How the Competition Will Play Out in the Great Stablecoin Race - Ep. 936
In this episode of Unchained, Laura is joined by Rob Hadick, General Partner at Dragonfly, and Sam MacPherson, Co-founder and CEO of Phoenix Labs, to break down the fast-moving world of stablecoins and stablechains.
They discuss Ethena’s USDe $5 billion drop, the rise of “stablecoin-as-a-service” models, the emergence of payment-focused blockchains like Tempo and Codex, and the return of TradFi heavyweights like Visa, Mastercard, and Western Union to the digital dollar race.
From liquidity challenges to regulatory shakeups and tokenized deposits, the conversation explores what it really takes to win the stablecoin wars, and, importantly, whether any of these players can even make a scratch to king Tether.
Thank you to our sponsors!
Binance
Guests:
Rob Hadick, General Partner at Dragonfly
Sam MacPherson, Co-founder and CEO of Phoenix Labs
Links:
Previous coverage on Unchained:
Stablecoins Are Popping Up Everywhere. What’s the End Game?
Why Every Chain Suddenly Wants Its OWN Stablecoin - The Chopping Block
Timestamps:
🎬 0:00 Intro and ads: Binance
📉 1:09 Why Ethena’s USDe plunged from $15B to $10B
🔮 5:34 Rob’s view on the future of Ethena
💸 7:06 Why Spark exited Ethena despite being an early believer
⚔️ 11:32 Protocol-native stablecoins—and why Rob and Sam disagree about the trend
💡 21:03 What it really takes to win the stablecoin wars + what makes Tempo's strategy “interesting”
💳 32:11 Tether’s USAT launch: can it succeed?
🏦 36:27 How Tether and Ripple are using the same acquisition playbook
🔥 39:40 Plasma’s emissions strategy and whether it’s sustainable
🏛️ 44:10 Inside Circle’s Arc testnet and its 100+ institutional partners
⛓️ 51:08 Codex and the debate: should stablechains be L1s or L2s?
💵 56:42 How Spark aims to stand out in the new wave of stablecoin competition
🏢 1:00:04 Why TradFi players are entering the space with so much strength
🚀 1:06:04 Why Rob remains so bullish on the future of stablecoins
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Spark (SPK): The DeFi Protocol Redefining Finance with Explosive Growth and Innovation
In this episode of The Defiant Podcast, we sit down with Sam MacPherson, CEO and co-founder of Phoenix Labs, to discuss Spark (SPK)—the DeFi protocol making waves in the cryptocurrency world. From its groundbreaking subDAO model to its recent $10 billion TVL milestone, Spark is reshaping decentralized finance. We dive into the latest developments, including the Ignition Airdrop and institutional adoption. Tune in to explore how Spark is bridging the gap between traditional finance and DeFi, and what the future holds for this rapidly evolving ecosystem.Chapters00:00 - IntroductionMeet Sam Macpherson, CEO of Phoenix Labs, and the vision behind Spark.01:23 - Spark’s Rapid GrowthHow Spark became one of the biggest DeFi protocols with $10B TVL.05:10 - The SubDAO ModelBalancing decentralization and nimbleness to scale effectively.08:05 - Why Decentralization MattersSam’s passionate defense of decentralization as a core principle for global infrastructure.12:00 - Challenges of Traditional DAOsThe limitations of flat governance structures and how Spark overcame them.15:30 - Ignition Airdrop and Overdrive PhaseHow staking incentives are driving SPK adoption and price action.20:00 - Institutional AdoptionSpark’s partnerships with Coinbase, BlackRock, and the rise of tokenized RWAs.24:00 - Spark Liquidity LayerEnhancing governance and liquidity.27:16 - Spark Token LaunchGovernance, staking, and how SPK empowers the community.30:00 - Transparency in DeFiSpark’s commitment to making every layer of its ecosystem visible.35:00 - The Future of StablecoinsWhy scaling stablecoins requires diverse collateral types.38:00 - Bitcoin-Backed LoansTapping into new markets with OTC Bitcoin loans and institutional interest.42:00 - Bridging DeFi and Traditional FinanceHow Spark is integrating with fintechs and creating seamless user experiences.45:00 - Ethereum’s Role in DeFiSam’s thoughts on Ethereum’s evolution and its renewed optimism.
MakerDAO’s Growth Strategy | monetsupply and Sam MacPherson
In this episode of Empire, Jason is joined by two of MakerDAO's top contributors, monetsupply and Sam MacPherson, to discuss the future of MakerDAO and the DAI stablecoin.
Highlights include:
-- Is USDC an existential risk to MakerDAO?
-- Why is Maker financing off-chain assets?
-- How can DAI scale to become the de facto money of DeFi?
Tune in to find out!
--
(00:00) Introduction
(00:18) How Big Of a Threat Are US Sanctions?
(05:34) The Importance of Maker's PSM
(11:30) What Is the Ideal Basket of Collateral for DAI?
(18:05) Embracing Real World Asset Lending
(25:20) Tokenizing Assets & the Huntington Valley Loan
(28:16) Increasing Maker's Surplus Buffer
(34:16) The D3M and Specialized Lending Partners
(42:01) CeFi Contagion and Liquidation
(44:38) Vertical Integration Across the DeFi Stack
(52:02) Maker's Evolving Governance
(59:57) Are A DAO's Inefficiency Tradeoffs Worth It?
(1:05:04) Maker's Long-Term Vision
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Follow monetsupply: https://twitter.com/MonetSupply
Follow Sam: https://twitter.com/hexonaut
Follow Jason: https://twitter.com/JasonYanowitz
Follow Empire: https://twitter.com/theempirepod
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Subscribe on Spotify: https://tinyurl.com/wbaypprw
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Resources
MakerDAO
https://makerdao.com/en/
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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
The Bull Case for MKR | Sam MacPherson, Niklas Kunkel & monetsupply.eth
MakerDAO is one of the most underappreciated DAOs in DeFi. At least, that's what David thinks. We're bringing on three DAO members to discuss the most bullish elements about MakerDAO. Hear how their recent deal with Tesla (yes, the real-world electric car manufacturer) happened, what it means for their future, how the $MKR tokenomics work, and so much more!
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------ Timestamps:
0:00 Intro 7:30 What is MakerDao 14:30 $MKR Price Action Curse? 19:10 Maker’s Meta Goals 21:36 Increasing the $DAI Supply 33:53 Increasing the $DAI Demand 45:23 The Future of Maker’s Collateral 51:45 Tesla Taps MakerDAO 1:01:34 Legal Structural Components 1:06:00 Bridging Real World Assets 1:12:05 L222 1:18:39 $MKR Tokenomics 1:31:11 Why Bullish MakerDAO
------
Resources:
MakerDAO: https://twitter.com/MakerDAO
Sam MacPherson: https://mobile.twitter.com/hexonaut
Niklas Kunkel: https://twitter.com/nomos_paradox
monetsupply.eth https://twitter.com/MonetSupply
Maker Burner www.makerburn.com
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures