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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Wyatt sits down with Sandy Kaul, head of digital assets at Franklin Templeton, to cover Sandy’s work with the CFTC and DTCC and creating sandboxes for onchain financial markets. In this episode:

• How wallets stand to become the hub of asset management
• Lasting policy for crypto
• Protecting consumers in an open financial system

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

• Wyoming releases a stabletoken “FRNT”
• Matt’s bear encounter
• Bowman and Waller’s speeches at Jackson Hole
• Eric Trump’s Bitcoin prediction
• Is there an example of a DAT that makes sense?
• Should DATs trade at a persistent premium?
• Figure is going public
• Bullish goes public
• Is Saylor cornered?
• Quintenz’ nomination
• The DoJ decriminalizes writing open source code
• Is Polymarket cooked?
• Does a trial by a jury of your peers make sense?

Content mentioned:

• Reducible Errors, Predicting our own demise

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Wyatt sits down with the founders of Groom Lake. In this episode: 

• How social engineering attacks are being used to exploit companies in crypto and beyond
• How companies can better protect themselves and be vigilant of these exploit attempts
• The future of cybersecurity software for crypto

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Wyatt sits down with Luke Xie, cofounder of SatLayer for a conversation about Bitcoin yield. In this episode: 

• What makes financial markets for BTC unique
• How BTC DeFi will evolve, in the backdrop of the broader macro environment
• DeFi vs CeFi financial systems for BTC

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

• We review the DAT fine print
• Why being in power is sometimes the hardest part
• Stripe and Circle announce their own L1s
• We make the case for stablecoin L1s 
• The irony in Stripe’s L1
• What about a DAT of DATs? 
• Bullish goes public
• Breakfast cereals
• Do Kwon pleads guilty
• BPI sends a letter to Congress complaining about stablecoin interest
• Can you prohibit stablecoin yield? 
• Bo Hines steps down
• Bessent says the USG will not be buying Bitcoin
• Is monero being 51% attacked? 

Content mentioned:

• BitMEX Research, Treasury Company Advisory Agreements
• Julie Hill, Governmental Debanking

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We sit down with Huf Haus, founder of Pear Protocol. In this episode: 

• What pair trading is, the benefits of Pear trading, and different strategies
• How to approach different market regimes from a trader’s perspective
• Applying trading strategies to other asset classes

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Nathan McCauley, the founder and CEO of Anchorage joins the show. In this episode we discuss:

• The passage of The Genius Act and the impact it will have on the digital asset industry.
• The launch of Anchorage’s white label stablecoin issuance platform.
• Anchorage Prime and how the company is working with its customers on trade execution, lending and custody.
• The status of the market structure bill.
• The Roman Storm case.

To learn more about Anchorage visit their website. Follow Nathan on X.

See also:

• OTB 595: Nathan McCauley on the evolving banking and custody landscape 

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

• What’s wrong with NYC?
• China bans Bitcoin for the 15th time
• Is China really lauching an RMB stablecoin?
• We dissect the Trump debanking EO
• OpenAI releases GPT5
• SEC: Liquid staking tokens are not securities
• Roman Storm is found guilty on one of three counts
• Hester Peirce’s speech on financial privacy
• How should we solve debanking?
• Will stablecoins replace bank wires?
• Is AI going to reveal the identity of Satoshi

Further reading:

• Hester Peirce, Peanut Butter & Watermelon: Financial Privacy in the Digital Age
• Nic on Substack, The Last Word on Stablecoins and Free Banking

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Maple Finance CEO and cofounder Sid Powell joins the show to talk about Maple’s huge year so far. In this episode: 

• Syrup and Maple’s evolution into an on-chain asset manager
• Traditional credit players servicing on-chain finance
• DeFi’s strengths and weaknesses relative to traditional markets

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

• The White House publishes their highly awaited crypto report
• SEC Chair Paul Atkins makes a landmark speech
• Stablecoin-focused L1s
• DAT mNAV premia are converging to 1
• Figma IPO
• The SEC embraces tokenized securities, airdrops, token issuance, and DeFi
• In-kind create and redeem has been authorized for Bitcoin ETFs
• JPM deepens their partnership with Coinbase 
• Roman Storm verdict is imminent 

Further reading:

• Blockworks’ DAT Dashboard
• Omid Malekan and Zach Pandl, Stablecoins and the Singleness of Money
• White House, Strengthening American Leadership in Digital Financial Technology
• Paul Atkins, American Leadership in the Digital Finance Revolution
• Nic Carter, The Last Word on Stablecoins and Free Banking

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Wyatt sits down with Michael Bentley, the founder of Euler. In this episode: 

• Euler’s founding story, infamous security incident, and comeback story
• How the team and protocol stayed together in the face of immense challenges
• The value of personal relationships in crypto despite a pseudonymous culture

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

• Defending “Free Banking” from the critics – and why stablecoins are unlike free banks
• The American Bankers Association doesn’t like new crypto charters
• Tether CEO Paolo Ardoino announces the company’s plan to launch a new US-based stablecoin this year
• Strategy announced the plans for the fourth preferred stock offering this week, STRC, or “Stretch.”
• Anchorage Digital, which does hold an OCC banking charter, is launching a new stablecoin issuance platform. The first stablecoin product will be USDtb in partnership with Ethena Labs
• The Senate Banking Committee released their discussion draft for crypto market structure legislation this week, designed to build off the House’s passage of the CLARITY Act last week
• Citadel Securities has expressed concern around the rise of tokenized securities
• Bhutan’s Bitcoin trade
• BitGo, a crypto custody provider, and Bullish, a crypto exchange, both announced that they had confidentially filed an S-1

Further reading:

• Wired, The Great Crypto Re-Banking Has Begun
• Galaxy Digital, Crypto Policy Under Trump: H1 2025 Report

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Cyrus Shirazi, CEO of Haven joins the show. In this episode: 

• R&D tax credits and offering an attractive tax product to early stage companies
• What on-chain finance needs to fulfill becoming a better ledger for accounting
• What startups should look for in a tax & accounting partner

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

• The Coldplay concert incident
• It’s Crypto Week in Washington
• Talos acquires Coin Metrics
• Do you need an MTL to run a fantasy football league?
• GENIUS Act is law pending Trump’s signature
• Clarity Act passes the House
• Pump.fun ICO
• Fairshake raises $141m
• Grayscale is preparing for an IPO
• Adam Back’s Bitcoin access vehicle
• Polymarket beats the allegations
• Is GENIUS creating a narrow bank system? 
• Governor Waller’s comments on stablecoins and banks

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Wyatt sits down with Nikhil Raghuveera of Predicate to talk policy for blockchain applications. In this episode: 

• How Predicate’s “rules for blockchain transactions” are making on-chain finance more scalable and secure
• Creating more compliant stablecoin transfer systems suitable to mass financial use cases
• The future of secure money movement
• How leading software and financial firms can integrate transaction policies in their workflows

Check out this episode!