Bits + Bips: Stablecoins Just Went Legit, but That’s Only the First Step - Ep. 873

Unchained

Laura Shin

News, Tech News, Business News

4.5 • 1.3K Ratings

🗓️ 23 July 2025

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Last week, the U.S. passed its first major piece of crypto legislation. Stablecoins now have a legal home, and that could open the floodgates for adoption, disruption, and regulation. But is this just the beginning? In this episode of Bits + Bips, Ram Ahluwalia, Noelle Acheson, Steve Ehrlich, and guest Cosmo Jiang of Pantera dive into what the stablecoin law actually means, who it helps, who it threatens, and why Wall Street and crypto startups alike are positioning fast. They also cover Ethereum’s rally, what’s fueling it, and whether the boom in digital asset treasury companies is sustainable. Plus, they unpack Trump’s latest threats against the Fed and what it means for markets, inflation, and interest rates. Sponsors: Bitwise Mantle Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Steve Ehrlich, Executive Editor at Unchained Guest: Cosmo Jiang, General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital Links Stablecoins Unchained: GENIUS Act Passes: Who Are the Winners, Losers, and What Comes Next? House Passes Landmark Crypto Legislation: GENIUS Act and Digital Asset Bills Trump to Unblock Crypto Access in America’s $9 Trillion 401(k) Market: Report The Block: GENIUS Act is helping Ethereum ‘have its moment,’ Bernstein says WSJ: Why Banks Are on High Alert About Stablecoins Digital Asset Treasuries WSJ: Blank-Check Company Strikes Cryptocurrency Deal Unchained: SBET to Raise Additional $5B to Grow ETH Position Bloomberg: Trump Media Buys $2 Billion in Bitcoin for Crypto Treasury Plan CoinDesk: DeFi Development Nears $200M Solana Treasury DeFi Dev Corp Press release: DeFi Dev Corp. Announces Global Expansion Through Strategic Treasury Franchising Model TLGY Acquisition Corp Press release: TLGY Acquisition Corp. Announces Business Combination and Approximately $360 Million PIPE Financing to Form StablecoinX, an Ethena Stablecoin-Focused Treasury Company The Block: Nasdaq-listed Sonnet BioTherapeutics agrees to $888 million merger to become Hyperliquid Strategies, launch HYPE treasury Timestamps: 🎬 0:00 Intro 🚀 3:01 Why Noelle believes the stablecoin law is just the beginning 😒 5:25 How Ram explains his disappointment with the market’s reaction 💳 11:31 Whether Visa and Mastercard survive the stablecoin disruption 🏆 17:00 Who stands to gain the most from the new stablecoin law 🏦 20:08 How tokenization could hurt investment banking 📉 22:26 Whether regional banks are on the brink 📈 27:42 What’s fueling ETH’s latest rally 🧠 31:08 Why Cosmo credits the Ethereum Foundation’s leadership for the momentum 💥 36:14 Where markets are heading as retail FOMO ramps up 💼 37:56 How Cosmo is evaluating the surge in digital asset treasury companies 🥱 43:52 Why Ram is spotting signs of market fatigue 📊 45:15 Whether upcoming crypto IPOs can match early successes 💸 47:21 Why VC activity is still lagging despite bullish narratives 🧨 51:03 How Trump’s threat to fire Powell is shaking macro sentiment 🧃 58:08 Everyone’s unexpected or contrarian take this week Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Within crypto native capital, like people are pretty allocated, but within Tradfive, they still aren't.
0:06.2	I think where that leaves me is, as each day goes by, I think more and more likely,
0:11.6	and we are seeing signs of this, the waves of Main Street capital are going to come in.
0:17.1	And so I'm like more and more confident about keeping our exposure out there. But who knows?
0:22.8	This story has always taken longer to play out than, you know, the optimist in this industry might
0:27.0	expect.
0:28.4	Hi, everyone. Welcome to Bits and Bips, exploring how macro and crypto collide one basis point at a time.
0:34.8	Today we're going to talk about easeter price bump. We're going to digest
0:37.5	the Genius Act and talk about a lot of other things, fed independence, a new crop of
0:45.5	crypto treasury companies coming to the forefront, much to discuss. First, some quick intros.
0:51.6	I'm your host, Steve Ehrlich, high scribe of the Unchained Kingdom.
0:55.2	I'm here with Noel Acheson. The high seer and keeper of the crypto is Macro Now Newsletter.
1:01.5	Hi, everyone. Ram Alawalia, the maister wealth leader of Lumida, and our special guest is Cosmo Zhang, the unshaken hand of Pantera's Liquid Vault.
1:14.1	So welcome everybody.
1:16.1	So we're here to discuss all the latest stories in the worlds of crypto and macro,
1:20.3	but just a quick disclaimer, as always, nothing that we say is meant as financial or investment advice.
1:26.3	Please see UnchainCripta.com backslash bits and bibs for more information.
1:32.0	And before we dive in, let's just take a brief pause so we can hear from the sponsors who make this show possible.
1:38.4	Mantle is pioneering blockchain for banking of revolutionary new category at the intersection of Tramphi and Web 3.
1:46.2	Follow Mantle underscore official to learn more.
1:49.9	Crypto moves fast. It's why Bitwise launched the weekly CIO memo, a jargon-free summary
1:55.8	of what's moving crypto markets written by one of the best in the business, CIO Matt Hogan.
	...

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