From the Episode: The Chopping Block: Stablecoin-as-a-Service & the Race to Rebuild Money
From Circle’s Arc to Stripe and Paradigm’s Tempo, and Solana’s native stablecoin ambitions, the Chopping Block crew debates whether this new wave of stablecoin-native chains will fix crypto’s money problem — or just fragment liquidity further.
Key Topics:
-Arc vs. Tempo: Competing stablecoin L1s built for permissioned validation, stablecoin gas, privacy, and onchain FX.
-The $9T FX Opportunity: Can onchain FX finally make global currency exchange efficient?
-Solana’s Stablecoin Gambit: Is “keeping the yield” enough to coordinate a native stable to product-market fit?
-Ecosystem Bargaining Power: From Hyperliquid’s deal to collective negotiation — can chains demand rev share from issuers?
-The Velocity Problem: Why most native stables fail to circulate beyond mint/redemption loops.
-Stablecoin-as-a-Service Boom: Everyone’s launching wrapped stables — M^0, Paxos, Agora. Innovation or dilution?
-Trust & Brand Moats: Why Circle’s scale, banking access, and liquidity network remain hard to replicate.
-Regulation & Yield: With the GENIUS Act looming, fees may replace yield as the core business model.
-The Road Ahead: Will Arc, Tempo, and others fragment liquidity — or finally onboard the next billion users?
Featuring
Gordon Liao, Chief Economist & Head of Research, Circle
Haseeb Qureshi, Managing Partner, Dragonfly
Tarun Chitra, Managing Partner, Robot Ventures
Tom Schmidt, General Partner, Dragonfly
