Matt and Nic are back for another week of news and deals. In this episode: 

• Will stablecoins drive deposit flight from the banks?
• Is FDIC insurance obsolete?
• Can CBDCs provide real privacy?
• ICE invests in Polymarket
• North Dakota is looking to issue their own “rough rider” stablecoin, joining Wyoming
• Luxembourg buys bitcoin out of their sovereign wealth fund
• Is the quantum bubble creating risks for Bitcoin?
• The “Salomon brothers” OP_RETURN dusting attack on old Bitcoins
• Reg NMS for blockchains?
• Katie Porter has a new drama
• Congress is still working on the market structure bill
• Shutdown update

Content mentioned in this episode:

• Nic on Substack, Yes, we really do want to trust crypto interests with the future of money
• Galaxy Research, The Great Bitcoin Dusting: A ‘Salomon Brothers’ Client Tries to Claim Dormant Wallets

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Pelle Braendgaard, the co-founder and CEO of Notabene joins the show. In this episode we discuss:

• Pelle’s background and path to co-founding Notabene.
• The travel rule and how institutions achieve compliance for blockchain transactions.
• The launch of Notabene Flow, the first open stablecoin payments platform enabling pull payments for businesses.
• Views on the evolving market structure for stablecoin payments
• The state of digital identity.

To learn more about Notabene visit notabene.id and follow the company on X.

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Mike Cagney, the founder of Figure joins the show. In this episode we discuss:

• The process of taking Figure public in September 2025.
• The market structure for tokenized securities.
• Perspectives on the key issues being debated in the context of The Clarity Act.
• Reg NMS considerations for blockchain assets.
• The impact of stablecoins on the banking sector.
• The original thesis of Figure and the attractiveness of the HELOC market.
• The Provenance Blockchain
• Competition versus legacy financial services firms.

To learn more about Figure visit figure.com. Follow Mike on X. Follow Figure on X.

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Matt and Nic are back for another week of news and deals. In this episode:

• AI bailed out the mining companies
• AI people deal with the same energy use claims
• We reflect on the life of Jane Goodall
• DoubleZero gets a no-action letter from the SEC
• Will Tether and Circle lose market share?
• Who could challenge the Big Two stablecoins?
• Do optimists always win?
• Some DATs are troubled
• Is Kalshi starting to take over?
• Stripe announces Open Issuance
• The US Government is shut down

Content mentioned:

• Nic on Substack, The Stablecoin Duopoly is Ending

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Wyatt sits down with Ben Ward and Steven Pack of RockSolid. In this episode:

• What are DeFi vaults? What is RockSolid?
• Lido vs Rocket Pool
• Creating effective unified efforts in decentralized communities
• A look at the wider landscape of DeFi yield
• How do you measure protocol success?
• Strengthening the broader Ethereum ecosystem

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Mark Coe, the Founder and CIO of Intrinsic Edge Capital Management joins the show. In this episode we discuss:

• Mark’s background and path that led him to founding Intrinsic Edge Capital Management.
• The Intrinsic Edge Digital Infrastructure Fund, a fund that was launched four years ago to focus on companies in the digital asset ecosystem.
• Perspectives on the mining industry and the impact of AI/LLMs on this sector of the industry.
• Views on the types of businesses that will enter the public markets in the coming years.
• The future of prime brokerage and how service providers will evolve.

To learn more about Intrinsic Edge visit intrinsicedge.com or email them at info@intrinsicedge.com

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Matt and Nic are back for another week of news and deals. In this episode: 

• We review the Coin Center dinner
• Tether is going out to raise at $500b
• Cloudflare wants to launch a stablecoin for agentic payments and launches the 402 protocol
• Circle is thinking about reversible transactions
• BitGo files for an S1
• Strive acquires Semler Scientific
• The SEC is looking into 200 DATs for insider trading
• 9 major European banks are looking to launch a MiCA stablecoin
• The Bank Policy Institute thinks stablecoins threaten banks
• Senate Finance Cmte is looking at crypto taxes 
• Naver is looking to acquire Upbit

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Wyatt sits down with Felipe Montealegre and Noah Goldberg of Theia Capital, a fund investing actively in liquid crypto tokens with strong fundamentals. In this episode:

• What drives crypto market valuations? Fundamentals or supply of capital?
• The imbalance between venture vs hedge fund activity in crypto markets
• Navigating a market where assets become liquid early in their lifecycle
• Talent in the crypto industry
• What makes exceptional founders and team members?
• Using LLMs in investing and general workflow
• Future themes Theia is excited about

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Matt and Nic are back for another week of news and deals. In this episode: 

• The SEC approves generic listing standards for cryptoassets
• Gensler loses a year’s worth of text messages
• BoE wants to limit stablecoin exposure to £20k
• Tether launches USAT
• Coinbase is exploring a Base token
• Binance nears the end of DoJ compliance monitoring
• Galaxy is launching a tokenized money market fund
• PayPal launches PayPal links

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Walt joins the podcast to discuss the current state of Bitcoin and what is investable in and around the Bitcoin ecosystem. In this episode:

• Austrian economics and Bitcoin
• Bitcoin’s strengths and limitations when it comes to innovation and durability
• The modern role of decentralization and trust
• Whether nation-states will fully adopt BTC
• The role of Bitcoin in network states
• Owning BTC and other cryptoassets directly vs in equity wrappers
• Assessing the monetary value of cryptoassets
• BTC for payments?

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Matt and Nic are back for another week of news and deals. In this episode:

• We reminisce about the fork wars
• Figure goes public
• Gemini is slated to list
• The Winklevoss Quintenz drama rumbles on
• DAT updates
• CLARITY updates
• The fight over stablecoins paying interest continues
• Prediction markets and sports betting
• SwissBorg is hacked
• The CBOE is launching BTC and ETH “continuous futures”
• Harberger taxes

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Wyatt sits down with Austin Federa, the founder of DoubleZero to discuss the hardware systems that underlie blockchains and the internet. In this episode:

• Building a newer, better fiber network
• How and why much of internet hardware infrastructure is antiquated
• Why software innovation has taken precedent over hardware innovation
• Vertical integration and who has access to the best hardware systems
• Why hardware innovation requires startups and new entrants
• Why blockchains demand faster, reliable bandwidth
• Why a token framework offers a better incentive mechanism

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Matt and Nic are back for another week of news and deals. In this episode: 

• We review the US Open
• The Clippers scandal
• Fantasy football and the efficient market hypothesis
• Tax treatment of sports betting on Poly versus sports betting apps
• Are prediction markets more efficient than bookies?
• Galaxy launches a tokenized version of their stock
• NASDAQ is adding supervision rules for DATs
• Is it over for the DATs?
• World Liberty Fi launches and gets into a fight with Justin Sun
• Gemini files to go public
• Stripe releases details around their Tempo L1
• Some academics have an explanation for why MSTR might trade at a persistent premium 

Content mentioned in this episode:

• Nic on Substack, Situating Stablecoins in the Payments Landscape
• Valuing Microstrategy

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Wyatt sits down with Daniel Lev, the founder of Coinflow, to discuss the evolution of payments amidst a wave of stablecoin-enabled innovation. In this episode:

• Lurking legacy issues of payment networks
• How our current payment networks benefit end users but not merchants
• Types of merchant profiles and who stands to benefit
• Creating faster settlement
• Marketplace models and better rails
• How blockchain can reduce fraud and help businesses know their customers

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Nic and Matt return for another week of news and deals. In this episode:

• Nic reviews the stablecoin conference in Mexico City
• Will the banks obsolete stablecoins?
• Some DATs are having trouble
• The government is putting GDP on the blockchain
• The CFTC opens the door to US customers trading on non-US exchanges
• Trump fires Lisa Cook
• Can the Fed be considered “independent”
• Google is developing a blockchain
• A BNB DAT gets delisted
• Tether is building on Bitcoin via RGB
• How does insider trading work in prediction markets?

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Wyatt sits down with Sandy Kaul, head of digital assets at Franklin Templeton, to cover Sandy’s work with the CFTC and DTCC and creating sandboxes for onchain financial markets. In this episode:

• How wallets stand to become the hub of asset management
• Lasting policy for crypto
• Protecting consumers in an open financial system

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Matt and Nic are back with another week of news and deals. In this episode:

• Wyoming releases a stabletoken “FRNT”
• Matt’s bear encounter
• Bowman and Waller’s speeches at Jackson Hole
• Eric Trump’s Bitcoin prediction
• Is there an example of a DAT that makes sense?
• Should DATs trade at a persistent premium?
• Figure is going public
• Bullish goes public
• Is Saylor cornered?
• Quintenz’ nomination
• The DoJ decriminalizes writing open source code
• Is Polymarket cooked?
• Does a trial by a jury of your peers make sense?

Content mentioned:

• Reducible Errors, Predicting our own demise

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Wyatt sits down with the founders of Groom Lake. In this episode: 

• How social engineering attacks are being used to exploit companies in crypto and beyond
• How companies can better protect themselves and be vigilant of these exploit attempts
• The future of cybersecurity software for crypto

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Wyatt sits down with Luke Xie, cofounder of SatLayer for a conversation about Bitcoin yield. In this episode: 

• What makes financial markets for BTC unique
• How BTC DeFi will evolve, in the backdrop of the broader macro environment
• DeFi vs CeFi financial systems for BTC

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Matt and Nic return for another week of news and deals. In this episode:

• We review the DAT fine print
• Why being in power is sometimes the hardest part
• Stripe and Circle announce their own L1s
• We make the case for stablecoin L1s 
• The irony in Stripe’s L1
• What about a DAT of DATs? 
• Bullish goes public
• Breakfast cereals
• Do Kwon pleads guilty
• BPI sends a letter to Congress complaining about stablecoin interest
• Can you prohibit stablecoin yield? 
• Bo Hines steps down
• Bessent says the USG will not be buying Bitcoin
• Is monero being 51% attacked? 

Content mentioned:

• BitMEX Research, Treasury Company Advisory Agreements
• Julie Hill, Governmental Debanking

Check out this episode!