Permissionless: America’s DeFi Renaissance | Eugene Chen & Merlin Egalite

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Jul 8, 2025

Eugene Chen, CEO of Ellipsis Labs, and Merlin Egalite, co-founder of Morpho, dive into the revitalization of DeFi in the U.S., fueled by newfound regulatory clarity. They discuss the U.S. dollar's overwhelming presence in the stablecoin market and the hurdles facing foreign currencies. The duo reflects on shifting perceptions of U.S. regulation, emphasizing compliance and global financial dynamics. Insights on tokenization and the future of DeFi within traditional finance frameworks reveal a promising horizon for decentralized systems.

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INSIGHT

Regulatory Clarity Spurs US DeFi

Regulatory clarity in the US will provide clear foundations and reduce regulatory discretion in DeFi.
This will encourage innovation and create a friendlier environment for US DeFi projects.

INSIGHT

Stablecoin Clarity Boosts Fintech

Clarity on stablecoin rules in the US will push more fintechs to integrate them into their payment systems.
This will fuel innovation and increase crypto exposure domestically and globally.

INSIGHT

Yield Through DeFi Lending

Even if regulated stablecoins cannot pay interest directly, products can earn yield by lending those stablecoins via DeFi protocols.
This indirect approach still unlocks earning opportunities for fintech savings accounts.

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In this episode, we went live from Permissionless with Eugene Chen, Co-founder and CEO of Ellipsis Labs, and Merlin Egalite, Co-founder of Morpho, to explore the resurgence of DeFi activity in the U.S. driven by emerging regulatory clarity around stablecoins and market structure. We also discuss U.S. dollar dominance in stablecoins, institutional adoption, the role of front-end regulation, real-world asset tokenization, and the potential for global financial systems to move onchain. Thanks for tuning in!

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Timestamps:

(0:00) Introduction

(2:39) American DeFi

(5:56) Stablecoin Regulation and Its Impact on DeFi

(11:14) Ads (Katana & Ledger)

(11:53) Serving US Users and Regulatory Compliance

(23:49) Ads (Katana & Ledger)

(24:57) Will DeFi Front Ends Be Targeted By Regulation?

(29:59) Bringing RWAs Onchain

(39:25) Citrea Ad

(40:01) The 5 Year Vision For DeFi

Disclaimer: Nothing said on Bell Curve 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. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.