In this episode, Patrick McKenzie (@patio11) is joined by Haseeb Qureshi, a managing partner at Dragonfly, a crypto-focused VC fund. They discuss the evolution of stablecoins, three key use cases, and their impact on international finance. Haseeb explains how stablecoins have grown beyond their initial association with crypto trading and illicit activities to serve legitimate economic functions globally, in ways that many Americans might not fully appreciate. Patrick and Haseeb debate the regulatory landscape, the strategic ambiguity of crypto's positioning, and whether stablecoins represent a parallel financial system that might eventually converge with traditional banking.
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Full transcript available here: www.complexsystemspodcast.com/taking-stablecoins-seriously-with-haseeb-qureshi/
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Recommended in this episode:
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Timestamps:
(00:00) Intro
(00:55) Crypto industry insights and tether discussion
(02:52) Stablecoins and their economic models
(05:04) Decentralized stablecoins and their mechanisms
(07:41) VC perspective on stablecoin investments
(13:18) Regulatory challenges and lobbying in crypto
(20:36) Emerging use cases for stablecoins
(24:16) Sponsor: Safebase
(32:35) The initial response to stablecoins
(33:38) Stablecoins and national security concerns
(34:00) The shift in congressional attitude
(34:49) Stablecoins and dollar internationalization
(37:40) Retail payments in high-inflation countries
(38:41) The role of black markets
(46:13) International B2B payments
(01:02:57) The future of stablecoins
(01:05:44) Wrap
