Bits + Bips: Stablecoins Just Went Legit, but That’s Only the First Step - Ep. 873
Crypto won big in DC, but the industry has plenty of other fights to win. Plus, why ETH is finally rallying and whether Trump is posing a real threat to the Fed.
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Show Notes
Last week, the U.S. passed its first major piece of crypto legislation. Stablecoins now have a legal home, and that could open the floodgates for adoption, disruption, and regulation.
But is this just the beginning?
In this episode of Bits + Bips, Ram Ahluwalia, Noelle Acheson, Steve Ehrlich, and guest Cosmo Jiang of Pantera dive into what the stablecoin law actually means, who it helps, who it threatens, and why Wall Street and crypto startups alike are positioning fast.
They also cover Ethereum’s rally, what’s fueling it, and whether the boom in digital asset treasury companies is sustainable. Plus, they unpack Trump’s latest threats against the Fed and what it means for markets, inflation, and interest rates.
Sponsors:
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Ram Ahluwalia, CFA, CEO and Founder of Lumida
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Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
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Steve Ehrlich, Executive Editor at Unchained
Guest:
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Cosmo Jiang, General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital
Links
Stablecoins
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Unchained:
Digital Asset Treasuries
- WSJ: Blank-Check Company Strikes Cryptocurrency Deal
- Unchained: SBET to Raise Additional $5B to Grow ETH Position
- Bloomberg: Trump Media Buys $2 Billion in Bitcoin for Crypto Treasury Plan
- CoinDesk: DeFi Development Nears $200M Solana Treasury
- DeFi Dev Corp Press release: DeFi Dev Corp. Announces Global Expansion Through Strategic Treasury Franchising Model
- TLGY Acquisition Corp Press release: TLGY Acquisition Corp. Announces Business Combination and Approximately $360 Million PIPE Financing to Form StablecoinX, an Ethena Stablecoin-Focused Treasury Company
- The Block: Nasdaq-listed Sonnet BioTherapeutics agrees to $888 million merger to become Hyperliquid Strategies, launch HYPE treasury
Timestamps:
🎬 0:00 Intro
🚀 3:01 Why Noelle believes the stablecoin law is just the beginning
😒 5:25 How Ram explains his disappointment with the market’s reaction
💳 11:31 Whether Visa and Mastercard survive the stablecoin disruption
🏆 17:00 Who stands to gain the most from the new stablecoin law
🏦 20:08 How tokenization could hurt investment banking
📉 22:26 Whether regional banks are on the brink
📈 27:42 What’s fueling ETH’s latest rally
🧠 31:08 Why Cosmo credits the Ethereum Foundation’s leadership for the momentum
💥 36:14 Where markets are heading as retail FOMO ramps up
💼 37:56 How Cosmo is evaluating the surge in digital asset treasury companies
🥱 43:52 Why Ram is spotting signs of market fatigue
📊 45:15 Whether upcoming crypto IPOs can match early successes
💸 47:21 Why VC activity is still lagging despite bullish narratives
🧨 51:03 How Trump’s threat to fire Powell is shaking macro sentiment
🧃 58:08 Everyone’s unexpected or contrarian take this week
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