How Stablecoins and Deposit Tokens Will Coexist Ft. Garrett Harper, Ran Goldi & Basak Toprak

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Sep 15, 2025

Guest

Basak Toprak

This discussion features Ran Goldi, VP Payments at Fireblocks, Garrett Harper, Head of Partnerships & Comms at Squads, and Basak Toprak, EMEA Head of Kinexys Digital Payments at J.P. Morgan. They delve into the competitive landscape of stablecoins, focusing on the aggressive pursuit of partnerships in the DeFi space. Topics include how stablecoins can enhance traditional finance, on-chain FX innovations, and the transformative potential of programmable payments. The guests also explore the future of tokenization and its implications for institutional adoption.

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INSIGHT

Open RFPs Reveal Real Demand

Hyperliquid's open RFP created a public competition among stablecoin issuers and revealed market demand dynamics in real time.
Public bidding accelerated product-market fit signals and forced issuers to show institutional readiness.

ADVICE

Design For Yield Normalization

Don't assume stablecoin economics are permanently subsidized; prepare for yield compression when rates fall.
Design business models that survive without VC incentives and rising interest environments.

INSIGHT

Public Chains Becoming Payment Rails

Public blockchains are shifting from purely crypto rails toward general payment infrastructure for fintechs and banks.
Stablecoins and tokenization now make on-chain payment rails materially useful for non-crypto businesses.

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On Ep. 48 of Tokenized, Simon Taylor, Head of Content & Strategy @ Sardine, is joined by Garrett Harper, Head of Partnerships & Comms, Squads, Ran Goldi, VP Payments, Fireblocks and Basak Toprak, EMEA Head, Kinexys Digital Payments, Kinexys by J.P. Morgan to discuss how stablecoins and deposit tokens will coexist and more!

Timestamps:

00:00 Introduction
03:28 Hyperliquid decentralized derivatives market and stable coin bidding war
09:18 Public blockchain adoption as a payment rail beyond crypto
12:53 Growth of stable coin volume and new durable business models
19:11 On-chain FX settlement with Kinexys by JP Morgan
24:11 Interoperability between crypto natives and tokenized bank deposits
32:52 Programmable payments use cases and operational benefits
41:25 Tokenization of securities and the role of regulated exchanges
48:16 The future of tokenized assets and institutional adoption pathways

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 Centrifuge

With over $1 billion in total value locked, Centrifuge works with major institutional partners to tokenize and distribute their funds — and with capital allocators onchain to invest and manage yield. Through every crypto cycle, Centrifuge has been building — and today, it’s the market leader in tokenizing real-world assets. Learn more at centrifuge.io

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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