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Colin Butler spent 2022 to 2025 as Global Head of Institutional Capital at Polygon Labs, where his team ran every major institutional launch on the chain. In this episode he goes back through four years of his own calls and says where he was wrong: why stablecoins were crypto's first product-market fit but not its only one, why the value never accrued to the infrastructure layer he was building, and why it went to the firms that already had the customers.
📌 Key Topics & Timestamps:
0:00 Introduction
0:40 Where crypto actually found product-market fit
4:29 Why value didn't accrue to the infrastructure layer
10:32 Securitize and the economics of the application layer
19:22 Why blockchains are rethinking their business models
20:43 Are digital asset treasuries dead?
26:07 Why stablecoin growth stalled, and where it goes next
32:35 Leaving crypto for AI, and the problem of governing agents
Correction at 22:21, from Colin after recording: when mNAV is below 1, a digital asset treasury sells tokens and buys back its own stock.
About the Guest:
Colin Butler was Global Head of Institutional Capital at Polygon Labs from 2022 to 2025, and most recently EVP of Capital Markets at Mega Matrix. He is now leaving crypto to build in AI, at a company currently in stealth.
Connect with Colin Butler on LinkedIn: https://www.linkedin.com/in/colin-p-butler
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🌐 Website: https://curiositycodepodcast.com/
📱 Follow on LinkedIn: https://www.linkedin.com/in/akhomyakov/
🎧 Listen on Spotify: https://open.spotify.com/show/4ePKf2qCLzcKATS7o6w2U5
🍎 Apple Podcasts: https://podcasts.apple.com/podcast/id1797349967
A candid look at tokenization, stablecoins and institutional crypto from someone who helped build the infrastructure, for fintech founders, investors and anyone in capital markets working out where the value in digital assets actually sits.
🎙️ Subscribe for weekly episodes on fintech, AI, and innovation
🌐 Website: https://curiositycodepodcast.com/
📱 Follow on LinkedIn: https://www.linkedin.com/in/akhomyakov/
🎧 Listen on Spotify: https://open.spotify.com/show/curiosity-code
🍎 Apple Podcasts: https://podcasts.apple.com/podcast/the-curiosity-code-podcast/id1748596092
