On The Brink with Castle Island Weekly Roundup 07/25/25 (Tether’s GENIUS options, Defending Free Banks, Saylor’s Stretch) (EP.649)
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Jul 25, 2025 Delve into the dynamic world of cryptocurrency and stablecoins as experts defend 'free banking' from critics. Discover Tether's exciting plans for a new U.S.-based stablecoin. Explore Anchorage Digital's innovative stablecoin issuance platform and the implications of the Senate's proposed crypto legislation. The discussion also highlights concerns from traditional banking and rising tensions around tokenized securities. Tune in for a blend of financial analysis and light-hearted banter on the evolving landscape of digital assets.
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Stablecoins vs Free Banking
- Stablecoins are fundamentally different from historical free banking, as they are fully reserved and heavily regulated.
- The Genius Act standardizes stablecoins to hold mainly short-duration treasuries, unlike free banks which held minimal specie reserves.
ABA Opposes Crypto Bank Charters
- The American Bankers Association resists new crypto charters to protect incumbents and restrict competition.
- Despite potential delays, these new licenses are essential to modernize banking for crypto companies.
Tether Plans US Stablecoin Launch
- Tether aims to launch a US-based stablecoin to comply with new regulatory frameworks.
- US market access under Genius may depend on reciprocity agreements, with El Salvador recognized as a comparable jurisdiction.