The Stablecoin Podcast

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 Debate 01:16 Sergio’s Path to Digital Assets 03:38 What Institutions Need From Stablecoin Issuance 05:37 Regulation and the Institutional Adoption Wave 08:54 Tether and the Regulated U.S. Market 13:38 Why Banks Are Entering Stablecoin Issuance 16:15 Liquidity Fragmentation and Interoperability 19:41 Measuring Stablecoin Utility Beyond Market Cap 24:25 Tokenized Deposits vs. Stablecoins 35:10 Cross-Border Banking and Dollar Access 40:18 The Case for Non-U.S. Stablecoins 44:49 Remittances, Treasury, and Real-World Distribution 47:16 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 Infrastructure 03:13 Silicon Valley Bank's Role in Digital Assets 06:11 Evolution of Banking Relationships in Crypto 09:21 Adapting to Market Changes and Client Needs 12:00 The Changing Landscape of Digital Assets 15:08 Stablecoins and Their Growing Importance 18:02 Institutional Perspectives on Digital Assets 21:09 The Future of Banking and Digital Assets 25:17 Initial Reactions and Market Dynamics 26:19 Tokenization of Assets and Customer Demand 28:48 Counterparty Risk and Liquidity Concerns 29:48 Distribution vs. Issuance in Stablecoins 34:34 Systemic Risks and Market Cap of Stablecoins 38:23 Fragmentation and the Future of Stablecoins 42:26 Compliance Challenges in Digital Assets 42:27 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 Journey 03:00 The Evolution of SphereNet and Its Unique Approach 05:56 Sphere Labs' Operations in Latin America 09:13 Compliance and Institutional Adoption Challenges 12:02 Sphere's Differentiation in the Market 14:59 The Interplay of Sphere Pay, Sphere Labs, and Sphere Net 18:09 Privacy Preservation in Blockchain Transactions 25:26 Balancing Privacy and Regulation 29:18 The Role of Telecom in Payment Infrastructure 31:44 AI and Agentic Payments: A New Frontier 40:26 Building Compliance into Blockchain Solutions 45:48 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 Partners https://www.stablecoinpartners.com https://www.stablecoinstandard.com/stablecheck Sponsored by Elysium Website: https://elysiumtechgroup.com LinkedIn: https://www.linkedin.com/company/elysium-technologies-group/ Chris O'Connor | CEO, Elysium Technologies LinkedIn: https://www.linkedin.com/in/cdoconno/ Roque Castro | CCO Elysium Technologies LinkedIn: https://www.linkedin.com/in/roquecastro/ Effie Dimitropoulos | CEO, AUDD Website: https://audd.digital LinkedIn: 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 Group Website: https://www.nephosgroup.com/ Joe Website: https://joedavid.co/ LinkedIn: https://www.linkedin.com/in/joedavidcrypto/ Chapters 0:00 - Opening and introductions 1:14 - Joe’s background and how Nephos moved into crypto 6:57 - Why Joe moved from the UK to Dubai 9:24 - Why the UAE is a crypto-friendly hub 13:31 - Stablecoin payments and AE Coin 18:13 - Tax treatment of stablecoins 28:36 - Reserves vs. attestations 35:10 - UK stablecoin rules and monthly reporting 42:09 - Local vs international stablecoins 48:47 - Where the industry is heading 52:29 - 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

In this episode, we're joined by Ramez Rafeek, General Manager of AED Stablecoin LLC, the issuer of AECoin, the UAE's first Dirham-backed stablecoin, licensed directly by the Central Bank of the UAE. We dig into what it actually took to build a regulated stablecoin from scratch alongside a central bank, how the escrow-backed, one-to-one Dirham peg works day to day, and why AECoin's daily reporting and monthly attestation model sets a different bar for transparency. From government fee payments and merchant adoption to a standout use case, topping up your wallet with crypto and spending it instantly as AECoin, we explore how real-world distribution was won across retail, institutional, and B2B channels. We also examine the broader Dirham stablecoin landscape, how the UAE's central bank licensing differs from free-zone regimes like VARA and ADGM, and where Ramez sees digital Dirham adoption heading by 2030.Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck AE CoinWebsite: https://aecoin.com/ LinkedIn: https://www.linkedin.com/company/ad-coinuae/ Ramez: https://www.linkedin.com/in/ramez-rafeek-18651541/ Chapters 00:00 Introduction to AECoin and Its Significance03:04 Regulatory Framework and Compliance in the UAE11:50 Impact of Regulation on Innovation12:21 Competitive Landscape of Stablecoins in the UAE15:35 Use Cases and Adoption of AECoin20:21 Future of AECoin and Market Demand26:01 Vision for the Future of Digital Payments in the UAE30:42 Conclusion and Resources for AECoin

In this episode, we're joined by Pritpal Shokar, Head of Product for Digital Assets at Thunes, to explore what it really takes to build stablecoin infrastructure at a global scale. We dig into how digital money is evolving across borders, why stablecoins and e-money aren't as interchangeable as they seem, and where tokenized deposits fit into the picture. From liquidity challenges in cross-border payments to the UK's shifting regulatory landscape, we examine the friction points that still define international finance, and how programmable money could eliminate them. We also look ahead to the emerging world of agentic payments, where AI-driven transactions demand new thinking around trust, oversight, and the role of the treasurer. Follow Stablecoin Partners: - Stablecoin Partners: https://www.stablecoinpartners.com/ - StableCheck: https://www.stablecoinstandard.com/stablecheck Thunes: - Website: https://www.thunes.com/ - LinkedIn: https://www.linkedin.com/company/thunespayments/ - Pritpal: https://www.linkedin.com/in/pritpal-shokar/ Presented in partnership with Nephos Group Proud sponsors of the Stablecoin Standard Podcast, Nephos Group is the specialist accountancy and advisory firm for stablecoin issuers. From proof of reserves and attestations to stablecoin accounting and compliance support, they help digital asset businesses build the financial rigour that institutional adoption demands. Learn more at nephosgroup.com.

In this episode, we’re joined by Will Beeson ( Multiliquid ) and Jack Chong ( Checker ) to unpack where the money layer and asset layer of on‑chain finance collide. We explore how stablecoins and tokenized real‑world assets are converging, why liquidity remains the biggest bottleneck at institutional scale, and how infrastructure players are solving access, settlement, and distribution challenges. This is a deep dive into the future of financial markets, where cash, assets and payments operate on a single, always‑on system. Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck Multiliquid Multiliquid: https://multiliquid.xyz LinkedIn: https://www.linkedin.com/in/willbeeson/ X: https://x.com/will_beeson Checker Checker: https://checker.finance LinkedIn: https://www.linkedin.com/in/jack-chong/

In this episode, Ran Grushkowsky , Co‑Founder and CEO of MassPay , breaks down why global payout systems are still fundamentally broken—and what it takes to fix them. We explore how MassPay built payout infrastructure across 230+ countries, why optionality in how people get paid is the real unlock, and how payouts are evolving from a cost centre into a revenue driver. We also dive into stablecoins as a settlement rail, embedded compliance, and what enterprise-scale payments really look like under the hood. Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck MassPay MassPay: https://masspay.io LinkedIn: https://www.linkedin.com/in/rangrushkowsky/ X: https://x.com/MassPay_io

In this episode, Kirill Gertman , Co‑Founder and CEO of Conduit , explains how stablecoins are quietly replacing legacy payment rails like SWIFT without end users ever touching crypto. We explore how Conduit processes billions in B2B payments across emerging markets, why compliance is the real product, and how stablecoins unlock faster, cheaper, and more reliable cross‑border flows. This conversation dives into the real-world mechanics of global payments, from Africa and LatAm to bank partnerships and regulatory realities. Regulation 561 issued by the Brazilian Central Bank: https://paymentbrief.com/articles/brazil-stablecoin-cross-border-ban-2026/ Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck Conduit Conduit: https://www.conduitpay.com LinkedIn: https://www.linkedin.com/in/kirillgertman/ Email: hello@conduitpay.com

In this episode, Gabriele Galli , SVP of Sales, Partnerships, and Business Development at Mesh , breaks down what it actually takes to win the stablecoin payments race. We explore how Mesh is building the connective layer that allows users to pay with any crypto asset while merchants settle instantly in stablecoins, why stablecoins dominate real usage today, and how fragmentation across chains and systems is being solved. This is a deep dive into the infrastructure layer nobody sees — and why distribution, trust, and partnerships matter more than ever. Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck Mesh Mesh: https://www.meshpay.com/ LinkedIn: https://www.linkedin.com/in/gabrielegalliprofile

In this episode, Đorđe Žarković, Head of Fund Solutions at Bank Frick, breaks down what happens when traditional correspondent banking fails and why stablecoins are emerging as the only scalable alternative. We explore how Bank Frick became one of the first regulated institutions to accept USDC at the fund level, how stablecoins are accelerating capital flows into investment vehicles, and why convergence between traditional finance and blockchain infrastructure is inevitable. This conversation is a deep dive into the real plumbing of global finance and how it’s being rebuilt. Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck Bank Frick Bank Frick: https://www.bankfrick.li/ LinkedIn: https://www.linkedin.com/in/đorđe-žarković/

In this episode, we explore how grain‑backed tokens are redefining money in the real economy. Eduardo Novilo Astrada , CEO and co‑founder of JustToken (AgroToken) , explains how soy, corn, and wheat have functioned as currency in Latin America for decades and how blockchain finally allows that system to scale digitally. Dax Hansen , partner at Perkins & Coie and a regenerative farmer, unpacks the legal, regulatory, and financial implications of asset‑backed tokens and why commodities may be the missing link in on‑chain finance. Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck JustToken https://www.justoken.com/ Email: Eduardo@justtoken.com LinkedIn: https://www.linkedin.com/in/eduardonovilloastrada/ Perkins & Coie https://perkinscoie.com/ Email: Dhansen@PerkinsCoie.com LinkedIn: https://www.linkedin.com/in/daxhansen

Christopher Perkins, President and Managing Partner at CoinFund, joins us to unpack the stablecoin infrastructure era. We explore why settlement risk and trapped collateral are the hidden taxes in global finance, why demand for US‑dollar stablecoins remains insatiable, and what TradFi’s entry into crypto really means for decentralization, privacy, and security. This is a grounded, macro‑level conversation on how stablecoins are becoming the plumbing of global markets. Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck CoinFund CoinFund https://coinfund.io/ X https://x.com/perkinscr97 LinkedIn https://www.linkedin.com/in/christopher-perkins-092569a

Zama’s Ghazi Ben Amor breaks down how fully homomorphic encryption enables confidential stablecoin transfers, private DeFi, and encrypted RWAs, all while remaining verifiable on public chains. We explore why confidentiality is becoming essential for enterprise adoption, how wrapped and natively confidential stablecoins work, and why privacy‑preserving infrastructure is the next major unlock for institutional on‑chain finance. Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck Zama Zama: https://zama.org Zama: https://www.linkedin.com/company/zama-ai/ Ghazi Ben Amor: https://www.linkedin.com/in/ghazi-ben-amor-075911/

Accenture’s Luke Giancarlo joins us to unpack what it really takes for stablecoins to break into enterprise adoption. From working with 120+ fintechs to advising the world’s largest banks, he explains why the true bottleneck isn’t the tech, its organizational mindset, regulation readiness, and bridging how startups and institutions think, buy, and build. Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck Accenture Accenture: https://www.accenture.com/ FinTech Innovation Lab : https://www.fintechinnovationlab.com/ LinkedIn: https://www.linkedin.com/company/fintech-innovation-lab-london/ Luke Giancarlo: https://www.linkedin.com/in/luke-giancarlo/

Stable Sea CEO Tanner Taddeo joins us to unpack the “last mile” of stablecoins — turning digital dollars into real‑world fiat across 40+ countries. He explains why B2B payments need deep liquidity, trust, compliance and real‑time visibility, and how partnerships like dLocal are unlocking faster, enterprise‑scale settlement. A must‑listen on the infrastructure powering global stablecoin adoption. Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck Stable Sea Stable Sea: https://www.stablesea.com/ LinkedIn: https://www.linkedin.com/in/tanner-taddeo-9b64562a

In this episode, we sit down with Alana Levin, investment partner at Variant and author of the 2025 Crypto Trends Report, to unpack the three compounding S‑curves: asset creation, accumulation, and utilization, that are defining crypto’s next decade. Alana explains why the pace of asset issuance is exploding, how ETFs unlocked pent‑up institutional demand, and why stablecoins remain the strongest product-market fit across digital assets. Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck Variant Variant: https://variant.fund/ Follow Variant Fund: https://x.com/variantfund Follow Alana: https://x.com/AlanaDLevin 2025 Crypto Trends Report: https://blog.variant.fund/2025-crypto-trends-report

In this episode, we sit down with Geetha Panchapakesan, founder and CEO of Tesser, to explore what stablecoins actually fix in cross‑border payments. Drawing on her experience at MoneyGram, Visa and Circle, Geetha breaks down why working capital, pre‑funding, and fragmented FX infrastructure remain the biggest points of friction for PSPs and banks — and how stablecoin rails unlock faster settlement, better transparency and dramatically lower operational drag. Geetha also shares why Tesser is building a fully‑abstracted, institutional‑grade stablecoin stack, what’s driving demand from emerging‑market FIs, and why off‑ramps, liquidity and regulatory clarity are the real bottlenecks to global adoption. From compliance fears to tokenized deposits, we dig into the myths, the headwinds, and the very real opportunities for enterprises adopting digital asset infrastructure in 2026 and beyond. Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck Tesser: Tessa: https://tesser.xyz/ Email: Geetha@Tesser.xyz LinkedIn: https://www.linkedin.com/in/geethapanchapakesan/ Telegram: @gpanchap