The Rollup Who Will Win The $100 Trillion Stablecoin Race? With Sam Kazemian
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Sep 20, 2025 In a riveting discussion, Sam Kazemian, CEO of Frax and stablecoin innovator, dives into the intricate world of stablecoins. He breaks down the two main types that will thrive and how Tether's USAT could disrupt the landscape. Kazemian shares insights on Frax's unique dual-token strategy and the ongoing competition in the stablecoin arena. He also explores how stablecoins could alleviate America's debt crisis, emphasizing the geopolitical implications and the future of the dollar in global finance.
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At Tether's USAT Launch
- Sam attended Tether/Anchorage's USAT launch in New York and met key people like Paulo and Bo.
- He reported Anchorage will issue USAT possibly in November or December and expects fast movement.
Macro Regimes Determine Winners
- Macro regimes (zero rates, stagflation, or bull market) will dramatically reshape which stablecoin models win.
- Projects must be robust across multiple macro scenarios to survive and capture market share.
Make Money Utility Rate-Proof
- Build utility that makes a stablecoin useful regardless of interest rates, such as payments, cards, bank rails, and one-to mint/redeems.
- Focus on integrations and infrastructure so the coin remains money even if yields vanish.