The TradFi-Crypto Fusion Is Here

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 8 October 2025

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Galaxy Digital just launched Galaxy One — a platform merging crypto, stocks, and yield accounts into a single financial hub. Coinbase is pursuing a banking charter. Stripe and stablecoin issuers are driving a yield war that could upend global banking profits. Standard Chartered warns of $1T in emerging-market capital flight to stablecoins. From TradFi’s defensive moves to FinTech’s stablecoin play, today’s Breakdown explores how the financial system’s borders are dissolving before our eyes. 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.
0:18.4	What's going on, guys? It is Tuesday, October 7th, and today we are talking about the increasing
0:23.7	blend between TradFi and Crypto. Before we get into that, however, if you are enjoying the breakdown,
0:29.1	please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the
0:32.7	conversation, come join us on the breaker Discord. You can find a link in the show notes or go to
0:36.4	bit.ly slash breakdown pod. Well, friends, I had been planning on talking about how this week seemed like one of those weeks where every day we get to say, hey, it's a new all-time high day. But then as I'm recording this, Bitcoin has taken a nosedive back down to 122,000. So maybe it's a little too early to call October forever.
0:55.2	Anyways, I'm sure we will come back to market action later in the week. But for now, we are
0:58.8	going to talk about one of the big themes that we have had going on all year, which is, of course,
1:02.9	the intersection of TradFi and Crypto. Prime example of that, Galaxy Digital has launched
1:08.5	a unified crypto and stock trading platform called Galaxy One.
1:12.2	The platform will offer users a cash account yielding 4%, crypto trading in custody, as well as
1:17.5	zero commission trading for U.S. equities and ETFs. Banking is provided by full-charted and
1:21.9	insured partner Cross River Bank. In addition, accredited users will have access to a high-income
1:27.1	investment note offering
1:28.1	8%. That product is not FDI insured and will be funded by Galaxy's institutional lending business.
1:34.2	Announcing the product, CEO Mike Novograt said,
1:36.6	We've spent years building institutional quality infrastructure to serve the world's most
1:40.2	sophisticated investors. Now we're extending that edge to individuals.
1:44.0	We're seeing a lot of
1:45.0	crypto companies take advantage of the new regulatory environment to offer these kinds of merged
1:48.9	trading platforms or financial everything apps. Prior to recent SEC guidance, it wasn't strictly
	...

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