The Rollup The New Global Stablecoin Thesis with Luca Prosperi
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Nov 23, 2025 
In this engaging discussion, Luca Prosperi, founder of M0, shares insights into the evolving world of enterprise stablecoins and their crucial role in digital finance. He explains why interoperability is more vital than liquidity, delves into the challenges of foreign exchange, and discusses how capital flight could compel governments to adapt their regulations. Luca also highlights Europe’s struggle to keep up in the stablecoin race and emphasizes the importance of engaging with regulators to address real-world financial problems.
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Stablecoins As The New Money Rail
- Stablecoins are becoming the core infrastructure layer for digital money, not just trading assets.
- Luca Prosperi says they will power many decomposed banking functions as programmable dollar-denominated rails.
Design Open, Composable Rails
- Build open architecture networks that serve builders, custodians, and distribution partners.
- Partner with wallets, custody providers, and on/off ramps to avoid vertical vendor lock-in.
Layered Stablecoin Architecture
- Treat stablecoins as a super risk-free base layer, with other products stacked on top.
- Returns above risk-free imply additional risk, so higher-yield tokens should not be marketed as risk-free.