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What podcasters are saying about Stablecoins & crypto policy
Summary
In the past 30 days, 18 speakers on 16 finance podcasts discussed Stablecoins & crypto policy in 28 views. Chorus has followed Stablecoins & crypto policy since October 8, 2026.
Who talks about it most
- Jonathan Gould · 5
- Felix Stratmann · 4
- Chris Dixon · 2
- Terry Duffy · 2
- Jeff Yan · 2
- Amy Oldenburg · 1
- Brett Rentmeester · 1
- Larry McDonald · 1
- Patrick Harker · 1
- Michael Selig · 1
The latest views
Newest first. Every quote is checked against the episode's transcript.
Amy Oldenburg · Morgan Stanley
Tokenizing high-friction, admin-heavy markets will drive the biggest transformations, via programmability.
Tokenizing equities and treasuries is currently just putting them into digital form. The larger value is programmability, embedded in products. Amy argues the biggest transformations will occur where there is high friction and a heavy administrative burden, which is where the innovation has the most to fix.
“So I think areas where you have high friction and even a heavier administrative burden, that's areas where we may see some of the biggest transformations happen in this space.”at 1:54
Thoughts on the Market (Morgan Stanley): How Digital Assets Are Rewiring Financial Markets ·
Felix Stratmann · Morgan Stanley
Tokenized real-world assets will grow from about $30-40B today to roughly $2.3T by 2030.
Tokenized real-world assets are about $30-40B today but growing quickly, from essentially nothing a couple of years ago. Morgan Stanley's forecast expects about $2.3T by 2030. Growth is driven by friction in traditional collateral management, where tokenized assets can move 24/7 and across borders. Tokenized money market funds and government securities are among the fastest-growing segments, since they can move between institutions or be used as collateral.
“tokenized real world assets are about 30 to 40,000,000,000 today, but they're growing quickly... we expect them to reach about 2,300,000,000,000 by 2030.”at 2:20
Thoughts on the Market (Morgan Stanley): How Digital Assets Are Rewiring Financial Markets ·
Felix Stratmann · Morgan Stanley
Tokenized stocks are a useful test of tokenization, but not yet a more efficient equity market.
Activity in tokenized stocks is increasing. Felix says they do not yet represent a more efficient state of the equity market. He sees them as an important step toward testing the benefits of tokenized assets for global distribution and enhanced utility.
“they're not necessarily representing a more efficient state of the equity market yet, but they're an important step towards testing demonstrating, you know, the benefits of tokenized assets in global distribution”at 3:10
Thoughts on the Market (Morgan Stanley): How Digital Assets Are Rewiring Financial Markets ·
Felix Stratmann · Morgan Stanley
Stablecoins are increasingly used in real payments, approaching about $100B a month.
Digital money is starting to operate at larger scale. Stablecoins, still largely crypto-focused, are increasingly used in real payment activity. Monthly volume is approaching roughly $100B, and Felix expects that growth to continue.
“stablecoins are increasingly being used in real payment activity... approaching a 100,000,000,000 or so a month right now.”at 3:33
Thoughts on the Market (Morgan Stanley): How Digital Assets Are Rewiring Financial Markets ·
Felix Stratmann · Morgan Stanley
Digital asset progress can continue under existing rules, even without comprehensive crypto legislation.
The Clarity Act was mainly a crypto market infrastructure bill that would have set trading rules and rules for decentralized finance. Tokenization can progress without it, because tokenizing a security does not change what the security is. Tokenized funds, payment infrastructure and institutional settlement can develop under existing legal frameworks. The SEC and CFTC are already proposing rules and guidance, and the GENIUS Act rulemaking is paving the way for stablecoin adoption. Firms still want regulatory clarity, but they do not need wholesale new legislation.
“So look, yes, progress can definitely continue, particularly for the financial use cases of digital asset technology, even without comprehensive legislation.”at 6:12
Thoughts on the Market (Morgan Stanley): How Digital Assets Are Rewiring Financial Markets ·
Brett Rentmeester · WindRock Wealth Management
Regulators are moving to allow tokenization and promote stablecoins, merging traditional finance with crypto.
He points to the stalled Clarity Act as well as moves by the SEC and CFTC toward allowing tokenization and promoting stablecoins. These assets will run on blockchains and form a different infrastructure. He argues this will marry traditional finance and cryptocurrencies, which have been very separate until now.
“You see the SEC, you see the commodities, CFTC, commission, all moving in the direction of allowing tokenization, promoting stable coins, all of these things that are gonna run on blockchains and be a different infrastructure.”at 26:24
Larry McDonald · The Bear Traps Report
Stablecoins grew from $100B to about $300-350B, and could reach $1-1.5T in five years.
He says the stablecoin market has moved from about $100B to roughly $300-350B and is mostly backed by Treasury bills. He expects it to reach $1-1.5 trillion within five years. He argues that policy will push international investors into dollar stablecoins, which creates a channel for Treasury demand and a challenge to the Eurodollar banking system.
“I think stablecoins probably go in the next five years to a trillion, trillion and 0.5.”at 27:44
Wealthion: Larry McDonald: S&P 500 Could Crash 30% Over the Next Year ·
Patrick Harker · The Wharton School, University of Pennsylvania
Tokenized deposits should beat stablecoins because banks can pay interest on them.
Stablecoins already exist and are in legislation, and banks are responding with tokenized deposits. Harker sees one built-in advantage for tokenized deposits: they can pay interest, which stablecoins cannot. If a customer can do everything with a stablecoin and also earn interest, he expects the customer will probably choose the deposit. He qualifies this with 'we'll see how this all shakes out' and 'the market has to do what the market's gonna do'. He also says that crypto is a different case. Some treat it as an asset class, and he is not sure about that, but it is not a transaction tool.
“and they have one advantage of a tokenized deposit versus stablecoin. They can pay interest. ... if I can do everything I can do with a stablecoin and get some interest, I'm probably gonna do that.”at 28:44
Macro Musings: Patrick Harker on Real-Time Payments and the Future of the Federal Reserve ·
Michael Selig · U.S. Commodity Futures Trading Commission (CFTC)
Failure of the Clarity Act leaves crypto customers unprotected; the CFTC's federal option must be finalised.
Selig says he is very disappointed Congress did not send the Clarity Act to the president. He argues the bill would have guaranteed customer protections in crypto asset trading and required exchanges to register with the CFTC. He cites the CFTC's longstanding rules, which date to the 1920s Grain Futures Act and have been enforced for fifty years. Because Congress cannot require every exchange to register, the CFTC's proposals create a federal option instead. He wants to finalise that option quickly because the agency cannot allow another FTX-style scam to undermine the markets.
“I'm very disappointed that congress failed to send the clarity act to the president's desk. That legislation would have guaranteed to the American people that we have customer protections when it comes to crypto asset trading...”at 6:15
Bloomberg Talks: CFTC Chairman Michael Selig Talks Monitoring Prediction Markets ·
Umar Farooq · J.P. Morgan
Tokenised securities can settle both legs simultaneously on blockchain rails, though the capability is still nascent.
Umar explains that every securities transaction has a payments leg. Blockchain infrastructure can execute the payment and the security transfer at the same time, which allows tokenised securities to be traded atomically. He describes these capabilities as still nascent compared with existing rails, though they have been scaled significantly, and he says he is excited about the technology's future.
“what blockchain allows you to do with the infrastructure we have built is you can actually transact in securities that are tokenized because the two legs get executed at the same time. So there's... These new capabilities that I think are still nascent.”at 16:16
J.P. Morgan Making Sense: How modern payments drive growth and resilience ·
Jason Wu · International Monetary Fund
Tokenized assets are gaining real use but remain small; scaling raises financial stability risks.
Tokenization is a growing area, particularly for tokenized equities and bonds, which now have real use cases even though they remain fairly small. The IMF's message is that removing barriers lets them scale, but as they scale, financial stability implications must be watched. One example is whether more tokenized real-world assets could lead to higher leverage in the financial system.
“we observed that tokenization is a growing area, particularly assets, including tokenized equities, tokenized bonds. Those things are now having real use cases. They remain fairly small. ... as they scale, we also need to be attentive to financial stability implications.”at 36:52
Jonathan Gould · Office of the Comptroller of the Currency (OCC)
Stablecoin issuance is part of the business of banking, which Congress endorsed and regulators should welcome.
Gould argues that welcoming payment stablecoin activity into the banking system is the regulator's job, because it is part of the business of banking. He says Congress has endorsed this and set the framework for it, and the OCC is bringing these activities into a regulated framework for the first time. He sees this as central to ensuring American leadership in the area.
“It is part of the business of banking, as I've said on multiple occasions, as congress has endorsed and set the framework for.”at 4:24
Real Vision: The GENIUS Act Is Here — What Changes for Stablecoins? w/ Jonathan Gould, U.S. Comptroller of the Currency ·
Jonathan Gould · Office of the Comptroller of the Currency (OCC)
Payment stablecoins will bring faster, cheaper cross-border payments and real customer benefits.
Gould believes payment stablecoins will deliver faster speed, particularly in cross-border payments, and expects real benefits to customers over the short to medium term. He also argues the US payment system has not been optimal over recent decades, so stablecoins are an upgrade to that infrastructure. He ties the benefit to customers getting faster and cheaper payments than they otherwise would.
“I believe it will deliver a kind of faster speed, particularly in areas like cross border payments... So I think we will see kind of hopefully over the short to medium term real benefits to customers.”at 4:38
Real Vision: The GENIUS Act Is Here — What Changes for Stablecoins? w/ Jonathan Gould, U.S. Comptroller of the Currency ·
Jonathan Gould · Office of the Comptroller of the Currency (OCC)
Liquid reserve assets must back stablecoins so redemptions can be met; this is core to stability.
Gould says reserve requirements are a core foundation of the regulation because they define what it means to be a stablecoin, with stability as the key word. He draws an analogy to the OCC's 1863 mandate to ensure bank notes were backed by assets matching their face value. The OCC's focus is liquidity risk: issuers must hold assets that can be liquidated in the short term to meet redemption requests, and the rules set out details around that.
“that there are assets that can be liquidated in the short term to make sure they're meeting the redemption requests or the volume of redemption requests.”at 7:28
Real Vision: The GENIUS Act Is Here — What Changes for Stablecoins? w/ Jonathan Gould, U.S. Comptroller of the Currency ·
Jonathan Gould · Office of the Comptroller of the Currency (OCC)
Too early to ban third-party or affiliate stablecoin rewards; will judge case by case after applications.
The proposal used a rebuttable presumption to test how to enforce the ban on yield and rewards. Gould says comments from community bankers and industry showed it is premature to draw ex ante lines on which third-party or affiliate relationships are prohibited. He wants to see concrete applications and business plans starting January 18 before deciding which structures look problematic and which look acceptable. The final rule reverts to the statutory language, with case-by-case review.
“it would be premature to start drawing lines in the sand now as to what relationships with third parties or what relationships with affiliates are kind of ex ante prohibited.”at 15:41
Real Vision: The GENIUS Act Is Here — What Changes for Stablecoins? w/ Jonathan Gould, U.S. Comptroller of the Currency ·
Jonathan Gould · Office of the Comptroller of the Currency (OCC)
Stablecoin transparency and auditability make them a valuable tool for anti-money-laundering enforcement.
Gould argues that the ability to track global payments has implications for Bank Secrecy Act and anti-money-laundering enforcement. Banks and other supervised institutions are expected to know their customers and act as eyes and ears for law enforcement. He says payment stablecoins, given their transparency and auditability, are extremely valuable in that regard and a tool of US government policy.
“payment stablecoins, given its transparency, given just the very nature of it and the auditability of it, is extremely valuable in that regard as well as a tool of US government policy.”at 21:39
Real Vision: The GENIUS Act Is Here — What Changes for Stablecoins? w/ Jonathan Gould, U.S. Comptroller of the Currency ·
Adena Friedman · Nasdaq, Inc.
Tokenized equities should be on the core market; derivative and off-exchange tokens lack price discovery.
Friedman says Nasdaq is focused on tokenizing the core market, so that a tokenized share is the same security the investor owns. She objects to two other forms. Under the SEC innovation exemption, shares trade outside the market system with no visible quotes or trades. In the derivative form, platforms hold the stock and issue tokens, so investors do not own the company and trading is not visible. She argues issuers need full trading visibility, price discovery and centralized liquidity.
“And so I think as an issuer, you want to know what's happening in your stock. You want to know all the trading. You want to have price discovery. ... That's where we have concerns about those two other ways of tokenizing.”at 22:21
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Chris Dixon · Andreessen Horowitz (a16z)
Stablecoins are now a normal part of tech; Stripe and most fintechs use them.
Dixon argues that crypto has worked well in some areas, and stablecoins are the clearest example. He says they have become a normal part of the tech landscape. He cites Stripe and says almost every fintech company now treats stablecoins as part of its toolbox. He also notes Wall Street firms are moving heavily into crypto and tokenized assets.
“Stablecoins have become kind of a normal part of the tech landscape ... used by companies like Stripe and sort of almost every FinTech company now kind of considers it part of their toolbox.”at 2:12
a16z Podcast: The Frontier Ideas a16z Wants to Fund | Marc Andreessen, Ben Horowitz & Chris Dixon ·
Chris Dixon · Andreessen Horowitz (a16z)
Stablecoins are the natural payment rail for an economy of AI agents paying each other.
Dixon argues that when there is an economy of agents, the natural way for them to pay each other would be stablecoins. He sees programmable money as a base layer on which decentralized lending and other crypto applications could be built. He presents this as an open question rather than a settled outcome.
“think crypto can play an important role, like the natural way when you have an economy of agents for them to pay each other would be stablecoins.”at 39:03
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Jordi Visser · Visser Labs
Crypto settlement in seconds will displace slow bank wires as AI agents demand it.
Visser argues that digital money is already here and that instant communication has outpaced money settlement, which still takes days. He says banks and the interest earned on money in transit benefit from the delay, while crypto can settle in seconds. He argues AI agents make fast settlement necessary, because agents making optimal decisions will avoid letting banks hold their money in transit. He says crypto is also safer than bank deposits, which he argues are only backed by government money printing in a crisis, and expects crypto to become a major story within a year.
“Digital money, which is a necessity to settle things quickly, is here.”at 1:02:09
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Terry Duffy · CME Group
Offshore crypto perpetuals at up to 250x leverage are dangerous and need binding leverage rules, not voluntary caps.
Duffy argues that offshore perpetual products are levered up to 250 times, which he calls extraordinary for the risk of any product, and that US participants should not want that. He says new entrants promising to cap their leverage are offering only words, since no agency or legislative body has issued rulemaking on leverage. He sees this as a big deal that could be very disruptive to the financial system and put other people at risk. He also explains that a perpetual's funding rate ties the market to spot, that payments flow between longs and shorts, and that this is the definition of a swap. He adds that most of these products are basically retail products, while CME is 94% institutional.
“There's products overseas right now that are levered up 250 times. ... Now some of these new entrants say that they'll cap their leverage exposures, but those are just words. I haven't seen anything come out on a rule making”at 35:53
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Matthew Piepenburg · VON GREYERZ AG
Stablecoins won't create enough demand for US Treasuries to rescue the bond market.
Stablecoin issuers must hold T-bills, so proponents see them as a source of Treasury demand. He does not think global demand for a US dollar stablecoin will be large enough to bail out the Treasury market. He doubts the US is trusted enough for the world to buy its paper at that scale. He also dismisses the claim that the $150-plus trillion euro-dollar and derivatives markets will permanently create dollar demand.
“is that the stablecoin market is not gonna create that much demand. The world doesn't want a e dollar and a volume enough to bail out the US treasury market. I don't think The US is that trusted or loved.”at 52:46
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Terry Duffy · CME Group
Crypto perpetual futures are swaps in disguise that circumvent Congress and should not be listed as futures.
Duffy says CME did not list its 24/7 oil perpetual because perpetuals are swaps, not futures, which is the basis of CME's litigation with the CFTC. The CFTC approved Kalshi listing Bitcoin perpetual futures. Futures get 60/40 long-term/short-term tax treatment, while swaps are taxed as ordinary income. Swaps also carry five-day margin to clear, a ten-day requirement if not cleared, and swap-dealer registration. Duffy testified over 30 times during Dodd-Frank about the swap-versus-future distinction. Perpetuals pay funding rates between longs and shorts that pay each other, which the Dodd-Frank definition of a swap captures, and he argues the CFTC has circumvented Congress. He also objects that perps lack an expiration date, which makes it hard for institutions to manage risk and to fund large positions, and that the funding-rate timing is decided by someone unclear. He says the product is really being pushed for leverage, not for the funding-rate mechanism.
“We didn't list the twenty fourseven PERP contract because PERPs are swaps, they're not futures. And that's the whole premise behind our litigation with the CFTC. ... So they circumvented congress. That's why I have a problem with perpetuals.”at 15:46
Odd Lots: CME's Terry Duffy on the Disconcerting State of Finance Regulation ·
Bob Michele · J.P. Morgan Asset Management
A Treasury- and Fed-backed stablecoin acting as a digital dollar is almost inevitable.
He separates crypto, which may not go mainstream, from stablecoins, which can be tracked and regulated and have the full faith and credit of the US behind them. He expects a digital dollar in the stablecoin form, backed by the Treasury and supported by the Federal Reserve, and calls that almost inevitable. He treats this as a more plausible route to digital money than private cryptocurrencies, and as separate from the question of whether crypto can replace the dollar.
“But I do see a digital dollar in the stablecoin world with the backing of the treasury, the support of the Federal Reserve. To me, that's almost inevitable.”at 26:57
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Jeff Yan · Hyperliquid Labs
The current US administration wants to take a proactive approach to on-chain rails for finance.
Yan reads the CFTC's stated wish to bring the protocol to the US as a sign that the current administration sees on-chain rails as a way to improve markets. He argues the US should not take an extremely restrictive view of the technology and should instead find ways to incorporate it into the existing financial system. He also notes that Hyperliquid's terms of service currently bar US users from its derivatives trading, which is the barrier the CFTC is pointing at.
“I think the current administration wants to kind of take a proactive approach towards on chain rails for finance.”at 8:41
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Jeff Yan · Hyperliquid Labs
Regulation should attach to the deployer layer that exercises controls, not to the underlying protocol.
Jeff says he can see a world where deployers, not the protocol, are regulated, as with CFTC or CME oversight. He compares this to TCP/IP, a technology used to build financial stacks that is not itself regulated. Regulation sits where controls are exercised, and deployers are the ones exercising them over their markets. He also argues regulators are conservative and still learning the technology, but may come to see its benefits. For example, anyone can provably audit that user balances sum to the USDC held at an address. He calls this a property rather than a process, which he says is beneficial.
“I can very much see that world... in the same way that Internet technology, TCP IP, for example, is a technology... it is not regulated. Right? The regulation sits at the layer where there are controls.”at 59:58
Odd Lots: Jeff Yan's Plan to Bring the Entire Financial Industry Onto Hyperliquid ·
David Vélez · Nubank
Fiat currencies will shrink from about 190 to about 10 as people shift savings offshore into stablecoins.
People who are increasingly mobile will operate across their domestic fiat system and a global offshore system. Many citizens distrust their banks and currencies, and they increasingly want to bank offshore, using stablecoins and Bitcoin. He says fiscal conditions in many countries are so dire that much fiat money is not real money and is effectively crypto tokens. Over 10 to 20 years, he expects the roughly 190 currencies to fall to about 10. He describes two parallel systems that will interrelate.
“Today, there's about 190 currencies around the world. My view is that ten, twenty years from now, those 190 will be maybe 10. Because the fiscal situation in so many countries around the world is so dire”at 25:13
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Brent Johnson · Santiago Capital
Stablecoins let the Treasury bypass banks, eroding the Fed's leverage over it.
The Fed's leverage over the Treasury has come from being its bank and the distributor of the dollar system. Stablecoins are a new capability from the last five or ten years that could put some of that leverage back in the Treasury's hands. Stablecoins do not need a banking system to distribute bonds, raise cash or make payments. As that technology is built out, it removes some of the Fed's leverage. Brent says the Fed and Treasury still depend on each other today, but the ability to remonetize gold certificates or use stablecoins as a backup is a key factor in the future.
“Stablecoins do not need a banking system to distribute either the bonds or to raise cash or to make payments. And so as that technology gets built out, it starts to remove some of the leverage that the Fed has.”at 19:26
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