The Stablecoin Podcast

In this episode, Raagulan “Raags” Pathy, founder and CEO of KAST and former head of Circle’s Asia Pacific business, joins us to discuss building a money app for people who earn globally and spend globally. We explore why the internet economy needs a borderless financial layer that traditional banks can’t provide, why KAST is moving away from the word “stablecoin” and simply calling it money, and why Raags believes fintech is a win-or-lose game in which most of today’s crypto neobanks won’t survive the next 12 to 18 months. From regulation in Europe and India to rewards, chain consolidation and the gap between privacy as a thesis and actual customer demand, Raags shares how KAST is racing to match the product depth of Revolut and Nubank in a fraction of the time.Follow Stablecoin PartnersStablecoin Partners: ⁠https://www.stablecoinpartners.com/⁠KASTWebsite: ⁠https://www.kast.xyz/en⁠LinkedIn: ⁠https://www.linkedin.com/company/kastxyz⁠Raagulan Pathy: ⁠https://www.linkedin.com/in/raagulanpathy/⁠Chapters00:00 Introduction, Raagulan “Raags” Pathy, KAST01:13 From Circle APAC to building KAST03:41 How KAST’s customer base has evolved04:50 Explosive growth since July/August launch05:52 The core problem: businesses that are global-first from day one07:03 Why most crypto neobanks won’t survive the next 12-18 months11:00 Win or lose, there’s no middle ground in fintech12:45 Why banks aren’t a competitive threat (yet)16:56 Product innovation vs. regulatory moat, lessons from Revolut18:16 Rewards, CAST Pioneer Units, and why KAST skipped a token21:07 Where regulatory challenges remain post-GENIUS23:41 India, high adoption, high regulatory risk, playing it safe25:55 Why demand for borderless money isn’t slowing down28:42 Solana, chain-agnostic deposits, and why only 3 chains matter32:03 Privacy on-chain, a correct thesis with no real demand yet34:24 The best (and strangest) customer support ticket ever36:45 Parting advice, why trust and shipping speed win39:01 Where to find Raags and KAST

In this episode, we’re joined by Eric Queathem, founder and CEO of Velocity, a stablecoin treasury and settlement platform backed by Visa, Circle, and Ripple, and former global strategy and growth lead at WorldPay. Eric explains why the back end of payments has seen almost no innovation despite 15 years of investment in the category, why stablecoin businesses are only as strong as their underlying fiat network, and how faster settlement unlocks real capital efficiency for everyone from OTC desks to low-margin airlines. We get into why Velocity takes a low-code, meet-people-where-they-are approach rather than ripping out legacy treasury systems, what the BVNK and Bridge exits actually reveal about where value sits in stablecoin infrastructure, and why FX parity with fiat could still be a decade away outside the majors.We also cover Velocity’s new partnership with Cross Cross to expand into Africa’s fragmented but fast-growing financial market, the slow but real corporate appetite for on-chain yield instruments, why tokenized deposits solve a different problem than stablecoins, and what’s really behind skepticism from regulators like Singapore’s MAS. Eric closes with his honest advice for any CFO considering stablecoin adoption: use it for your own treasury first, and always ask who actually holds title to your assets.Follow Stablecoin PartnersStablecoin Partners: https://www.stablecoinpartners.com/StableCheck: https://www.stablecoinstandard.com/stablecheckVelocityWebsite: https://www.velocity.xyz/aboutEric Queathem: https://www.linkedin.com/in/eric-queathem-63790617/Chapters00:00 Introduction to Stablecoins and Velocity03:03 The Evolution of Payments and the Role of Stablecoins06:08 Adoption of Stablecoins Across Industries09:00 Integrating Stablecoins into Existing Systems12:00 Market Dynamics and FX Pricing in Stablecoins14:58 Growth Opportunities for Stablecoin Companies18:09 Understanding the Value Proposition of Stablecoins20:59 Capital Efficiency and the Future of Stablecoins23:46 Capital Efficiency and Velocity in Business27:17 The Future of FX Markets and Stablecoins29:41 Corporate Adoption of On-Chain Yield Instruments32:37 Exploring the African Financial Market36:06 The Role of Stablecoins in Payments40:27 Tokenized Deposits: A Global Perspective43:17 Advice for Stablecoin Adoption

In this episode, Sekhar Cidambi, CTO of Nium, joins us to discuss what it takes to integrate stablecoins into a global payments network operating across 190+ countries. Drawing on experience at Visa, Coinbase, FIS, and now Nium, Sekhar explains why stablecoins work best alongside existing payment rails, how treasury and liquidity use cases are driving adoption, and why compliance, security, and real-time settlement remain the biggest challenges in scaling digital assets for enterprise payments.Follow Stablecoin PartnersStablecoin Partners: https://www.stablecoinpartners.com/NiumWebsite: https://www.nium.comLinkedIn: https://www.linkedin.com/in/cidambi/

In this episode, Dan Mottice, Head of Stablecoins at Modern Treasury and founder of the acquired stablecoin platform Beam, joins us to discuss the next phase of digital money infrastructure. We explore how stablecoins, ACH, wires, tokenized deposits and traditional banking rails are converging into a single orchestration layer, why stablecoins are increasingly being treated as just another settlement asset, and what it takes to build enterprise-grade payment experiences. From global dollar accounts to self-custody and tokenized deposits, Dan shares how the tooling, regulation and market maturity have evolved over the past few years.Follow Stablecoin PartnersStablecoin Partners: https://www.stablecoinpartners.com/Modern TreasuryWebsite: https://www.moderntreasury.comDan Mottice X/Twitter: https://x.com/mottice

In this episode, we're joined by Sergio Mello, Global Head of Stablecoin Solutions at Anchorage Digital, the only OCC-chartered crypto bank in the US. We trace his path from Web1 entrepreneurship in Italy to building institutional stablecoin infrastructure, and dig into how Anchorage built an end-to-end issuance stack now serving major players like Tether, Western Union, OSL, and Athena. We unpack the launch of USAT, Tether's US-regulated stablecoin issued alongside Cantor and Anchorage, why "good stablecoin means good dollar," and how the GENIUS Act reshaped the regulatory landscape almost overnight. We also dive deep into tokenized deposits versus stablecoins, why Sergio sees them as complementary rather than competing (tokenized deposits for staying close, stablecoins for going far), the role of correspondent banking in solving cross-border dollar access, and why market cap is a poor proxy for real stablecoin utility compared to acceptance by major payment networks. Plus: thoughts on Revolut's new EUR stablecoin, the "Money Flower" framework revisited, and Sergio's advice for any bank or fintech deciding whether to launch its own stablecoin. Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck  SVB:Website: https://www.anchorage.com/ LinkedIn: linkedin.com/in/sergiomello / https://www.linkedin.com/company/anchorage/  Chapters  00:00 Institutional Stablecoins: The Big Debate01:16 Sergio’s Path to Digital Assets03:38 What Institutions Need From Stablecoin Issuance05:37 Regulation and the Institutional Adoption Wave08:54 Tether and the Regulated U.S. Market13:38 Why Banks Are Entering Stablecoin Issuance16:15 Liquidity Fragmentation and Interoperability19:41 Measuring Stablecoin Utility Beyond Market Cap24:25 Tokenized Deposits vs. Stablecoins35:10 Cross-Border Banking and Dollar Access40:18 The Case for Non-U.S. Stablecoins44:49 Remittances, Treasury, and Real-World Distribution47:16 When Should a Bank or Fintech Launch a Stablecoin?

In this episode, we're joined by Anthony Vassallo, Director of Crypto at Silicon Valley Bank (a division of First Citizens Bank), who's spent the last eight of his ten years at SVB bridging traditional banking with digital assets. We dig into how SVB built a dedicated crypto practice now serving over 500 clients, why banks that once wouldn't touch digital assets are suddenly racing to build stablecoin infrastructure, and what's actually changed in the compliance and risk conversation since 2022. We also unpack the difference between stablecoins and tokenized deposits, why Anthony sees distribution, not issuance, as the real bottleneck to stablecoin adoption, whether Tether has become "too big to fail," and his framework for thinking about confidentiality versus compliance on-chain (verify the mailbox exists without disclosing the address). Plus: what the GENIUS Act means for banks now that rules are finally in place, and why "hide the blockchain, show the benefit" might be the best way to think about where this all goes next.Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck  SVB:Website: https://www.svb.com/profile/anthony-vassallo/ LinkedIn: https://www.linkedin.com/in/anthonyvassallo/ / https://www.linkedin.com/company/silicon-valley-bank/  Chapters  00:14 Introduction to Stablecoin Infrastructure03:13 Silicon Valley Bank's Role in Digital Assets06:11 Evolution of Banking Relationships in Crypto09:21 Adapting to Market Changes and Client Needs12:00 The Changing Landscape of Digital Assets15:08 Stablecoins and Their Growing Importance18:02 Institutional Perspectives on Digital Assets21:09 The Future of Banking and Digital Assets25:17 Initial Reactions and Market Dynamics26:19 Tokenization of Assets and Customer Demand28:48 Counterparty Risk and Liquidity Concerns29:48 Distribution vs. Issuance in Stablecoins34:34 Systemic Risks and Market Cap of Stablecoins38:23 Fragmentation and the Future of Stablecoins42:26 Compliance Challenges in Digital Assets42:27 Future of Confidentiality and Compliance

In this episode, we're joined by Arnold Lee, co-founder and CEO of Sphere Labs, whose company settles cross-border payments across more than 160 markets and just brought Deutsche Telekom on as a validator for its new compliance-native ledger, SphereNet. We dig into how a Solana hackathon win led Arnold and his co-founder to spend the last three years building payment rails across Latin America, why the region's regulatory chaos and thin corporate participation create both the opportunity and the ceiling for stablecoin adoption, and how SphereNet's approach to confidential-but-disclosable transactions is designed to let regulated institutions get comfortable with blockchain rails without sacrificing their compliance obligations. We also unpack why a telecom giant like Deutsche Telekom is a surprisingly natural fit as a validator, Arnold's contrarian take on agentic commerce (it's less about AI agents buying sneakers and more about underwriting mid-market trade finance that humans can't be bothered to do), and what the GENIUS Act, and the CLARITY Act working its way through Congress, actually mean for money transmitters building in this space. Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck  Sphere Pay/Labs/Net:Websites: SpherePay: Global Stablecoin Payments API & Dashboard / https://spherelabs.co/ / https://www.sphere.net/ LinkedIn: Sphere Labs | LinkedIn Arnold: Arnold Lee - Sphere Labs | LinkedIn  Chapters  00:00 Introduction to Sphere Labs and Arnold Lee's Journey03:00 The Evolution of SphereNet and Its Unique Approach05:56 Sphere Labs' Operations in Latin America09:13 Compliance and Institutional Adoption Challenges12:02 Sphere's Differentiation in the Market14:59 The Interplay of Sphere Pay, Sphere Labs, and Sphere Net18:09 Privacy Preservation in Blockchain Transactions25:26 Balancing Privacy and Regulation29:18 The Role of Telecom in Payment Infrastructure31:44 AI and Agentic Payments: A New Frontier40:26 Building Compliance into Blockchain Solutions45:48 The Impact of Regulatory Clarity on Innovation

In this episode, we’re joined by Chris O'Connor and Roque Castro from Elysium Technologies, alongside Effie Dimitropoulos, CEO of AUDD, to explore where stablecoins, FX markets, and institutional settlement intersect. We discuss the rise of non‑USD stablecoins, the evolution of post‑trade infrastructure, and why interoperability between stablecoins, tokenized assets, and traditional financial rails could define the next phase of digital finance.Stablecoin Partnershttps://www.stablecoinpartners.comhttps://www.stablecoinstandard.com/stablecheckSponsored by ElysiumWebsite: https://elysiumtechgroup.comLinkedIn: https://www.linkedin.com/company/elysium-technologies-group/Chris O'Connor | CEO, Elysium TechnologiesLinkedIn: https://www.linkedin.com/in/cdoconno/Roque Castro | CCO Elysium TechnologiesLinkedIn: https://www.linkedin.com/in/roquecastro/Effie Dimitropoulos | CEO, AUDDWebsite: https://audd.digitalLinkedIn: https://www.linkedin.com/in/edimitropoulos/

In this episode, we're joined by Joe David, founder and CEO of Nephos Group, an accountancy practice that moved from servicing a handful of early crypto clients in 2018 to running its business from Dubai and settling its own invoices in a regulated dirham stablecoin. We dig into how a chance client introduction to a crypto exchange turned into a full pivot for the firm, why Joe relocated Nephos's headquarters from the UK to the UAE, and how VARA and ADGM's "inside out" approach to regulation compares with the UK's attempt to bolt crypto onto existing financial services rules. From accepting payments in AE Coin to the tax treatment question dividing regulators worldwide, is a stablecoin a disposal of an asset or a cash-equivalent payment method?, we explore where the accounting and compliance headaches really sit for businesses adopting this technology. We also unpack the difference between a reserve attestation and true proof of reserves, why GBPA opts for monthly reporting ahead of the FCA's quarterly requirement, and how local stablecoins like AE Coin and GBPA might coexist with global players in an increasingly interoperable, multi-currency stablecoin landscape.Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck  Nephos GroupWebsite: https://www.nephosgroup.com/ Joe Website: https://joedavid.co/ LinkedIn: https://www.linkedin.com/in/joedavidcrypto/  Chapters  0:00 - Opening and introductions1:14 - Joe’s background and how Nephos moved into crypto6:57 - Why Joe moved from the UK to Dubai9:24 - Why the UAE is a crypto-friendly hub13:31 - Stablecoin payments and AE Coin18:13 - Tax treatment of stablecoins28:36 - Reserves vs. attestations35:10 - UK stablecoin rules and monthly reporting42:09 - Local vs international stablecoins48:47 - Where the industry is heading52:29 - What businesses should ask their accountant first

In this episode, we're joined by Maher Ayari, co-founder of Sorbet, a stablecoin-powered fintech building what it calls the region's first on-chain neobank for the MENA market. We dig into how a freelancer payments problem in Riyadh turned into a broader thesis for stablecoin-based settlement, why the UAE and Saudi Arabia rank among the top global remittance corridors despite currencies already pegged to the dollar, and how Sorbet is navigating one of the world's more conservative regulatory environments while building alongside the Saudi Central Bank's evolving stance on digital assets. From the "stablecoin sandwich" model of plugging into providers like Bridge and Circle, to the strategic shift toward owning liquidity rails directly, we explore how Sorbet is repositioning from B2C freelancer payments toward a Mercury-style B2B financial operating system for businesses across Saudi and the wider region. We also unpack the just-announced OpenUSD consortium, what it signals about the USDC-versus-USDT dynamic, and why distribution, not issuance, may be the hardest problem in stablecoins today.Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck SorbetWebsite: https://mysorbet.io/ LinkedIn: https://www.linkedin.com/company/mysorbet/ Maher: https://sa.linkedin.com/in/maher-ayari Chapters 00:00 Introduction to Sorbet and the MENA Region02:58 Maher's Journey and the Birth of Sorbet06:06 The Evolution of Stablecoins in the MENA Region09:01 Challenges and Opportunities in Building in the GCC11:55 The Role of Stablecoins in Remittances14:46 Understanding the Unique Needs of the MENA Market17:58 The Future of Stablecoins and Financial Infrastructure21:02 Target Customers and Business Model of Sorbet24:15 Transitioning to B2B Financial Solutions29:11 The Evolution of Stablecoins in the MENA Region35:40 Innovative Financial Products and Market Positioning39:20 The Impact of OpenUSD on the Stablecoin Landscape46:33 Navigating the Future of Stablecoins and Regulation