Stablecoins are everywhere, but who wins the race? 🏁 Amid the plethora of announcements we saw this week, @HadickM & @hexonaut joined me to break down: 😨 Why Ethena’s USDe lost $5B in market cap in 20 days 🏦 Stripe’s Tempo vs. Circle’s Arc: can they compete with Tether? 🔥 How TradFi giants are entering the stablecoin games Timestamps: 🎬 0:00 Intro and ads: @binance 📉 1:09 Why Ethena’s #USDe plunged from $15B to $10B 🔮 5:34 Rob’s view on the future of Ethena 💸 7:06 Why Spark exited #Ethena despite being an early believer ⚔️ 11:32 Protocol-native stablecoins—and why Rob and Sam disagree about the trend 💡 21:03 What it really takes to win the stablecoin wars + what makes Tempo's strategy “interesting” 💳 32:11 Tether’s USAT launch: can it succeed? 🏦 36:27 How #Tether and #Ripple are using the same acquisition playbook 🔥 39:40 Plasma’s emissions strategy and whether it’s sustainable 🏛️ 44:10 Inside #Circle’s #Arc testnet and its 100+ institutional partners ⛓️ 51:08 #Codex and the debate: should stablechains be L1s or L2s? 💵 56:42 How @sparkdotfi aims to stand out in the new wave of stablecoin competition 🏢 1:00:04 Why TradFi players are entering the space with so much strength 🚀 1:06:04 Why Rob remains so bullish on the future of #stablecoins

Totally agree on this and huge thanks to @laurashin for this golden video Arthur Hayes isn’t just trading tokens anymore he’s actually buying the companies behind them. To see how deep he’s going with this move, watch this Unchained episode featuring @CryptoHayes & Adam Schlegel Where they talk about: • Maelstrom’s $250M private equity fund built to buy strong crypto firms • Adam’s journey from Morgan Stanley to Haveli to Maelstrom • Why Maelstrom believes the next big crypto wave lies in private equity • How investing has evolved from beta to venture capital to real revenue • The focus on Asia and LatAm’s overlooked crypto opportunities • How Maelstrom evaluates companies and performs due diligence • Inside their $250M anchor fund and LP co-investment model • The types of companies they’re targeting and fund structure details • Why Arthur believes the four-year market cycle is dead • Investor requirements and the $5M minimum commitment • What Coinbase’s Echo acquisition means for the future of exchanges • How DEX perps are pushing CEXs into zero-fee trading wars • Thoughts on Binance, ADL liquidations, and leverage risk • Prediction markets like Polymarket, Kalshi, and Limitless • Why falling rates could hit Tether and Circle but boost Ethena • who Arthur thinks will lead the next phase of crypto’s evolution If you care about where the market’s truly heading, this conversation is worth your time.