Geetha Panchapakesan, the founder and CEO of Tesser, joins the show. In this episode: 

• Geetha’s background in payments and how she arrived in stablecoins
• Major shifts across payments over Geetha’s career
• Building a one-stop shop solution for financial institutions, PSPs and MSBs
• Where FIs are today as it relates to engaging to stablecoins
• Regulatory tailwinds post-GENIUS

See more at tesser.xyz

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Matt and Nic are back with another week of news and deals. In this episode: 

• Old fashioned crime is back
• Quantum risk to Bitcoin
• More outcry in Washington over the Democratic edits to market structure
• CZ gets a presidential pardon 
• Federal Reserve announces a payments charter 

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Matt and Nic are back with another week of news and deals. In this episode: 

• We dissect the market structure behind the flash crash last week
• What happened with Binance and Ethena?
• Palmer Luckey’s de novo bank Erebor gets an OCC charter
• Paxos’ fat finger
• The US government has seized $15b in funds tied to pig butchering scams

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Wyatt sits down with Pbj, the founder of Perpl, a prominent perpetuals exchange on the imminently launching Monad blockchain. In this episode:

• How large are perp exchanges in the crypto market?
• Why perps are attractive to crypto users and traders
• Hyperliquid’s success
• What assets would people trade on Perpl vs Hyperliquid?
• What makes Monad unique
• Perps for other asset classes?
• Reasons to be excited

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Dave Balter, the co-founder and CEO of Flipside Crypto joins the show. In this episode we discuss:

• How Flipside has shifted its product to fully harness the power of LLMs for analyzing public blockchain networks.
• Building a product organization in the age of A.I.
• Perspectives on the evolving landscape of layer one and layer two blockchains.
• How the role of a data analyst will evolve in the coming years.
• Where Flipside is focusing its efforts within the blockchain data/analytics segment.

To learn more about Flipside visit flipsidecrypto.xyz and follow the company on X.

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Matt and Nic are back for another week of news and deals. In this episode: 

• Will stablecoins drive deposit flight from the banks?
• Is FDIC insurance obsolete?
• Can CBDCs provide real privacy?
• ICE invests in Polymarket
• North Dakota is looking to issue their own “rough rider” stablecoin, joining Wyoming
• Luxembourg buys bitcoin out of their sovereign wealth fund
• Is the quantum bubble creating risks for Bitcoin?
• The “Salomon brothers” OP_RETURN dusting attack on old Bitcoins
• Reg NMS for blockchains?
• Katie Porter has a new drama
• Congress is still working on the market structure bill
• Shutdown update

Content mentioned in this episode:

• Nic on Substack, Yes, we really do want to trust crypto interests with the future of money
• Galaxy Research, The Great Bitcoin Dusting: A ‘Salomon Brothers’ Client Tries to Claim Dormant Wallets

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Pelle Braendgaard, the co-founder and CEO of Notabene joins the show. In this episode we discuss:

• Pelle’s background and path to co-founding Notabene.
• The travel rule and how institutions achieve compliance for blockchain transactions.
• The launch of Notabene Flow, the first open stablecoin payments platform enabling pull payments for businesses.
• Views on the evolving market structure for stablecoin payments
• The state of digital identity.

To learn more about Notabene visit notabene.id and follow the company on X.

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Mike Cagney, the founder of Figure joins the show. In this episode we discuss:

• The process of taking Figure public in September 2025.
• The market structure for tokenized securities.
• Perspectives on the key issues being debated in the context of The Clarity Act.
• Reg NMS considerations for blockchain assets.
• The impact of stablecoins on the banking sector.
• The original thesis of Figure and the attractiveness of the HELOC market.
• The Provenance Blockchain
• Competition versus legacy financial services firms.

To learn more about Figure visit figure.com. Follow Mike on X. Follow Figure on X.

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Matt and Nic are back for another week of news and deals. In this episode:

• AI bailed out the mining companies
• AI people deal with the same energy use claims
• We reflect on the life of Jane Goodall
• DoubleZero gets a no-action letter from the SEC
• Will Tether and Circle lose market share?
• Who could challenge the Big Two stablecoins?
• Do optimists always win?
• Some DATs are troubled
• Is Kalshi starting to take over?
• Stripe announces Open Issuance
• The US Government is shut down

Content mentioned:

• Nic on Substack, The Stablecoin Duopoly is Ending

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Wyatt sits down with Ben Ward and Steven Pack of RockSolid. In this episode:

• What are DeFi vaults? What is RockSolid?
• Lido vs Rocket Pool
• Creating effective unified efforts in decentralized communities
• A look at the wider landscape of DeFi yield
• How do you measure protocol success?
• Strengthening the broader Ethereum ecosystem

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Mark Coe, the Founder and CIO of Intrinsic Edge Capital Management joins the show. In this episode we discuss:

• Mark’s background and path that led him to founding Intrinsic Edge Capital Management.
• The Intrinsic Edge Digital Infrastructure Fund, a fund that was launched four years ago to focus on companies in the digital asset ecosystem.
• Perspectives on the mining industry and the impact of AI/LLMs on this sector of the industry.
• Views on the types of businesses that will enter the public markets in the coming years.
• The future of prime brokerage and how service providers will evolve.

To learn more about Intrinsic Edge visit intrinsicedge.com or email them at info@intrinsicedge.com

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Matt and Nic are back for another week of news and deals. In this episode: 

• We review the Coin Center dinner
• Tether is going out to raise at $500b
• Cloudflare wants to launch a stablecoin for agentic payments and launches the 402 protocol
• Circle is thinking about reversible transactions
• BitGo files for an S1
• Strive acquires Semler Scientific
• The SEC is looking into 200 DATs for insider trading
• 9 major European banks are looking to launch a MiCA stablecoin
• The Bank Policy Institute thinks stablecoins threaten banks
• Senate Finance Cmte is looking at crypto taxes 
• Naver is looking to acquire Upbit

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Wyatt sits down with Felipe Montealegre and Noah Goldberg of Theia Capital, a fund investing actively in liquid crypto tokens with strong fundamentals. In this episode:

• What drives crypto market valuations? Fundamentals or supply of capital?
• The imbalance between venture vs hedge fund activity in crypto markets
• Navigating a market where assets become liquid early in their lifecycle
• Talent in the crypto industry
• What makes exceptional founders and team members?
• Using LLMs in investing and general workflow
• Future themes Theia is excited about

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Matt and Nic are back for another week of news and deals. In this episode: 

• The SEC approves generic listing standards for cryptoassets
• Gensler loses a year’s worth of text messages
• BoE wants to limit stablecoin exposure to £20k
• Tether launches USAT
• Coinbase is exploring a Base token
• Binance nears the end of DoJ compliance monitoring
• Galaxy is launching a tokenized money market fund
• PayPal launches PayPal links

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Walt joins the podcast to discuss the current state of Bitcoin and what is investable in and around the Bitcoin ecosystem. In this episode:

• Austrian economics and Bitcoin
• Bitcoin’s strengths and limitations when it comes to innovation and durability
• The modern role of decentralization and trust
• Whether nation-states will fully adopt BTC
• The role of Bitcoin in network states
• Owning BTC and other cryptoassets directly vs in equity wrappers
• Assessing the monetary value of cryptoassets
• BTC for payments?

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Matt and Nic are back for another week of news and deals. In this episode:

• We reminisce about the fork wars
• Figure goes public
• Gemini is slated to list
• The Winklevoss Quintenz drama rumbles on
• DAT updates
• CLARITY updates
• The fight over stablecoins paying interest continues
• Prediction markets and sports betting
• SwissBorg is hacked
• The CBOE is launching BTC and ETH “continuous futures”
• Harberger taxes

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Wyatt sits down with Austin Federa, the founder of DoubleZero to discuss the hardware systems that underlie blockchains and the internet. In this episode:

• Building a newer, better fiber network
• How and why much of internet hardware infrastructure is antiquated
• Why software innovation has taken precedent over hardware innovation
• Vertical integration and who has access to the best hardware systems
• Why hardware innovation requires startups and new entrants
• Why blockchains demand faster, reliable bandwidth
• Why a token framework offers a better incentive mechanism

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Matt and Nic are back for another week of news and deals. In this episode: 

• We review the US Open
• The Clippers scandal
• Fantasy football and the efficient market hypothesis
• Tax treatment of sports betting on Poly versus sports betting apps
• Are prediction markets more efficient than bookies?
• Galaxy launches a tokenized version of their stock
• NASDAQ is adding supervision rules for DATs
• Is it over for the DATs?
• World Liberty Fi launches and gets into a fight with Justin Sun
• Gemini files to go public
• Stripe releases details around their Tempo L1
• Some academics have an explanation for why MSTR might trade at a persistent premium 

Content mentioned in this episode:

• Nic on Substack, Situating Stablecoins in the Payments Landscape
• Valuing Microstrategy

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Wyatt sits down with Daniel Lev, the founder of Coinflow, to discuss the evolution of payments amidst a wave of stablecoin-enabled innovation. In this episode:

• Lurking legacy issues of payment networks
• How our current payment networks benefit end users but not merchants
• Types of merchant profiles and who stands to benefit
• Creating faster settlement
• Marketplace models and better rails
• How blockchain can reduce fraud and help businesses know their customers

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Nic and Matt return for another week of news and deals. In this episode:

• Nic reviews the stablecoin conference in Mexico City
• Will the banks obsolete stablecoins?
• Some DATs are having trouble
• The government is putting GDP on the blockchain
• The CFTC opens the door to US customers trading on non-US exchanges
• Trump fires Lisa Cook
• Can the Fed be considered “independent”
• Google is developing a blockchain
• A BNB DAT gets delisted
• Tether is building on Bitcoin via RGB
• How does insider trading work in prediction markets?

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