Robinhood vs. Coinbase: Who Wins the Future of Finance? | David Rodriguez & Omar Kanji
David from Blockworks and Omar from Dragonfly join the show to debate Coinbase vs Robinhood, two companies racing to become the dominant financial super app. We break down their business models, growth strategies, tokenized asset plays, and how each is approaching crypto, equities, and infrastructure. Will Robinhood’s slick UX and expanding product suite win the next generation? Or will Coinbase’s onchain infra and stablecoin moat prove unbeatable?
Omar & Dragonfly
https://x.com/TheOneandOmsy
https://x.com/Dragonfly_xyz
David & Blockworks
https://x.com/EffortCapital
https://x.com/BlockworksAdv
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TIMESTAMPS
0:00 Intro
2:37 Understanding Coinbase
8:31 Coinbase B2B
13:39 Comparing Revenue, Valuation, & Infrastructure
23:12 Future Growth of Coinbase
28:14 Understanding Robinhood
38:22 Robinhood Competition
45:42 Robinhood 2021 Crisis Explained
48:14 Robinhood Bank
52:02 Tokenized Stocks & L2
55:32 Defending the Coinbase Moat
1:06:19 Forecasting Robinhood’s Future
1:11:08 Forecasting Coinbase’s Future
1:15:31 Closing & Disclaimers
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Not financial or tax advice. See our investment disclosures here:
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USDC's Circle Just Filed to IPO. Would It Make a Good Investment? - Ep. 812
USDC stablecoin issuer Circle has filed for an initial public offering with the SEC, as Trump’s tariffs cause turmoil in the markets and stablecoin bills make their way through Congress, promising to upend competition.
The information in its prospectus shows a company that has few aces up its sleeve, a lot of business deals to make and a perhaps lofty valuation.
Omar Kanji, Partner at Dragonfly, joined the show to explain:
How Circle can get USDC into the hands of users
Circle’s staggering regulatory compliance costs vs. the likes of Tether
Circle’s S-1 valuation of $5 billion
Forthcoming regulatory clarity and how it changes the stablecoin game
The potential impact of tariffs on Circle’s success
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
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FalconX
Mantle
Guest
Omar Kanji, Partner at Dragonfly
Links
Previous coverage on Unchained:
Congress Bickers Over Whether to Bail Out Stablecoins
How a Radical Proposal in Trump’s World Could Hurt Stablecoins, but Boost Bitcoin
Coinbase Aims to Jointly Pass Market Structure and Stablecoin Legislation in Congress
Stablecoin Bills Could Squeeze Out $140 Billion Tether
Circle files an initial public offering
SEC: Circle’s S-1 Filing
Coindesk: Circle is going public
Fortune: 5 key takeaways
X @dom_kwok: Circle’s IPO is historic
Bloomberg: Bitcoin Succumbs to Risk Asset Slump as Trump Sets Tariffs
Timestamps:
🤝 0:00 Introduction
🫰 4:04 Circle’s shockingly high distribution costs for USDC
💲 7:11 How much does Circle’s revenue depend on interest rates?
🤯 10:46 Circle’s staggering regulatory compliance costs vs. the likes of Tether
📈 16:02 How imminent regulatory clarity for stablecoins helps and hurts Circle
🫤 23:11 Is Circle’s $5 billion valuation realistic?
⚖️ 25:21 How stablecoin competition might look after stablecoin bills become law
😰 28:14 How will Trump’s tariffs affect Circle’s IPO?
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