Matt and Nic are back for another week of news and deals. In this episode:
- The debt ceiling debate is resolved
- What happened to Paxos’ / Paypal’s stablecoin?
- Offshore dollar stablecoins are growing while onshore stablecoins are shrinking
- Stablecoin policy in the US is backfiring
- USD stables issued out of Hong Kong
- Tether reaches a new all time high
- The bad boys are back
- SBF’s defense will reportedly claim he got bad advice from Fenwick
- Farenheit wins the bid for the Celcius assets
- Why Celcius’ mining operation was a big red flag
- What does CZ mean by 4?
- Coin Metrics STATE OF THE NETWORK - Zooming Out: A datonomy update
- In this issue of Coin Metrics’ State of the Network, we leverage datonomy—a classification system for digital assets to zoom out and gauge the ecosystem and its underlying trends from a broader lens. Despite a slew of challenges over years, we explore how the market has shown resilience through an analysis of market returns, volatility and volumes across sectors.
Więcej odcinków z kanału "On The Brink with Castle Island"
Henri Stern (Privy) on Wallet Experiences for Mainstream Users (EP.453)
21 godzin temu
53:35Henri Stern, CEO and co-founder of Privy, joins us to discuss: The contradictory functions that wallets serve Offering in-app non-custodial embedded wallets Balancing the trade offs of security versus convenient recovery How customers are customizing their embedded wallet experience The decision to build third party wallet connectors and embedded wallets
Weekly Roundup 09/15/23 (Token 2049 reviewed, Stables are the killer app) (EP.452)
29:33Matt and Nic are back for another week of news and deals. In this episode. We review Singapore and Token 2049 Singapore food reviews Is crypto pivoting to Asia? Singapore bans the 3ac boys from the Securities industry for 9 years The offshoring of dollar stablecoins Stablecoins are becoming interest bearing Fortress is hacked and acquired by Ripple SEC versus Stoner Cats Sentiment is turning against John Ray III We review Arthur Hayes’ party in Singapore How involved was Joe Bankman in FTX? Genesis is ceasing trading operations 19 hour flights Content mentioned in this episode: Nic’s Token 2049 Keynote (slides) Bloomberg, How Sam Bankman-Fried’s Elite Parents Enabled His Crypto Empire
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Peter Johnson (BH Digital) on the Relentless rise of Stablecoins (EP.451)
1:01:17Peter Johnson, co-head of Venture at Brevan Howard Digital, returns to the show to talk about his latest theses on stablecoins. In this episode: The origins of Peter's interest in stables We review Peter's prior stablecoin predictions USDC versus USDT market share trends Peter's main takeaways from the Relentless Rise paper Stablecoin usage on BSC and TRON Peter's views on PYUSD The emergence of interest-bearing stablecoins How synthetic USD stablecoins might work Stablecoin comparisons to the Eurodollar market We make some predictions Further reading: BH Digital, The Relentless Rise of Stablecoins
Martin Carrica (Mountain Protocol) on creating an interest-bearing stablecoin (EP. 450)
50:12Martin Carrica, cofounder of Mountain Protocol, joins us to discuss their launch of their USDM, permissionless interest-bearing stablecoin. In this episode: Martin’s story and origins of his desire to create a stablecoin Obtaining a registered digital assets company in Bermuda Martin’s review of regulatory options worldwide and how they ended up in Bermuda How Bermuda has distinguished itself from other financial hubs in the Atlantic How reinsurance is like stablecoins What it takes to get licensed as a digital asset business in Bermuda How Mountain Protocol’s USDM stablecoin works How rebasing stablecoins work – and how they integrate in DeFi How USDM differs from on-chain T bills and other interest bearing stable products How USDM was able to achieve a permissionless structure How Mountain avoids US clients Why the market for stablecoins is mostly ex-US Stablecoins as a backend for emerging market fintechs Different exchange rates in Argentina How Argentine firms use Argentine ADR stocks to manage their corporate cash How street moneychangers on the street in Argentina work Milei and the prospects for dollarization in Argentina The importance of a stablecoin being issued out of a bankruptcy remote structure Disclaimer: USDM and other Mountain Protocol products and services are not available for U.S. persons as well as other restrictied jurisctions. For more information and disclosures on Mountain Protocol, please refer to the Terms and Conditions.
Weekly Roundup 09/08/23 (The Bitcoin security budget, Visa onboards stables, 2 years of El Salvador law) (EP.449)
45:25Matt and Nic are back with another week of news and deals. In this episode: Ryan Salame pleads guilty Our thoughts on the latest turn of the Bitcoin security budget debate What are the prospects for fees to develop on Bitcoin long term? Is blockcspace a race to the bottom? Visa adds merchant settlement tools for USDC on Solana The significance of Visa’s move toward merchant settlement with stablecoins CBOE files for spot Ether ETFs We reflect on El Salvador’s Bitcoin law The FASB moves to fair value accounting for Bitcoin Greenpeace files a comment letter on the GlobalX Bitcoin trust Are the ESG tides turning for Bitcoin mining? Has El Salvador's Bitcoin project been a failure? Sponsor notes: Coin Metrics STATE OF THE NETWORK — Evaluating the Market Quality of DeFi collateral In Coin Metrics State of the Network Issue 223, we explore predominant collateral types in DeFi lending protocols and evaluate their liquidity & volatility characteristics to determine their desirability as collateral
Lee Bratcher (Texas Blockchain Council) on PoR legislation in TX (EP.448)
43:34We sit down with Lee Bratcher, President and Founder of the Texas Blockchain Council. Lee is one of the primary architects of Texas' Proof of Reserve bill, now in effect. In this episode: The origin of the TBC Why Lee is moving their Summit to Ft Worth Notable legislative successes by the TBC in Texas The importance of getting the UCC to recognize digital assets The importance of Bitcoin mining The origins of HB1666 Why PoR legislation benefited from the industry spontaneously adopting the standard How the TX PoR bill emerged as a compromise How Lee expects this to become model legislation in other states Comparing PoR to established financial statement audits The importance of frequency in Proof of Reserve The lack of accounting firms that are willing to supervise PoR How would PoR dealt with issues at Gox, Quadriga, FTX, or Prime Trust? How are companies operating in Texas reacting to the bill? Future legistlative directions The role of stablecoins in upholding the role of the dollar The lost authority of the states in chartering banks Further reading on PoR: Nic in Forbes, The crypto industry is embracing self regulation. It’s time Washington gets on board Texas HB1666 TBC, Texas 'Proof of Reserves' Bill
Weekly Roundup 09/01/23 (SEC loses vs Grayscale, Impact Theory implications) (EP.447)
32:46Matt and Nic are back for another week of news and deals. In this episode: Tether is actually the most interventionist stablecoin when it comes to freezing Should we be bullish on PYUSD? Why stablecoin data shows meaningful utility for public blockchains Is the idea of a 'crypto generalist' dead? The meaning of the SEC's loss in court to Grayscale Why the SEC was 'arbitrary and capricious' The SEC's blunder over their approval of Futs ETFs The SEC's possible options Our guesses for how the SEC reacts to their loss The SEC delays other pending spot ETFs The SEC wins against Impact Theory Why the case against Impact Theory could implicate a lot of other NFT projects Uniswap wins a class action case What does the SEC's case against Binance being under seal mean? Content mentioned: BH Digital, The Relentless Rise of Stablecoins WSJ, The SEC Strikes Out Again on Crypto With Grayscale Sponsor notes: Coin Metrics STATE OF THE NETWORK — Coin Convergence: Piecing Together Common Ownership Patterns Across Major Stablecoins In Coin Metrics State of the Network Issue 222, we highlight trends in user behavior & common ownership across major stablecoins on Ethereum
Weekly Roundup 08/25/23 (Coinbase v Circle, Tornado Cash indictment, chat app tokens) (EP.446)
31:49Matt and Nic are back for more news and deals. In this episode: The Bitcoin halving is coming up We review the Republican Presidential debate We review the state of New Jersey Coinbase takes a stake in Circle Hidden tensions between Coinbase and Circle BH Digital releases a stablecoin report USDC is challenged due to their inability to pay interest The DoJ charges the founders of Tornado Cash with AML and sanctions violations Did the Tornado Cash token hurt the founders’ case? The problem with chat apps creating their own tokens FTX is working with Galaxy to liquidate some crypto SBF isn’t happy with his prison meals Prime Trust was up to some shenanigans Content mentioned: BH Digital, The Relentless Rise of Stablecoins Sponsor notes: Coin Metrics STATE OF THE NETWORK — From East to West: the Global Pulse of Stablecoin Transactions In Coin Metrics State of the Network Issue 221, we provide a data-driven overview of halvings and their implications in anticipation for Bitcoin’s upcoming 4th halving
Darshan Vaidya (Credora) on Risk Management and Credit Markets (EP.445)
29:54Darshan Vaidya, the founder of Credora joins the show. In this episode we discuss: The crypto credit markets, what went wrong in the last cycle and how the market functions today Thoughts on Real-World-Assets on chain Comparisons of risk management approaches in tradfi versus crypto markets How Credora is working with firms to protect customers from idiosyncratic risk The capital raising environment To learn more about Credora visit www.credora.io
Weekly Roundup 08/18/23 (Stablecoins offshoring, Better Markets oddity, more Prometheum) (EP.444)
40:37Matt and Nic return for another week of news and deals. In this episode: Geographic distribution for USDC v USDT Blockchains have become dollarized What’s the deal with Helium’s phone plan? SBF heads to jail We inaugurate a new member of the bad boys Dubai regulators fines OPNX What’s up with Argentina’s Libertarian presidential candidate? We need a new theme song for the SEC The Prometheum saga rumbles on What’s going on with Better Markets? Coinbase can now offer Bitcoin and ETH futures FTX and Genesis reach a settlement Content mentioned in this episode: Brooke Masters in the FT, When Tackling Crypto, the SEC Should Be Wary of Overreach Kristin Smith in Coindesk, The FIT Act Is the Most Comprehensive Crypto Regulation Ever Voted on by Congress Sponsor notes: Coin Metrics STATE OF THE NETWORK — From East to West: the Global Pulse of Stablecoin Transactions In Coin Metrics State of the Network Issue 220, we leverage seasonality analysis to reveal geographical trends in Stablecoin usage and volumes