In this discussion, Rachel Mayer, VP of Product at Circle, and Nick van Eck, CEO of Agora, dive into the dynamic world of stablecoins and tokenized assets. They highlight the explosive growth of stablecoins, pointing out their $300 billion market compared to just $20–25 billion for other tokenized assets. The duo also examines the regulatory landscape, including the potential impacts of the GENIUS Act. Debating tokenized deposits versus stablecoins, they explore safety, utility, and the challenges banks face in adapting to this rapidly evolving financial ecosystem.