Live From DAS: Where is the Stablecoin Market Headed? | Roundup

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Mar 21, 2025

Explore the dynamic world of stablecoins and their integration with traditional finance. Discover Sky’s bold move with tokenized T-bills and the implications of institutional versus retail sentiments. The discussion dives into the evolving market landscape, showcasing potential new players and the integration of real-world assets like solar energy. Future innovations like on-chain treasury auctions are also on the table, hinting at how stablecoins could revolutionize payments and attract retail investors.

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INSIGHT

MakerDAO's RWA Play

MakerDAO, now called Sky, allocated $1 billion to tokenized T-bills and plans to invest in AAA CLOs with their USDC holdings.
This move signals a return of the Real-World Asset (RWA) narrative in DeFi.

INSIGHT

Sky's Buyback Strategy

MakerDAO's transition to Sky highlights the merging of permissionless DeFi with traditional finance through RWAs.
Their aggressive buyback strategy, repurchasing 15% of the token annually, is a significant experiment in value accrual.

INSIGHT

Stablecoin Business Model

Sky's stablecoin business model involves holding stablecoins, growing them, and earning yield on them.
This model, combined with diversification into higher-yielding assets like T-bills and CLOs, could lead to significant earnings.

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We’re coming to you live from DAS! This week's Roundup covers key trends in stablecoins, and RWAs. We discuss Sky’s billion-dollar allocation into tokenized T-bills, its aggressive buyback strategy, and the evolving stablecoin market. The conversation also touches on institutional vs. retail sentiment, the impact of stablecoin yield mechanisms, and the potential for onchain treasury auctions in the future.

Thanks for tuning in!

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Timestamps:

(0:00) Introduction

(0:38) Impressions From DAS

(1:31) Sky's Buyback

(6:13) Marinade Ad

(6:28) New Forms of RWAs

(11:40) Marinade Ad

(12:20) Where is the Stablecoin Market Headed?

(18:09) Ads (Desk & Morpho)

(19:04) Divergence in Institutional and Retail Sentiment

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed, and our guests may hold positions in the companies, funds, or projects discussed.