The Stablecoin Podcast

In this episode, Raagulan “Raags” Pathy, founder and CEO of KAST and former head of Circle’s Asia Pacific business, joins us to discuss building a money app for people who earn globally and spend globally. We explore why the internet economy needs a borderless financial layer that traditional banks can’t provide, why KAST is moving away from the word “stablecoin” and simply calling it money, and why Raags believes fintech is a win-or-lose game in which most of today’s crypto neobanks won’t survive the next 12 to 18 months. From regulation in Europe and India to rewards, chain consolidation and the gap between privacy as a thesis and actual customer demand, Raags shares how KAST is racing to match the product depth of Revolut and Nubank in a fraction of the time.Follow Stablecoin PartnersStablecoin Partners: ⁠https://www.stablecoinpartners.com/⁠KASTWebsite: ⁠https://www.kast.xyz/en⁠LinkedIn: ⁠https://www.linkedin.com/company/kastxyz⁠Raagulan Pathy: ⁠https://www.linkedin.com/in/raagulanpathy/⁠Chapters00:00 Introduction, Raagulan “Raags” Pathy, KAST01:13 From Circle APAC to building KAST03:41 How KAST’s customer base has evolved04:50 Explosive growth since July/August launch05:52 The core problem: businesses that are global-first from day one07:03 Why most crypto neobanks won’t survive the next 12-18 months11:00 Win or lose, there’s no middle ground in fintech12:45 Why banks aren’t a competitive threat (yet)16:56 Product innovation vs. regulatory moat, lessons from Revolut18:16 Rewards, CAST Pioneer Units, and why KAST skipped a token21:07 Where regulatory challenges remain post-GENIUS23:41 India, high adoption, high regulatory risk, playing it safe25:55 Why demand for borderless money isn’t slowing down28:42 Solana, chain-agnostic deposits, and why only 3 chains matter32:03 Privacy on-chain, a correct thesis with no real demand yet34:24 The best (and strangest) customer support ticket ever36:45 Parting advice, why trust and shipping speed win39:01 Where to find Raags and KAST

In this episode, we’re joined by Eric Queathem, founder and CEO of Velocity, a stablecoin treasury and settlement platform backed by Visa, Circle, and Ripple, and former global strategy and growth lead at WorldPay. Eric explains why the back end of payments has seen almost no innovation despite 15 years of investment in the category, why stablecoin businesses are only as strong as their underlying fiat network, and how faster settlement unlocks real capital efficiency for everyone from OTC desks to low-margin airlines. We get into why Velocity takes a low-code, meet-people-where-they-are approach rather than ripping out legacy treasury systems, what the BVNK and Bridge exits actually reveal about where value sits in stablecoin infrastructure, and why FX parity with fiat could still be a decade away outside the majors.We also cover Velocity’s new partnership with Cross Cross to expand into Africa’s fragmented but fast-growing financial market, the slow but real corporate appetite for on-chain yield instruments, why tokenized deposits solve a different problem than stablecoins, and what’s really behind skepticism from regulators like Singapore’s MAS. Eric closes with his honest advice for any CFO considering stablecoin adoption: use it for your own treasury first, and always ask who actually holds title to your assets.Follow Stablecoin PartnersStablecoin Partners: https://www.stablecoinpartners.com/StableCheck: https://www.stablecoinstandard.com/stablecheckVelocityWebsite: https://www.velocity.xyz/aboutEric Queathem: https://www.linkedin.com/in/eric-queathem-63790617/Chapters00:00 Introduction to Stablecoins and Velocity03:03 The Evolution of Payments and the Role of Stablecoins06:08 Adoption of Stablecoins Across Industries09:00 Integrating Stablecoins into Existing Systems12:00 Market Dynamics and FX Pricing in Stablecoins14:58 Growth Opportunities for Stablecoin Companies18:09 Understanding the Value Proposition of Stablecoins20:59 Capital Efficiency and the Future of Stablecoins23:46 Capital Efficiency and Velocity in Business27:17 The Future of FX Markets and Stablecoins29:41 Corporate Adoption of On-Chain Yield Instruments32:37 Exploring the African Financial Market36:06 The Role of Stablecoins in Payments40:27 Tokenized Deposits: A Global Perspective43:17 Advice for Stablecoin Adoption

In this episode, Sekhar Cidambi, CTO of Nium, joins us to discuss what it takes to integrate stablecoins into a global payments network operating across 190+ countries. Drawing on experience at Visa, Coinbase, FIS, and now Nium, Sekhar explains why stablecoins work best alongside existing payment rails, how treasury and liquidity use cases are driving adoption, and why compliance, security, and real-time settlement remain the biggest challenges in scaling digital assets for enterprise payments.Follow Stablecoin PartnersStablecoin Partners: https://www.stablecoinpartners.com/NiumWebsite: https://www.nium.comLinkedIn: https://www.linkedin.com/in/cidambi/

In this episode, Dan Mottice, Head of Stablecoins at Modern Treasury and founder of the acquired stablecoin platform Beam, joins us to discuss the next phase of digital money infrastructure. We explore how stablecoins, ACH, wires, tokenized deposits and traditional banking rails are converging into a single orchestration layer, why stablecoins are increasingly being treated as just another settlement asset, and what it takes to build enterprise-grade payment experiences. From global dollar accounts to self-custody and tokenized deposits, Dan shares how the tooling, regulation and market maturity have evolved over the past few years.Follow Stablecoin PartnersStablecoin Partners: https://www.stablecoinpartners.com/Modern TreasuryWebsite: https://www.moderntreasury.comDan Mottice X/Twitter: https://x.com/mottice

In this episode, we're joined by Sergio Mello, Global Head of Stablecoin Solutions at Anchorage Digital, the only OCC-chartered crypto bank in the US. We trace his path from Web1 entrepreneurship in Italy to building institutional stablecoin infrastructure, and dig into how Anchorage built an end-to-end issuance stack now serving major players like Tether, Western Union, OSL, and Athena. We unpack the launch of USAT, Tether's US-regulated stablecoin issued alongside Cantor and Anchorage, why "good stablecoin means good dollar," and how the GENIUS Act reshaped the regulatory landscape almost overnight. We also dive deep into tokenized deposits versus stablecoins, why Sergio sees them as complementary rather than competing (tokenized deposits for staying close, stablecoins for going far), the role of correspondent banking in solving cross-border dollar access, and why market cap is a poor proxy for real stablecoin utility compared to acceptance by major payment networks. Plus: thoughts on Revolut's new EUR stablecoin, the "Money Flower" framework revisited, and Sergio's advice for any bank or fintech deciding whether to launch its own stablecoin. Follow Stablecoin Partners Stablecoin Partners: https://www.stablecoinpartners.com/ StableCheck: https://www.stablecoinstandard.com/stablecheck  SVB:Website: https://www.anchorage.com/ LinkedIn: linkedin.com/in/sergiomello / https://www.linkedin.com/company/anchorage/  Chapters  00:00 Institutional Stablecoins: The Big Debate01:16 Sergio’s Path to Digital Assets03:38 What Institutions Need From Stablecoin Issuance05:37 Regulation and the Institutional Adoption Wave08:54 Tether and the Regulated U.S. Market13:38 Why Banks Are Entering Stablecoin Issuance16:15 Liquidity Fragmentation and Interoperability19:41 Measuring Stablecoin Utility Beyond Market Cap24:25 Tokenized Deposits vs. Stablecoins35:10 Cross-Border Banking and Dollar Access40:18 The Case for Non-U.S. Stablecoins44:49 Remittances, Treasury, and Real-World Distribution47:16 When Should a Bank or Fintech Launch a Stablecoin?