Bitcoin, Fiat & Rock'n'Roll

How Clearstream Sees the Future of Financial Infrastructure In this episode of Bitcoin, Fiat & Rock’n’Roll, Stefan Grasmann speaks with Thilo Derenbach, Head of Sales & Business Development Digital Securities Services at Clearstream, about how financial market infrastructure is evolving through digitisation, tokenisation, and blockchain technology. The conversation offers a rare inside perspective from one of Europe’s most important post-trade infrastructure providers and explores how traditional financial institutions are preparing for a hybrid future between legacy and on-chain markets. Thilo explains the role of Deutsche Börse Group, Clearstream, D7, Crypto Finance, 360X and related initiatives, outlining how the group is building digital-first but hybrid infrastructure for both traditional and blockchain-native market participants. The discussion covers the growing convergence between TradFi and Web3, including Deutsche Börse’s investment into Kraken, partnerships with Ondo and stablecoin issuers, and the broader strategic shift towards interoperable digital capital markets. Stefan and Thilo also discuss recent industry developments such as DTCC’s tokenisation initiative and Bullish acquiring Equiniti for USD 4.2 billion. A major focus of the episode is collateral mobility and the future reuse of assets across digital markets. Thilo explains why institutional clients increasingly demand more efficient collateral usage, why tokenised securities alone are not enough, and how blockchain technology could fundamentally improve the movement and mobilisation of assets across trading, settlement and custody environments. The episode concludes with a forward-looking discussion on hybrid infrastructure, 24/7 markets, AI-driven financial systems and why the next years may represent a decisive phase in the digitisation of global financial markets. Bitcoin, Fiat & Rock'n'Roll Website Bitcoin, Fiat & Rock'n'Roll Telegram Channel Co-host LinkedIn profile Guest LinkedIn profile Point Zero Forum*: Join us in Zurich on 23–25 June 2026 at the Point Zero Forum, the annual gathering of 2,000+ policymakers, central bankers, regulators, and industry leaders at the intersection of finance, technology, and policy: Click here. Use the code "BFRR2026" to get 30% off the full-price Industry Pass. BFRR is proud media partner of the event. Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

The journey from Libra via MiCA to AI agents and open financial infrastructure In this episode of BFRR, Jonas and guest host Jonathan Koll welcome back one of the most influential voices in digital money: Dante Disparte, Head of Strategy and Global Policy at Circle. Four years after his last appearance on the show, Dante returns for a wide-ranging conversation on how stablecoins moved from regulatory controversy to the core of the global financial system. The discussion begins with Dante’s personal path into crypto: from cyber risk and financial resilience to the early blockchain debates, the Libra project, and the hard lessons learned when big ideas collide with politics, regulation and public trust. Looking back, Dante argues that Libra may have been controversial, but it also accelerated the global conversation around digital money and helped pave the way for today’s regulatory clarity. From there, the conversation turns to Circle’s evolution. Once mainly known as the issuer of USDC, Circle is now positioning itself as a full-stack financial infrastructure company. Dante explains the role of USDC as a regulated digital dollar, EURC as the leading euro-denominated stablecoin, USYC as a tokenized money market fund, and Circle’s broader technology stack, including the Circle Payments Network and the upcoming ARK blockchain. The episode also explores the changing stablecoin use cases: from crypto trading and decentralized finance to cross-border payments, capital markets collateral, store-of-value demand in unstable economies and even agentic commerce, where AI systems may increasingly transact with each other using programmable money. Regulation is another major theme. Dante compares Europe’s MiCA framework with the U.S. GENIUS Act, discusses the search for international harmonization, and reflects on the United Kingdom’s opportunity to define its own digital asset regime. The conversation also touches on digital identity, financial inclusion, and why open standards may be essential to bring billions of people into the formal economy. A sharp, thoughtful and occasionally funny episode about stablecoins, regulation, institutional adoption and the future of money — with one of the few people who has been at the center of the debate from Libra to Circle. Dante Disparte LinkedIn Dante Disparte X Circle Website Article Korea Herald Bitcoin, Fiat & Rock’n’Roll Website Bitcoin, Fiat & Rock’n’Roll Telegram Channel Point Zero Forum: Join us in Zurich on 23–25 June 2026 at the Point Zero Forum, the annual gathering of 2,000+ policymakers, central bankers, regulators, and industry leaders at the intersection of finance, technology, and policy: Click here. Use the code "BFRR2026" to get 30% off the full-price Industry Pass. BFRR is proud media partner of the event. Relai: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

Will DLT finally be part of EU Financial Regulation? In this episode of BFRR – Bitcoin, Fiat & Rock’n’Roll, host Manuel welcomes back Dr. Anika Patz, partner at YPOG and one of Germany’s leading legal experts on digital assets, digital money and financial market regulation. Together they unpack a regulatory development for Europe’s capital markets: the Market Integration and Supervision Package, or MISP. Anika explains how MISP is designed to simplify and harmonize European capital market rules, reduce fragmentation across EU member states and give ESMA a much stronger supervisory role. The conversation then zooms in on the DLT Pilot Regime, Europe’s framework for blockchain-based trading and settlement infrastructures. While the regime was meant to enable real-life experimentation with tokenized securities, DLT settlement systems and combined trading-and-settlement models, uptake has remained limited due to product restrictions, volume caps, time limits and a heavy licensing burden. The episode explores how MISP could change that. Proposed reforms would raise volume thresholds, remove product limitations and make DLT-based infrastructure a more permanent, scalable option for the market. Anika also discusses how the Central Securities Depositories Regulation may recognize DLT systems and stablecoin-based settlement, why e-money tokens and tokenized money market funds could become relevant for collateral, and where EMIR, MiFIR and MiCA may need alignment. Beyond the legal details, Manuel and Anika reflect on the implications for Europe. Can the EU move quickly enough to remain competitive with the US and Asian markets? Should parts of the DLT Pilot Regime be carved out and accelerated? And will European supervision help create an integrated capital market, or add complexity for firms navigating crypto and securities regulation? Bitcoin, Fiat & Rock’n’Roll Website Bitcoin, Fiat & Rock’n’Roll Telegram Channel Point Zero Forum: Join us in Zurich on 23–25 June 2026 at the Point Zero Forum, the annual gathering of 2,000+ policymakers, central bankers, regulators, and industry leaders at the intersection of finance, technology, and policy: Click here. Use the code "BFRR2026" to get 30% off the full-price Industry Pass. BFRR is proud media partner of the event. Relai: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

Does new evidence identify Satoshi Nakamoto? In this April news episode of Bitcoin, Fiat & Rock’n’Roll, Michael Blaschke is joined by Jonas and Dr. Lidia Kurt, CEO of Seturion and BX Digital, to discuss the key developments shaping institutional blockchain, digital money and tokenized capital markets. The episode begins with a market overview after a stronger month for crypto. Bitcoin, Ethereum and crypto ETFs regained momentum, while ETF assets under management rose sharply — a signal that institutional allocators are once again moving into the asset class. The discussion also looks at Bhutan’s Bitcoin strategy and why its reported reduction in holdings may be less a loss of conviction than disciplined sovereign treasury management. A major part of the episode is dedicated to the renewed debate around Satoshi Nakamoto. From Nick Szabo, Hal Finney and Dorian Nakamoto to Len Sassaman, Craig Wright and Adam Back, the hosts explore the latest theories, including John Carreyrou’s New York Times investigation. Yet the conclusion is clear: Bitcoin’s lack of a known founder may be one of its most powerful design features, especially for institutions assessing founder risk. The stablecoin section turns to some of the most important stories of the month. Crédit Agricole is reportedly preparing a euro stablecoin, following earlier moves by Société Générale via SG-FORGE, Banking Circle and ODDO BHF. The hosts discuss why internal treasury may be the ideal first use case, how MiCA shapes the distinction between stablecoins and tokenized deposits, and why Europe needs stronger use cases and liquidity. The episode also covers the Swiss franc stablecoin sandbox involving UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV and Swiss Stablecoin AG, Tether’s move toward a full Big Four audit, and the US debate around the GENIUS Act, the CLARITY Act and stablecoin yield. Finally, the conversation moves to institutional tokenization and TradFi market infrastructure: Deutsche Börse Group’s strategic stake in Payward, the parent company of Kraken, the Ondo, Clearstream and 360X partnership, and KfW’s next DLT-based bond using Cashlink, DekaBank, Regulated Layer One and Pontes. Bitcoin, Fiat & Rock’n’Roll Website Bitcoin, Fiat & Rock’n’Roll Telegram Channel Knowledge Bite Michaell Knowledge Bite Jonas Knowledge Bite Lidia Raoul Pal Knowledge Bite Lidia Vitalik Buterin Point Zero Forum*: Join us in Zurich on 23–25 June 2026 at the Point Zero Forum, the annual gathering of 2,000+ policymakers, central bankers, regulators, and industry leaders at the intersection of finance, technology, and policy: Click here. Use the code "BFRR2026" to get 30% off the full-price Industry Pass. BFRR is proud media partner of the event. Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

Why the next phase of digital assets is won in operations, not products Thomas Langbein, Chief Commercial Officer at Trever, shares his journey from traditional banking and strategy consulting into the world of digital assets, where he recognised early on that blockchain technology could fundamentally reshape capital markets. Drawing on his experience across institutions like Commerzbank, EY, and Accenture, he explains how his exposure to digital transformation and early crypto developments led him to join Trever. Today, he operates at the intersection of traditional finance and emerging infrastructure, helping institutions navigate the complexities of integrating digital assets into their core business. This background sets the stage for a conversation that is less about hype—and more about real-world execution. At the heart of the discussion is a key insight: the real challenge for financial institutions is no longer access to digital assets, but their operationalisation. Thomas outlines the hidden complexity behind seemingly simple use cases like crypto trading, highlighting the fragmented ecosystem of trading venues, custody providers, compliance tools, and settlement processes. Trever positions itself as a “digital asset operating system” that orchestrates these components into a unified infrastructure layer, enabling banks and brokers to manage trading, treasury, settlement, and bookkeeping in a compliant and scalable way. This becomes particularly relevant as institutions move beyond isolated pilots and begin building long-term capabilities across multiple asset classes. Looking ahead, the conversation explores how institutional strategies are evolving from a narrow focus on crypto towards a broader view that includes stablecoins, digital payments, and tokenised securities. Thomas emphasises that the real benefits of blockchain-based finance will only materialise when both the asset and payment sides move on-chain, enabling more efficient settlement models. As banks gradually integrate these capabilities, the distinction between traditional and digital assets is expected to fade, leading to a unified financial infrastructure. The episode closes with a clear call to action: financial institutions that want to stay competitive should start building their operational foundations now—before digital assets become a core part of mainstream banking. Bitcoin, Fiat & Rock’n’Roll Website Bitcoin, Fiat & Rock’n’Roll Telegram Channel Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

How stablecoins are rewriting global financial architecture. In this solo episode of Bitcoin, Fiat & Rock’n’Roll, co-host Michael Blaschke steps away from the usual interview format to unpack a topic that is rapidly moving from crypto niche to systemic relevance: stablecoins. The episode is built around his newly published study with the FERI Cognitive Finance Institute, “Stablecoins: How Tokenized Money is Changing the Global Financial Architecture,” co-authored with Dr. Heinz-Werner Rapp. This is not a hype-driven discussion about token prices. It is a deep dive into the monetary layer of the token economy: why tokenized assets need tokenized money, why stablecoins are emerging as the dominant settlement instrument, and why this shift matters for banks, regulators, corporates and policymakers. Michael introduces the study’s two-pillar model: tokenized assets on one side, tokenized money on the other. He explains why a digital bond or tokenized fund remains incomplete if settlement still depends on slow legacy payment rails, limited business hours and correspondent banking chains. Stablecoins, in this view, are not just another crypto asset. They are the missing monetary infrastructure. The episode also explores the scale of the market, the role of stablecoins in US Treasury demand, the geopolitical implications of dollar dominance, and the widening gap between Europe’s regulatory leadership and America’s strategic push. Michael examines the core risks institutions need to understand: depegs, reserve quality, intermediary fragility, regulatory shocks and run dynamics in 24/7 markets. A major focus is Europe’s response under MiCA, including euro-denominated initiatives such as AllUnity and the Kivalis consortium. Looking ahead, the episode also connects stablecoins with the rise of agentic AI, asking what happens when autonomous systems begin to rely on programmable, always-on digital money. This is a dense but practical episode for anyone working in institutional DLT, treasury, payments, compliance, digital assets or financial infrastructure. If you want to understand how tokenized money could reshape global finance, this is the episode to start with. Blaschke & Rapp (2026) — "Stablecoins: How Tokenized Money Is Changing the Global Financial Architecture," published by the FERI Cognitive Finance Institute (the study that the episode is built around). FERI Cognitive Finance Institute press release Michael Blaschke on LinkedIn Bitcoin, Fiat & Rock’n’Roll Website Bitcoin, Fiat & Rock’n’Roll Telegram Channel Brunnermeier & Niepelt (2019) — Referenced for the argument that private and public money can be economically equivalent, but only under specific conditions (equivalence breaks down when trust in the private issuer erodes). Lyons & Viswanath-Natraj (2020) — Analyzed the stablecoin peg mechanism and compared arbitrageurs to authorized participants in the ETF market. Gorton & Zhang (Yale) — Compared bond-based stablecoins (Tether, Circle) to the Wildcat Banks of 19th-century America, i.e., private money issuers backed by reserves with historically mixed results. Ahmed & Aldasoro (BIS working paper, 2026) — "Stablecoins and Safe Asset Prices" — Empirically demonstrated that stablecoin inflows depress three-month US Treasury bill yields by 2.5 to 3.5 basis points (5 to 8 basis points during tight supply periods). Diamond & Dybvig (1983) — The classic bank run model showing that coordinated withdrawals can be individually rational even when the institution is fundamentally solvent; applied by Michael to the stablecoin context. Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

A run-through of Singapore’s BIS innovation Hub Projects and GFTN Solutions Mission with Maha El Dimachki In this episode of BFRR, Manuel speaks with Maha El Dimachki, the newly appointed CEO of GFTN Solutions, for a wide-ranging conversation on the future of financial infrastructure, cross-border payments, and the role of innovation in public policy. With a career spanning retail banking, payments, regulation, the UK’s FCA, Pay.UK, and most recently the BIS Innovation Hub in Singapore, Maha brings a rare perspective from both the public and private sides of finance. The discussion begins with her journey through the payments industry, long before payments became one of the most dynamic areas in financial services. From there, the episode dives into her work at the BIS Innovation Hub, where she helped lead some of the most closely watched experiments in cross-border payments. Maha explains the thinking behind Project Nexus, which aims to connect domestic instant payment systems across borders; Project Mandala, which explores how compliance checks could become more efficient through privacy-preserving technology; and Project Rialto, which looks at new approaches to FX clearing and settlement using tokenized money. What makes this conversation especially valuable is its practical lens. Rather than treating innovation as a buzzword, Maha unpacks where the real frictions in global payments still sit today: compliance, foreign exchange, fragmented infrastructure, and the challenge of coordinating across jurisdictions. She also reflects on why compliance may be the most important problem to solve if the industry wants faster, cheaper, and more transparent international payments without compromising standards. The second half of the episode turns to GFTN Solutions and Maha’s new mission: translating insights into real-world implementation. She explains how GFTN, originally known for flagship forums such as the Singapore FinTech Festival and Point Zero Forum, is now expanding into policy development, ecosystem building, and capacity building for governments, regulators, and financial centers around the world. This is a fascinating episode for anyone interested in the future of money, the modernization of financial market infrastructure, and the increasingly important collaboration between regulators and industry. It is a conversation about how innovation moves from theory to implementation and why the next generation of finance will be shaped as much by cooperation as by technology. GFTN Website GFTN Solution’s Project in Odisha, India Bitcoin, Fiat & Rock’n’Roll Website Bitcoin, Fiat & Rock’n’Roll Telegram Channel BFRR partners with GFTN as a media partner at this year’s Point Zero Forum taking place in Zurich on 23-25 June. BFRR listeners get 30% off the full price industry pass with code BFRR2026. Make sure you join the podcast hosts at this high-profile conference. Registration link with discount Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

IT architecture is where enterprise stablecoin adoption is won or lost. In this episode of BFRR – Bitcoin, Fiat and Rock and Roll, co-host Michael Blaschke speaks with Stefan Arnold, Lead Architect of the SAP Digital Currency Hub, about one of the most important but least discussed questions in institutional digital finance: what will actually enable stablecoins to move from experimentation into mainstream enterprise adoption? While much of the public conversation focuses on regulation, issuers, liquidity, and market structure, this discussion goes deeper into the operational reality inside companies. What happens when a corporate treasury team wants to use stablecoins in practice? Where does the process break down? And why is the real bottleneck often not demand, but architecture? Drawing on his work at SAP and conversations with enterprise customers, Stefan explains why CFOs and treasury teams are not looking for “crypto products” as such. They need complete, reliable, enterprise-grade payment solutions that are faster, cheaper, more transparent, and easier to reconcile than legacy rails. That means stablecoins only become relevant when they are embedded seamlessly into existing ERP and finance workflows. The conversation explores the gap between rapidly evolving Web3 innovation and the slower, highly controlled world of enterprise finance. Stefan outlines the practical blockers that still stand in the way of adoption: missing standards, fragmented custody models, manual reconciliation, wallet complexity, and the challenge of integrating blockchain-based payments into existing payment runs, account statements, and audit processes. Together, Michael and Stefan unpack why this “crossing the chasm” moment is now becoming real. Stablecoins are no longer viewed as a fringe experiment. The question has shifted from whether they matter to how companies can get started. From intra-company treasury flows to cross-border payments, the episode shows where early adoption is already happening and what needs to change for the broader market to follow. This is a conversation about the invisible infrastructure behind digital money — and why the winners in enterprise stablecoin adoption may not simply be those building the best token, but those building the best bridge between blockchain and core financial systems. If you want to understand where institutional stablecoin adoption is actually heading, this episode is for you. Stefan Arnold on LinkedIn Michael Blaschke on LinkedIn Bitcoin, Fiat & Rock’n’Roll Website Bitcoin, Fiat & Rock’n’Roll Telegram Channel Paypal and SAP on how to optimize digital payments for treasury operations Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

March 2026 shows the trend clearly: stablecoins are scaling, tokenized securities are moving forward, and institutional DLT adoption is no longer a future story. In this March 2026 news episode of BFRR – Bitcoin, Fiat & Rock’n’Roll, Michael Blaschke, Manuel and Simon Seiter, CFO of AllUnity, unpack one of the most important months yet for institutional blockchain, digital money and tokenized assets. While crypto prices remain under pressure and sentiment stays deep in fear territory, the infrastructure story is moving in the opposite direction: regulation is maturing, institutional adoption is accelerating and the rails for the next financial system are being laid. The episode begins with a market overview, from Bitcoin and Ether price action to ETF flows and a major milestone for crypto-native banking: Kraken Financial becoming the first digital asset bank in US history to receive a Federal Reserve master account. From there, the conversation shifts into the heart of the episode: the global race to define regulated digital money. A central focus is the rise of stablecoins and tokenized deposits. The hosts examine Europe’s rapidly evolving landscape, including AllUnity’s expansion from a euro to a Swiss franc stablecoin and the growing significance of projects such as Kivalis. Beyond Europe, they discuss parallel developments in the UAE and Hong Kong, arguing that a global consensus is emerging around fully reserved, regulated and institution-led stablecoins. At the same time, they explore how banks are defending the deposit franchise through tokenized deposit models, regulatory lobbying and new shared ledger initiatives. The episode also covers major moves from payment giants and fintech infrastructure players, including Mastercard, Visa, Stripe and BVNK, as well as the growing importance of agentic payments and machine-to-machine commerce. On the asset side, the hosts review groundbreaking US regulatory progress on tokenized securities, momentum in tokenized money market funds and important developments in Germany, from Börse Stuttgart Digital to Deutsche Börse’s expanding digital asset strategy. Overall, this episode captures a defining moment for institutional DLT: a market that may look weak on the surface, but underneath is becoming more regulated, more connected and far more consequential. Bitcoin, Fiat & Rock’n’Roll Website Bitcoin, Fiat & Rock’n’Roll Telegram Channel Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

How Tokenforge is turning tokenisation into a scalable, product-driven experience Tokenisation has long promised to transform capital markets, yet many projects remain slow, expensive, and highly bespoke. In this episode, Moritz Stumpf, founder of Tokenforge, shares a different perspective: what if tokenisation behaved less like a complex financial engineering exercise and more like a scalable digital product? By introducing an “e-commerce mindset,” Tokenforge aims to simplify issuance, automate workflows, and provide intuitive portals for both issuers and investors. We explore how this product-driven approach challenges the current state of the market. Instead of focusing purely on infrastructure, Tokenforge emphasises distribution, user experience, and cost efficiency — key ingredients that have driven scale in other industries. The conversation dives into where today’s tokenisation efforts fall short, how automation can coexist with regulatory requirements, and what it takes to move from isolated pilot projects to real adoption. Finally, we turn to Tokenforge’s recent launch of the TKFG token on Base and Aerodrome, unpacking the strategic thinking behind it. Is this about incentives, ecosystem building, or a broader shift toward crypto-native growth models? The discussion highlights the opportunities — and tensions — of combining institutional ambitions with token-based strategies, offering a forward-looking view on how tokenisation might truly scale. Bitcoin, Fiat & Rock’n’Roll Website Bitcoin, Fiat & Rock’n’Roll Telegram Channel Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Digital Euro Conference: Bitcoin, Fiat & Rock’n’Roll ist again partnering with the Digital Euro Conference that takes place on March 26, 2026, in Frankfurt. The DEC is one of Europe’s leading conferences on the future of money, discussing the digital euro but also the role of stablecoins and tokenized deposits for the future of payments. More information about the DEC, can you found here*. Secure 20% off with the discount code “BFRR20”. Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

From central bank settlement infrastructure to a DLT TSS In this episode of BFRR – Bitcoin, Fiat & Rock’n’Roll, Manuel sits down with Jochen Metzger, one of the most experienced architects of Europe’s payment and settlement landscape. After more than three decades at the Bundesbank, including 15 years as Director General Payments and Settlement Systems, Jochen reflects on the systems, decisions and harmonization efforts that helped shape the euro area’s financial plumbing as we know it today. The conversation traces Jochen’s career from capital markets and international assignments in New York, Buenos Aires and Basel to his central role in some of the Euro system’s most important infrastructure projects. He explains how the fragmented “spaghetti model” of national RTGS systems evolved into TARGET2, why T2S became such a transformative – and difficult – project for European capital markets, and how harmonization across central banks, CSDs, CCPs and market participants required persistence, political will and technical compromise. The episode also explores the move to ISO 20022, central liquidity management, SEPA, instant payments and the broader modernization of Europe’s payment architecture. But this episode is not only about the legacy system. It is also about what comes next. Jochen shares how his work increasingly shifted toward blockchain, digital issuance and DLT-based capital market infrastructure. He speaks about his time at NowCM, the ambition to digitize debt capital markets from issuance to execution, and his current role with Axiology, a DLT-native market infrastructure provider operating under Europe’s new regulatory framework. What emerges is a rare perspective spanning both worlds: the legacy infrastructure that keeps Europe running today and the tokenized infrastructure that may define tomorrow. For anyone working in payments, post-trade, capital markets, digital assets or financial market infrastructure, this episode offers a masterclass in how European market structure was built – and where it may be heading next. Bitcoin, Fiat & Rock’n’Roll Website Bitcoin, Fiat & Rock’n’Roll Telegram Channel Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Digital Euro Conference: Bitcoin, Fiat & Rock’n’Roll ist again partnering with the Digital Euro Conference that takes place on March 26, 2026, in Frankfurt. The DEC is one of Europe’s leading conferences on the future of money, discussing the digital euro but also the role of stablecoins and tokenized deposits for the future of payments. More information about the DEC, can you found here*. Secure 20% off with the discount code “BFRR20”. Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

How stablecoins can solve real-world cross-border payment inefficiencies In this episode of BFRR, Jonas and guest host Jonathan Knoll sit down with Milind Sanghavi, co-founder and CEO of xWeave, to explore one of the most practical and fast-moving use cases for stablecoins: cross-border payments. Drawing on more than two decades of experience across PayPal, Visa, OCBC Bank and Meta, Milind explains why payments may look simple on the surface, yet rely on deeply complex infrastructure, regulation and coordination behind the scenes. The conversation cuts through the hype and focuses on the real frictions that still define international money movement today: opaque fees, manual processes, prefunding requirements, slow settlement times and weak transparency in many non-G7 currency corridors. Milind shares vivid examples from Asia, showing how treasury and remittance flows can still depend on phone messages, delayed FX quotes and uncertain arrival times—and how new infrastructure can reduce that process from days to minutes. At the center of the discussion is xWeave’s approach: combining licensed fiat rails with blockchain-based settlement and stablecoins, without relying on regulatory arbitrage. Rather than pitching a crypto-native revolution, Milind describes a “Web 2.5” model that brings together the compliance strengths of traditional finance and the speed and programmability of digital asset infrastructure. The result is a system designed to help licensed institutions move money faster, cheaper and with less trapped capital, especially across Asian and Middle Eastern corridors. The episode also dives into xWeave’s expansion strategy, its corridor-by-corridor model, the role of intelligent routing and why stablecoins only matter when they solve a real customer problem. This is a grounded, insider conversation about how cross-border payments are actually evolving—and why the next wave of innovation may come not from replacing finance, but from quietly rebuilding its plumbing. LinkedIn Jonas Gross LinkedIn Jonathan Knoll LinkedIn Milind Sanghavi etonec Website XWeave Website Bitcoin, Fiat & Rock'n'Roll Website Bitcoin, Fiat & Rock'n'Roll Telegram Channel Digital Euro Conference: Bitcoin, Fiat & Rock’n’Roll ist again partnering with the Digital Euro Conference that takes place on March 26, 2026, in Frankfurt. The DEC is one of Europe’s leading conferences on the future of money, discussing the digital euro as well as the role of stablecoins and tokenized deposits for the future of payments. More information about the DEC, can you found here*. Secure 20% off with the discount code “BFRR20”. Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

From ECB collateral paradigm shift to BlackRock on Uniswap, February shows how deeply DLT is embedding into traditional finance In this February review edition of BFRR (Bitcoin, Fiat & Rock and Roll), co-host Jonas is joined by Atakan to unpack the most important developments at the intersection of traditional finance, digital assets, and institutional blockchains — with plenty of signal, and very little hype. They kick off with a sharp market recap: February brought volatility, a notable BTC drawdown followed by a partial rebound, and another reminder that the “digital gold” narrative still isn’t a given when Bitcoin continues to trade like a risk asset. From there, the episode moves into the month’s biggest themes: Stablecoins vs. tokenized deposits: prompted by a revealing interview with Citi’s innovation leadership, Jonas and Atakan break down how banks think about on-chain money — why tokenized deposits may shine inside bank networks (remuneration, deposit insurance, regulatory familiarity), and why stablecoins win on universal reach once money leaves those walled gardens. The big takeaway: we’re heading toward coexistence, and long-term the user shouldn’t need to care which “rail” is used. BlackRock’s DeFi moment: BlackRock’s tokenized treasury fund BUIDL becoming tradable via Uniswap (through Securitize) is framed as a genuine milestone — TradFi and DeFi moving closer, faster than many would have predicted. Tokenization goes mainstream: the Eurosystem/ECB move to accept certain DLT-issued securities as collateral (with some legacy infrastructure strings attached) is a strong signal of integration beyond pilots. Plus: Deutsche Börse integrating tokenized equities capabilities via 360X, showing regulated markets are adopting crypto-native standards. Crypto earnings reality check: despite a tougher market backdrop, Coinbase and Kraken post striking numbers — growing volumes, expanding funded accounts, and accelerating diversification beyond trading fees into subscriptions, custody, staking, payments, and infrastructure plays. Digital euro politics heat up: a notable February vote in the European Parliament adds momentum to a dual-mode digital euro (online + offline). Jonas and Atakan explain why this isn’t a technical footnote: offline touches cash-like privacy and resilience, while online is key for e-commerce, interoperability, and broader adoption. To close, the hosts share two “knowledge bites” worth your time: Stripe’s annual letter (stablecoins + AI) and a BIS perspective on money as a coordination device — perfect if you like your digital money debates grounded in first principles. If you want one episode that connects stablecoins, bank-issued on-chain money, tokenization, DeFi’s institutional turn, and the digital euro — this is it. BNYK Study on Stablecoin Usage Citi Interview Tokenized Deposits [Knowledge Bite Atakan: Recent Speech by Hyun Song Shin(https://www.bis.org/speeches/sp260127.htm) Knowledge Bite Jonas: Stripe Annual Letter Bitcoin, Fiat & Rock'n'Roll Website Bitcoin, Fiat & Rock'n'Roll Telegram Channel Digital Euro Conference: Bitcoin, Fiat & Rock’n’Roll ist again partnering with the Digital Euro Conference that takes place on March 26, 2026, in Frankfurt. The DEC is one of Europe’s leading conferences on the future of money, discussing the digital euro as well as the role of stablecoins and tokenized deposits for the future of payments. More information about the DEC, can you found here*. Secure 20% off with the discount code “BFRR20”. Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

Why the real stablecoin competition happens beneath the token. In this episode of BFRR (Bitcoin, Fiat & Rock’n’Roll), co-host Michael Blaschke sits down with Simon Seiter, Managing Director, CFO and CPO of AllUnity—the regulated stablecoin venture backed by DWS, Galaxy Digital and Flow Traders. Simon brings a rare perspective: he built institutional DLT infrastructure inside one of Germany’s oldest private banks, then crossed to the “other side” to design the on-chain rails banks will ultimately connect to. The conversation starts with AllUnity’s announcement of a Swiss franc–denominated stablecoin alongside its euro product—not as a headline-grabbing token launch, but as an “infrastructure signal” that the platform was built multi-currency from day one. Simon explains why multi-currency matters for corporates, how MiCA enables CHF issuance via the EEA (through Liechtenstein), and why readiness can compress time-to-market. Then we go “layer below the coin”: regulated onboarding, wallet and bank-account whitelisting, virtual IBANs, straight-through processing, and automated minting/redemption in ~4.5 minutes. Simon walks through the full stack—transaction banking APIs, smart-contract governance and key management, reserve management (cash plus eligible securities with DWS advice), and the compliance and monitoring layer (sanctions screening, on-chain monitoring, travel rule, blacklisting mechanics). We also unpack where TradFi breaks when you bolt on blockchain: the identity-layer mismatch between accounts and addresses, real-time settlement vs. batch reconciliation, and why weekend liquidity can require buffers or smarter banking partnerships. Simon’s takeaway for bank CXOs: stop over-strategizing—build wallet and key-management capability now, run real experiments, and treat on-chain settlement as core infrastructure, not a side project. Mentioned: Digital Euro Conference 2026 (March 26, Frankfurt / online)—discount code BFRR20 in the show notes. Not financial advice. AllUnity just launched a Swiss franc stablecoin alongside its existing euro product—and while most coverage treats it as a product announcement, this episode treats it as an infrastructure signal. Host Michael Blaschke sits down with Simon Seiter, Managing Director and CFO/CPO at AllUnity, to go layer by layer through the actual technology, partnerships, and design decisions that have to exist beneath a stablecoin before any institutional client will touch it. From onboarding and virtual IBANs to smart contract key management, reserve allocation, and compliance monitoring, Simon walks through the full customer flow and reveals what straight-through processing looks like in practice—including the four-and-a-half-minute mint-to-wallet cycle AllUnity has built. The conversation goes deeper than technology. Simon and Michael dissect where traditional financial architecture genuinely breaks when it meets blockchain: the identity layer mismatch between KYC-based closed account systems and pseudonymous open networks, the reconciliation gap between end-of-day batch processing and real-time atomic settlement, and the challenge of enforcing sanctions in an open transfer system. Simon draws on his experience building digital asset infrastructure inside Hauck Aufhäuser Lampe to explain why blacklisting—rather than whitelisting—became the necessary bridge between TradFi’s closed-system paradigm and crypto’s open one, and why banks that haven’t started a wallet infrastructure project at least two years ago have already missed the window to build competitively. Perhaps most striking is Simon’s candid assessment of the broader institutional landscape. While banks have formed consortia and announced intentions, he argues that very few have actually shipped anything—and that the real bottleneck isn’t strategy or regulation but the willingness to build and the people who can execute. His advice to any bank CXO listening is blunt: stop theorizing and start experiencing. Buy wallets the way Kodak should have bought PCs. Give your teams money and time to experiment before commissioning a year-long strategy project. Because the secondary-order consequences of digital money—from pay-per-usage models to the elimination of classical point-of-sale infrastructure—are business model shifts that no amount of strategic planning will surface without hands-on experience. Bitcoin, Fiat & Rock’n’Roll Website Bitcoin, Fiat & Rock’n’Roll Telegram Channel Michael Blaschke on LinkedIn Simon Seiter on LinkedIn Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Digital Euro Conference: Bitcoin, Fiat & Rock’n’Roll ist again partnering with the Digital Euro Conference that takes place on March 26, 2026, in Frankfurt. The DEC is one of Europe’s leading conferences on the future of money, discussing the digital euro but also the role of stablecoins and tokenized deposits for the future of payments. More information about the DEC, can you found here*. Secure 20% off with the discount code “BFRR20”. Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

Why IT Design Decisions Will Shape the Next Financial System Architecture is the hidden battleground of digital money. In this solo episode of BFRR (Bitcoin, Fiat & Rock’n’Roll), co-host Michael Blaschke argues that the choices being made right now—inside central banks, commercial banks, fintechs and protocol teams—will shape the global financial system for the next 30–50 years. Too often, the people who must make it all work (enterprise architects) are pulled in after strategic bets are already placed. Michael opens with a question from the IMF: what is the “TCP/IP equivalent” for digital assets? He revisits early computer networking, when proprietary protocols didn’t scale and point-to-point integrations exploded in complexity. The lesson: interoperability comes from layered design and shared standards—not from forcing everyone onto one stack. He then introduces the IMF’s ASAP framework—Access, Service, Asset, Platform—a shared vocabulary for conversations that currently happen in silos (blockchain vs. RTGS vs. DeFi vs. bank IT). The key insight is counterintuitive: platform diversity is here to stay, so standardization effort pays off most at the asset and service layers. Jasper–Ubin is the proof point: different DLTs, one shared service protocol (HTLC) enabling atomic exchange. Next comes today’s “platform war”: vertically integrated “corp chains” versus open, permissionless networks. Michael explores the trade-off between turnkey efficiency now and strategic freedom later—and why closed stacks risk becoming “islands of harmony in a sea of diversity.” He also highlights emerging approaches like MAS’s Purpose Bound Money as hints of where practical standards may form. Finally, stablecoins take center stage as the ultimate stress test: multi-chain deployments, brittle bridges, fragmented standards, and real systemic consequences. LinkedIn Michael Blaschke IMF Working Paper: ASAP: A Conceptual Model for Digital Asset Platforms Opinion: The trillion-dollar battle for money's operating system Article: The Path to Seamless Blockchain-Based Retail Payments: The Role of Interoperability ECB Macroprudential Bulletin: Stablecoins' role in crypto and beyond: functions, risks and policy Market Data: Market size of non-USD fiat-backed stablecoins up to September 2025 Bitcoin, Fiat & Rock'n'Roll Website Bitcoin, Fiat & Rock'n'Roll Telegram Channel Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

A practitioner's view In this episode of BFRR (Bitcoin, Fiat & Rock and Roll), co-host Jonas is joined by guest host Jonathan Knoll for a deep dive into one of the most important shifts in digital finance: stablecoins moving from a crypto-native product to real payment infrastructure. Our guest is Geetha Panchapakesan, co-founder of Tesser—and one of the most experienced practitioners in global money movement. Geetha has spent decades building and scaling payment systems across the industry, with roles at Mastercard, MoneyGram, PayPal, Visa Direct, and most recently Circle, where she witnessed firsthand how stablecoins evolved through boom, bust, and renewed institutional focus. Together, we explore why stablecoins are increasingly seen as a backend rail rather than a consumer-facing payment method—especially for cross-border payments, where legacy correspondent banking still creates friction, cost, and delays. Geetha explains what’s changed over the last few years: improving regulatory clarity across jurisdictions, growing competitive pressure, and major market signals (including high-profile moves by large payment companies) that have pushed banks and PSPs from “strategy” into execution. But wanting a stablecoin strategy is very different from actually shipping one. This conversation gets practical: What happens after a bank says “yes”? Where do projects get stuck—custody, wallet security, compliance, gas management, treasury reconciliation, reporting, ERP integration? Geetha breaks down the real infrastructure gaps, the fear points, and why stablecoin adoption is ultimately an orchestration problem as much as a technology problem. Finally, we discuss Tesser’s approach: a white-label, full-stack stablecoin payments platform built specifically for regulated financial institutions—abstracting complexity so banks can add stablecoins like they add any other payment method (ACH, SEPA, wire… and now stablecoins). We close with Geetha’s view on the next 12–24 months: emerging markets, off-ramp opportunities for local banks, and why on-chain identity and privacy may become critical to the next phase of adoption. LinkedIn Jonas Gross LinkedIn Jonathan Knoll LinkedIn Geetha Panchapakesan etonec Website Tesser Website Bitcoin, Fiat & Rock'n'Roll Website Bitcoin, Fiat & Rock'n'Roll Telegram Channel Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

We unpack January’s most relevant digital currency and blockchain news – US Clarity Act pushback, global CBDC divergence, and launch of major tokenization platforms In this January news episode of BFRR (Bitcoin, Fiat & Rock’n’Roll), co-host Michael is joined by Manuel and Jonas to unpack what mattered most in institutional blockchain over the past month—from markets to regulation, digital money and tokenization. We start with a quick market pulse: crypto ends January roughly flat around a ~$3T market cap, while gold and silver print fresh highs—raising an uncomfortable question: is Bitcoin really “digital gold” yet? The team also digs into Ethereum’s quiet comeback: more active accounts than Bitcoin, record transaction activity, and notably lower gas fees—fundamentals that look bullish even as prices lag. Then it’s policy time in the U.S.: the Clarity Act drama (and why Coinbase CEO Brian Armstrong pulled support), the fight over stablecoin yield, last-minute tokenized securities language, DeFi/AML pushback, and competing bills vying to define SEC vs. CFTC oversight. We also cover a major regulatory signal: OCC national trust bank charter approvals for Ripple and Circle—and why traditional banks are protesting. On CBDCs, we zoom out geopolitically: China (CBDC yes, crypto no), the U.S. (CBDC no, stablecoins yes) and Europe trying to thread the needle. You’ll hear fresh details on the digital euro pilot planned for H2 2027, and why timing may be Europe’s biggest risk—contrasted with China’s e-CNY trajectory, “e-CNY 2.0” incentives, and cross-border momentum via mBridge. Finally, we connect the dots on tokenized deposits, Project Agora, stablecoin plumbing (Swift + Société Générale Forge, Interactive Brokers funding, Visa + BVNK, Barclays backing Ubyx), and what January’s platform launches (ICE, LSEG, State Street) mean for the next era of capital markets. Shownotes The Block data on Bitcoin and Ethereum accounts Knowledge Bite Michael: Paper “The trillion-dollar battle for money's operating system” by Christian Catalini Knowledge Bite Manuel: Paper on China’s digital currency efforts by the Atlantic Countil Knowledge Bite Jonas: OPen letter by 70 European Academics to the European Parliament on digital euro Bitcoin, Fiat & Rock'n'Roll Website Bitcoin, Fiat & Rock'n'Roll Telegram Channel Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

Inside the operational reality of stablecoins Stablecoins are no longer a thought experiment—they’re becoming production infrastructure. In this episode of Bitcoin, Fiat & Rock and Roll, we sit down with Max von Wallenberg, a builder who’s seen markets from every angle: trading floors at Lehman Brothers and Goldman Sachs, leadership at Börse Stuttgart Digital Exchange, and now stablecoin plumbing at scale at MoonPay (after MoonPay acquired his company IRON). Max explains what “running stablecoins” really means once you move beyond headlines: connecting on-chain money to the messy world of bank accounts, compliance, and regional payment rails. We dig into why UX still matters even in infrastructure, how developer experience becomes a moat, and why DeFi-native teams have an edge—because today’s rails were battle-tested in trading long before they became mainstream payments tech. You’ll hear how IRON compresses what used to take months of integrations with multiple banks and PSPs into a single API: virtual IBANs/accounts that auto-convert fiat into stablecoins, plus global payouts into dozens of currencies. Max shares lessons from integrating into MoonPay’s licensing stack (including MiCA) and why regulation is increasingly “table stakes” while operations and distribution decide winners. He also weighs in on Stripe/Tempo, why new “payment chains” are mainly go-to-market plays, and what’s still unsettled around stablecoin yields and uneven enforcement across jurisdictions. We debate incentives vs. liquidity, the rise of custom-issued stablecoins, and whether branded tokens will stick. Finally, Max looks ahead to a world where we stop saying “stablecoins” and simply call it money—because the blockchain layer fades into the background. Key topics: • Building stablecoin rails at scale • Virtual IBANs, on/off-ramps, global payouts • Adoption: wallets, fintechs, PSPs, and banks

25 digital asset predictions for 2026 from 25 industry experts In this special 2026 predictions episode, host Alex is joined by Stefan (Zühlke) and Maximilian Vargas (Blockstories) for a forward-looking discussion based on Blockstories’ new report: “25 Predictions from 25 Digital Asset Experts”. Instead of presenting their own forecasts, the trio picks standout expert takes across five key themes—tokenization, digital money, regulation, markets & investments, and infrastructure—and pressure-tests them from a pragmatic, institution-first perspective. A central debate: tokenized deposits vs. stablecoins. Stefan challenges the idea that tokenized deposits will “go through the roof” in 2026, arguing that market pull may favor stablecoins, yield-bearing stablecoins, and tokenized money market funds, especially in a world increasingly obsessed with yield. Max adds a crucial banking reality check: many banks still view stablecoin enablement as partly defensive—driven by corporate treasurers expecting 24/7 money movement—while tokenized deposits feel more compatible with existing models (and balance sheet logic). Alex highlights the strategic dilemma: banks may need to integrate stablecoins even though doing so could accelerate deposit flight. The conversation broadens into the “unbundling vs. rebundling” of financial services—particularly how stablecoins and on-chain products could fragment banking value chains, and whether banks can reclaim the “orchestrator” role across rails (stablecoins, tokenized deposits, CBDCs, e-money) while keeping client ownership. A major DeFi thread emerges around on-chain vaults: smart-contract-based “depots” that package strategies and yield. The guests explore why vaults could become a breakout distribution mechanism for stablecoins—and potentially a disruptive force for traditional asset management as “vault curation” grows into a new layer of financial intermediation. Other highlighted themes include the rise of tokenized equities (with a narrative flip: liquid assets may tokenize before illiquid ones), the push toward core infrastructure integration inside institutions (production > experimentation), and why privacy could shift from “nice-to-have” to “institutional requirement”—even if scalability trade-offs remain unresolved. The episode closes with a lively macro riff: is the classic four-year crypto cycle ending, and will institutional allocators (even Ivy League endowments) meaningfully increase crypto exposure by end-2026? As always: not investment advice—just a sharp, insider-grade map of what might shape the next phase of digital finance. Blockstories Expert Outlooks LinkedIn Maximilia Vargas LinkedIn Stefan Grasmann LinkedIn Alexander Bechtel Bitcoin, Fiat & Rock'n'Roll Website Bitcoin, Fiat & Rock'n'Roll Telegram Channel Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

Exploring how tokenized gold bridges traditional finance, crypto, and trust in an evolving monetary world We’re kicking off something new at Bitcoin, Fiat & Rock’n’Roll (BFRR): the Digital Money Interview Series—powered by our podcast partner etonec (and transparency: Jonas also works with etonec). About once a month, we’ll sit down with builders and operators who’ve shipped financial products at scale—less hype, more hard-won lessons. For the inaugural episode, Jonas is joined by new guest host Jonathan Knoll (ex Sun Microsystems, PayPal, and one of the early hires at the Libra Association). Together, they unpack why the “Libra era” still matters, how it acted as a catalyst for regulation and institutional focus, and why stablecoins have entered a critical “scaling phase” where trust, governance, and real customer needs matter more than clever tech. Then we go deep on a different kind of stable asset: gold-backed tokens. Our guest is Kurt Hemecker, CEO behind DGLD (and CEO of Gold Token SA, a wholly owned subsidiary of MKS PAMP). We explore: • Why tokenize gold at all—and what problems it solves vs. physical gold and ETFs • What “asset-backed” really means, and why custody, insurance, audits, and redemption are non-negotiable • The Lindy effect, trust, and why gold’s thousands-year track record still shapes digital money • How DGLD works today (1 token = 1 troy ounce, fractional possible), where it’s live (Ethereum & Base), where it trades (DEXs like Uniswap and Aerodrome), and how redemption can go down to 1 gram (via Gold Avenue) • The roadmap: multi-chain expansion, institutional use cases (collateral, repo, lending), and future exchange listings • Plus: BTC vs fiat vs gold—what people really “believe in,” and why that matters If you care about tokenization, stablecoins, and the future of monetary infrastructure—this one’s for you. Subscribe, leave a review, and follow BFRR on LinkedIn and YouTube for future guests worldwide. LinkedIn Jonas Gross LinkedIn Jonathan Knoll LinkedIn Kurt Hemecker X account Kurt Hemecker etonec Website [DGLD Product Website](https://dgld.com/ Official DGLD X Account)[[https://x.com/DGLD_Official] Bitcoin, Fiat & Rock'n'Roll Website Bitcoin, Fiat & Rock'n'Roll Telegram Channel Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!