Rebank: Fintech Analysis Stablecoin Market Dynamics post-GENIUS with Matt Homer of The Venture Dept.
Oct 30, 2025
In this discussion, Matt Homer, founder of The Venture Dept. and former regulator at FDIC and NYDFS, shares his journey from public service to fintech investing. He highlights the shifting dynamics of stablecoins, emphasizing institutional momentum and key players like BlackRock and GENIUS. Matt dives into the importance of regulatory clarity for mainstream adoption and the dual-charter model's implications. He also explores how competitive state regulations shape the stablecoin market, offering insights into the future of digital assets.
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Institutional Momentum Drives This Cycle
- This cycle's momentum is institutionally driven, not purely speculative, with big names quietly investing through the winter.
- Genius further legitimizes stablecoins and pushes traditional firms to develop strategies.
First Fund Bet Was Bridge
- Matt invested in Bridge as his fund's first deal because he believed in stablecoins and Zach's ability to bridge fintech and crypto.
- He committed before the fund closed and later benefited when Stripe acquired Bridge.
Genius Treats Stablecoins Like Cash
- Genius defines payment stablecoins as a distinct class similar to cash and permits permissionless secondary transfers.
- The law prohibits paying yield to stablecoin holders and clarifies what qualifies as a stablecoin today.