Unchained The Stablecoin Competition Is On. Who Will Be the Winners and Losers? - Ep. 920
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Oct 10, 2025 
Rob Hadick, General Partner at Dragonfly, and Mert Mumtaz, CEO of Helius, dive into the fiercely competitive world of stablecoins. They discuss the implications of the new U.S. stablecoin law and explore why apps are incentivized to issue their own stablecoins. The conversation highlights Tether's ongoing dominance, the potential rise of Circle's new Layer 1, Arc, and the challenges of managing liquidity across multiple stablecoins. With network effects at play, they speculate on which contenders might emerge as the ultimate winners.
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Apps Will Issue Their Own Stables
- Applications and distributors will want their own stablecoins to capture economics and user relationships.
- That will drive an initial unbundling followed by eventual coalescing around a few major stablecoins or clearing solutions.
UX Will Hide Multiple Stable Tickiers
- Apps can abstract multiple stable tickers into a single "USD" UX and swap issuers behind the scenes.
- Regulation parity from the U.S. law makes issuer choice more about yield and integration than raw trust for U.S. users.
Backpack Turned USDT Into USD
- Mert described sending USDT into Backpack and seeing the app display a unified "USD" balance.
- The app then swaps stable issuers behind the scenes and presents users a single fiat-like experience.