The Stablecoin Surge and Stripe’s Crypto Power Play

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 12 June 2025

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Nathaniel dives into the growing momentum behind stablecoin legislation in Washington, including the Senate’s latest approval of the Genius Act, the political posturing surrounding it, and why this isn’t a crypto bill—it’s a dollar dominance bill. He explores Meta’s potential reentry into stablecoins and breaks down Stripe’s major crypto infrastructure move with its acquisition of wallet provider Privy. Plus, what Treasury Secretary Scott Bessino’s stablecoin vision signals for global dollar strategy, why GameStop’s Bitcoin treasury plan is raising eyebrows, and how altcoin treasury strategies are veering into the absurd. Brought to you by: Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. To learn more, visit ⁠⁠⁠⁠⁠⁠⁠⁠Grayscale.com⁠⁠⁠⁠⁠⁠⁠⁠ -- ⁠⁠⁠⁠⁠⁠⁠⁠https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)⁠⁠⁠⁠⁠⁠⁠ Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.2	What's going on, guys? It is Thursday, June 12th, and today we are talking about the March
0:22.9	of Stable Coins through Washington. Before we get into that, however, if you are enjoying the breakdown,
0:27.4	please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into
0:31.3	the conversation, come join us on the Breakers Discord. You can find a link at the show notes or go
0:35.2	to bit.ly.L.ly slash breakdown pod.
0:42.2	Well, friends, the Senate has once again approved the stable coin bill, but the acrimony in Washington is palpable. Yesterday saw another cloture vote passed in the Senate, ensuring the amended bill
0:47.5	won't fall to the filibuster before going to a final vote. The session featured intense
0:52.4	debate on the Senate floor from anti-crypto-democrats.
0:55.3	Galaxy Digital's Alex Thorne reported, all day it's been a parade of Democrats criticizing
0:59.6	the bill for enabling Trump's crypto corruption. This is political theater that is
1:03.6	intentionally misleading. He explained that Congress is being asked to introduce rules into the
1:08.0	current regulatory vacuum, a vacuum that has enabled the president's
1:11.2	activity. Thorne wrote, The Genius Act is not a so-called crypto bill. Crypto can already do this
1:17.1	with mostly no rules. The idea that this is a handout to crypto is total BS. This bill imposes
1:22.0	significant new rules on crypto issuers. Genius Act is a payments bill, a dollar upgrade bill,
1:27.0	a dollar dominance bill.
1:28.4	The world is recoiling from dollars right now. Tariffs are an impediment to dollars' reserve
1:32.1	status buying off our debt. If the U.S. wants to continue the party, it needs new dollar
1:36.1	buyers and holders. Don't buy the gaslighting. There may be crypto issues you don't like, but this is not
1:41.1	a crypto bill. It's a dollar bill and it's good policy. Apparently,
	...

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