The Stablecoin Playbook for TradFi Ft. Sam Broner

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Aug 25, 2025

Sam Broner, a Partner at a16z crypto, shares insights on the future of stablecoins and their integration into financial systems. He discusses how fintech companies are choosing between developing their own blockchains versus using multi-chain strategies. Broner dives into the competitive landscape of stablecoins and central bank digital currencies, emphasizing regulatory challenges. The conversation also covers the evolving role of privacy solutions in stablecoin adoption and the growing impact of stablecoins in corporate finance, particularly within treasury operations.

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INSIGHT

Why Fintechs Build Their Own Chains

Fintechs build bespoke chains to capture fees and cut middlemen, not just for tech novelty.
Sam Broner argues incentives and revenue capture drive Circle and Stripe to create their own blockspace.

INSIGHT

The Risk Of Fragmented Money Networks

Closed-loop chains (like Venmo) can succeed but fragment liquidity and UX for broader money use.
Broner warns we need universal composability to avoid long-term fragmentation as networks multiply.

ADVICE

Demand Guarantees For Payment Chains

Require strong guarantees from chains when adopting them for payments to avoid later fee or rule changes.
Broner suggests users and enterprises will demand decentralization safeguards for core payment systems.

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On Ep. 45 of Tokenized, Simon Taylor, Head of Content & Strategy @ Sardine, and Cuy Sheffield, Head of Crypto @ Visa, are joined by Sam Broner, Partner @ a16z crypto to discuss Fintech companies building their own blockchains for stablecoins, decentralization in corporate blockchain strategies and more!

Timestamps:

00:00 Introduction
03:02 A New Playbook for TradFi: Multi-chain vs own chain
09:43 Merchant role in payments ecosystem and fee pressures
14:53 Metamask MUSD as a store of value product
17:51 Timeline for stablecoin and chain abstraction interoperability
21:52 China's potential Yuan-backed stablecoin response to US dominance
27:57 Market reaction to the Genesis Bill and Tether
32:12 Privacy solutions and their role in stablecoin adoption
38:59 Challenges for large financial institutions adopting stablecoins
46:06 Bullish IPO's watershed moment for stablecoin treasury use

Tokenized is sponsored by Visa

A world leader in digital payments, Visa is bridging the gap between traditional financial institutions and innovative blockchain networks, helping players in the payments ecosystem navigate the ever-evolving world of tokenized fiat currencies with confidence and ease. Learn more at visa.com/crypto.

Tokenized is presented by Bridge, a Stripe company.

Just like the internet made information global, stablecoins are making money global. And Bridge, a Stripe company, is the infrastructure powering that shift. Built for speed, scale, and simplicity, Bridge helps businesses send, store, convert, and spend stablecoins instantly, all without borders or having to navigate the complexities of crypto. Learn more at bridge.xyz

Tokenized is also presented by Fireblocks

With over $100 billion in monthly stablecoin volume, Fireblocks powers stablecoin strategies at scale with infrastructure that enables PSPs, fintechs, remitters and banks to issue, move, hold, and manage stablecoins. And it’s all done securely, at scale, and with built-in compliance. Learn more at fireblocks.com

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We’d also like to remind you that the views or opinions of our contributors today are their own and do not necessarily reflect those of the companies they are representing. Nothing we say should be taken as tax, financial, investment or legal advice, do your own research!

Music by Henry McLean