Empire

The End Game For Stablecoins With Edward Woodford

72 snips
Apr 22, 2025
Guest
Edward Woodford
Edward Woodford, Co-founder and CEO of ZeroHash, unpacks the economics and future landscape of stablecoins. He analyzes Circle's S-1 filing, revealing key insights into who profits most from the stablecoin model. The conversation dives into regulatory challenges that companies like Circle face, while discussing innovative strategies for maintaining competitiveness. Woodford also highlights the need for interoperability in the evolving financial ecosystem and examines how stablecoins can revolutionize digital payments.
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INSIGHT

Stablecoin Business Layers

  • Stablecoin business involves layers: blockchains, issuers, infrastructure, and applications.
  • Playing multiple layers, like Coinbase with base blockchain and apps, strengthens market position.
INSIGHT

Circle's Thin Margin Squeeze

  • Circle sits in a "stablecoin sandwich" with thin margins between distribution layers Coinbase controls.
  • Blockchain and application layers hold the value; Circle's issuer position is squeezed.
ADVICE

Avoid Burn Fees on Stablecoins

  • Avoid burn fees on stablecoins; they disincentivize adoption by making it costly to exit.
  • Facilitate easy redemption to increase holding and use of stablecoins.
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