Forward Guidance Market Infrastructure Is Being Rebuilt on Blockchain | Vishal Gupta
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Jun 18, 2025 Vishal Gupta, Founder and CEO of True Markets and former head of USDC at Circle and Coinbase Exchange, discusses the innovative shifts in finance. He highlights how stablecoins are transforming market dynamics and the increasing relevance of perpetual futures compared to options. Gupta emphasizes the need for robust infrastructure to manage the fragmentation of stablecoins and examines the potential of blockchain in revolutionizing market access and trading experiences. His insights bridge the gap between traditional finance and the crypto landscape.
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Vishal's Career Journey
- Vishal Gupta transitioned from being a hardware engineer at Cisco to a sales and trading analyst at Goldman Sachs.
- He was one of the first with a computer engineering background on the trading floor, eventually running the US listed options business.
Crypto-TradFi Market Lessons
- Crypto and traditional finance can learn from each other, especially in separating execution and custody post-FTX.
- Stablecoins hold high utility and low regulatory risk compared to tokenizing most securities right now.
Stablecoin Market Fragmentation
- US dollar stablecoins are currently dominated by USDC but will face fragmentation as more issuers like PayPal and Stripe enter.
- Infrastructure to support multiple stablecoins interoperably will be essential for the market's evolution.