What Happened to DATs and Are They Broken?

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The government’s about to reopen, but the economic cracks aren’t healing.

From runaway debt to DATs trading below NAV, markets are feeling the strain of unsolved macro problems.

In this week’s Bits + Bips, hosts Austin Campbell and Chris Perkins are joined by Matt Zhang of Hivemind Capital and Felix Jauvin, head of content at Blockworks and host of Forward Guidance, to unpack what happens when policy meets reality.

They discuss why a $2,000 “tariff dividend” could ignite inflation, how America’s ballooning debt is constructive for crypto, and why DATs could still have plenty of potential, despite already showing cracks.

Plus: the Bank of England’s £20K stablecoin proposal, whether $3 trillion is too low a target for the sector, and a final provocation: is XRP worth more than Ripple equity?

Hosts:

• Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting

• Christopher Perkins, Managing Partner and President of CoinFund

Guests:

• Felix Jauvin, Head of Content at Blockworks and Host of the Forward Guidance Podcast

• Matt Zhang, Founder & Managing Partner at Hivemind Capital

Links:

• CNN: Trump’s shutdown win just landed Republicans with a huge political headache

• Forbes: A $2,000 Tariff Dividend? Trump’s New Pitch Raises Tax Concerns

• BeInCrypto: Digital Asset Treasuries Are Collapsing: Lost Confidence Triggers Market Sell-Off

• FT: Bank of England dilutes planned rules for UK stablecoins

• CoinDesk: U.S. Fed's Miran Says Policy Needs to Adjust to Stablecoin Boom That Could Reach $3T

Timestamps:

• 🎬 0:00 Intro

• 🏛️ 2:33 The U.S. government will reopen—but the economic damage lingers

• 💸 11:02 Could Trump’s proposed $2,000 “tariff dividend” spark inflation?

• 🧩 16:18 Why no one is fixing America’s long-term fiscal problems

• 🪙 18:59 How runaway debt should  be bullish for crypto

• 📈 20:52 Finding the “true” risk-free rate

• 💥 23:00 Why DATs are trading below NAV, and if staking ETFs are the better bet

• ✅ 31:09 The five ingredients of a successful DAT

• 📉 38:39 Are DATs fairly priced?

• 💷 42:45 Why the Bank of England wants to cap stablecoin holdings at £20K per user

• 🌐 50:45 Is $3 trillion too conservative a forecast for stablecoin growth?

• ⚖️ 57:41 What’s worth more: XRP or Ripple equity?

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