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

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

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 Digital 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

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

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

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

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

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