Unchained

Elizabeth Rossiello, CEO and founder of AZA Finance, has a wealth of experience navigating the fintech landscape in Africa. She discusses how stablecoins are revolutionizing cross-border commerce and why many new entrants struggle to gain traction. Elizabeth highlights that liquidity, rather than technology, will be key to success in this evolving market. She also shares the remarkable journey of AZA from a Nairobi Bitcoin exchange to a significant player in fintech, reflecting on the transformative power of mobile money and crypto in the region.

Jesse Pollak, Head of Base and Coinbase Wallet, shares insights on JPMorgan's groundbreaking launch of the JPMD deposit token for institutional clients on the Base platform. The discussion highlights why major players like JPMorgan and Shopify are moving to blockchain, the distinctions between deposit tokens and stablecoins, and how the infrastructure is finally poised for institutional adoption. Jesse also touches on the impressive scaling of Base and Coinbase's plans to enhance user access to on-chain assets, addressing skepticism around Ethereum's role in this transformation.

This week, Jeff Yan, CEO and co-founder of Hyperliquid, joins the discussion. He’s at the forefront of DeFi's rapid evolution, with Hyperliquid claiming an astonishing 75% of onchain perp volume without any venture capital. They explore Jeff's minimalist strategy for bootstrapping a $1B airdrop and delving into the cancel wars that have crypto insiders buzzing. The conversation also covers the JellyJelly debacle with CZ, HIP-3's potential to revolutionize markets, and the implications of recent stablecoin regulations that sparked a surge in Circle’s stock.

Chris Perkins, President of CoinFund, and Vishal Gupta, CEO of True Markets, discuss the implications of Tron's upcoming IPO and Wall Street's pivot to stablecoins. They analyze how the Israel–Iran conflict affects crypto and oil markets. The duo debates whether banks can safely adopt stablecoins and the urgency for regulatory clarity in shaping crypto's future. They also explore Ethereum's resurgence and the competitive landscape among crypto exchanges, revealing insights into the intersection of traditional finance and digital currencies.

Arthur Hayes, CIO of Maelstrom and a crypto trading legend, joins Hanson Birringer, Head of US Sales at Flowdesk, to discuss the rise of Hyperliquid—a decentralized perpetual exchange that has gained a loyal user base without VCs. They delve into its user-first strategy, the challenges posed by competition from big players like Coinbase, and the implications of transparency in trading. The conversation also touches on a controversial saga involving James Wynn and innovative proposals critical for Hyperliquid's future in a rapidly evolving landscape.

Vicky Fu, co-founder at Yala and former engineering director at Circle, sheds light on the booming stablecoin market. She reveals how Circle was undervalued before its successful IPO and dives into Stripe's strategic moves in crypto, hinting at broader market implications. Fu argues that retail payments could be the breakout use case for stablecoins. She explains how Circle's network effects give it a competitive edge as banks enter the space, setting the stage for a possible $2 trillion market.

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we’re joined by a special guest: Laura Shin, host of Unchained! The crew unpacks Circle’s explosive IPO, Tether’s threat to exit the U.S., and the meme-stock logic powering the rise of “crypto treasury companies.” From Coinbase’s grip on USDC to Wall Street’s sudden enthusiasm for stablecoins, we explore how public markets are reshaping crypto’s power centers. Is Circle overvalued—or the last compliant winner left? And are ICOs really back? We debate whether crypto’s just maturing—or if it’s being hijacked by the suits. Show highlights 🔹 Circle’s IPO Shocks Wall Street – One of the biggest two-day pops in IPO history: Did bankers misprice, or did crypto just break TradFi? 🔹 Stablecoin Season or Meme Stock Mania? – Circle hits 160x earnings, 15x revenue—Tarun calls it “CoreWeave for finance” 🔹 Tether Threatens U.S. Exit – New regulation looms: Will Circle rule America while Tether dominates abroad? 🔹 The Coinbase Cut – Why Coinbase might be the real winner behind USDC—and the hidden economics of stablecoin margins 🔹 Banking Consortium Incoming? – JPMorgan and Wells reportedly plotting their own stablecoin play. Is Circle racing against the banks? 🔹 The Rise of Treasury Tokens – From MicroStrategy to Solana clones: Are “crypto holding companies” the new ETF? 🔹 Copycats or Cult Leaders? – Why everyone wants to be Saylor—and why most won’t survive 🔹 Are These Companies Just Meme Stocks? – Laura and Tarun debate whether tradable crypto firms have real value—or just vibes 🔹 The Return of the ICO – Plasma raises $500M on Sonar, sparking a new wave of pre-token speculation 🔹 Is This Financial Innovation or Regulatory Theater? – Haseeb asks: Are we maturing—or just dressing TradFi in crypto clothes? ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Laura Shin, Journalist, Author of ‘The Cryptopians,’ Founder and CEO of Unchained Timestamps 00:00 Intro 01:25 Circle's IPO: A Historic Event 03:16 Market Reactions & Implications 06:49 Stablecoin Legislation & Tether's Response 08:56 Circle's Market Position & Future 23:12 Crypto Treasury Companies: The New Trend 32:09 Understanding Convertible Arbitrage in Crypto 37:02 Potential Risks and Market Dynamics 41:36 The Influence of Michael Saylor 43:57 The Need for Charismatic Leaders in Crypto 50:07 The Rise of ICOs and Market Trends 55:04 Concluding Thoughts on ICOs HostsDisclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

This week, Ram Ahluwalia, CEO of Lumida, and Sal Ternullo from A100x Ventures dive into the buzzing world of crypto. They examine Circle's hefty IPO valuation and its implications for the stablecoin landscape amid market turmoil. The duo also discusses the intriguing dynamics of crypto exchanges like Gemini and the ongoing feud between Elon Musk and Donald Trump. With a potential Bitcoin supply shock on the horizon, they highlight key strategies for navigating these turbulent waters in digital assets.

Jeff Park, Head of Alpha Strategies at Bitwise, discusses the transformative future of finance, emphasizing that owning Bitcoin may become the new American dream. He shares personal stories that inform his radical portfolio strategy and highlights why younger generations are turning to crypto as an alternative to traditional investments. Park also addresses the U.S.'s advantages in leveraging stablecoins for global dominance and spotlights Japan’s pivotal role in the financial transition, suggesting we might already be 'living in a Bitcoin-only world.'

Ryan Watkins, Co-founder of Syncracy Capital and crypto asset specialist, dives into the fiery debate surrounding Pump.fun's $1 billion ICO at a $4 billion valuation. He explores the skepticism about whether Pump truly needs this massive funding and what it would accomplish. Watkins highlights the community's anger despite Pump's revenue growth and discusses the implications for Solana. Additionally, he questions the logic behind the airdrop decision and the validity of the valuation amid a challenging meme coin market.