Stablecoins: The Future of Visa and Payments
Episode publishedPodcast: Lumida Wealth : Non-Consensus...Lumida Wealth : Non-Consensus Invest Beyond the Ordinary
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To nonconsensus investing. I'm Ram Alawwalia, your host and CIO at Lumida Wealth, where we specialize in the craft of alternative investments. At Lumida, we help guide clients through the intricacies of managing wealth so they don't have to shoulder the burden alone. Through this podcast, we draw back the curtain to reveal the strategies employed by the best in the business for their clients so that you too can invest beyond the ordinary. Alright. Good afternoon. Pleased to kick off our next episode of Lumida nonconsensus investing. We are live. I'm with Ben Foreman from Perifi. Ben, like me,
I I actually eat lunch at the Coinbase cafeteria in 2014 when it was I think it was, a series a or b company at the time. And I had a couple friends that were interviewing for jobs there or work there. And I had prior to that, I had bought Bitcoin, but that really accelerated and piqued my interest. This was like my nights and weekends hobby while I was doing traditional credit investing in in traditional industries while at KKR. But I just completely caught the bug, and I pitched KKR to buy crypto, actually, buy Bitcoin specifically in 2015 back when it was trading at 2 to $300 a coin. And I
Gonna take a while.
Yeah. Eventually, they came they came around. But at the time, actually, during a discussion, I think, like, I presented to 25 people, and I think 23 said they would short Bitcoin. And me, myself, and the summer intern at the time said we would go long. But that that was my first kind of interaction with Bitcoin and and how I got into it. And then with the ICO boom in 2017 and just the industry growing and smart contracts executing financial logic and stablecoins, I came to this fork in the road where I said I could either continue to do traditional investing in credit for the rest of my caree
The banks are quote unquote frantically getting after this opportunity. What an incredible lunch at Coinbase. Back then, there would have been a lot of career risk talking about Bitcoin. Actually, not really, because it didn't even really exist as a concept. Now there's career risk if you're not in digital assets. So let's double click into Stablecoins. I saw you present at Decasonic. I had already had an espresso as I do every morning, and I already been enthusiastic around Stablecoins and what does this mean for the future of capital markets. And I saw you speak, and I felt like I had a doub
Yeah. So I think stablecoins are not only, like, a new kind of, like, financial primitive, they have what's really interesting about stablecoins is they are, like, a geopolitical phenomenon, like, a socioeconomic phenomenon, a technological phenomenon, and they're, like, they're really poised to reshape the way we use money and the way money moves and the way we think about the risk behind behind money. And I think there are a few different dimensions to this. One is this idea of a stablecoin is really m one. It's not m two. So if you think about, like, checking deposits at in a commercial ban
that the Department of Homeland Security was focused on is the fourteenth largest holder of US treasury. Can't make
Like, this it's it's really interesting because Tether is almost like the I think about, like, stablecoins and large as euro dollars. So, like, idea of a eurodollar, like, a it's a dollar deposit held outside of The US. So that's not subject to US legal or banking regulations and can be accessed by whether you have a multinational in multinational oil company in The Middle East that maybe wants to hold dollars outside of The US or Chinese business that wants to
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