Cash App Launches Stablecoins & JP Morgan Goes Onchain

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Nov 17, 2025

Guest

Kevin Lehtiniitty

Joao Reginatto, Chief Strategy Officer at M0, dives into the new partnership with MoonPay for stablecoin issuance, focusing on how corporate stablecoins can boost yield and customization. Mark Greenberg, from Kraken, discusses the user experience in stablecoin integration, especially with Cash App's plans for 58 million users. Kevin Lehtiniitty, CEO of Borderless, debates the merits of tokenized deposits versus stablecoins and their impacts on cross-border liquidity. The trio also explores the challenges of consumer confusion in a fragmented stablecoin landscape.

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INSIGHT

Stablecoins As Programmable Infrastructure

Stablecoins function as programmable infrastructure rather than mere products for end users.
Building fintechs on customizable stablecoin layers drastically lowers development cost and time.

ADVICE

Join Open Issuer Networks For Interoperability

If you want to issue a stablecoin, join an open network that enforces technical and regulatory standards.
Pledge compliant collateral and integrate via platforms like MZero to gain interoperability and distribution.

INSIGHT

Yield Drives White‑Label Stablecoin Demand

Companies issue bespoke stablecoins mainly to capture yield and improve capital efficiency.
Yield-sharing consortiums and narrow-bank models are becoming core issuer strategies.

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On Ep. 57 of Tokenized, Simon Taylor, GTM @ Tempo is joined by Joao Reginatto, Chief Strategy Officer @ M0, Mark Greenberg, Global Head of Consumer @ Kraken and Kevin Lehtiniitty, CEO @ Borderless to discuss M0 and MoonPay partnership for stable coin issuance, benefits of companies creating their own stablecoins and more!

Timestamps:

00:00 Introduction
01:38 M0 and MoonPay partnership for stablecoin issuance
05:16 Benefits of companies creating their own stablecoins
06:03 Consumer confusion with multiple stablecoin options
09:07 JP Morgan's deposit token on Base network
10:48 Tokenized deposits vs stablecoins debate
20:57 Cash App integrating stablecoins for users
28:57 Circle's on-chain FX engine and ARC chain
37:09 Coinbase's token offering platform and UK savings account
44:52 SoFi Bank launches in-app crypto trading

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 Fireblocks

With over $100 billion in monthly stablecoin volume, Fireblocks powers stablecoin strategies at scale with infrastructure that enables PSPs, fintechs, remitters and banks to issue, move, hold, and manage stablecoins. And it’s all done securely, at scale, and with built-in compliance. Learn more at fireblocks.com

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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