Empire Quadrillions: You’re Already Late | Mike Belshe, Justin Peterson & Eric Saraniecki
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Nov 19, 2025 Mike Belshe, a digital asset pioneer, and Justin Peterson, CTO of Tradeweb, explore the evolving landscape of institutional crypto adoption. They discuss the interplay between stablecoins and treasuries, emphasizing the need for 24/7 trading to match client demand. The conversation highlights the fragmentation of stablecoins and the projected consolidation into market leaders. They also touch on the risks of wrapped assets, the importance of custodial structures, and the potential for transformative growth in 2026 as on-chain activity gains momentum.
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Crypto Grew Up Into Institutions
- The industry matured as early crypto participants and businesses became institutional players over the last decade.
- Stablecoins revealed powerful composability that links treasuries, collateral, and new institutional use cases.
Back End Beats Front-End Hype
- The backend — creation, redemption and custody — matters more than the front-end token wrapper for stablecoin trust.
- 24/7 create/redeem against treasuries enables multi-stable liquidity and fungibility across markets.
Start With Client Problems
- Build products from direct client conversations and solve concrete pain points before scaling.
- Offer on-demand, short-duration repo and funding to meet weekend and 24/7 crypto market needs.