Unchained

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew breaks down the return of the ICO — but with a twist. Pump.fun’s $500 million token sale sells out in 12 minutes, sparking a heated debate about forward markets, new market structure design, and whether we’ve entered a smarter, more institutionalized fundraising era—or just rebranded 2017 chaos. Hyperliquid becomes the surprise king of pre-launch liquidity, exchanges buckle under demand, and a new class of crypto treasury vehicles raises eyebrows (and capital). Meanwhile, Trump declares “Crypto Week” as Congress moves forward with the most sweeping legislation the industry’s seen in years. Is crypto finally growing up—or just getting better at dumping on retail? The gang dissects the narratives, the numbers, and the fallout. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 Pump.fun’s ICO Raises $500M in 12 Minutes – The largest token sale in recent memory, with 25,000+ KYC’d participants and CEX/DEX syndication. 🔹 Forward Markets & Hedging Games – Kraken and Bybit face issues as sophisticated traders attempt to arb between ICO allocations and perps. 🔹 New Market Design – Pump introduces a novel multi-venue, API-synced launch structure; future ICOs may follow suit. 🔹 CT Has Negative Alpha – Crypto Twitter sentiment was wildly bearish… right before the most oversubscribed sale in years. 🔹 Hyperliquid Hits $11.5B OI – Becomes the dominant venue for pump trading, eclipsing even CEXs; pre-launch volume milestone. 🔹 Treasury Vehicle Controversy – $888M raised for hype via a new structure; Tarun questions whether it’s a liquidity gateway or retail dump machine. 🔹 Trump Declares Crypto Week – Genius Act (stablecoins), Clarity Act (market structure), and Anti-CBDC Act all hit the House floor. 🔹 Polymarket Vindicated – DOJ and CFTC drop their probe into Shane Coplan’s prediction market platform. 🔹 Altcoin Momentum Returns – $PENGU +270%, $SUI +60%, $UNI +43%; narrative shifts from “revenue meta” to “meme meta.” 🔹 Solana vs. Hyperliquid – Hype replaces SOL as the go-to high-beta asset? The team debates competing ecosystems. ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate⭐️Tarun Chitra, Managing Partner at Robot Ventures⭐️Tom Schmidt, General Partner at Dragonfly Timestamps 00:00 Intro 01:18 Pump ICO Breakdown 06:54 Pump's Unique Market Design 10:57 Future of ICOs and Market Trends 21:36 Hyperliquid's Role in Pump Launch 32:26 Crypto Week and Legislative Updates 41:23 Polymarket Investigation Dropped 47:29 Altcoin Rally and Market Sentiment Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Bitcoin broke its all-time high. Meanwhile, stablecoin legislation is about to pass. And the macro picture is a powder keg. In this episode of Bits + Bips, Steve Ehrlich, Ram Ahluwalia, and Noelle Acheson are joined by Austin Campbell to break down what’s really driving markets, and what could break them. From the GENIUS Act reshaping stablecoins to tariffs putting pressure on the Fed, to the Pump.fun ICO and memecoin mania, nothing is off limits. And with crypto ripping, is it time to ride the rally, or take some risk off the table? Thank you to our sponsor! Bitwise Steve Ehrlich, Executive Editor at Unchained Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Guest: Austin Campbell, founder and managing partner of Zero Knowledge Consulting Unchained: Bitcoin Sets New All-Time High, But Eyes Even Bigger Gains PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Grayscale Files Confidential IPO Paperwork Timestamps: 🎬 0:00 Intro 🚀 2:22 Why bitcoin is hitting new highs and what’s really driving it 🧘‍♀️ 5:29 Why Noelle says market complacency can’t last forever 🌍 9:06 The surprising way bitcoin looks when you stop measuring it in USD ⚖️ 11:49 Whether this is the moment to de-risk your crypto exposure ⛏️ 16:50 How bitcoin mining stocks are made to be traded, not held, according to Ram 📜 18:57 Austin’s thoughts on the odds of crypto legislation passing this summer 🏆 20:48 Who the winners and losers will be if the GENIUS Act becomes law 💳 24:51 Whether payment giants like Visa are under threat from stablecoins 🚧 29:15 What kinds of firms could actually disrupt the U.S. financial system 💰 34:00 The pros and cons of deposit tokens compared to stablecoins 🌐 37:06 How stablecoin legislation could reshape global macro and finance 🧪 44:32Whether Pump.fun’s ICO was extractive or necessary 🏛️ 56:55 Why Grayscale wants to go public and what that move could unlock 🏦 1:04:15 Whether traditional banks have the talent to win the stablecoin race 🌠 1:08:15 Why Stellar might be the blockchain dark horse in this cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

The weeks leading up to Pump.fun’s ICO were contentious: accusations that it was extractive, debates over decentralization, and outrage over allocations. In the end, the company pulled off the third-largest ICO in crypto history, raising $600 million in 12 minutes. The day of, Solana barely flinched under the load, and onchain platforms like Hyperliquid and Raydium left CEXes looking outdated. In this episode of Unchained, Haseeb Qureshi of Dragonfly and Joe McCann of Asymmetric join Laura to break down: Whether this marks the return of ICOs The objections to the small ($10 million) airdrop to creators How Pump.fun’s ambitions could reshape memecoins, and maybe Solana itself And why TikTok might not need to worry just yet Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank Ledn Haseeb Qureshi, Managing Partner of Dragonfly Joe McCann, Founder, CEO & CIO of Asymmetric Previous coverage on the ICO: Pump.fun’s $1 Billion ICO Has Caused Controversy. Can It Succeed? Unchained: Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Pump.fun Draws Backlash After Confirming PUMP ICO SolanaFloor’s tweet on LetsBonk’s stats The Block: Pump.fun makes first acquisition, purchases Solana-based copy-trading wallet tracker Kolscan Dune Analytics Twitter thread on the PUMP ICO stats Timestamps: 🎬 0:00 Intro 🚀 3:43 Why Joe says Pump.fun is one of the best crypto businesses he’s seen 📈 6:04 Whether this heralds the return of ICO mania 😤 7:11 Why the raise triggered backlash from parts of the crypto community 💸 8:32 Whether PUMP’s valuation can really be justified ⚙️ 12:10 How the exchange-first design created issues—and why others may copy it 📊 16:15 Whether PUMP’s distribution model helped or hurt its credibility ⏳ 21:43 Why the decision to have no token lockups sparked debate 👾 24:40 What kind of traders actually bought into the ICO ⚡ 32:56 Whether Solana’s performance makes it the new home for ICOs 🏦 37:50 Why Coinbase sat this one out 🔮 44:07 Where PUMP’s price might be headed in the medium term 📉 48:37 How Pump.fun lost some momentum—and what that says about the space 🧠 55:14 How Pump.fun plans to spend its $600 million war chest 📵 57:21 Whether Pump.fun can really take on Facebook 🔥 1:01:46 Why Joe still believes memecoins are just getting started Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the gang is joined by Paul Grewal, Chief Legal Officer at Coinbase, for a wide-ranging conversation on crypto’s next big frontier: tokenized stocks. From Robinhood’s controversial attempt to tokenize SpaceX and OpenAI shares to the legal and structural hurdles around pre-IPO derivatives, the crew dives deep into what it really takes to bring Wall Street on-chain. They also unpack the regulatory momentum behind the Genius and Clarity Acts, the return of ICO mania with Pump.fun’s $1B token raise, and the absurdly viral drama of Suitgate on Polymarket. Is this a new era of regulated innovation—or are we just recreating old problems on new rails? Tune in for sharp takes, legal insight, and a few laughs along the way. Show highlights 🔹 Tokenized Stocks Take Center Stage – Robinhood, SoFi, and Republic dive into pre-IPO trading; is this a financial revolution or regulatory chaos? 🔹 Coinbase’s Legal Strategy – Paul Grewal reflects on Coinbase’s battles with the SEC and what it took to survive crypto’s darkest legal hour 🔹 Pre-IPO Derivatives vs. Real Ownership – The crew debates whether retail is getting access or getting played 🔹 Robinhood vs. OpenAI – The tokenized equity stunt that triggered a corporate backlash and raised eyebrows across the industry 🔹 24/7 Markets, Finally? – Why crypto-native trading hours could break traditional finance 🔹 Pump.fun’s $1B ICO – The return of ICO mania? The team dissects crypto’s most profitable meme machine 🔹 Are Tokenized Stocks Useful Yet? – Tarun challenges the hype: where’s the real utility? 🔹 The Clarity & Genius Acts – Crypto legislation heats up in Washington—can the industry lock in meaningful reform? 🔹 Suitgate Explained – Zelensky’s outfit spawns a scandal on Polymarket: was it a suit or not? 🔹 Market Manipulation, Oracles & Meme Justice – Prediction markets meet internet chaos in the wildest crypto dispute of the week ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate⭐️Tarun Chitra, Managing Partner at Robot Ventures⭐️Tom Schmidt, General Partner at Dragonfly Special Guest ⭐️Paul Grewal, Chief Legal Officer at Coinbase Timestamps 00:00 Intro feat. Paul Grewal 01:23 How Coinbase Beat the SEC 04:49 Robinhood, OpenAI & the Pre-IPO Stock Craze 19:38 Crypto Regulation in 2025: Clarity & Genius Act 24:39 Why the Clarity Act Could Define Crypto’s Next Decade 27:10 Pump.fun’s ICO: Memecoin Mania or Market Maturity? 32:25 Suitgate on Polymarket: A Wild Crypto Scandal 39:19 The Future of Prediction Markets Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

In the first half of this dual episode, Phantom co-founder Brandon Millman joins Unchained to break down why his Solana-first wallet is launching perpetual swaps, and why it chose to integrate with Hyperliquid over any Solana-native option. Then, Bit Digital’s Sam Tabar explains why the public company ditched its profitable Bitcoin mining business, went all-in on ETH, and what happened when he told Michael Saylor. FalconX Sam Tabar, Chief Executive Officer of Bit Digital, Inc Brandon Millman, CEO and co-founder of Phantom Phantom Unchained: Phantom Wallet Launches Direct Perpetual Trading With Hyperliquid Phantom blog post: Introducing Phantom Perps Dragonfly’s Austin Marrazza tweet Bit Digital The Block: Bit Digital swaps entire treasury into Ethereum, says it's now a top public ETH holder after a $173 million splurge Treasury companies Unchained: These 4 Crypto Treasury Companies Are Primed for a Price Crash BitMine Crashes 39% After It Files to Raise $2 Billion for More ETH Timestamps: Phantom 🎬 0:00 Intro ⚡ 1:36 Why Phantom is launching perps—and why now was the moment to do it 💥 6:08 How they landed on 40x leverage 💸 7:48 How Phantom plans to make money from its new trading product 🚫 8:50 Why U.S. users are left out (for now) 🔗 10:36 Why Hyperliquid won out over Solana-native DEXes ⚔️ 12:55 Whether wallets and dapps are headed for a showdown 🪪 17:22 Why Brandon believes wallets will be the new gateway to crypto 📱 18:45 How social features could redefine the wallet experience 🌅 22:45 What Brandon hopes Phantom becomes over the next five years Timestamps: Bit Digital 💥 26:35 Why Bit Digital ditched Bitcoin for Ethereum—and how Gary Gensler played a role 💰 28:31 How they walked away from a profitable BTC mining business 🪙 32:58 Why Sam says there’s no better home for stablecoins than Ethereum 🗣️ 34:09 What came out of Sam’s surprising conversation with Michael Saylor about crypto treasuries 🤔 37:10 Whether ETH’s value accrual model needs a fundamental rethink 📈 42:21 How Bit Digital plans to ramp up its ETH accumulation 🧠 44:40 What their new AI venture is really aiming to do Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Bits + Bips, we examine how rising global trade tensions could impact macro conditions, the Fed’s next move, and market stability. We also explore how investors should position themselves with inflation cooling and an uncertain policy path at the Fed. We then look at what’s happening on the crypto side: volume shifting to tokenized public equities, the growing number of corporate stablecoin plans, and whether the promise of tokenization is matched by meaningful traction. Joining hosts Joe McCann, Ram Ahluwalia, and Steve Ehrlich is Rob Hadick of Dragonfly, who shares his perspective on product-market fit in crypto, shifting market structure, and where real adoption may emerge. Sponsor: Bitwise Joe McCann, Founder, CEO, and CIO of Asymmetric Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive Editor at Unchained Rob Hadick, General Partner at Dragonfly LINKS: WSJ: Trump Faces Crucial Week for Reaching Trade Deals EU Still Hopes for Initial U.S. Trade Deal Before Deadline Reuters: Japan, South Korea face 25% tariffs as Trump ramps up trade war in letters to 14 nations CNN: Trump announces new tariffs of up to 40% on a growing number of countries University of Washington: OBBB Signed Into Law Unchained: OpenAI Says Robinhood’s Stock Tokens Are Not Equity Tron Is Now More Expensive Than Ethereum. Will That Hurt Justin Sun’s New Company? AI Crypto Tokens Swoon as Nvidia Reaches a New All-Time High CoinDesk: CoreWeave to Acquire Core Scientific in $9B All-Stock Deal The Block: Bit Digital swaps entire treasury into Ethereum, says it's now a top public ETH holder after a $173 million splurge Timestamps: 🎬 0:00 Intro 🎭 2:05 Why Ram sees the tariff drama as more theater than substance 🎌 7:09 Whether Trump is leveraging tariffs ahead of Japan’s elections 📉 8:17 How low inflation is pressuring Jerome Powell and the Fed’s next move ⚠️ 12:06 Why Rob says the market feels “fragile” right now 🪙 14:52 Whether bitcoin has truly matured into a macro asset 🛡️ 22:16 How to hedge in an uncertain landscape, and what to make of Elon’s political pivot 💵 30:05 Whether Elon Musk is preparing to launch a stablecoin on X 📊 32:26 Why digital asset treasury companies are so volatile, and how these deals really work 🧱 39:44 How the tokenization race is unfolding, and whether innovation is keeping up 🧠 47:47 How to think about investing in the tokenized assets and stablecoin narrative 🕳️ 1:01:47 Whether tokenized equities have any real killer use ⛏️ 1:03:54 What the CoreWeave-Core Scientific deal signals for bitcoin mining 📈 1:13:08 Whether we’re still in a bull market, and if now’s the time to take advantage of dip opportunities Learn more about your ad choices. Visit megaphone.fm/adchoices

The race to bring users onchain is heating up, but the competitors couldn’t be more different. Coinbase, a crypto-native giant with deep infrastructure and institutional partnerships, is going head-to-head with Robinhood, a retail-focused fintech now making aggressive moves into tokenized assets and blockchain rails. Their visions overlap (tokenized stocks, perpetuals, custom chains) but the strategies, philosophies, and user bases differ sharply. In this episode, Laura speaks with Diogenes Casares (Klyra Protocol) and Ryan Yi (ex-Coinbase Ventures, CoinFund) to unpack: How these two companies will compete What levers they have to increase their profits How Base became a liquidity black hole for Ethereum Why Coinbase may have already won the “flows” game And how stablecoins, social, and tokenization could decide the winner Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Ledn Diogenes Casares, founder of Klyra Protocol and advisor at Patagon Management Ryan Yi, ex Coinbase, Coinbase Ventures, and CoinFund Unchained: Hyperliquid Reignited Interest in Crypto Perps. Can Coinbase and Robinhood Capitalize? Robinhood Is Building Its Own Layer 2 Blockchain Why the Arbitrum Stack Won in the Race to Support Robinhood Chain Why Perps Will 'Eat the World' + Tokenized Stocks - Bits + Bips Timestamps: 🎬 0:00 Intro 🏦 4:17 What really separates Coinbase and Robinhood’s strategies 🛠️ 6:43 How Robinhood’s new chain should try to compete with Base 🔥 14:49 Why the competition between Robinhood and Coinbase is heating up fast in the U.S. 🤔 16:44 Whether Robinhood can catch up to Base’s head start and network effects 🧱 23:48 Why both companies chose to build on Ethereum—and what that signals 📉 36:04 How launching perps in the U.S. could reshape the landscape for both companies 🎮 44:43 How social features and gamification could give one app an edge 🎯 51:31 Why Robinhood is already working with prediction markets and Coinbase isn’t 💰 55:40 How their product differences impact profits and positioning 🤝 1:05:11 Why Ryan believes Coinbase should’ve acquired Circle 🔌 1:10:48 Why Stripe might be eyeing a crypto integration 📊 1:13:57 How Base benefits with small-cap tokens 🚀 1:18:46 Why Ryan says we’re at a real inflection point for crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, we’ve got two very different stories in one episode. First, Steven Goldfeder, co-founder of Offchain Labs, joins Unchained to explain why Robinhood is rebuilding its product on the Arbitrum tech stack, what it says about crypto’s evolution, and how this could finally bridge Web2 and Web3. Then, Calvin Hamilton breaks down the bizarre $59 million bet on whether President Zelensky wore a suit — and why vague rules, a fateful tweet, and one protocol’s vote could damage Polymarket’s reputation. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Focal by FalconX Ledn Steven Goldfeder, co-founder and CEO of Offchain Labs Calvin Hamilton, Polymarket bettor on the ‘yes’ of the Zelensky dispute. Unchained: Robinhood Is Building Its Own Layer 2 Blockchain Robinhood’s presentation at ETHcc: To Catch A Token Rob Hadick’s tweet on tokenized stocks Timestamps: 🎬 0:00 Intro 🚀 1:44 Why Robinhood chose Arbitrum and how much control they really have 🧑‍💻 6:38 How Arbitrum Stylus could power better UX for Robinhood and beyond 🌊 10:26 Why liquidity fragmentation is still a major unsolved problem 🧲 11:41 What makes MEV capture so attractive to big players like Robinhood 🏆 13:48 Why tokenized stocks might be the “big prize” on Arbitrum 🌐 16:12 What it means to be part of the Arbitrum ecosystem 📊 18:02 How tokenized equities could change investing and what the risks are 🏛️ 21:11 Why the Arbitrum DAO stands to gain from this partnership 🔧 22:17 How Steven thinks fragmentation can be fixed more easily than most believe 🌉 25:52 Where the crypto-TradFi convergence is headed next 💬 29:40 Why Steven defends Ethereum and calls out the critics of L2s Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we’re joined by Jon Charbonneau and Ryan Watkins to unpack the bombshell news of Robinhood Chain—an Arbitrum-based network debuting tokenized U.S. stocks, 3× crypto perps, and that head-scratching $500 K liquidity cap. From riffing on whether proof-of-stake yields are just “money in a box,” to debating Solana’s first U.S. staked ETF, to sizing up the looming perp wars between Robinhood and Coinbase, the crew maps a common thread: corporate chains and regulatory work-arounds are colliding with crypto’s decentralization ideals, forcing builders, traders, and even ETF hawks to rethink where real security, fairness, and opportunity will live next. Show highlights 🔹 Robinhood Chain Revealed – Why the trading-app giant paid up to launch an Arbitrum-based “Robinhood Chain,” starting with 24/5 perpetuals and tokenized U.S. stocks, plus a rumored $500 K–liquidity cap that has Crypto Twitter howling. 🔹 Tokenized-Stock Gold Rush – From Tesla and SpaceX pre-IPO shares to on-chain S&P stalwarts: does 24/7 trading finally make equity tokens stick, or is it just another CFD in disguise? 🔹 Perps Arms Race – Coinbase’s 5-year “quasi-perp” futures vs. Robinhood’s 3×-leverage launch vs. Hyperliquid’s 20× turbo deck—who wins the battle for retail flow? 🔹 Solana ETF First-Mover – RexShares files a staked-SOL C-Corp ETF, beating BlackRock to the punch and testing Wall Street’s appetite after ETH’s lukewarm debut. 🔹 Proof-of-Stake Reality Check – The crew dismantles the “economic security” myth, asks whether validator cartels make inflation rewards pointless, and floats proof-of-governance as the next model. 🔹 Hyperliquid vs. The World – Why a single Tokyo data center is eating CLOB volume, what zk-rollup challengers are planning, and how latency games redefine “decentralized exchange.” 🔹 $2 B Prediction-Market Beef – Paradigm-backed Kalshi clashes with PolyMarket after a viral “little rats” tweet; inside the influencer war and the CFTC license flex. 🔹 Conference FOMO No More – New-York-privileged hosts roast ETH CC in Cannes and declare the age of fly-to-France crypto tourism officially over. 🔹 Reg-Tech vs. Fin-Tech – From transfer agents to T+1 settlement: why outdated TradFi plumbing, not blockchains, still blocks global access to U.S. securities. 🔹 Super-App Skepticism – The panel pokes holes in “super-app” buzzwords and explains why sequencing—product-first, chain-later—matters more than catchy slogans. ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly Guests ⭐️ Ryan Watkins, Co-Founder of Syncracy Capital ⭐️ Jon Charbonneau, Co-founder & General Partner at DBA Timestamps 0:00 Intro 02:59 Robinhood Chain 15:05 Debate on Tokenized Stocks 27:18 Perpetuals (Perps) in the Crypto Market 37:15 Robinhood's New Crypto Traders 39:26 The Solana ETF Approval 41:17 Understanding Staking and ETFs 43:36 The Future of Proof of Stake 46:20 Governance in Ethereum and Other Chains 56:26 Corporate Chains and Validator Selection 01:04:31 Polymarket vs. Kalshi Learn more about your ad choices. Visit megaphone.fm/adchoices

Crypto is bleeding into traditional finance faster than anyone expected. In this episode of Bits + Bips, the hosts dig into Robinhood’s move into tokenized stocks and perps, what’s actually holding back tokenized equities, and why perps might “eat the world.” Plus, they talk crypto ETFs, altcoin summer, and whether staking in ETFs is the next big unlock. Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Guest: Thomas Uhm, Chief Commercial Officer at the Jito Foundation Timestamps 🎬 0:00 Intro 👔 2:25 Tom’s path from Jane Street to crypto 💸 5:50 Why Jito’s yield model works + the importance of market makers 📊 12:47 Whether tokenized U.S. stocks actually solve anything for investors 🌍 31:47 Why Tom says “perps are going to eat the world” 🏦 39:25 How perps could sneak their way into traditional finance 📉 41:43 Whether perps are a better instrument than futures 🧠 50:51 Why James thinks we’re heading into an altcoin ETF summer 📥 56:01 How liquid staking is critical in the context of ETFs with staking 📈 1:05:06 Why the S&P 500 keeps hitting all-time highs ⚠️ 1:07:43 Ram lays out the risks of 1% interest rates Learn more about your ad choices. Visit megaphone.fm/adchoices

Fill out our short Unchained survey and earn a chance to win a FREE one-year subscription to Bits + Bips Premium 😏 ------------------------------------------------- Lido just rolled out one of the most ambitious governance overhauls in DeFi: a dual governance system designed to give power back to stakers—and make it harder for malicious proposals to pass. But what does it actually do? And could it make Lido the safest place to stake ETH? Hasu, a strategic advisor at Lido, and Lido co-founder Vasiliy Shapovalov join Unchained to break it all down. How the dual governance model works Whether this dilutes LDO token value What this means for DeFi, and if others will follow Whether this might get institutions off the sidelines Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitwise Guests: Hasu, Strategic advisor to Lido and Strategy lead at Flashbots. Vasiliy Shapovalov, Co-founder of Lido Unchained: Lido DAO Enables Dual Governance, stETH Holders Can Trigger ‘Rage-Quit’ Mode Learn more about the topics discussed: How Liquid Staking Works What Are Externally Owned Accounts (EOAs) in Ethereum? What Is Multi-Party Computation (MPC) and How Does It Work on Blockchains? What Is Distributed Validator Technology? Timestamps: 🎬 0:00 Intro 🧩 2:07 What problem Lido’s new governance model is actually solving ⚙️ 7:33 How dual governance works—and why it’s such a big shift 🚀 15:32 Why Hasu says this changes everything for Lido 🧠 22:20 What the team had to weigh when designing the system 🛡️ 30:26 How Lido built in resistance to attacks 📉 32:02 Whether this system weakens the value of the LDO token 🗳️ 38:58 How they’re thinking about fixing DeFi’s voter apathy problem 🏦 45:29 Whether institutions will see this as a positive sign and embrace stETH 🌐 48:01 How this compares to Sky’s “emergency shutdown”—and whether DeFi will follow suit Learn more about your ad choices. Visit megaphone.fm/adchoices

Win a free one-year subscription to Bits + Bips Premium by completing our survey! The state of Texas just passed a law that creates a $10 million strategic Bitcoin reserve. Laura talks to Lee Bratcher, president of the Texas Blockchain Council, who helped drive this new law. He explains how bipartisan support made it possible, why this might be the start of a broader trend, and what’s next for public Bitcoin ownership in the U.S. We get into: The logic behind the $10 million number Why custody and compliance are key Whether California or Illinois could ever do something similar And how other states are reacting Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! FalconX Ledn Guest: Lee Bratcher, President and Founder of the Texas Blockchain Council Links: Texas Blockchain Council Bloomberg: Texas Gov. Abbott Signs Bill to Create State Bitcoin Reserve Unchained: Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support Timestamps: 🎬0:00 Intro 🏛️ 2:12 How the idea for a $10M strategic Bitcoin reserve became law in Texas 💰 5:42 Why lawmakers settled on $10 million—and what that number really means 🔐 8:59 How Texas plans to custody its bitcoin, and why it matters 📉 10:59 Why the bill includes language about using derivatives for BTC 🏦 12:12 What exchange the state might use to actually buy the bitcoin 🗳️ 14:59 Who owns crypto in Texas—and whether politics play a role 🤝 18:05 Why Bitcoin isn’t such a partisan issue in the Lone Star State 🧡 22:20 How Lee Bratcher got orange-pilled into Bitcoin 📜 24:38 Why Lee thinks the Lummis-Gillibrand bill could pass, and the future of bitcoin bonds 🌎 27:45 Which state might be next to adopt a Bitcoin reserve law Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we’re joined by Vlad, the leverage legend behind Lighter, a zk-powered DEX taking aim at Hyperliquid in the rising CLOB wars. We unpack the new Token Transparency Framework from Blockworks and whether self-regulation can fix crypto’s disclosure problem. Should VC wallets be public? Are market-making deals legally risky? And why do most projects still say nothing? Plus: Vlad explains how Lighter uses zero-knowledge proofs to enforce fairness and fight toxic flow—without harming retail. And Circle’s stock goes full meme mode, TikTok retail piles in, and Robert reveals he’s short. Is crypto finally growing up—or just evolving its chaos? Show highlights 🔹 Token Transparency Framework Debated – Blockworks’ 40-point voluntary disclosure system sparks industry-wide discussion on what teams and investors should reveal 🔹 Disclosures vs. Reality – Most projects don’t lie—they just don’t publish. The real problem isn’t fraud, it’s silence 🔹 VC Wallets Stay Dark – Debate over whether investor wallet addresses and cost bases should be disclosed; consensus: team vesting should be public, investor holdings still a gray area 🔹 Exchange Listings & Disclosures – Exchanges are considering using the transparency framework to prioritize listings, creating pressure for teams to comply 🔹 CLOB Wars Continue – Lighter joins the battle against Hyperliquid with zk-proven verifiability and zero-fee trading for retail 🔹 Lighter’s Architecture Edge – Built as a ZK L2 on Ethereum, Lighter pitches composability + security vs. Hyperliquid’s standalone stack 🔹 Fighting Toxic Flow – Instead of cancel-order tricks, Lighter adds subtle latency and fee mechanics to penalize HFT bots without harming retail 🔹 Dark Pools for DeFi? – Vlad teases ZK-based private order flow as a future feature, merging institutional behavior with onchain guarantees 🔹 DEX Future = Specialization – Vlad predicts no single winner: future DEXs will specialize in niches—memecoins, structured products, prediction markets 🔹 Circle Becomes a Meme Stock – Robert discloses his short position as retail pumps Circle to an $80B FDV off TikTok hype and the Genius Act tailwinds ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate⭐️Tom Schmidt, General Partner at Dragonfly Guest ⭐️ Vladimir Novakovski, CEO & Founder of Lighter Token Transparency by Blockworks: https://blockworks.co/token-transparency Timestamps 00:00 Intro 01:49 Token Transparency Report by Blockworks 04:17 Token Disclosures 08:52 Challenges and Future of Token Transparency 23:22 Circle Mania Continues 25:06 Circle Valuation and Market Reactions 30:15 CLOB Wars 36:52 Technical Architecture and Verifiability 47:04 Market Structure and Future of DeFi Learn more about your ad choices. Visit megaphone.fm/adchoices

As tensions flare between Iran and Israel, investors are watching oil, gold, and, of course, crypto. In this episode of Bits + Bips, the panel digs into the market response to war risk, the chances the Fed will actually cut rates, and how Circle’s IPO is being treated more like a meme stock than a fintech play. Plus: Why Scaramucci says we’re all living in a surveillance state Whether stablecoins are being kneecapped by U.S. regulation When altcoin ETFs are coming And what BlackRock’s Larry Fink secretly told Scaramucci about Bitcoin in 2021 👀 Sponsor: Bitwise James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Anthony Scaramucci, Founder of SkyBridge US-Iran-Israel war Unchained: Bitcoin Dips Below $100K as U.S.–Iran Tensions Trigger $627M in Liquidations Polymarket: Will Iran close the Strait of Hormuz before July? WSJ: What Israel’s Soaring Markets Are Saying About the Iran War Macro WSJ: Fed’s Bowman Says She Could Support a July Interest-Rate Cut CNBC: Fed Governor Waller says central bank could cut rates as early as July FT: Jay Powell to push back on calls for Federal Reserve rate cuts as soon as July Stablecoins WSJ: Stablecoin World Opens Up to Main Street Banks The Block: Circle's post-IPO stock surge pushes market cap near Coinbase and USDC ETFs James upped the odds on a bunch of altcoin spot ETFs Timestamps: 🎬 0:00 Intro 🌍 2:51 Are there lessons in how the markets shrugged off the Iran-Israel conflict? 🔥 9:37 What flashpoints in the Middle East could ignite next 🛢️ 14:40 Will oil supplies remain safe? 💸 22:13 Are cracks finally forming in the Fed’s resistance to rate cuts? 📉 28:08 Why Anthony believes that Fed Chair Powell is playing politics with rates 🇺🇸 33:55 Whether TACO Trump or tough Trump will show up on tariff day 🎯 36:26 What Anthony says that people get wrong about Trump’s economic strategy 🏦 43:52 Why Circle’s IPO feels more meme than fintech and what Larry Fink once secretly told Anthony about bitcoin 👀 🚫 50:27 One thing that Anthony HATES about the GENIUS Act 📊 56:17 Why James is upping his odds on a wave of altcoin ETFs, but doesn’t expect many to be successful products Learn more about your ad choices. Visit megaphone.fm/adchoices

Cross-border payments. Mobile money. Stablecoins. Crypto. Elizabeth Rossiello has lived through every cycle, not from a trading desk, but the front lines of African markets. Now, the founder of AZA Finance is selling her company to global fintech giant dLocal, a signal that the line between crypto and traditional finance is blurring fast. In this episode, she talks about: How stablecoins are powering 24/7 commerce in emerging markets Why new entrants keep failing to gain traction And how liquidity, not tech, will determine who wins this new game All that, plus the inside story of AZA’s journey from a Nairobi-based Bitcoin exchange to one of the most important fintech players in Africa. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Human Rights Foundation Xapo Bank Elizabeth Rossiello, CEO and Founder of AZA Finance Previous appearance on Unchained: BitPesa's Elizabeth Rossiello on Necker Island dLocal announces intention to acquire AZA Finance to strengthen AZA Finance: dLocal announces intention to acquire AZA Finance to strengthen presence in Africa and expand capabilities Bloomberg: Uruguay’s DLocal to Buy AZA Finance in Africa Push American Banker: What experienced payment execs can pass to a new generation The Startup Leap: Building A Remittance App for Africa’s $1tr Market | Elizabeth Rossiello | Aza Finance Jack Zhang of Airwallex tweet saying he doesn’t see “a single use case” for crypto Timestamps: 🎬0:00 Intro 🌍 3:30 What Africa’s early payments scene looked like and how Elizabeth launched the first Bitcoin exchange there 📲 10:54 How the continent’s payment rails evolved 🔥 16:15 How Western Union dropped its pricing after her company launched 💸 20:42 Why stablecoins became a game-changer for cross-border payments 📊 25:24 What the real volume drivers are 🌐 28:53 How crypto adoption in Africa shifted post-COVID 🤝 37:00 Why AZA decided to acquire two companies ⚠️ 38:46 How the FTX partnership hurt AZA 💼 41:37 How the dLocal deal came together behind the scenes 🔄 45:08 Why crypto and fintech are on a fast path to convergence 🏁 50:58 Which players Elizabeth thinks will win in the new payments race 📵 53:47 Why “mobile money” is still tough competition for crypto 💥 56:48 How USDT has an edge in emerging markets 🇨🇳 58:50 How China’s deep ties to Africa have shaped the game 🚀 1:01:37 What it’s been like to build AZA as a young woman founder in crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

On Tuesday, JPMorgan announced that its blockchain unit is launching JPMD, a USD deposit token for institutional clients, on Base. That’s right: the world’s biggest bank by assets and the 12th largest company by market cap is putting real dollars onchain. JPMD isn’t quite a stablecoin, but it’s close. It represents actual dollar deposits at JPMorgan and will be used by institutional clients for blockchain-based transactions. The bank plans to run a pilot over the coming months and eventually expand it to other user groups and currencies, pending regulatory approval. To understand what this means for the broader crypto ecosystem (and why JPMorgan chose Base), we brought on Jesse Pollak, head of Base and Coinbase Wallet. In this episode, Jesse explains: Why JPMorgan (and Shopify) chose Base What deposit tokens are, and how they differ from stablecoins Why infrastructure is finally “ready” for institutions How Base scaled from 2.5 million to 35 million gas/sec What’s next for Coinbase users who’ll have one-tap access to onchain assets And Jesse’s response to the critics who said that Coinbase doesn’t give enough credit to Ethereum Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Ledn FalconX Jesse Pollak, Head of Base and Coinbase Wallet Unchained: JPMorgan to Pilot ‘JPMD’ Token on Base Coinbase and Amex Team Up on Bitcoin Card as Exchange Reveals Broad Expansion Plans Comments on Bloomberg by Naveen Mallela, global co-head of the bank's blockchain division Kinexys by JPMorgan Timestamps: 🎬 0:00 Intro 🏦 1:49 What JPMD actually is 🔧 4:26 Why Jesse believes infrastructure is finally ready for institutional adoption 📊 7:03 Whether Base can handle global scale 💵 9:24 How JPMorgan plans to use deposit tokens in real-world blockchain transactions ⚖️ 11:22 Whether deposit tokens are a better model than stablecoins 🛠️ 16:59 Why JPMorgan chose to launch on Base instead of other chains 📉 19:00 How recent events served as a wake-up call for fintech and commerce 📲 22:22 Why Jesse is hyped about seamless access to onchain assets inside Coinbase 📈 25:47 How Coinbase plans to manage the chaos of token pumps and dumps 🌐 27:54 Jesse’s take on the criticism that Coinbase doesn’t show Ethereum enough love Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we’re joined by Hyperliquid founder Jeff Yan, the quiet powerhouse behind DeFi’s fastest-growing exchange. With 75% of onchain perp volume, no VC money, and a $1B airdrop, Hyperliquid is rewriting what crypto protocols can be. We dive into Jeff’s minimalist strategy, the cancel wars with toxic flow, and the JellyJelly controversy that sparked a feud with CZ. Plus: HIP-3 and the future of permissionless perps, SPAC-style hype vehicles taking over Wall Street, and why stablecoin regulation just triggered a 40% rally in Circle stock. Is crypto evolving—or just getting financialized to death? Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 Jeff’s $1B Airdrop Playbook – How Hyperliquid bootstrapped dominance with no VC, no marketing, and the most beloved founder in crypto 🔹 75% of Onchain Perps? – Hyperliquid now controls 3/4 of all perp volume across chains—Jeff explains how they did it 🔹 Cancel Wars & Toxic Flow – The inside logic behind prioritizing cancels over taker orders—and why HFTs are mad about it 🔹 CZ vs. Jeff – JellyJelly drama, transparency debates, and a subtle protocol war with Binance 🔹 HIP-3 and the Future of Markets – Perps on anything? Jeff breaks down why HIP-3 is the biggest unlock yet for Hyperliquid 🔹 “We Don’t Track KPIs” – Jeff’s radical philosophy on metrics, token price, and building products without back-propping for growth 🔹 Real Users vs. Predators – Who Jeff thinks actually matters onchain—and why some flow shouldn’t be welcome 🔹 Crypto SPAC Mania Begins – Tron, Tether, and Trump-adjacent vehicles bring public market chaos to token land 🔹 Genius Act Passes, Stocks Explode – Coinbase +20%, Circle +40%—but crypto tokens barely move: Why is Wall Street frothier than DeFi? 🔹 Are Perps the New Casino? – The crew debates why people love zero-DTE options, and if perps can replicate the lottery thrill ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures⭐️Tom Schmidt, General Partner at Dragonfly Guest ⭐️ Jeff Yan, CEO and co-founder of Hyperliquid Timestamps 00:00 Intro 02:51 Hyperliquid's Market Dominance 05:14 The Philosophy Behind Hyperliquid's Success 07:44 Challenges with Decentralized Exchanges 09:34 Metrics and Success in Hyperliquid 12:59 Addressing Market Dynamics and User Types 22:50 Competitive Pressures and System Resilience 25:28 Exploring Hyperliquid's Future and HIP 3 36:08 Complexity in Zero-Day Options 38:40 Perpetual Contracts vs. Options 41:24 The Role of User Interfaces in Trading 45:08 Crypto SPACs and Market Trends 57:21 The Genius Act and Market Reactions HostsDisclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week’s episode of Bits + Bips, the panel digs into why Tron’s rumored IPO is more than a headline, what Wall Street’s quiet shift into stablecoins signals, and how exchanges are racing to control token flow, even as regulation hangs in the balance. They also explore: What the Israel–Iran conflict means for global markets, oil prices, and crypto positioning Whether banks can adopt stablecoins without threatening their own deposits If regulatory clarity will come fast enough to shape the next crypto phase How to tell if ETH’s revival has staying power Sponsors: Bitwise Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive Editor at Unchained Guests: Christopher Perkins, President of CoinFund Vishal Gupta, Cofounder and CEO of True Markets. Links Tron and Justin Sun FT: Crypto group Tron to go public after US pauses probe into billionaire founder Unchained: Eric Trump Claims No Public Involvement in Tron’s Nasdaq Entity The Guardian: Crypto entrepreneur eats banana art he bought for $6.2m Israel - Iran WSJ: Israel Takes Control of Iran’s Skies—a Feat That Still Eludes Russia in Ukraine How Israel’s Mossad Smuggled Drone Parts to Attack Iran From Within Stablecoins and TradFi Unchained: JPMorgan Files ‘JPMD’ Trademark, Hints at Bigger Crypto Offering Coinbase and Amex Team Up on Bitcoin Card as Exchange Reveals Broad Expansion Plans Bloomberg: Bessent Says $2 Trillion Reasonable for Dollar Stablecoin Market. WSJ: Walmart and Amazon are considering launching U.S. dollar-pegged stablecoins Reuters: French Societe Generale became the first major bank to launch a dollar-pegged stablecoin The Information: Financial markets giant DTCC is exploring a stablecoin, according to The Information Regulation Unchained: White House Rejects Ban on Conflicts of Interest in Crypto’s CLARITY Act Timestamps: 🎬 0:00 Intro 📰 4:18 Why Tron’s potential IPO creates a dilemma for investors, and how Justin Sun’s Trump ties play into it 🛡️ 15:58 Should exchanges like Coinbase let investors trade whatever they want? 🏦 20:47 The reason why crypto treasury companies even exist 📊 25:59 What is driving the fierce competition among exchanges 💵 34:18 Can JPMorgan, Bank of America, and other TradFi giants succeed with stablecoins? 🤔 37:58 Will stablecoins cannibalize banks’ own deposit bases? 🌍 45:51 How the Iran–Israel conflict could shake macro markets and crypto sentiment 🚀 55:37 Why Ram and Chris are calling for an ETH breakout 📜 57:47 What are the risks if crypto regulation fails? Learn more about your ad choices. Visit megaphone.fm/adchoices

Hyperliquid is one of the most talked-about platforms in crypto right now. It’s an onchain perpetuals exchange that sidestepped VCs, built a deeply loyal user base, and launched with transparency most rivals avoid. But it’s also staring down some massive challenges—from incoming competitors like Coinbase and Robinhood, to the technical hurdles of decentralizing its core exchange engine. Arthur Hayes, CIO of Maelstrom and one of crypto’s most iconic traders, and Hanson Birringer of Flowdesk discuss: What actually drove Hyperliquid’s success How a user-first approach is outpacing venture-backed models Whether the James Wynn saga was legit Why the HIP-3 proposal could be the “holy grail” for DEXes And whether Hyperliquid can survive its next big test: the entrance of giants Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Xapo Bank Bitwise Guests: Arthur Hayes, CIO of Maelstrom Hanson Birringer, Head of US Sales at Flowdesk Links Stats: CoinGlass: Total BTC Futures Open Interest Hyperliquid Stats James Wynn Unchained: Hyperliquid Trader Makes $87M in 70 Days, Loses It In Five James Wynn’s address Transparency Hyperliquid’s founder’s post on X saying that he felt like transparency results in better execution for whales compared to on private venues. Hyperliquid vs Binance: Unchained: Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism Arthur Hayes’ tweet on whether $HYPE perp volumes will flip Binance’s this cycle. CZ’s tweet on dark pool DEXs Cointelegraph: Binance co-founder CZ proposes dark pool DEXs to tackle manipulation Tokenomics: DL News: Hyperliquid’s token buyback machine just hit $1b — is it sustainable? HIP-3: Hyperliquid Docs: HIP-3: Builder-Deployed Perpetuals Timestamps: 🎬 0:00 Intro 🔥 3:25 Why Arthur says the future of perps is onchain—and what that changes 🚀 6:58 How Hyperliquid managed to climb the ranks without VCs 🧱 9:45 Whether being its own L1 gives Hyperliquid an edge 🔍 12:44 How Hanson adapts market making in a fully transparent environment 🕵️‍♂️ 16:40 Why Arthur doesn’t buy the James Wynn story 💸 20:56 Whether the types of traders on Hyperliquid are different than on other venues ⚔️ 22:14 How Hyperliquid could defend itself when Coinbase and Robinhood enter the arena 🔐 26:18 What Arthur and Hanson think about Jeff Yan’s post saying transparency benefits users 🐙 32:59 Did Binance and OKX try to sabotage Hyperliquid during the $JELLY event? 📊 38:24 Arthur answers his own question of whether Hyperliquid takes on Binance’s trading volume 🌘 42:20 Whether dark pool DEXes can fix transparency without killing decentralization 🔧 47:15 Why Hanson thinks the security FUD around Hyperliquid is overblown 🌏 50:20 Whether Asia’s crypto communities care less about decentralization 🧠 52:34 How Hyperliquid’s ecosystem play with HyperEVM could reshape its future 🏆 55:52 Why Arthur calls HIP-3 the “holy grail” for DEXes 🪙 1:00:01 Whether the HYPE buyback program is a good idea 📈 1:02:49 What Hyperliquid must get right as Coinbase and Robinhood show up Learn more about your ad choices. Visit megaphone.fm/adchoices

Stablecoins are having a moment. From Stripe’s acquisition of crypto wallet startup Privy, to Shopify integrating USDC, to Plasma raising $500 million for its stablecoin-optimized sidechain, stablecoins are having a moment. And at the center of it all is Circle, which had one of the most successful IPOs in decades. But what’s really happening under the surface? And who’s best positioned as stablecoins go mainstream? Vicky Fu, co-founder at Yala and former engineering director at Circle, joins Unchained to explain: How she saw Circle as deeply undervalued before the IPO buzz What Stripe’s crypto moves signal for the broader market Why retail payments could become stablecoins’ breakout use case How network effects give Circle a serious edge, even as banks circle the space Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Ledn FalconX Human Rights Foundation Guest Vicky Fu, co-founder at Yala Links Unchained: GENIUS Stablecoin Bill Advances in U.S. Senate Bloomberg: Bessent Says $2 Trillion Reasonable for Dollar Stablecoin The Block: Payment giant Stripe to buy crypto wallet firm PrivyMarket Payment giant Stripe to buy crypto wallet firm Privy CoinDesk: Crypto startup Plasma’s XPL Token Sale Hits $500M as Investors Chase Stablecoin Plays The Block: Plasma doubles its deposit cap, clarifies it is eyeing $50M public sale at $500M FDV Reuters: Societe Generale becomes first major bank to launch dollar-pegged stablecoin The Information: Financial Markets Giant DTCC Explores a Stablecoin Timestamps: 🎬 0:00 Intro 🔍 2:40 Why Vicky believed Circle was deeply mispriced BEFORE the IPO hype 🏗️ 11:336 How Circle’s quiet infrastructure play is more powerful than it looks 🛒 17:40 Why the Shopify–USDC integration could be a turning point 💼 19:14 What Stripe’s acquisition of Privy signals 🔥 23:42 What the Plasma ICO reveals about surging interest in the sector 🏦 29:50 Whether crypto-native issuers can really compete with banks entering the stablecoin race 📰 34:10 Weekly News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices