Milk Road Macro Stablecoins Are Eating the World, Fed Shift Ahead, AI Prints Billions w/ Ram Ahluwalia
Aug 12, 2025
Ram Ahluwalia, Founder and CEO of Lumina Wealth, dives into the transformative world of stablecoins, revealing how they disrupt traditional payment systems and challenge banks. He discusses the upcoming Federal Reserve nomination and its potential market impacts, alongside the role of AI in the economy, highlighting its influence on jobs and inequality. He shares insights on navigating investment opportunities within this evolving landscape, while maintaining an optimistic view on economic growth driven by innovation.
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Stablecoins Create Direct Peer-To-Peer Money
- Stablecoins let people send money peer-to-peer over the internet without banks or custodial intermediaries.
- This combination of cryptography, technology and new regulation creates a new global payment rail.
Payment Incumbents Face Interchange Compression
- Stablecoins threaten incumbents like Visa and Mastercard by compressing interchange fees and payment economics.
- Lower payment costs can meaningfully boost merchant margins and consumer net value.
Stablecoins Reinforce Dollar Hegemony
- Stablecoins can drive large dollar funding flows into T-bills and reinforce U.S. dollar dominance globally.
- Foreign users may prefer USD-backed stablecoins for payroll and remittances in unstable-currency countries.
