How the Competition Will Play Out in the Great Stablecoin Race - Ep. 936
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Every single boardroom is talking about stablecoins right now. Every single public shareholder is talking about stablecoins right now. I was on with one of the biggest traditional asset managers in the world this morning. Why did it was on them? They have reached out to talk about stablecoins. Right? There's no world in which you are a large investor, shareholder, company, etcetera, that you're not actively thinking about your stablecoin strategy today.
Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin. Before we continue, we'll take a quick word from the sponsors who make this show possible. Binance is the world's number one crypto exchange, trusted by over two ninety million users. With industry leading liquidity, security, and a wide range of digital asset products, Binance is the place to buy, sell, trade, and earn crypto. Download Binance today to get started. Today's topic is Stablecoins Part two. We're back with Rob Haddock, general partner at Dragonfly, who is now joined by Sam
Good to be here.
Hey, Laura.
So our initial Stablecoin discussion was with Rob and Mumtaz of Solana and Helios. And we got into a lot of things, but the Stablecoin space is so competitive right now that we really only ended up scratching the surface with discussions of things like Tether Circle, and there are so many other players that we just didn't even get to talk about. And one of the really big ones that we didn't get to discuss is Athena. So why don't we start there? Something that is kind of interesting. So it's the third largest stablecoin. But actually, ever since October 10, its market cap has dropped significan
Yeah. So I guess there was really two questions in there. One is which, okay, so why is the ART cap come down over time? Then also, I mean, since we've had the leverage washout and then also, how do we see them playing in the future? I think those are a little bit of different questions. So one is, okay, well, there's USD and there's USTB, right? So those are the two different stablecoins that Athena has today. USD is the one that is more well known. It's the larger asset. It's the one that is asset that was, you know, out of question on Binance, when we had the leverage washout a few weeks ag
Yeah. I agree with that about Guy. Just kind of every single time I talk with him, it feels like he has a natural instinct for, like, the exact right answer. But that's probably just a reflection of how much work he's put in, how much how prepared he is for all scenarios. It's it's just very apparent every time I talk to him. Sam, what are you what are your thoughts about Athena?
Yeah. Sure. So, yeah, I agree. Guy's been done an amazing job. Props to him and the team. They've really come out of nowhere and really, like, shined this cycle for sure. I've known them for quite a while. We Spark was actually one of the first depositors at SISE into USD back in that was 2024. So we were really kind of helping bootstrap the protocol back then. So we did extensive due diligence on it and the whole construct made sense. I think what'll be helpful is like, so for us as depositors in the protocol, where it went right and where it went wrong as of more late. So our history is we'v
I mean, I do think it really depends on, I mean, so there's one, there's organic capacity. So there's okay, well, how much of the basis do we think? I think it could be relatively, I think we're something like 35,000,000,000 of Bitcoin OI right now. And there's obviously the ETH OI, which is much smaller. So there's, okay, well, how
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