In today's episode Charles Cascarilla from Paxos and Nathan McCauley from Anchorage reveal why today's stablecoin giants keep billions in yield that could be flowing to users. They unpack USDG's approach through the Global Dollar Network, exploring why major companies might choose collaboration over competition. The conversation spans Tether's surprising resilience, USDC's challenging relationship with crypto builders, and bold predictions for stablecoin regulation and adoption in 2025. Thanks for tuning in!

- -

Help us shape the future of Empire. Fill out our audience survey and give us your thoughts: https://empire-31ed59.beehiiv.com/forms/01a0ba12-61d0-4a12-a6c6-8bbcdb3b0060

Start your day with crypto news, analysis and data from Katherine Ross and David Canellis.

Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts

Follow Charles: https://www.linkedin.com/in/charlescascarilla

Follow Nathan: https://x.com/nathanmccauley

Follow Jason: https://twitter.com/JasonYanowitz

Follow Santiago: https://twitter.com/santiagoroel

Follow Empire: https://twitter.com/theempirepod

Subscribe on YouTube: https://tinyurl.com/4fdhhb2j

Subscribe on Apple: https://tinyurl.com/mv4frfv7

Subscribe on Spotify: https://tinyurl.com/wbaypprw

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

- -

GEODNET’s native token, GEOD, can be easily mined with a GEODNET Satellite Miner, presenting a unique opportunity to generate passive income. By setting up a GEODNET base station, you can join this groundbreaking Web3 ecosystem that is powering the future of AI and robotics.

Join the revolution today and learn more at https://geodnet.com.

- -

Unichain is a fast, decentralized L2 that’s built to be the home for DeFi and liquidity across chains.

To stay updated on news including the upcoming launch of Unichain, visit www.Unichain.org or follow @Unichain on X.

- -

Petra Earn was designed to make DeFi more accessible for everyone—from seasoned pros to DeFi beginners. Manage your balance, claim rewards and deposit directly from the app.

By supplying USDT to Aries lending pools, users have the potential to earn a higher yield compared to some traditional methods.

Not financial advice. Participating in Defi carries risks. To learn more visit petra.app/earn

- -

Get up to speed on the biggest stories in crypto each week. In five minutes. Get the Bitwise Weekly CIO Memo delivered directly to your inbox at bitwiseinvestments.com/ciomemo/empire .

- -

Timestamps

(00:00) Introduction

(02:28) Paxos & Anchorage Business Model

(05:45)  Stablecoin Landscape

(14:38) USDC's Vampire Effect

(24:53) Economics of USDG

(39:03) Geodnet Ad

(40:01) Uniswap Ad

(40:48) Aptos Ad

(41:31) Bitwise Ad

(42:21) Dynamics of Consortium

(49:35) Market Share of Stablecoins

(55:36) Ethena's Business Model

(59:13) Stablecoin Legislation Outloo

(01:02:14)  Bullish Predictions

- -

Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.