The Rollup Tether's $500B Valuation: Why Stablecoins Are Becoming The New Goldman Sachs with Carl Vogel and Bhau Kotecha
Sep 26, 2025
Join Carl Vogel, a general partner at 6thMan Ventures, and Bhau Kotecha, an executive at Paxos Labs, as they delve into Tether's eye-popping $500B valuation. They discuss how stablecoins are evolving into powerful tech companies capable of democratizing finance. Discover the potential for AI agents to shape stablecoin dominance, the impact of stablecoins as collateral in U.S. derivatives, and the shifts in regulation concerning crypto innovation. Tune in for insights on the paths toward a trillion-dollar stablecoin supply!
AI Snips
Chapters
Transcript
Episode notes
Stablecoins Are Tech, Not Banks
- Tether's $500B valuation reflects technology and distribution power more than reserve management.
- AI agents choosing stablecoins and blockchains could massively amplify whichever issuer wins liquidity dominance.
Operational Leverage Of Stablecoin Issuers
- Crypto issuers achieve huge operational leverage with far fewer employees than legacy banks.
- Applying automation and code to money creates margin profiles similar to asset managers at massive scale.
AI Agents Will Pressure Issuer Margins
- AI agents will programmatically chase the best economics and can switch stablecoins dynamically.
- That behavior could accelerate fee compression for issuers who retain yield today.