Talking Tokens

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Rune Christensen, founder of Sky (formerly MakerDAO), about how the protocol is connecting hundreds of billions in idle stablecoins to institutional-grade yield through its Sky Agent Network. Rune explains why Sky evolved from MakerDAO, how USDS offers a native 3.75% savings rate with no lock-ups or fees, and why the protocol generated $338 million in annualized revenue with $158 million in net profit during recent market volatility.He walks through the Sky Agent Network enabling decentralized capital allocation across players like Spark, BlackRock, and Janus Henderson, why Sky deployed $1 billion into the first tokenized CLO, and how the protocol's seven-year track record makes it the only project institutions trust at scale. The conversation covers Sky's 74% USDS supply growth, why DeFi and TradFi will merge into one system, and how AI agents will drive the next phase of financial automation through blockchain-native stablecoins.TIMESTAMPS 00:00 – Intro02:08 – Why Sky evolved from MakerDAO: rethinking DeFi for real-world scale04:00 – Sky as infrastructure for global capital markets and capital formation05:34 – How Sky Savings Rate works with 3.75% yield07:06 – Sky Agent Network: decentralized businesses competing for best risk-adjusted returns08:16 – Why Sky is different from Ethena and other yield-bearing stablecoins11:49 – Spark protocol reaching $3 billion TVL as it grows in the lending market14:03 – How real cash-flowing assets are coming onchain for the first time18:32 – Why institutions like BlackRock and Janus Henderson work with Sky 27:18 – Sky’s Grove deploying $1 billion into first tokenized CLO by Janus Henderson and Centrifuge30:10 – When DeFi and TradFi merge: stablecoins can act as super capital34:13 – AI agents driving blockchain-native financial automation37:35 – Sky's revenue: $338M annualized with $158M net profit during market volatility39:05 – Growing stablecoin supply as the main opportunity ahead50:18 – Rune's endgame: fully automating Sky through AI to finally step awayESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps.Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokensFollow us on Instagram https://www.instagram.com/_talkingtokens/Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Vik Arun, co-founder of Superform, about why DeFi was always heading toward automation and why AI agents not humans are the natural managers of onchain portfolios. Vik, who previously co-led a $100M DeFi and yield fund at BlockTower Capital before launching Superform in 2022, explains how the protocol evolved from a yield marketplace into a user-owned neobank, and why he believes the goal is to replace banks entirely rather than work alongside them.He walks through Superform's UP token launch, why 85% of airdrop recipients sold immediately, and what teams getting ready to TGE should learn from that experience. The conversation covers the two paths left for software companies in the age of AI, and why the only thing that can stop crypto's future is believers burning themselves out. TIMESTAMPS (00:00) Intro(01:15) How Vik is using AI across Superform and what it means for team structure(03:18) Two paths for software companies: fully embrace AI or settle for margins(07:45) Superform's evolution from yield marketplace to user-owned neobank(09:12) Why DeFi was always heading toward automation, not human management(10:51) How AI agents will manage vault strategies and what guardrails are needed(11:00) Where banks can't compete and what user-owned finance actually means(14:20) Self-custody: why some people genuinely don't want it and what that costs them(15:02) The Clarity Act and why banning stablecoin yields through banks could be great for DeFi(18:00) Will banks acquire DeFi protocols or will DeFi replace them?(19:08) Superform's end goal: replace the banks(23:27) Why Superform launched its UP token in a tough market(24:34) Core governance capabilities and the first three improvement proposals(26:09) Token launch lessons: after 85% of recipients sold immediately, distribution is everything(29:03) B2C vs B2B: mobile app for consumers, super vaults for institutions(30:52) Why this cycle may be the first where institutions lead retail into DeFi(31:38) 2026 roadmap: Android launch, credit card, and agentic vault managers(39:12) Final advice: the believers who stay will build what mattersESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps. Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Follow us on Instagram https://www.instagram.com/_talkingtokens/Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Samantha Bohbot, partner and chief growth officer at RockawayX, about why DeFi vaults have evolved from simple yield products into the foundation for actively managed, institutional-grade credit strategies. Samantha, who spent nearly four years as VP of growth at DCG before joining RockawayX, explains how the firm allocates over $2 billion across venture, liquid tokens, and onchain credit, and why it launched its own vaults on Morpho and Camino after spending years as one of the largest depositors into these products itself.She walks through what separates a serious vault from a commoditized one, why credit underwriting and risk infrastructure matter more than yield numbers, and how AI agents could reshape how capital flows into DeFi. The conversation also covers the Resolve exploit, why prediction markets are overhyped relative to actual usage, how to spot confirmation bias in crypto venture, and why building real financial infrastructure takes longer than a hackathon. TIMESTAMPS (00:00) Intro(01:14) Samantha's background at DCG and path to RockawayX(01:49) What RockawayX is: venture, liquid tokens, credit fund, and infrastructure(03:11) Why vaults are the next stage of the DeFi promise(05:24) How RockawayX differentiates its vault strategy from the crowd(07:22) Why credit underwriting and risk infrastructure are what separate real vaults(08:21) Why RockawayX decided to build vaults itself rather than wait(09:03) How the first RWA mixed pool works(13:37) Generative finance and how AI agents change vault UX and product fit(16:19) Embedding vaults into fintech products to reach non-crypto users(19:45) The Resolv exploit: how the attack worked and what curators got right(22:30) RockawayX's 2026 priorities and where to allocate time and resources(26:02) Why prediction markets are getting too much attention(27:14) Running a market-neutral strategy on Polymarket and its liquidity limits(33:16) Confirmation bias in crypto venture: pitching decks instead of businesses(40:09) OCC charters and the future of crypto banking regulation(42:37) Final advice: trust your gut on people and ideasYou can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps. Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Follow us on Instagram https://www.instagram.com/_talkingtokens/Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Michael Tannenbaum, CEO of Figure, about how the company processes over $1 billion in mortgages monthly and why it went public in 2025. Michael, who was first employee at Brex and chief revenue officer at SoFi before joining Figure in 2024, explains why the company tokenized its own stock first to prove the model works before approaching other issuers.He walks through Figure's 100% year-over-year growth with 50% margins by using blockchain tech to cut mortgage origination costs, why tokenization is now part of the buying criteria for capital markets, and the difference between creating liquidity versus just tokenizing assets. The conversation covers the Provenance blockchain, OPEN launch and demand, its DeFi marketplace, and why private credit needs institutional owners for long-term assets rather than retail investors.TIMESTAMPS (00:00) Intro(01:17) Career path: SoFi chief revenue officer, first employee at Brex, now Figure CEO(03:21) Why Michael bet on Brex(05:09) Reconnecting with Mike Cagney on Figure(08:41) His framework for building through crypto and fintech cycles(10:34) Figure's IPO timing and being publicly traded while building onchain markets(15:56) Why Figure tokenized its own stock first before approaching other companies(18:35) Liquidity in tokenization: just because you tokenize doesn't mean it's liquid(22:00) Launching with Figure’s own inventory to avoid guinea pig problem(23:26) What it means to have “hair on fire” problems(25:37) When to emphasize blockchain benefits versus meeting skeptics where they are(27:26) Breaking the rule of 40: 100% growth with 50% margins using blockchain technology(28:27) Revenue growth: 100% year-over-year across mortgages, stablecoins, and DeFi marketplace(33:11) Capital markets highway thesis: blockchain infrastructure not SaaS as next fintech model(46:26) Watching private credit nervousness around retail investor redemptionsESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps.Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokensFollow us on Instagram https://www.instagram.com/_talkingtokens/Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokenization, Jacquelyn Melinek speaks with Parker Edwards, partner at Framework Ventures, about deploying a $2.5 billion mandate to bring institutional-grade yield onchain through Obex, a Sky-focused incubator. Parker announces the first cohort where it’s deploying $1 billion across eight companies including Maple, Centrifuge, Securitize, River, and Better Home & Finance, spanning areas like structured credit, mortgages, energy, and AI infrastructure.He explains why real-world assets are finally reaching institutional scale, with players like Apollo and BlackRock actively participating. The conversation covers why established companies with deep domain expertise are better positioned to scale with Obex than early-stage startups, how Sky grew to $11.5 billion in USDS stablecoin supply, and the plan to hit $20 billion by 2026.This episode is sponsored by Securitize, the proven leader in tokenized funds, equities, and private markets. Discover more at securitize.io.TIMESTAMPS(00:00) Intro with Parker Edwards, partner at Framework Ventures(00:25) What is Obex and its $2.5 billion mandate to deploy capital into Sky ecosystem(01:09) Sky's growth to $11.5 billion in stablecoin supply as third largest stablecoin(02:06) Why Framework Ventures is administering the Obex incubator(02:52) First cohort: Maple, USD.ai, Centrifuge, Securitize, River, Better, and others deploying $1 billion(04:12) Why it chose more established players over early-stage startups for day-one scale(06:06) State of RWAs: institutional-grade founders with deep domain expertise entering the space(08:03) Asset manager mandates: structured credit, private credit, energy, and AI infrastructure(10:05) Why Better Home & Finance chose to build on Sky for mortgage tokenization(13:33) Real cash-flowing assets onchain without artificial yield incentives(15:15) How DeFi is competing with banks and credit funds on quality assets(17:13) Apollo and BlackRock participating onchain(20:16) Sky's recent $435 million revenue and $20 billion stablecoin target by end of 2026(22:20) Why USDS won't replace USDC or USDT but serves different institutional roles(27:26) Final adviceESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps.Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokensFollow us on Instagram https://www.instagram.com/_talkingtokens/Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Dan Mottice, head of stablecoins at Modern Treasury and founder of Beam, a stablecoin payment platform it acquired in October 2025. Dan, who previously led Visa's crypto products before building Beam, explains how payment infrastructure is evolving to treat stablecoins as a default rail alongside traditional fiat systems.He walks through why moving money remains hard, how 24/7 liquidity will transform cross-border and domestic payments, and why the layer between fiat and crypto is the real bottleneck. The conversation covers stablecoin clearinghouses as an emerging opportunity, why stablecoin neobanks need to match incumbent features and where value will accrue in the payment stack. Dan also shares lessons from building consumer versus B2B products and his advice for staying focused on the builders who stick around during bear markets.This episode is a part of the Solana Sessions campaign that Token Relations and the Talking Tokens podcast are doing, diving into founders’ journeys and startups building on Solana. Check out the accompanying newsletter on www.token-relations.comTIMESTAMPS(00:00) Intro(01:40) Dan's background at Visa and building Beam(03:36) Modern Treasury acquiring Beam in October 2025 and the vision for stablecoins as a rail(04:16) How Visa and stablecoin platforms will become symbiotic, not competitors(06:13) Current payment systems: pretty well solved domestically, room for improvement cross-border(08:12) Why 24/7 liquidity will dramatically improve both domestic and cross-border payments(09:54) Where value accrues: infrastructure layer vs customer relationship ownership(13:04) If starting over today: building a global liquidity protocol or stablecoin clearinghouse(17:24) Biggest misconceptions about payments and how hard it is to get money in and out of blockchains(20:01) Why stablecoin neobanks need FDIC insurance and customer support to beat incumbents(31:26) What Dan wants to see builders create with new onchain money movement primitives(32:14) Final advice: focus on the people who stick around during bear marketsYou can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps.Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokensFollow us on Instagram https://www.instagram.com/_talkingtokens/Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Muneeb Ali, founder of Stacks, about navigating his fourth bear market and why this one feels different as AI could potentially offer higher growth than crypto for the first time. Muneeb explains why quantum computing poses a real threat to Bitcoin even before quantum computers exist, and why some Bitcoin hardliners refuse to acknowledge the problem.He walks through the evolution of Bitcoin DeFi from peak excitement in 2024 to maturation in 2025, why BTC yield has product-market fit, and how Stacks is launching self-custodial Bitcoin staking with 3-7% yields. The conversation covers its $400M+ in BTC rewards already paid out, why institutions want Bitcoin-denominated returns and why Bitcoin maturing with yield capabilities will help traditional banks offer it to clients even if hardliners don't like BlackRock's involvement.TIMESTAMPS (00:00) Intro(01:24) How his 4th bear market feels different with AI competing with crypto(04:47) Quantum computing threat to Bitcoin and why hardliners won't acknowledge it(07:04) Bitcoin's path to quantum resistance(12:26) What happens to Satoshi's Bitcoin and lost coins in quantum future(14:44) Bitcoin to $1M by 2030: conviction despite slower appreciation rates(17:27) Bitcoin DeFi evolution from 2024 to 2025(21:06) Bitcoin collateral: yield and lending product-market fit(28:55) Why institutions want BTC-denominated yields(31:10) What changed culturally to make Bitcoin staking acceptable to holders(34:55) Self-custodial Bitcoin staking: earn 3-7% with BTC in your hardware walletESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps. Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Follow us on Instagram https://www.instagram.com/_talkingtokens/ Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokenization, Jacquelyn Melinek speaks with Jonathan Han, CEO of Euler Finance, about building the credit layer of the internet and making DeFi lending accessible to retail and institutional users alike. Jonathan, who previously worked at Bridgewater Associates explains how Euler's lending framework is evolving from a permissionless protocol to one serving both crypto natives and traditional finance partners.The conversation covers why traditional mortgage applications can take months when crypto lending can happen in seconds, how tokenized funds like Apollo provide diversification against bitcoin volatility in DeFi lending markets, and why Euler integrated Securitize’s digital securities (DS) protocol, which allows for DS tokens to be used as collateral in “curated, risk isolated lending markets.”. Jonathan also discusses the institutional pivot happening across DeFi, why fixed-rate lending and compliance features are key for enterprise partners, common misconceptions about institutional adoption timelines, and how AI agents are beginning to execute trades and deploy portfolios across lending markets. He also shares insights from building Euler to over $4 billion in deposits within a year after the protocol's recovery from a 2023 hack.This episode is sponsored by Securitize, the proven leader in tokenized funds, equities, and private markets. Discover more at securitize.io.TIMESTAMPS (00:00) Intro(01:19) From Bridgewater Associates to crypto(04:04) Becoming Euler CEO after leading partnerships and institutional growth(04:47) Building the credit layer of the internet: democratizing access to credit(07:26) Why crypto lending unlocks liquidity in seconds vs months for mortgages(08:12) Euler's evolution from permissionless DeFi to serving institutions and fintech(10:06) Making financial tools accessible without requiring a finance degree(14:57) RWAs as diversification: Apollo funds performing independently of bitcoin volatility(20:06) How tokenized treasuries and private credit reduce liquidation risk in DeFi(22:45) Euler launching tokenized stock lending following Nasdaq, Kraken partnership(24:00) What institutional partners actually ask: fixed-rate products and compliance(26:41) Biggest misconceptions: crypto moving too fast vs traditional cycles(29:45) Measuring success by: plugging Euler into stablecoin issuers and fintech platforms(35:20) Retail investors accessing exotic financial tools through education and AI(37:20) How Jonathan uses AI agents for portfolio deployment and market summariesESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps.Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokensFollow us on Instagram https://www.instagram.com/_talkingtokens/Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Hart Lambur, co-founder of Across Protocol and UMA, in two segments: breaking news about Across's token-to-equity proposal and a conversation from ETH Denver. Hart first unveils the Bridge Across proposal, a first-of-its-kind "token buyout" where, if approved, ACX holders can exchange tokens for equity in a new C Corp at 1:1 ratio or redeem for USDC. He explains why the DAO structure has become a bottleneck as institutional demand grows, why long tail tokens are undervalued, how enterprise partners need enforceable contracts DAOs can't provide, and addresses concerns around US security law restrictions before the two-week community discussion period.The ETH Denver segment covers why competition from Stripe's Tempo and Circle's Arc will push Ethereum into "war mode" and drive innovation, the evolution of the Open Intents framework and two-second bridging experiences, how the L2 thesis didn't stick while EVM architecture remains strong, whether stablecoins will be consumer-facing or backend infrastructure for fintechs, the power law distribution of stablecoins as a key competition metric, and why AI agent-to-agent payments are a natural fit for crypto rails.TIMESTAMPS (00:00) Intro(01:54) The Bridge Across proposal for token-to-equity exchange or USDC buyout options(02:40) Why DAOs can't sign enterprise contracts and long tail tokens are undervalued(08:52) Across Protocol maintaining decentralized governance and non-custodial protections(10:46) What happens next: two-week discussion period before snapshot vote(14:13) Intro to ETH Denver conversation(15:27) Energy in bear markets: focus on building over hype and token prices(16:05) Ethereum going into "war mode" with competition from Tempo and Arc(17:22) How blockchain fragmentation benefits Across while challenging user experience(18:23) Open Intents framework's evolution since launch(20:18) L2 thesis not sticking as expected, but EVM architecture remains strong(24:33) Future of blockchain interoperability and solving fragmentation for users(29:12) Stablecoins as consumer products versus backend fintech infrastructure(34:48) How Robinhood and Stripe are approaching stablecoin adoption differently(38:23) Power law distribution of stablecoins as key metric for competition(42:28) AI agents and agent-to-agent payments as natural crypto use case(43:32) Final advice: stay the course through bear marketsESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps. Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Follow us on Instagram https://www.instagram.com/_talkingtokens/ Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Scott Dykstra, co-founder and CTO of Space and Time, about how the crypto market has evolved from the 2021 NFT craze to the 2026 institutional era. Scott explains why almost every bank is now writing smart contracts, how Space and Time helps financial institutions connect offchain data to onchain markets, and why blockchains are fundamentally better transactional databases than traditional systems like Oracle.He walks through the shift from early crypto startups to mature DeFi protocols to enterprise clients, how banks are building pilots for stablecoins and tokenizing real-world assets, and why the Wells Fargo data manipulation case proves the need for verifiable compute. The conversation covers Space and Time's Proof of SQL technology, how the company enables stablecoin yields institutions' need for offchain data, and why AI agents buying their own services with stablecoins may be the next frontier for crypto adoption.TIMESTAMPS (00:00) Intro(01:31) How WisdomTree defines tokenization as recordkeeping technology(04:16) Growth from $30M to $770M in tokenized assets within one year(06:13) Three use cases: stablecoin reserves, treasury management, and DeFi collateral(08:01) Talking to Aave and Morpho about integrating tokenized funds as collateral(09:17) Why its tokenized money market fund could become WisdomTree's largest fund overall(10:17) SEC approval for 24/7 trading and instant settlement: the big unlock(13:11) Why 24/7 trading only works with tokenized funds, not traditional infrastructure(16:02) DeFi and TradFi convergence: partnership not competition(18:28) Customer journey: wallet-first users, not brokerage account holders(27:42) Why liquid assets benefit more from tokenization than illiquid real estateESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps. Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Follow us on Instagram https://www.instagram.com/_talkingtokens/ Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokenization, Jacquelyn Melinek speaks with Will Peck, head of digital assets at WisdomTree, about the firm's explosive growth in tokenized real-world assets from $30 million to $770 million and its recent SEC approval for 24/7 trading and instant settlement. Will explains how WisdomTree's tokenized money market fund serves three key use cases:, stablecoin reserve management, crypto-native treasury management, and DeFi collateral and why the company believes this fund could become their largest across the entire business.He walks through the SEC exemptive order that unlocks nonstop trading, how tokenization brings instant settlement that traditional recordkeeping cannot replicate, and why WisdomTree focuses on liquid assets like treasuries rather than illiquid real estate. The conversation covers WisdomTree Prime's retail app and WisdomTree Connect's institutional platform, potential partnerships with DeFi protocols, why Europe presents unique regulatory complexity and strong opportunity, and the two critical unlocks needed for tokenization to scale.This episode is sponsored by Securitize, the proven leader in tokenized funds, equities, and private markets. Discover more at securitize.io.TIMESTAMPS (00:00) Intro(01:31) How WisdomTree defines tokenization as recordkeeping technology(04:16) Growth from $30M to $770M in tokenized assets within one year(06:13) Three use cases: stablecoin reserves, treasury management, and DeFi collateral(08:01) Talking to Aave and Morpho about integrating tokenized funds as collateral(09:17) Why its tokenized money market fund could become WisdomTree's largest fund overall(10:17) SEC approval for 24/7 trading and instant settlement: the big unlock(13:11) Why 24/7 trading only works with tokenized funds, not traditional infrastructure(16:02) DeFi and TradFi convergence: partnership not competition(18:28) Customer journey: wallet-first users, not brokerage account holders(27:42) Why liquid assets benefit more from tokenization than illiquid real estateESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps. Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Follow us on Instagram https://www.instagram.com/_talkingtokens/ Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Diogo Mónica, general partner at Haun Ventures, executive chairman and co-founder of Anchorage Digital, and board member of Erebor. Diogo explains how stablecoins, tokenized equities, and generative finance are evolving and why Haun Ventures invested in Palmer Luckey's Erebor Bank, which received the first national bank charter under the second Trump administration.He walks through why Erebor raised $635 million in committed capital to serve AI, crypto, and defense, how OCC-chartered banks differ from fintech apps that operate through partner banks, and why getting a proper federal charter matters for building trust. The conversation covers the founding team's expertise spanning Oculus, Anduril, Circle, and compliance backgrounds, how Erebor secured its charter in under eight months, and why this marks a shift toward more crypto-friendly banking regulation.TIMESTAMPS (00:00) Intro(01:44) Why institutions are here but crypto tokens aren't going up(03:23) Generative finance: turning language directly into financial products with AI(05:31) Why Haun Ventures invested in Erebor, Palmer Luckey's new bank(09:10) How Erebor secured its OCC charter in under eight months(12:22) What an OCC charter means and why it matters for crypto banking(14:08) How Erebor differs from fintechs like Mercury that aren't actual banks(17:43) The future of banking: will new rails beat old incumbents(19:24) Building trust in crypto banking after historical de-banking experiences(21:07) The challenge of opening bank accounts with "crypto" in company names(22:07) Behind Erebor's founding teamESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps. Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Follow us on Instagram https://www.instagram.com/_talkingtokens/ Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Mason Nystrom, partner at Pantera Capital who hosts the Stateful podcast, and Daniel Marin, CEO of Nexus, about the state of crypto venture capital, the consolidation phase happening across markets, and what it takes to launch a blockchain in 2026. Mason explains why 2025 saw record venture dollars deployed into fewer deals, signaling maturation and companies finding product-market fit, while Daniel shares insights from building Nexus from a team of 10 to launching a specialized L1 blockchain focused on verifiable finance.They discuss how cycles of consolidation lead to expansion, why specialization beats general-purpose blockchains, the return to fundamentals with revenue-generating protocols, and how stablecoins and perpetual exchanges are driving the shift toward verifiable finance. The conversation covers Nexus' partnership with M0 for its native stablecoin, the future intersection of permissionless systems and walled gardens, what characterizes a winner in crypto, and final advice to think independently and build conviction during uncertain markets.TIMESTAMPS (00:00) Intro(01:27) Why 2025 was an era of consolidation with record VC dollars into fewer deals(03:20) Cycles of consolidation and expansion across crypto and AI markets(04:05) Pantera as investor in Nexus' Series A(04:39) What's changed for Nexus since raising: from 10 people to launching mainnet(05:47) Announcing Nexus Exchange and USDX stablecoin partnership with M0(06:59) Return to fundamentals and revenue-generating protocols driving the market(09:16) Why specialization beats general-purpose blockchains(13:53) Verifiable finance and building purpose-built L1s for financial applications(21:39) How permissionless systems and walled gardens will coexist(28:13) What characterizes a winner in crypto: urgency and relentless building(32:15) Final advice: think independently and build conviction during uncertaintyYou can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps. Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Follow us on Instagram https://www.instagram.com/_talkingtokens/ Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Nick van Eck, co-founder and CEO of Agora, about how the stablecoin infrastructure platform is building the financial fabric for enterprises to operate entirely onchain. Nick explains why Agora launched as a neutral horizontal player to serve enterprises beyond the USDT and USDC duopoly, and how the company's white-label model allows partners to launch branded stablecoins on top of AUSD - while sharing revenue and network effects.He walks through the waves of stablecoin adoption from crypto governance tokens to DeFi to emerging markets and why their adoption is already here due to stablecoins being 100 times better than local alternatives, and how Agora is solving payment workflows. The conversation covers how the Genius Act and Bridge acquisition accelerated Fortune 500 interest, why stablecoins export U.S. capital markets and stability to regions with high inflation and poor financial services. TIMESTAMPS (00:00) Intro(01:23) Why Nick started Agora to serve enterprises beyond the Tether-Circle duopoly(02:13) Competing in waves of adoption rather than directly challenging existing players(03:37) Focusing on net new markets: institutional assets, DeFi, and emerging markets(04:54) Solving entire payment workflows from treasury to cross-border disbursements(06:09) What keeps companies onchain?(08:42) Agora's white-label business model and revenue sharing with partners(12:46) Custody solutions for the next trillion dollars in stablecoins(18:26) Traditional businesses adopting stablecoins faster outside the US(19:44) Stablecoins as means for exporting U.S. capital markets to emerging markets(22:36) Fortune 500 focus and preparing for Genius Act implementation(23:16) Final advice: operate with integrity and play the long gameESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps. Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Follow us on Instagram https://www.instagram.com/_talkingtokens/ Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Sid Powell, co-founder and CEO of Maple Finance, about how its onchain asset management platform grew from $500 million to over $4 billion in AUM through disciplined risk management and institutional-grade lending infrastructure. Sid explains how Maple evolved from its original 2019 vision of tokenized bonds to becoming a direct lender serving prime brokers, asset managers, and trading firms, and why the platform pivoted multiple times to find product-market fit.He walks through the growth of syrupUSDC and syrupUSDT as yield-bearing stablecoins, why bitcoin remains the dominant collateral for institutional lending, and how Maple is bridging crypto-native institutions with traditional finance players. The conversation covers the future of tokenized securitization, native onchain issuance vs wrapped assets, why onchain lending could scale to hundreds of billions of dollars, and Sid's advice during down markets.TIMESTAMPS 00:00 – Intro01:25 – Why Sid launched Maple in 2019 and his banking background02:44 – How Maple evolved from tokenized bonds to direct institutional lending03:53 – Pivoting to institutional market makers during DeFi summer05:28 – Launch of syrupUSDC and syrupUSDT as DeFi products for retail06:41 – Traditional asset managers and banks engaging with crypto, despite long sales cycles08:00 – How Maple manages risk and maintains 99%+ repayment rate through overcollateralization10:08 – Why bitcoin dominates as collateral due to ETF adoption and deep derivatives markets14:37 – Institutional demand driving Maple's growth from $500M to $4B in AUM18:44 – Active asset management approach and institutional-grade compliance frameworks22:18 – Future of tokenized securitization and CLO structures on blockchains25:01 – Native onchain issuance vs wrapped tokenization and his cinema analogy26:40 – Competing with Blackstone, and Apollo by riding the stablecoin technology wave28:00 – Final advice: persist and build during down markets when others are leavingESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps. Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Follow us on Instagram https://www.instagram.com/_talkingtokens/ Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Saeed Badreg, CEO of Wormhole Labs, about how the incubated Sunrise project helps asset issuers gain distribution and reach users across blockchains, with a particular focus on the Solana ecosystem. Saeed explains why the team built Sunrise as a turnkey solution for projects struggling to penetrate closed blockchain ecosystems, and how Wormhole's Native Token Transfer (NTT) framework enables assets to move across chains without wrapped tokens or fragmented liquidity.He walks through the difference between wrapped and native tokens, why provenance and trust matter more than marketing terminology, and how Sunrise launched with Monad's MON token, among others, to provide day-one liquidity on Solana. The conversation covers why global institutions are accelerating crypto adoption faster than expected, how countries are modeling regulatory frameworks after the US Genius Act and pending Clarity Act, when price discovery for major assets will move onchain, and Saeed's three-part framework for evaluating teams.This episode is a part of the Solana Sessions campaign that Token Relations and the Talking Tokens podcast are doing, diving into founders’ journeys and startups building on Solana. Check out the accompanying newsletter on www.token-relations.comTIMESTAMPS(00:00) Intro(01:49) What Sunrise is and how it helps asset issuers with distribution(02:40) Pain points preventing non-native tokens from creating great trading markets on other chains(03:00) What distribution means for asset issuers across blockchain ecosystems(04:08) Why Solana is hard to penetrate, despite being the second biggest blockchain(04:46) How Sunrise provides turnkey solutions for reaching Solana's user base and enabling free flow of capital(06:01) Why Wormhole cares about economic activity in crypto in aggregate(06:23) Wrapped versus native tokens and why provenance matters more than marketing speak(07:11) Who controls assets on different blockchains and trust in intermediaries(08:14) How Wormhole's Native Token Transfer framework works(09:38) Why liquidity fragmentation is the challenge for tokens bridging across chains(11:06) Sunrise solving distribution, go-to-market, and technical challenges(12:34) Monad's MON token as Sunrise's first major launch(14:21) Why centralized exchanges still dominate price discovery today(16:02) When liquidity onchain will compete with centralized venues(17:35) How Wormhole measures success and adoption(19:43) Regulatory environment improving and institutional adoption accelerating globally(21:58) Countries modeling crypto regulation after the US Genius Act(24:06) Building for volatility and focusing on 1-2 year product roadmaps(26:37) Wormhole's technology solving real problems for customers(28:44) Vision for assets, liquidity, and markets to move freely across ecosystems(30:52) Expansion plans for Sunrise beyond crypto to commodities, stocks, and RWAs(33:00) How Saeed's vision evolved since becoming CEO in 2023(34:35) Surprising pace of global institutional adoption over the past year(36:20) What Saeed is focused on in 2026(36:41) Timeline for price discovery moving onchain: within three years(38:15) Three-part framework for evaluating teams: technical soundness, go-to-market acumen, and understanding financial marketsESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps. Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokenization, Jacquelyn Melinek speaks with Thomas Cowan, head of tokenization at Galaxy, about how blockchain technology is upgrading decades-old financial infrastructure and why institutional commitment to tokenization remains strong, despite crypto market volatility. Thomas explains how tokenization connects information and value the way physical cash does, why the convergence of regulatory clarity, technical maturity, and institutional presence is creating unprecedented momentum, and how Galaxy's partnership with State Street demonstrates traditional finance's long-term commitment to onchain capital markets.He explains why understanding the "singleness of money" matters as stablecoins proliferate, how tokenization will upgrade the existing financial system, and why price action no longer dictates institutional tokenization strategies heading into 2026.This episode is sponsored by Securitize, the proven leader in tokenized funds, equities, and private markets. Discover more at securitize.io. TIMESTAMPS (0:00) – Intro(1:21) – Defining tokenization(1:40) – Connecting information and value like physical cash(1:59) – Instant settlement vs credit card transactions(2:23) – Thomas's background at Paxos, Ripple, and Boston Fed(2:44) – Backend financial networks are 50-60 years old(3:07) – Tokenization upgrades rather than upends the system(3:26) – Understanding the singleness of money concept(4:03) – Why all dollars aren't equal on the backend(4:40) – Stablecoin explosion in 2026 and dollar fungibility(4:59) – Comparing stablecoin reserves to bank deposits(5:47) – Why CBDCs, real-time payments, and stablecoins will coexist(6:05) – What tokenization unlocks beyond instant settlement(6:38) – Tech disruption: improving processes then new use cases(6:48) – Three pillars: regulatory clarity, tech maturity, institutions(9:03) – Why this cycle feels different(10:22) – Balancing short-term narratives with long-term conviction(10:56) – Advice for crypto builders navigating uncertainty(11:47) – Galaxy's infrastructure and onchain capital markets(14:03) – Building capital markets within a bank(15:15) – Why blockchains are more than database upgrades(16:39) – Smart money deploying capital onchain(18:38) – 24/7 global markets and reducing settlement risk(20:25) – Building institutional-grade infrastructure(21:58) – Stablecoins and tokenized funds leading product-market fit(23:42) – Industry maturation beyond crypto-native use cases(25:04) – Bridging traditional finance with crypto-first tech(26:48) – How different institutions approach tokenization(29:01) – Standardization enabling innovation(30:44) – Traditional finance bringing new ideas to Galaxy(31:57) – Regulatory tailwinds and institutional curiosity(32:49) – What success looks like for Galaxy in 2026(33:54) – State Street partnership and tokenized money market fund(34:51) – Traditional finance bringing unexpected use cases(35:42) – Institutional long-term planning vs crypto short-termism(36:22) – Price action no longer shifts institutional sentiment(37:06) – Industry reaching maturation(37:44) – Go deep on Twitter and Discord to understand the techESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps.Spotify:https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141Follow us on X Jacquelyn: https://twitter.com/jacqmelinekTalking Tokens: https://twitter.com/_TalkingTokensFollow us on Instagram https://www.instagram.com/_talkingtokens/Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Sun Raghupathi, CEO of Veda, about how DeFi evolved from speculation to a robust financial backend for users, fintechs and asset managers. Sun explains why degens were essential beta testers for early DeFi systems, how vault infrastructure bridges the gap between onchain complexity and traditional finance, and why idle balances should automatically generate yield for users instead of enriching banks.He walks through Veda's growth from serving DeFi projects like Ether.fi to powering yield products for centralized exchanges like Kraken and Coinbase. He also explains why stablecoin yield is the killer use case driving fintech adoption, and how vault infrastructure works across multiple chains. The conversation covers the net interest margin disruption facing traditional banks, enterprise L2 announcements going quiet, and Sun's advice to DeFi founders on meeting reality where it's at during this critical window for execution.TIMESTAMPS(0:00) – Intro(1:06) – What most people misunderstand about DeFi today(1:22) – Getting into DeFi at the 2021 peak and the Wild West era(2:32) – Degens as beta testers for early DeFi systems(2:54) – DeFi transitioning from speculative to robust financial backend for the real world(3:49) – Two kinds of DeFi builders: changing the system vs getting rich(4:33) – Night and day difference between DeFi and traditional finance transparency(4:59) – Veda as a DeFi engine for asset managers, fintechs and financial apps(5:38) – Idle balances should generate yield automatically and vault infrastructure explained(6:59) – Starting Veda in mid-2024 with Ether.fi partnership(7:44) – Exchanges and fintechs entering DeFi unexpectedly(8:24) – Kraken DeFi Earn and Coinbase onchain yield vault products(11:35) – Stablecoin yield as the killer use case driving fintech adoption(14:00) – Veda's TVL growth, yield generation and operating across multiple chains(17:39) – Regulatory environment improving and asset manager interest in onchain products(20:30) – Vaults as the primitive for DeFi adoption at scale(22:03) – Technical architecture, security and risk management in vault design(25:10) – Smart contract audits and safety measures(26:49) – Vaults vs other DeFi yield products(28:43) – Recognizing legitimate vs sketchy vaults through track record and scale(29:44) – Groups Veda wants to tap into and traditional banks engaging with DeFi(30:46) – Hardest trade-offs for banks moving onchain and net interest margin disruption(31:45) – Will DeFi disrupt finance or will finance become DeFi?(32:34) – Watching enterprises building L2s and the quiet period on new chain announcements(33:19) – Advice to DeFi founders: small window to stay relevant and execute(34:00) – Meeting reality where it's at and ensuring the transition happens responsiblyESSENTIALSYou can subscribe to the podcast on Spotify, Apple or YouTube.If you enjoy the show, please leave a review — it really helps.Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141Follow us on XJacquelyn: https://twitter.com/jacqmelinekTalking Tokens: https://twitter.com/_TalkingTokensFollow us on Instagramhttps://www.instagram.com/_talkingtokens/Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Hunter Horsley, co-founder and CEO of Bitwise Asset Management, about the firm’s launch of onchain vault strategies wiith Morpho and latest Q4 2025 corporate adoption report of bitcoin and ethereum as well as his outlook on digital asset treasuries. Hunter explains what vaults are, why they're following the adoption curve of stablecoins, and how they enable 4-6% yields, while investors maintain custody.He walks through Bitwise's expansion beyond ETFs into staking, options strategies, and DeFi vault curation, why institutions are going from "0 to 500 miles per hour" on crypto, and what the corporate bitcoin adoption numbers reveal. The conversation covers the “honeymoon phase” wearing off for treasury companies, the investor relations role DATs play in the ecosystem, why two-thirds of financial institutions will be in crypto within 6 months, and the shift from the "tell me era" to the "show me era" in institutional adoption.TIMESTAMPS(00:00) Intro(01:05) What are onchain vaults and why is everyone talking about them(02:04) Bitwise x Morpho vault announcement(02:32) Why people care about vaults: stablecoins parking and earning yield(03:00) Vaults following stablecoin adoption and doubled in assets last year(03:20) How institutional investors should think about vault risk vs traditional fixed income(05:10) Real world assets hitting $20 billion and stablecoins reaching $300 billion(05:35) Onchain lending rates differ from traditional bank rates(05:50) Why Bitwise is expanding beyond ETFs into onchain yield strategies(06:48) Major banks approving Bitwise ETFs in last 6 months(07:52) Bitwise staking several billion dollars for clients and running bitcoin options strategies(08:49) Building a team that managed $2 billion of DeFi strategies(09:42) Where vault opportunities are going as traditional firms enter the space(11:10) Massive fintechs integrating stablecoins and vaults by end of year(11:50) Q4 2025 corporate bitcoin adoption report key findings(13:00) 19 new public companies bought Bitcoin in Q4(14:05) Figma put 4% of balance sheet into bitcoin through Bitwise ETF(15:30) His 9-minute call with an AI company that put bitcoin on the balance sheet(16:20) Ethereum holdings: Bitmain, SharpLink, and EtherMachine(16:50) Treasury companies post-honeymoon phase will look very different by year-end(18:05) Why the world doesn't need a million treasury companies(18:32) DATs and investor relations roles that crypto protocols lack(20:43) How many treasury companies can exist per major asset(22:07) Institutions buying more crypto AND becoming more crypto native(23:00) Moving from "tell me era" to "show me era" for crypto(24:50) Banks going from 0 to 500 miles per hour on crypto(26:23) Two-thirds of financial institutions will be in crypto within 6 months(26:49) January 2026 is the most bullish moment in Bitwise's 8 yearsESSENTIALSYou can subscribe to the podcast on Spotify, Apple or YouTube.If you enjoy the show, please leave a review — it really helps.Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141Follow us on XJacquelyn: https://twitter.com/jacqmelinekTalking Tokens: https://twitter.com/_TalkingTokensFollow us on Instagramhttps://www.instagram.com/_talkingtokens/Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Jaime Leverton, CEO of ReserveOne, about building a publicly-traded diversified digital asset reserve inspired by the U.S. Bitcoin Reserve and Digital Asset Stockpile. Jaime explains why she left traditional tech and her role as CEO of Hut 8 to build ReserveOne from the ground up, how the company's 80% Bitcoin and 20% alternative assets strategy differs from single-asset treasury models, and why bridging crypto jargon to traditional finance language is critical for institutional adoption.She walks through why Bitcoin's historical four-year cycle may have ended, what 2025's surprising sideways price action tells us about 2026, and why ReserveOne raised $1 billion through a SPAC merger. The conversation covers regulatory tailwinds, institutional maturation, breaking crypto's echo chamber, Figure's real-world use cases, truth and provenance in the AI era, and why the next generation expects financial systems as fast as Roblox.TIMESTAMPS(00:00) Intro (01:07) How Jaime got into crypto through Bitcoin miners flooding data centers in 2017 (03:07) Taking over Hut 8 as CEO during the Covid liquidity crash (03:51) What drew Jaime to ReserveOne and building something from the ground up (06:06) It’s big list of board members: Wilbur Ross, Sebastian Bea, Gabriel Abed, John D'Agostino, Reeve Collins (07:23) Bridging crypto jargon to make digital assets accessible to traditional investors (09:03) When ReserveOne plans to launch and current SEC filing status (10:02) How ReserveOne differs from single-asset passive treasury companies (11:04) 80% Bitcoin 20% alternative assets inspired by the U.S. Digital Asset Stockpile (13:20) How digital asset treasuries evolved (17:04) What sophisticated investors understand now vs a few years ago (18:36) Misconceptions around Bitcoin (19:04) How the 2025 market surprised everyone and broke the four-year cycle (21:13) Why IBIT was the top performing ETF, yet had negative returns (23:31) Bitcoin's unique finite supply: only 1 million Bitcoin left until 2140 (25:05) What really matters in public markets: trust and transparency (28:30) Why diversification is increasingly important given global volatility (29:01) The crypto IPO boom and clearing the 2021-2024 backlog (31:11) Crypto entering a more mature institutional era vs the ICO Wild West (33:04) Figure solving real-world problems onchain as the most exciting use case (34:26) What the industry looks like in 5-10 years: eradicating analog financial systems (35:29) Why the next generation expects speed and efficiency like Roblox (37:10) Following Clarity Act progress and sovereign nation Bitcoin strategies (38:13) Truth and provenance: solving for what's real in the AI era (40:23) Final advice: stay humble curious and surround yourself with different views ESSENTIALSYou can subscribe to the podcast on Spotify, Apple or YouTube.If you enjoy the show, please leave a review — it really helps.Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141Follow us on XJacquelyn: https://twitter.com/jacqmelinekTalking Tokens: https://twitter.com/_TalkingTokensFollow us on Instagramhttps://www.instagram.com/_talkingtokens/Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.