Early Riders Media

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.00:00 - Introduction to Ledn and Bitcoin Lending03:56 - Discussing the State of Bitcoin Leverage06:42 - Understanding Risks in Bitcoin Lending09:46 - The Impact of Market Dynamics on Bitcoin Lending12:48 - The Importance of Transparency in Lending15:47 - The Role of Institutional Investors in Bitcoin Lending18:45 - Lessons from Venezuela: Mauricio's Journey to Bitcoin21:59 - The Future of Bitcoin Lending and Ledn’s Vision33:20 - The Birth of Ledn: A Solution to a Common Problem35:35 - Understanding ABS: Transforming Bitcoin Lending44:13 - Investment Grade Ratings: A Game Changer for Bitcoin Loans52:20 - The Future of Bitcoin Loans: Bridging Traditional and Digitally Native Finance59:16 - Navigating Competition: Banks Entering the Bitcoin SpaceIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed:https://www.galaxy.com/insights/research/state-of-crypto-leverage-q4-2025https://finance.yahoo.com/news/blockfills-ceo-exits-75-million-205445687.htmlhttps://www.theblock.co/post/392732/crypto-lender-blockfills-restructuring-after-halting-withdrawals-lawsuit-fthttps://www.ledn.io/post/ledn-abshttps://www.ledn.io/post/tether-invests-in-lednhttps://www.ledn.io/post/ledn-posts-record-q3Keep up with Mauricio: https://x.com/cryptonomistahttps://www.linkedin.com/in/mauricio-di-bartolomeo-780284101/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.00:00 - Introduction and Context Setting02:52 - Layoffs and Market Reactions06:09 - AI's Impact on Workforce and Economy08:55 - The Role of Technology in Business11:48 - Long-term Economic Perspectives14:48 - The Future of AI and Consumer Spending17:49 - Stablecoins and Financial Innovations25:36 - The Rise of Stablecoins and Payment Companies29:48 - Banking Innovations and Digital Asset Custody34:43 - Consumer Behavior and Bitcoin Adoption39:38 - The Future of AI Agents and Marketplaces45:38 - Bitcoin Adoption Trends and Institutional InterestIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed:https://x.com/balajis/status/2027146933136150867?s=46https://www.coindesk.com/business/2026/02/24/mark-zuckerberg-s-meta-is-planning-stablecoin-comeback-in-the-second-half-of-this-yearhttps://x.com/segall_max/status/2026313469960896538?s=20https://www.theblock.co/post/391123/fintech-giant-stripe-circles-possible-paypal-acquisition-bloomberg?utm_source=telegram1&utm_medium=socialhttps://www.theblock.co/post/391244/stripe-co-founder-predicts-torrent-of-ai-agent-commerce-powered-by-stablecoinshttps://x.com/zoomerfied/status/2027504105753649318?s=20https://x.com/bank_reg/status/2027408867093836017?s=20https://x.com/TFTC21/status/2027383251522773238?s=20https://decrypt.co/359312/morgan-stanley-offer-bitcoin-custody-trading-yield-lending-exechttps://x.com/bank_reg/status/2027408867093836017?s=20https://x.com/cultured/status/2026677118701289897https://www.theblock.co/post/391275/circle-shares-25-earnings-beat-allaire-usdc-transactions-50-share?utm_source=telegram1&utm_medium=socialhttps://river.com/content/bitcoin-adoption-2026Keep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/Keep up with Jackson: https://x.com/macrojack21https://www.linkedin.com/in/jacksonmikalic/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.00:00 - Introduction to the Chaos of AI and Bitcoin03:00 - The OpenClaw Acquisition: Implications for Open Source05:52 - Understanding OpenClaw: Functionality and Risks08:48 - The Future of AI Agents and Their Interactions12:08 - The DIY Approach: Parallels with Bitcoin15:08 - On-Prem vs Cloud: The Data Ownership Dilemma18:14 - The Evolution of Payment Systems for AI Agents21:04 - Stable Coins vs Bitcoin: The Payment Landscape24:09 - The Future of AI and Payment Integration31:04 - Navigating AI and Digital Asset Payment Systems34:33 - The Intersection of AI and Digital Assets39:59 - TradFi's Embrace of Digital Assets46:09 - Ray Dalio's Perspective on the Shifting Monetary OrderIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed:https://x.com/shiri_shh/status/2022635742682616196https://x.com/shortsqueeznews/status/2023173745771213108?s=20https://x.com/fintechfrank/status/2023067647345066366?s=20https://x.com/fintechfrank/status/2023040127795093556?s=20https://x.com/RayDalio/status/2022788750388998543?s=20https://x.com/kimmonismus/status/2022055329408938125?s=20https://x.com/aakashgupta/status/2023249490426388849?s=20https://steipete.me/posts/2026/openclawhttps://x.com/sama/status/2023150230905159801?s=20https://x.com/danielfoch/status/2023072604534517766?s=20https://www.theblock.co/post/389524/coinbase-rolls-out-ai-tool-to-give-any-agent-a-wallethttps://crypto.news/stripe-taps-base-ai-agent-x402-payment-protocol-2026/https://www.theblock.co/post/389421/blackrock-securitize-tap-defi-giant-uniswap-for-direct-onchain-buidl-trading-uni-surges-20Keep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.00:00 - Introduction and Context Setting02:13 - Market Sentiment and Price Action07:12 - Tether's Position and Strategic Moves13:12 - Erebor's National Banking Charter and Industry Implications27:39 - The Future of Banking and Digital Assets30:16 - APIs and the Evolution of Financial Services33:15 - Stablecoins and the Acceleration of Crypto Adoption35:23 - The Transformation of Financial Services through Digital Assets39:00 - Tokenized Cash and the Role of CME Coin43:59 - The Rise of AI Bots in Financial Transactions47:58 - Bitcoin vs. Stablecoins: The Future of Digital Currency51:02 - Decentralized Infrastructure and the Future of TokenomicsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed:https://www.theblock.co/post/388540/cme-group-tokenized-cash-coin-developed-google-use-crypto-collateral-roll-out-this-yearhttps://au.finance.yahoo.com/news/exclusive-escape-velocity-raises-62-130000621.htmlhttps://x.com/intangiblecoins/status/2019056067930477043?s=20https://x.com/tether/status/2019520461302804919?s=20https://x.com/TFTC21/status/2019826399641846125?s=20https://finance.yahoo.com/news/pave-bank-secures-39m-funding-163111664.htmlhttps://finance.yahoo.com/news/palmer-luckey-backed-erebor-receives-225304165.htmlhttps://www.anchorage.com/insights/anchorage-digital-tether-introduce-usathttps://tether.io/news/tether-announces-100-million-strategic-equity-investment-in-anchorage-digital/https://archive.ph/odfMv#selection-1577.0-1577.68Keep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.(02:10) The Bitcoin Paradox: Everything We Wanted Except Price(11:32) The Stablecoin Legislation Battle(21:05) Elon Musk & The Singularity Prediction(27:16) Why Washington Only Wants to Talk Stablecoins(36:42) "SaaS Is Dead" - The AI Disruption of Software(44:43) The Purpose Economy: Finding Fulfillment Beyond Work (52:49) Compressing Innovation Cycles(57:48) The Ticking Clock on Monetizing Ones and Zeros(1:09:12) Bitcoin as the "Leash" on AI: The Yin and Yang Thesis(1:12:29) SpatialGen & The Future of Virtual Experiences If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Cam Doody: https://x.com/camdoodyhttps://www.linkedin.com/in/cam-doody-b489a124/https://www.justlaybrick.com/Keep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.00:00 - Market Dynamics of Precious Metals and Bitcoin06:02 - Infrastructure Developments in Digital Assets12:01 - IPO Trends in the Digital Assets Space17:44 - The Future of Digital Assets and Banking23:47 - AI's Impact on Financial Services29:44 - The Evolution of Bitcoin and Silver35:39 - The Centralization of Bitcoin Ownership41:43 - Navigating the Challenges of Physical Precious MetalsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed: https://finance.yahoo.com/news/bitgo-debuts-york-stock-exchange-132125936.htmlhttps://x.com/pitdesi/status/2014466502016061456https://x.com/jasonlk/status/2014745189794144420https://www.theblock.co/post/386066/steak-n-shake-adds-10-million-to-btc-treasury-eight-months-after-lightning-network-rollouthttps://www.theblock.co/post/386810/ledger-mulls-new-york-ipohttps://archive.ph/RpgdOhttps://x.com/lopp/status/2015411078214340763?s=20https://x.com/StoicTA/status/2014701409682555064?s=20https://www.reuters.com/world/fdic-clears-way-ford-general-motors-set-up-industrial-banks-2026-01-22/https://crypto-fundraising.info/blog/2025-crypto-fundraising-report/https://www.techinasia.com/news/sg-crypto-startup-veera-raises-10mhttps://x.com/MTanguma/status/2015857475606429922?s=20https://www.wsj.com/finance/banking/jpmorgan-cuts-all-ties-with-proxy-advisers-in-industry-first-78c43d5fhttps://www.theblock.co/post/386066/steak-n-shake-adds-10-million-to-btc-treasury-eight-months-after-lightning-network-rolloutKeep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.02:22 - The Clarity Act Markup + Stablecoin Yield Fight16:48 - State Street Joins the Crypto Rush 22:01 - Goldman: Tokenization + Prediction Markets 24:04 - Distributions Versus Niches in Bitcoin Infrastructure32:06 - TradFi Floodgates into Digital Assets33:21 - Consumer Versus Enterprise Stablecoin Adoption42:18 - Latest In Digital Asset Infrastructure Fundraises55:56 - AI Tools Impact on EntrepreneurshipIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed: https://fortune.com/2026/01/14/alpaca-fundraise-series-d-brokerage-infrastructure/https://www.removepaywall.com/search?url=https://www.bloomberg.com/news/articles/2026-01-15/state-street-is-joining-crypto-rush-with-digital-asset-rollouthttps://www.theblock.co/post/385924/belarus-authorizes-cryptobankshttps://x.com/TheOneandOmsy/status/2011673735065939979?s=20https://www.coindesk.com/business/2026/01/14/germany-s-second-largest-lender-dz-bank-secures-retail-crypto-trading-mica-licensehttps://coinpedia.org/crypto-live-news/standard-chartered-to-launch-crypto-prime-brokeragehttps://bitcoinmagazine.com/news/21shares-launches-bitcoin-and-gold-etphttps://decrypt.co/354542/visa-partners-with-bvnk-to-enable-stablecoin-payouts-on-visa-directhttps://x.com/BitcoinMagazine/status/2013205830288499021?s=20https://x.com/Houlgrave/status/2012208491578950089?s=20https://www.theblock.co/post/386048/anchorage-digital-could-raise-up-to-400-million-as-ipo-rumors-swirl-bloomberghttps://www.rain.xyz/resources/rain-raises-250m-series-c-to-scale-stablecoin-powered-payments-infrastructure-for-global-enterprisesKeep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.00:30 - Morgan Stanley's Bitcoin ETF Filing12:30 - Rumble and Tether's Crypto Wallet Launch18:07 - Walmart's One Pay Bitcoin Integration29:49 - Early Riders Team Updates31:58 - The White Paper: A Manifesto For All Future Capital Allocation34:26 - Building Bridges: Traditional Finance Meets Bitcoin36:47 - The Bitcoin Standard: A New Era of Capital Formation38:46 - Debasement and the Search for Sound Money43:30 - The Future of Venture Capital: Aligning Incentives47:03 - AI and the New Age of Entrepreneurship55:24 - Onramp for Everyone: Expanding Access to BitcoinIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed: https://bitcoin.docsend.com/view/aan9dw6fkd2z746ehttps://www.bloomberg.com/news/articles/2026-01-09/walmart-backed-super-app-onepay-hits-4-billion-valuation?embedded-checkout=truehttps://www.msn.com/en-us/money/savingandinvesting/morgan-stanley-is-betting-big-on-digital-assets-workplace-services-and-private-markets-how-they-tie-together/ar-AA1TP8N5https://x.com/sytaylor/status/2009236033603244517?s=20https://www.bloomberg.com/news/articles/2026-01-12/stanchart-said-to-prepare-crypto-expansion-with-prime-brokerage?embedded-checkout=truehttps://x.com/faryarshirzad/status/2008898606317687058?s=20https://x.com/aakashgupta/status/2007666720656511233https://decrypt.co/353693/morgan-stanley-registers-bitcoin-solana-funds-sechttps://corp.rumble.com/blog/rumble-and-tether-launch-crypto-wallet-for-creator-economy/Keep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.00:00 - Welcome Back and Market Overview02:47 - Inflation and Asset Trends05:44 - Regulatory Changes and Institutional Adoption08:53 - Security Risks and Custody Solutions11:52 - Market Sentiment and Long-Term Thinking14:57 - The Role of AI and Future Predictions33:15 - Navigating the Content Proliferation Challenge35:59 - The Future of Value in Digital Content40:19 - Stablecoins vs. Bitcoin: The Future of Transactions42:10 - Tether's Strategic Positioning in Global Markets48:43 - The Shift of Talent and Capital to Favorable Jurisdictions56:17 - Understanding the Economic Landscape and Future OpportunitiesIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed: https://x.com/exec_sum/status/2005751198725640395?s=20https://x.com/bearlyai/status/2006474217206985085?s=20https://x.com/paoloardoino/status/2002414704753586398?s=20Keep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.00:00 - Year-End Reflections and Top Deals12:45 - Market Signals and ETF Flows25:13 - Stablecoins and Digital Asset Integration28:19 - Noise in the Market: Digital Asset Treasuries and Cycle Theory35:26 - Reevaluating Bitcoin Cycles36:01 - The Quantum Debate37:09 - Predictions for Bitcoin's Future41:39 - Market Dynamics and Predictions53:45 - Innovative Banking Solutions for 202659:55 - The Future of Multi-Institution CustodyIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchKeep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.00:00 - The Arrival of Banks in Digital Assets02:49 - Institutional Adoption and Regulatory Changes05:46 - The Role of Traditional Banks in Digital Assets08:43 - Partnerships and Trust in the Digital Asset Space11:49 - The Impact of PNC's Bitcoin Trading14:54 - User Behavior and Market Dynamics17:56 - The Future of Banking and Digital Asset Integration20:51 - The Centralization Debate in Digital Assets23:46 - The Evolution of Financial Products29:26 - Navigating Market Challenges31:50 - The Rise of Stablecoins in Tech34:27 - Cultural Shifts in Digital Payments36:16 - Blurring Lines in Financialization40:45 - Innovations in Banking and Fintech44:55 - Around the Horn: Insights and PredictionsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed: https://www.occ.gov/news-issuances/news-releases/2025/nr-occ-2025-125.htmlhttps://x.com/BitGo/status/1999514929314038040https://www.investing.com/news/company-news/paribu-acquires-majority-stake-in-coinmena-in-turkeys-largest-fintech-deal-93CH-4392748https://www.theblock.co/post/382111/stripe-acquires-valora-wallet-team-builds-stablecoin-serviceshttps://www.globenewswire.com/news-release/2025/12/08/3201287/0/en/AllScale-Raises-5M-Seed-Led-by-YZi-Labs-to-Build-World-s-First-Self-Custody-Stablecoin-Neobank.htmlhttps://www.loopcrypto.xyz/blog/loop-crypto-is-joining-leadhttps://www.theblock.co/post/381903/pnc-bitcoin-trading-high-net-worth-clients-coinbase-tie-uphttps://archive.ph/tqGv6#selection-1037.11-1037.97https://bitcoinmagazine.com/news/coinbase-prediction-tokenized-stockshttps://x.com/TheBlock__/status/1998886176447488055?s=20https://www.theblock.co/post/382209/binance-api-update-hints-at-stock-perpetual-contracts-as-exchanges-eye-tradfi-marketshttps://x.com/gondorfi/status/1998800082070884751?s=20Keep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Register for Early Riders & Onramp State of the Bitcoin Industry Roundtable - https://form.typeform.com/to/qcvoKTZTPresented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.00:00 - Introduction and Market Sentiment02:00 - Risk Management and Investment Philosophy04:40 - Bitcoin vs. Traditional Assets07:31 - Larry Fink's Insights on Bitcoin10:09 - Sovereign Wealth and Bitcoin Accumulation13:03 - Global Trends in Crypto Adoption16:03 - Middle East's Strategic Moves in Crypto18:52 - Game Theory and Global Crypto Dynamics22:08 - Emerging Markets and Crypto Services24:49 - Infrastructure Development in Digital Assets26:17 - The Importance of Domain Expertise in Cryptocurrency27:16 - Future of Cryptocurrency and Market Dynamics29:21 - The Rise of Cybercrime in the Crypto Space30:20 - Centralization Risks in Cryptocurrency Custody31:56 - The Gold Standard and Bitcoin's Centralization Problem34:25 - Navigating Trust and Custody in Bitcoin37:11 - The Adoption Challenge: From Zero to Bitcoin40:01 - The Stakes of Digital Asset Custody44:18 - Emerging Trends in Bitcoin Infrastructure46:06 - Recent Developments in Crypto RegulationIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed: https://x.com/MTanguma/status/1996209093858501012?s=20https://www.cftc.gov/PressRoom/PressReleases/9145-25https://www.theblock.co/post/381644/coinbase-resumes-user-onboarding-indiahttps://www.theblock.co/post/381655/robinhood-indonesia-acquisitionshttps://www.theblock.co/post/381662/argentina-domestic-bank-cryptohttps://x.com/thisisorlando/status/1996284429455822993?s=20https://bloomingbit.io/en/feed/news/101972https://www.coindesk.com/policy/2025/12/08/binance-wins-full-adgm-approval-for-exchange-clearing-and-brokerage-operationsKeep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.00:00 - Thanksgiving Reflections and Bitcoin Sentiment02:41 - Tether's Stability Concerns and S&P Rating10:49 - The Systemic Nature of Tether and Market Dynamics21:42 - JPMorgan and Klarna: The Future of Stablecoins28:39 - The Future of Bitcoin and Stablecoins29:40 - The State of Stablecoin Technology31:45 - Understanding Multi-Party Computation vs. Multi-Sig37:02 - The Importance of Bitcoin in Custody Solutions40:50 - The ETF Landscape and Market Competition48:53 - Structured Products and Bitcoin's Market PositionIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed: https://finance.yahoo.com/news/nasdaq-ise-seeks-quadruple-trading-042125019.htmlhttps://www.klarna.com/international/press/klarna-launches-klarnausd-as-stablecoin-transactions-hit-usd27-trillion/https://unchainedcrypto.com/jpmorgans-deposit-token-puts-stablecoins-on-notice/https://www.theblock.co/post/380764/upbit-says-emergency-audit-of-30m-hack-uncovered-flaw-that-could-expose-private-keyshttps://www.theblock.co/post/380375/stablecoin-issuer-paxos-acquires-fordefi-crypto-custody-wallethttps://bitcoinnews.com/p/jpmorgan-structured-bitcoin-notehttps://x.com/paoloardoino/status/1995154943808839704?s=20https://finance.yahoo.com/news/p-downgrades-tether-stability-rating-210430953.htmlhttps://x.com/CryptoHayes/status/1994915256150495652https://www.reuters.com/business/coinshares-pulls-plug-select-crypto-etfs-ahead-us-listing-2025-11-28/https://www.theblock.co/post/380818/coinshares-withdraws-us-spot-etf-filings-for-xrp-solana-and-litecoin-ahead-of-nasdaq-listinghttps://decrypt.co/350376/openai-confirms-data-breach-heres-whos-impactedKeep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.00:00 - Latest in Bitcoin price action01:46 - Kraken’s $20B IPO & Citadel’s investment10:17 - Tether’s strategic investment in Ledn & Bitcoin-only lending17:53 - VC money chases perp DEX infrastructure21:52 - Maker/Sky’s OBEX incubator & the stablecoin yield gray zone24:46 - Slash: stablecoin-first banking and demand for better money movement26:01 - Human risk management, AI scams & Doppel’s $70M raise32:48 - Cardano chain split exploit & “decentralization theater”42:13 - Rethinking the poverty line, broken stats & the debasement trade50:12 - Square/Block’s SMB Bitcoin tools & the future of merchant adoptionIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed: https://www.theblock.co/post/378358/lighter-raises-68-million-1-5-billion-valuation-vc-bets-flood-perp-dex-infrastructure-reporthttps://www.ledn.io/post/tether-invests-in-lednhttps://www.theblock.co/post/380056/hoskinson-involves-fbi-after-developers-careless-experiment-splits-cardano-blockchainhttps://decrypt.co/349147/crypto-exchange-kraken-raises-800-million-20-billion-valuationhttps://www.doppel.com/blog/doppel-series-chttps://x.com/LayerZero_Core/status/1990822714416963636https://www.yesigiveafig.com/p/part-1-my-life-is-a-lieKeep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.00:00 - Government Shutdown and Economic Implications03:03 - Impact of EBT and SNAP on Consumers05:49 - Ledger IPO and Digital Asset Market Dynamics08:33 - Ripple's Valuation and Market Positioning11:52 - FOMO and the Rise of High-Risk Investments14:42 - Innovations in Payment Systems and Merchant Adoption37:24 - Coinbase's New Token Launch Platform44:31 - The Evolution of Custody in Crypto51:01 - Hedge Funds and the Crypto Conflation56:25 - DeFi Exploits and the Complexity of Trust01:01:21 - AI Investments and Public-Private PartnershipsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed: https://x.com/LukeGromen/status/1986203411331568041https://www.theblock.co/post/378115/ledger-considering-new-york-ipo-or-fundraise-as-demand-for-hardware-wallets-climbs-fthttps://www.reuters.com/business/more-than-half-hedge-funds-invested-crypto-global-survey-says-2025-11-06https://x.com/Balancer/status/1986104426667401241https://www.cnbc.com/2025/11/05/ripple-gets-40-billion-valuation-after-500-million-funding-round.htmlhttps://techcrunch.com/2025/11/06/why-benchmark-made-a-rare-crypto-bet-on-trading-app-fomo-with-17m-series-a/https://www.theblock.co/post/377876/arx-research-raises-6-1-million-usd-seed-round-launch-burner-terminal-stablecoin-fiat-point-of-sale-devicehttps://x.com/KobeissiLetter/status/1987886039847882961?s=20https://www.nbcnews.com/politics/congress/senators-reach-tentative-deal-end-government-shutdown-rcna242401https://x.com/zerohedge/status/1987876356345024775https://x.com/Square/status/1987886908480033186?s=20Keep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.00:00 - MasterCard's Acquisition of ZeroHash02:57 - The Future of Bitcoin and Stablecoins05:47 - Coinbase's Strategic Moves and Partnerships12:05 - The Role of Traditional Finance in Crypto17:46 - Trends in Stablecoins and Tokenization23:42 - The Hype Cycle in Crypto and Its Implications28:42 - Navigating the Crypto Spectrum32:15 - The Evolution of Trust in Financial Products34:32 - The Role of Institutional Trust in Crypto38:01 - Understanding Credit Ratings in the Crypto Space43:21 - AI Layoffs and the Future of Business51:14 - The Impact of AI on Consulting and Business ModelsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed: https://www.electronicpaymentsinternational.com/news/coinbase-2bn-acquisition-bvnk/https://x.com/stockmktnewz/status/1984016283306786943?s=12https://www.linkedin.com/posts/gs-fintech_today-im-excited-to-announce-hercle-has-activity-7389290368699297792--tYshttps://www.citigroup.com/global/news/press-release/2025/citi-coinbase-join-forces-boost-digital-asset-payment-capabilities-global-clientshttps://www.coinbase.com/blog/Coinbase-Asset-Management-and-Apollo-Partner-to-Develop-Stablecoin-Credit-Strategieshttps://fortune.com/crypto/2025/10/29/mastercard-zerohash-acquisition-bvnk-stablecoins-coinbase/https://x.com/KrishanGopaul/status/1983851088588513482https://x.com/FirstSquawk/status/1982850503320187044https://x.com/thepowerfulHRV/status/1982859979989324139https://x.com/saylor/status/1982857061257097696https://x.com/ChainLinkGod/status/1983755475079278877https://x.com/therosieum/status/1984987750647333350Keep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.02:11 – JPMorgan to accept BTC/ETH as collateral by year-end11:41 – Fortress/Prime Trust fallout: single-custodian risk and insolvency lessons16:19 – Notable deals of the week25:31 – FalconX to buy 21Shares: ETFs as on-ramp; options liquidity migration26:41 – Crypto M&A surges; Q3 deal value and what 2026 might look like32:08 – Coinbase buys Echo (and UpOnly)38:56 – Tether roundup: AI ambitions, USAT, and the Rumble token (RUM)46:54 – Convergence of AI and digital assets53:53 – ETH dev flight to Tempo; centralization tradeoffs and incentive-driven pivots58:15 – The state of the greater digital assets industry1:08:28 – Macro week previewIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed: https://www.theblock.co/post/376038/jpmorgan-to-let-institutional-clients-pledge-btc-eth-loan-collateralhttps://x.com/pmarca/status/1982524567072669929https://www.theblock.co/post/375102/ledger-nano-device-wallet-apphttps://www.theblock.co/post/375791/coinbase-unveils-tool-ai-agents-claude-gemini-access-crypto-walletshttps://www.theblock.co/post/375102/ledger-nano-device-wallet-apphttps://www.theblock.co/post/376037/tether-ai-open-dataset-local-apphttps://www.coindesk.com/business/2025/10/24/tether-eyes-fresh-investments-to-push-usat-stablecoin-to-100m-americans-at-december-launchhttps://www.theblock.co/post/376092/zelle-weighs-stablecoin-integration-expand-trillion-dollar-payments-network-abroadhttps://www.bloomberg.com/news/articles/2025-10-23/crypto-m-a-surges-30-fold-as-niche-firms-shift-to-mainstreamhttps://www.theblock.co/post/375652/prime-broker-falconx-to-buy-21shares-amid-crypto-ma-spree-reporthttps://www.theblock.co/post/375689/salesforce-backed-paytech-firm-modern-treasury-acquires-beam-stablecoin-startup-40-million-all-stock-fortunehttps://www.theblock.co/post/375778/kalshi-fielding-investment-offers-12-billion-valuation-after-major-funding-round-bloomberghttps://blog.kraken.com/news/q3-2025-financial-highlightshttps://investor.galaxy.com/news/news-details/2025/Galaxy-Announces-Second-Quarter-2025-Financial-Results/default.aspxhttps://finance.yahoo.com/news/nevada-shuts-down-fortress-trust-114729119.htmlhttps://a16zcrypto.com/posts/article/state-of-crypto-report-2025/https://x.com/TheOneandOmsy/status/1982219947792126246https://finance.yahoo.com/news/coinbase-signs-375-million-deal-113014849.htmlKeep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.00:00 – Intro & welcoming Gustavo Flores01:17 – UK opens retail BTC/ETH ETPs04:13 – Japan stablecoins & productization07:49 – LATAM stablecoin wave; Brazil in focus11:27 – Coinbase x CoinDCX (India/APAC)15:47 – Stablecoin plumbing: BlackRock & Stripe20:27 – BTC credit vs high LATAM rates; Bolivia case23:31 – Nubank pursues U.S. bank charter29:11 – 2026 custody (Citi/Schwab) & cycle timing33:25 – Aureo announced (Swapido → Aureo)35:03 – Aureo MIC thesis & team42:21 – Storage-first: MIC + localized service56:40 – Debasement trade & BTC hurdle rateIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed: https://www.aureobitcoin.com/enhttps://www.earlyriders.com/news/early-riders-acts-as-exclusive-investor-in-aureos-pre-seed-round-to-build-latam-native-bitcoin-financial-services-infrastructurehttps://bitcoin.docsend.com/view/2dj7n3sjr5uyrsr4https://blockworks.co/news/tempo-series-a-raisehttps://www.lightspark.com/news/lightspark/introducing-lightspark-gridhttps://www.theblock.co/post/374924/blackrock-to-launch-genius-compliant-money-market-fund-tailored-for-stablecoin-issuers-reporthttps://www.cnbc.com/2025/10/13/citi-aims-to-launch-crypto-custody-in-2026-exploring-stablecoin.htmlhttps://www.theblock.co/post/375228/japan-fsa-local-banks-cryptohttps://www.theblock.co/post/375250/21shares-bitwise-blackrock-wisdomtree-uk-retail-bitcoin-ethereum-etps-fcahttps://www.coinbase.com/en-in/blog/Coinbase-makes-investment-in-CoinDCX-expanding-our-commitment-to-India-and-the-Middle-Easts-crypto-futurehttps://www.theblock.co/post/374870/paxos-mistakenly-mints-300-trillionhttps://www.theblock.co/post/375083/japans-big-banks-join-forces-on-stablecoins-to-speed-corporate-payments-nikkeihttps://www.theblock.co/post/374643/stripe-stablecoin-unit-bridge-applies-for-national-bank-trust-charter-co-founder-zach-abrams-saysKeep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/Keep up with Gustavo: https://x.com/gustavojfehttps://www.linkedin.com/in/gustavo-j-flores-echaiz/

Connect with Onramp — https://onrampbitcoin.com/contact-us/Connect with Acropolis — https://www.acropolistreasury.com/bookConnect with Early Riders — https://www.earlyriders.com/contactPresented by Onramp Media in collaboration with Acropolis & Early Riders...Bitcoin for Businesses is a bi-weekly podcast for operators. We turn headlines into a playbook, covering custody architecture, board approvals, accounting, financing, and real-world implementation.00:00 - Introduction to Bitcoin for Businesses Podcast01:24 - Square’s Integration of Bitcoin Payments05:34 - The Future of Bitcoin in Business13:11 - Inflation and the Gold-Bitcoin Relationship19:08 - Counterparty Risk in Bitcoin Holdings25:11 - Emerging Multinational Banks and Bitcoin32:07 - Tax Considerations for Bitcoin-accepting Businesses

Connect with Early Riders — https://www.earlyriders.com/contactConnect with Onramp — https://onrampbitcoin.com/contact-us/Presented collaboratively by Early Riders & Onramp Media…Final Settlement is a weekly podcast covering the underlying mechanics of the bitcoin protocol, its ongoing development and funding, and real-world applications of the technology.00:00 - Introduction and Overview of Recent Events02:53 - Texas Capital Markets and Blockchain Summit Insights05:59 - Understanding the Debasement Trade and Fiscal Policies08:40 - Market Reactions to Recent Economic Announcements12:07 - The Fragility of the Crypto Ecosystem14:53 - Lessons from Recent Market Volatility17:44 - The Role of Bitcoin in a Volatile Market20:55 - The Future of Prediction Markets and Information Discovery30:35 - The Nuances of Prediction Markets32:45 - Square's Bitcoin Integration37:55 - Traditional Finance Meets Digital Assets42:17 - Sovereign Adoption of Bitcoin49:42 - The Risks in Capital Markets and First BrandsIf you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/researchLinks discussed: https://www.theblock.co/post/374266/crypto-liquidations-near-10-billion-in-historic-drawdown-following-trumps-100-tariffs-on-chinahttps://www.cnbc.com/2025/10/10/morgan-stanley-drops-crypto-fund-restrictions-for-wealth-clients.htmlhttps://blockworks.co/news/bank-of-russia-limited-cryptohttps://www.theblock.co/post/374286/rwa-giant-securitize-eyeing-public-listing-via-cantor-fitzgerald-spac-at-unicorn-valuation-bloomberghttps://techcrunch.com/2025/10/10/kalshi-hits-5b-valuation-days-after-rival-polymarket-gets-2b-nyse-backing-at-8b/https://techcrunch.com/2025/10/08/square-launches-ai-voice-ordering-and-an-integrated-bitcoin-solution-for-merchants/https://www.theblock.co/post/373957/paypay-acquires-40-stake-in-binance-japan?utm_source=rss&utm_medium=rsshttps://www.prnewswire.com/news-releases/galaxy-announces-460-million-strategic-investment-from-a-leading-asset-management-firm-302581126.htmlhttps://x.com/unusual_whales/status/1977710157766307970https://x.com/matthew_sigel/status/1976251057421647886https://x.com/gladstein/status/1976684360754684366https://x.com/nextfckingthing/status/1977072040227045729https://x.com/kaledora/status/1977138503382413777https://x.com/web4O/status/1977109201311908304https://x.com/_Checkmatey_/status/1977112327704268833https://finance.yahoo.com/news/wall-street-pivots-morgan-stanley-114628117.htmlhttps://blockworks.co/news/morgan-stanley-crypto-accesshttps://x.com/HighyieldHarry/status/1976107853695107382Keep up with Michael: https://x.com/MTangumahttps://www.linkedin.com/in/mtanguma/Keep up with Brian: https://x.com/BackslashBTChttps://www.linkedin.com/in/brian-cubellis-00b1a660/Keep up with Liam: https://x.com/Lnelson_21https://www.linkedin.com/in/liam-nelson1/