The Hidden Costs of USDC | Nathan McCauley & Charles Cascarilla
Empire
Intro
This chapter delves into the challenges of holding USDC without earning revenue, using a metaphor of banks holding dollars for a singular benefit. The discussion introduces guests who share insights into their business models and the casual origins of their conversation about stablecoins.
In today's episode Charles Cascarilla from Paxos and Nathan McCauley from Anchorage reveal why today's stablecoin giants keep billions in yield that could be flowing to users. They unpack USDG's approach through the Global Dollar Network, exploring why major companies might choose collaboration over competition. The conversation spans Tether's surprising resilience, USDC's challenging relationship with crypto builders, and bold predictions for stablecoin regulation and adoption in 2025. Thanks for tuning in!
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Timestamps
(00:00) Introduction
(02:28) Paxos & Anchorage Business Model
(05:45) Stablecoin Landscape
(14:38) USDC's Vampire Effect
(24:53) Economics of USDG
(39:03) Geodnet Ad
(40:01) Uniswap Ad
(40:48) Aptos Ad
(41:31) Bitwise Ad
(42:21) Dynamics of Consortium
(49:35) Market Share of Stablecoins
(55:36) Ethena's Business Model
(59:13) Stablecoin Legislation Outloo
(01:02:14) Bullish Predictions
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
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