Tokenized Every Bank Announced Its Stablecoin Strategy Ft. Ethan Chan & Noah Levine
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Jul 21, 2025 In this engaging discussion, Ethan Chan, Co-founder and CEO of Allium, and Noah Levine, leading on-chain analytics at Visa, explore the evolving landscape of stablecoins and tokenized deposits. They dissect retail payment behaviors between USDT and USDC, shedding light on transaction complexities. The conversion from stablecoins to tokenized deposits emerges as a key theme, promising enhanced transaction efficiency for banks. The duo also dives into the future of self-custodial wallets and the critical challenges of privacy versus transparency in blockchain.
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Stablecoin Retail Use Insights
- Retail stablecoin transactions under $250 account for about 0.6% of transaction volume but 40% of transaction count.
- USDT dominates retail transactions, especially on low-fee chains like Binance and Tron.
Coinbase Base App Strategy
- Coinbase's Base app integrates social, gaming, payments, and AI chat to expand crypto adoption.
- Self-custodial wallets are crucial for enabling new financial applications without complex regulatory burdens.
Approach to On-Chain Data
- Partner with specialized data providers to understand fragmented on-chain data across blockchains.
- Invest in skilled resources to distill clear insights for effective blockchain data use.