Payments on Fire™ Episode 276 - Fanning the Flames - Stablecoin Economics
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Oct 22, 2025 Russ Jones, a payments industry expert and Glenbrook contributor, dives into the fascinating world of stablecoins. He discusses their core promises of speed, global reach, and low costs while questioning the economic fundamentals behind these claims. Russ explores key monetization points like transaction fees and on-ramps, and highlights revenue streams such as gas fees and issuer yields. The conversation touches on the competitive landscape, examining how incumbents are adapting to stablecoin innovations and what the future holds for this evolving sector.
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A Missing Slide Sparked Deeper Analysis
- Glenbrook created a missing slide while prepping materials to give topics the 'Glenbrook treatment'.
- The slide gap prompted a deeper dive into stablecoin economics for workshops and roundtables.
Scrutinize The Low-Cost Claim
- Stablecoins are fast, global, and claim to be very low cost, but the low-cost claim needs economic scrutiny.
- Understanding points of monetization and fees is essential to evaluate stablecoin advantages.
Map Fees Across The Value Chain
- Map the value chain to identify where fees and revenue occur: on-ramp, transaction, gas, off-ramp, and yield.
- Use that map to compare scenarios and determine when stablecoins have cost advantages.