Fiscal Distortions: SNAP, Coca‑Cola, and Subsidy Effects

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Presented collaboratively by Early Riders & Onramp Media…

Final Settlement is a weekly podcast covering the underlying mechanics of the bitcoin protocol, its ongoing development and funding, and real-world applications of the technology.

00:00 - Market Breakthroughs: Gold and Bitcoin Surge

02:55 - The Debasement Trade: Shifting Sentiments in Finance

05:43 - Institutional Adoption: The Role of TradFi in Digital Assets

08:51 - Galaxy One Launch: Bridging TradFi and Crypto

11:43 - Yield Products: Evaluating Risks and Opportunities

14:54 - The Future of Financial Metrics: Nominal vs. Real Returns

17:55 - The Wild West of Finance: Embracing Change

20:39 - Bridging the Gap: Crypto Services for TradFi

23:53 - Incumbents Entering Crypto: Walmart and Stripe's Moves

39:51 - The Future of Stablecoins

43:50 - Interoperability and User Experience in Finance

45:33 - Walmart's Role in Financial Inclusion

48:10 - Risks of Stablecoins and Financial Systems

49:44 - The Evolving Landscape of Stablecoin Competition

53:23 - Credit Market Risks and Financial Distortions

01:03:18 - AI's Impact on Venture Capital and Market Dynamics

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Links discussed:
https://x.com/QTRResearch/status/1974204995273654475
https://www.bloomberg.com/news/articles/2025-10-01/nyc-pilot-funded-by-coinbase-tries-basic-income-payments-in-crypto
https://www.theblock.co/post/373468/galaxy-launches-galaxyone
https://finance.yahoo.com/news/wall-street-pivots-morgan-stanley-114628117.html
https://fortune.com/crypto/2025/10/01/stripe-crypto-stablecoins-open-issuance-bridge-blockchain-tempo/
https://www.theblock.co/post/373510/standard-chartered-estimates-1-trillion-could-exit-emerging-market-bank-deposits-for-us-stablecoins
https://murmurationstwo.substack.com/p/the-stablecoin-duopoly-is-ending
https://www.cnbc.com/2025/10/06/openai-amd-chip-deal-ai.html
https://www.reuters.com/business/ai-venture-funding-continued-surge-third-quarter-data-shows-2025-10-06/
https://www.bestbrokers.com/forex-brokers/the-state-of-ai-venture-capital-in-2025-ai-boom-slows-with-fewer-startups-but-bigger-bets/
https://x.com/exec_sum/status/1974120982614061197
https://bitcoinmagazine.com/markets/wall-street-takes-the-lead-in-bitcoin-options-as-blackrocks-ishares-overtakes-coinbases-deribit
https://ca.finance.yahoo.com/news/blackrocks-ibit-enters-top-20-102855648.html
https://www.theblock.co/post/372763/binance-offers-turn-key-crypto-as-a-service-solution-for-trad-institutions-looking-to-offer-trading-custody-compliance-services
https://www.cnbc.com/2025/10/06/who-is-sanae-takaichi-the-first-woman-set-to-helm-japanese-government.html
https://x.com/LukeGromen/status/1974184554782220583
https://x.com/TimmerFidelity/status/1974112204271296790
https://www.cnbc.com/2025/10/03/walmart-onepay-is-rolling-out-crypto-to-mobile-banking-app.html
https://x.com/calleymeans/status/1608618928561074177?lang=en

Keep up with Michael:

https://x.com/MTanguma
https://www.linkedin.com/in/mtanguma/

Keep up with Brian:

https://x.com/BackslashBTC
https://www.linkedin.com/in/brian-cubellis-00b1a660/

Keep up with Liam:

https://x.com/Lnelson_21
https://www.linkedin.com/in/liam-nelson1/