Facundo Werning, former Tether country manager for Latin America and now at Agora, joins us to talk about his journey from Argentine policy work to the front lines of the stablecoin wars. We dive deep into how stablecoins actually work in emerging markets, why Agora is positioning itself as the credibly neutral alternative to Tether and Circle, the real state of crypto adoption in Argentina, and why traditional banks are about to get completely upended.

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NOTES:

• Argentina has more US cash per capita than America

• Stablecoin yields hit 10-12% vs banks' 3% in Argentina

• Agora shares revenue with partners unlike competitors

• $10B in stablecoins = $400M yearly opportunity cost

• Tether built dominant last-mile retail distribution

Timestamps
00:00 Start
00:29 Who is Facundo?
08:56 Role at Tether
12:09 Argentina & stablecoins
17:40 Daily stablecoin use
21:17 Ellipsis Labs Ad
22:05 What is Agora?
28:13 What is Agroa (simplified)?
30:03 Will Tether be disrupted?
34:42 Stablecoin fragmented liquidity
40:34 Will stablecoins migrate to one chain?
44:25 Hyperliquid
47:24 Treasury companies (DATs)
51:58 Did you say PROFITS?
56:07 Subscribe Ad
56:44 Anacdote
57:55 Javier Milei
59:22 My dad is a central banker
1:01:27 State BTC adoption
1:04:40 Generational BTC trade

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