OVER DEZE AFLEVERING
Payment rails vs yield-bearing vaults—the stablecoin landscape is undergoing a fundamental shift.
In this episode of Stabled Up, we sit down with Sam Kazemian, founder of Frax Finance, to discuss why genius regulation changes everything, how Frax's clearinghouse strategy works for compliant stablecoins, and why Western Union and JPMorgan are making stablecoin moves.
We discuss:
- The Two Types of Stablecoins Framework
- Why Genius Regulation Changes Everything
- Frax's Clearinghouse Strategy for Compliant Stables
- DeFi Blowups & Lessons Learned
- Western Union & JPMorgan's Stablecoin Moves
- White Label Issuance Infrastructure
- Tokenized RWAs as Stablecoin Collateral
00:00 Intro
01:04 Sam's FOMO & Conference Circuit
02:00 Fraxnet Launch & DeFi Blowups
04:14 Recursive Lending vs Rehypothecation
07:23 Separating Risk Analysis from Allocation
09:24 Genius Act's Broader Impact
13:30 The Stablecoin Spectrum Explained
14:21 Payment vs Savings Stablecoins
17:52 Checking & Savings as Economic Forms
19:21 Stablecoins Meet RWAs
20:44 10x Yield Efficiency Gains
25:01 Tokenized Collateral Architecture
25:45 TrueUSD Dubai News Break
26:31 Frax's Genius Compliance Bet
28:10 White Label Issuance Vision
29:43 Target Sectors for Stablecoin Launches
31:06 Institutional Inflection Point
33:13 The Seats at the Table Metaphor
34:01 Frax's Ethlend to Aave Moment
37:06 Closing Thoughts
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𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥: 𝘐𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨 𝘪𝘯 𝘤𝘳𝘺𝘱𝘵𝘰𝘤𝘶𝘳𝘳𝘦𝘯𝘤𝘺 𝘢𝘯𝘥 𝘋𝘦𝘍𝘪 𝘱𝘭𝘢𝘵𝘧𝘰𝘳𝘮𝘴 𝘤𝘰𝘮𝘦𝘴 𝘸𝘪𝘵𝘩 𝘪𝘯𝘩𝘦𝘳𝘦𝘯𝘵 𝘳𝘪𝘴𝘬𝘴 𝘪𝘯𝘤𝘭𝘶𝘥𝘪𝘯𝘨 𝘵𝘦𝘤𝘩𝘯𝘪𝘤𝘢𝘭 𝘳𝘪𝘴𝘬, 𝘩𝘶𝘮𝘢𝘯 𝘦𝘳𝘳𝘰𝘳, 𝘱𝘭𝘢𝘵𝘧𝘰𝘳𝘮 𝘧𝘢𝘪𝘭𝘶𝘳𝘦 𝘢𝘯𝘥 𝘮𝘰𝘳𝘦. 𝘈𝘵 𝘤𝘦𝘳𝘵𝘢𝘪𝘯 𝘱𝘰𝘪𝘯𝘵𝘴 𝘵𝘩𝘳𝘰𝘶𝘨𝘩𝘰𝘶𝘵 𝘵𝘩𝘪𝘴 𝘤𝘩𝘢𝘯𝘯𝘦𝘭, 𝘸𝘦 𝘮𝘢𝘺 𝘦𝘢𝘳𝘯 𝘢 𝘤𝘰𝘮𝘮𝘪𝘴𝘴𝘪𝘰𝘯 𝘰𝘳 𝘧𝘦𝘦 𝘢𝘴 𝘢 𝘴𝘱𝘰𝘯𝘴𝘰𝘳𝘴𝘩𝘪𝘱, 𝘪𝘧 𝘵𝘩𝘪𝘴 𝘪𝘴 𝘵𝘩𝘦 𝘤𝘢𝘴𝘦 𝘸𝘦 𝘸𝘪𝘭𝘭 𝘢𝘭𝘸𝘢𝘺𝘴 𝘮𝘢𝘬𝘦 𝘴𝘶𝘳𝘦 𝘪𝘵 𝘪𝘴 𝘤𝘭𝘦𝘢𝘳. 𝘞𝘦 𝘢𝘳𝘦 𝘴𝘵𝘳𝘪𝘤𝘵𝘭𝘺 𝘢𝘯 𝘦𝘥𝘶𝘤𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘱𝘭𝘢𝘵𝘧𝘰𝘳𝘮, 𝘯𝘰𝘵𝘩𝘪𝘯𝘨 𝘸𝘦 𝘰𝘧𝘧𝘦𝘳 𝘪𝘴 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘞𝘦 𝘢𝘳𝘦 𝘯𝘰𝘵 𝘱𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭𝘴 𝘰𝘳 𝘭𝘪𝘤𝘦𝘯𝘴𝘦𝘥 𝘢𝘥𝘷𝘪𝘴𝘰𝘳𝘴.
