual accounts: the light-bulb moment 13:10 - The visibility gap on the international leg 16:57 - First-party vs third-party, and why nesting is the quiet risk 22:32 - Inside the stablecoin sandwich 28:52 - "People think compliance is deterministic and static" 35:14 - The end of emailing passport scans 40:41 - Bitso, Trace, Conduit, Yellow Card - allies, not competition 46:08 - "Go bare metal" - Tom Blomfield's YC advice 52:42 - Agentic commerce and machine-to-machine money 56:51 - Do foundation model companies become payment companies? Episode 0047, Presented by Altitude
1:00:38

Nikhil Srinivasan sold his first company to Coinbase 🛡️ in 2018. A few years later, he went on to lead product on Sardine's AI risk platform. Last year he left to start Infinite. At Coinbase, his team added every new blockchain and asset to the platform beyond Bitcoin and Ethereum, including USDC. At Sardine, he led compliance while co-founder Raj led payments, and together they shipped one of the first real virtual account programs in stablecoins. Those two seats are where the thesis behind Infinite took shape. Infinite is a global B2B stablecoin processor backed by Y Combinator and Coinbase 🛡️, settling same-day payments to 170+ countries. His bet is simple. Stablecoins are rewriting the rails of global payments, and compliance is what decides who actually wins. Nikhil Srinivasan sat down with in San Francisco. 00:00 - "There's a whole story as to how we got to this problem" 02:35 - Infinite, and the team that shipped at Sardine 06:25 - Virtual accounts: the light-bulb moment 13:10 - The visibility gap on the international leg 16:57 - First-party vs third-party, and why nesting is the quiet risk 22:32 - Inside the stablecoin sandwich 28:52 - "People think compliance is deterministic and static" 35:14 - The end of emailing passport scans 40:41 - Bitso, Trace, Conduit, Yellow Card - allies, not competition 46:08 - "Go bare metal" - Tom Blomfield's YC advice 52:42 - Agentic commerce and machine-to-machine money 56:51 - Do foundation model companies become payment companies? Episode 0047, Presented by Altitude

Stabledash

15,123 views • 5 months ago

OpenUSD could flip the entire stablecoin business model upside down "Look at the business model of existing stablecoins like Circle and Tether. USDC and USDT are the product, but the business model is the float. They take in a ton of money, invest it in short-term treasuries, earn a yield, and that's their income" "In 2024 Circle said 99% of their income came from holding treasuries and earning a yield. That's an astounding number. Tether is one of the most profitable companies in the world because of high interest rates in the exact same model" "These 140 companies are saying we are going to earn the interest from that float instead of the issuers. OpenUSD will just make a small amount on transaction fees, and the companies using it earn the interest on the tokens. Complete change in the model. That's why Circle stock dumped so hard, people believe the day of making money on float might be over"
1:06

OpenUSD could flip the entire stablecoin business model upside down "Look at the business model of existing stablecoins like Circle and Tether. USDC and USDT are the product, but the business model is the float. They take in a ton of money, invest it in short-term treasuries, earn a yield, and that's their income" "In 2024 Circle said 99% of their income came from holding treasuries and earning a yield. That's an astounding number. Tether is one of the most profitable companies in the world because of high interest rates in the exact same model" "These 140 companies are saying we are going to earn the interest from that float instead of the issuers. OpenUSD will just make a small amount on transaction fees, and the companies using it earn the interest on the tokens. Complete change in the model. That's why Circle stock dumped so hard, people believe the day of making money on float might be over"

The Wolf Of All Streets

26,440 views • 2 months ago