Bankless

Vitalik Buterin just declared DeFi as Ethereum’s “killer app.” In his new post, he compares it to Google Search, the dependable core business that powers everything else.

Ryan and David break down why Vitalik believes DeFi has finally earned this title, how it survived the volatility of the last cycle, and what it means for ETH as collateral, culture, and revenue. They cover the Google analogy, the risks DeFi has outgrown, and why this moment could define Ethereum’s future.

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TIMESTAMPS

0:09 DeFi: Ethereum's Core Business
3:50 The Significance of Vitalik's Article
5:27 Vitalik's Perspective on DeFi Maturity
9:27 The Stability of DeFi vs. TradFi
12:20 Core Low-Risk DeFi Activities
14:47 DeFi's Global Accessibility
15:37 DeFi and Ethereum's Cultural Goals
17:56 Economic Contributions of DeFi
21:24 ETH as a Store of Value
26:05 The Noble Purpose of DeFi
30:48 Alignment of DeFi with Ethereum
34:45 Google Analogy: DeFi's Backbone
39:27 Vitalik's Pride in DeFi
41:49 Marketing Messages and Ethereum
1:04:37 Closing & Disclaimers

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RESOURCES

Vitalik’s Post
https://vitalik.eth.limo/general/2025/09/21/low_risk_defi.html

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Not financial or tax advice. See our investment disclosures here:
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What happens when stablecoins break apart the traditional business model of banks?

Economist Charles Calomiris explains how the “unbundling” of payments and lending reshapes finance, why politics matter more than technology, and what this revolution could mean for the dollar’s future.

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TIMESTAMPS

0:00 What Are Banks?

7:56 Chartered Banking

30:44 The Unbundling

51:48 Stablecoin Yield Concerns

1:01:42 Death of The Dollar?

1:15:45 Stablecoins Abroad

1:20:52 Future of The Dollar

1:24:38 Dollar as a SoV

1:32:10 Are Stablecoins Winning?

1:36:30 Closing & Disclaimers

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RESOURCES

Charles Calomiris

https://x.com/cwcalomiris 

Fragile by Design (Charles' Book)

https://www.amazon.com/Fragile-Design-Political-Princeton-Economic/dp/0691155240/ref=sr_1_1?ie=UTF8&sr=8-1 

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Not financial or tax advice. See our investment disclosures here:

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In this Weekly Rollup, we discuss the implications of recent Federal Reserve rate cuts on crypto markets, exploring their potential benefits for Bitcoin and Ethereum.

We highlight the SEC's easing of crypto ETF regulations, Tether's new compliant stablecoin, and SEC Chair Paul Atkins' vision for clearer regulations. Finally, we touch on how global finance is adapting to crypto innovations in Ghana and Nepal.

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---
TIMESTAMPS & RESOURCES

0:00 Intro
3:24 Markets
https://fred.stlouisfed.org/series/FEDFUNDS
https://polymarket.com/event/fed-decision-in-october
https://x.com/CryptoMalfoy_/status/1968357964906979484
https://x.com/joechalom/status/1968383138943361374
https://x.com/CryptoHayes/status/1968060229805019140
https://x.com/GarrettGoggin/status/1967905389321535779
15:52 Solana DATS
https://x.com/zoomerfied/status/1967560072717869273
https://blockworks.com/analytics/treasury-companies/market-data
https://panteracapital.com/helius-hsdt-building-the-preeminent-solana-treasury/
https://x.com/AltcoinDaily/status/1967645702429044799
21:34 New ETF Standards
https://x.com/JSeyff/status/1968437645660352620
https://x.com/matt_hougan/status/1968432392726593686
26:00 Base Token
https://blog.base.org/the-state-of-base-at-basecamp-2025
https://x.com/base/status/1967602096360063341
https://x.com/brian_armstrong/status/1967602534601875734
https://x.com/coinbase/status/1967609260667535463
https://x.com/RyanSAdams/status/1968320893953933781
44:30 Tether USAT
https://x.com/USAT_io/status/1966520959713620001
48:25 Banking Lobby vs. Crypto
https://www.coindesk.com/opinion/2025/09/16/the-genius-act-is-already-law-banks-shouldn-t-try-to-rewrite-it-now
https://x.com/RyanSAdams/status/1968392328474706285
https://x.com/RyanSAdams/status/1968317057109287046
https://x.com/0xKofi/status/1968221311806718320
56:49 The Revolution in Nepal
https://www.thestreet.com/crypto/markets/exclusive-nepal-turns-to-bitcoin-and-stablecoins-as-protests-rock-the-nation
59:50 Paul Atkins
https://www.sec.gov/newsroom/speeches-statements/atkins-keynote-address-inaugural-oecd-roundtable-global-financial-markets-091025
1:01:23 Wrapping Up
https://x.com/Polymarket/status/1967592719603429824
https://syndicate.io/blog/community-first-token-launch
https://x.com/NasdaqExchange/status/1966512285465170265
https://x.com/BTC_Archive/status/1967960768264970690
https://x.com/afpost/status/1968426582764093740
---
Not financial or tax advice. See our investment disclosures here:
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What if payment chains are the “AWS moment for money”?

Simon Taylor — fintech veteran, ex-Barclays crypto lead, and author of FinTech Brainfood — joins Bankless to map the convergence of fintech and crypto. From stablecoins serving as the Trojan horse for tokenisation to Tempo’s push for a payments chain, Simon explains why finance is on the brink of its biggest infrastructure shift since Visa.

We cover the rise of payments L1s, the regulatory roulette of stablecoins, and whether neutrality and permissionlessness can survive in corporate-led networks. Plus, Simon breaks down the differences between stablecoins, tokenized deposits, and CBDCs — and explains why the future of finance is already being rebuilt on-chain.

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🎩DEGEN | JOIN THE COMMUNITY
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---
TIMESTAMPS

0:00 Intro

4:28 FinTech Meets Crypto

9:47 The AWS Moment for Money

14:34 Why Payments Are Broken

21:25 Stablecoins in Action

25:59 The Rise of Payments Chains

38:11 Neutrality, Permissionlessness & The Libra Lesson

52:48 Stablecoins, Tokenized Deposits & CBDCs

59:08 The Stablecoin Boom Ahead

1:12:24 Is FinTech Becoming Crypto?

1:15:22 Tokenization Beyond Payments

1:36:25 Agents & AI Commerce

1:40:33 Closing Thoughts

---
RESOURCES

Simon Taylor
https://x.com/sytaylor/

FinTech Brainfood
https://www.fintechbrainfood.com/

---
Not financial or tax advice. See our investment disclosures here:
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Why do recessions feel like a relic of the past?

Macro strategist Vincent Deluard argues we’ve entered an era where fiscal dominance, structural inflation, and relentless asset debasement reshape how capital flows and how investors must position themselves.

We cover the U.S. supercycle, the role of tech and energy, why the “2% inflation target” is dead, and what a portfolio looks like in the age of permanent stimulus.

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------

TIMESTAMPS

0:00 Intro

3:33 The Next 10 Years

5:47 The Mind of a Pension Fund Manager

8:25 US Dominance

26:17 Dominance Shift

37:21 AI Bubble?

41:19 Inflationary Forces

52:40 Inflationista Thesis

58:36 Fiscal Dominance

1:03:38 Trump vs The Fed

1:09:41 Are Debt Cycles Inevitable?

1:12:26 Are Recessions Dead?

1:20:27 Portfolio Construction

1:26:21 Emerging Markets

1:33:45 Gold

1:37:42 Closing & Disclaimers

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RESOURCES

Vincent Deluard

https://x.com/vincentdeluard 

StoneX

https://www.stonex.com/en/ 

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures⁠ 

🏴 Access all episodes with Citizenship 🏴
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——
In this bonus episode of the Bankless podcast, we highlight insights from three guests featured in the Bankless premium feed. Uma Roy from Succinct discusses the Succinct Prover Network's role in enhancing Ethereum's transaction capabilities. Preston Van Loon outlines the upcoming hard forks Fusaka and Glamsterdam, along with essential privacy innovations. DeFi pioneer Dave from CapMoney presents a novel stablecoin model that combines yield-generating strategies with risk mitigation. Join us for a glimpse into the innovative advancements shaping the crypto world!

——
TIMESTAMPS

0:00 Intro
1:28 Uma Roy’s Insights on Succinct Prover Network
7:50 Ethereum Roadmap with Preston Van Loon
14:30 DeFi Innovations with DeFi Dave
20:11 Conclusion and Call to Action

——
Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

In the 2nd Weekly Rollup of Flat-tember, we discuss whether the crypto bull market is over amid rising unemployment and market uncertainty. We cover stablecoin competition for Hyperliquid partnerships, Justin Sun's frozen WFLI tokens, and Nasdaq's tokenized equities. With Ethereum leading in asset tokenization, they also reflect on lost SEC Chair Gensler's texts and the rise of DAOs, alongside major moves from Fidelity and Robinhood.

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Bankless Weekly Rollup: 2nd Week of September, 2025

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---
TIMESTAMPS & RESOURCES

0:00 Intro
3:42 Markets
https://www.reuters.com/business/us-unemployment-rate-near-4-year-high-labor-market-hits-stall-speed-2025-09-05/
https://fred.stlouisfed.org/series/UNRATE
https://www.reuters.com/business/cooler-us-producer-inflation-hints-softening-demand-2025-09-10/
https://polymarket.com/event/fed-decision-in-september
https://thedefireport.io/research/markets-are-nearing-an-inflection-point#global-liquidity
https://x.com/EricBalchunas/status/1965381497936117794
https://x.com/SharpLinkGaming/status/1965385468360741042
https://x.com/DefiIgnas/status/1965412886731538686
https://x.com/amitisinvesting/status/1965031182443139242
https://blockworks.co/news/samani-expected-chairman-solana-treasury
https://x.com/smyyguy/status/1965054449212342629
https://blockworks.com/analytics/treasury-companies/market-data
https://x.com/RyanSAdams/status/1965118547052695588
https://beincrypto.com/fidelity-tokenized-treasury-fund-on-ethereum/
https://x.com/RyanSAdams/status/1965152999963328571
29:30 Justin Son WLFI Frozen
https://x.com/molly0xFFF/status/1963684142454894967
https://x.com/QuintenFrancois/status/1963882897909145937
https://www.coingecko.com/en/coins/world-liberty-financial
https://x.com/jconorgrogan/status/1963665497393975324
https://x.com/0xNonceSense/status/1963654615947514277
https://x.com/worldlibertyfi/status/1964081164408250558
https://x.com/jconorgrogan/status/1963665740109893656
https://x.com/justinsuntron/status/1963807543983263802
https://x.com/ASvanevik/status/1963761428445442341
35:35 Hyperliquid USDH Bidding War
https://www.bankless.com/read/hyperliquids-usdh-bidding-war
https://x.com/DefiIgnas/status/1965370023377248437
https://polymarket.com/event/who-will-win-the-usdh-ticker-159?tid=1757505856052
https://x.com/0xfoobar/status/1965445696032846173
https://x.com/hosseeb/status/1965520465172328717
42:15 MegaETH Stablecoin
https://x.com/megaeth_labs/status/1965082874627199414
47:30 Ronin and Upbeat Join OP Stack L2
https://x.com/Ronin_Network/status/1965220031320793442
https://giwa.io/home
https://coinmarketcap.com/rankings/exchanges/
https://x.com/hildobby/status/1965820218854486232
50:56 Robinhood Joins S&P 500
https://x.com/WatcherGuru/status/1964078422050681221
https://www.tradingview.com/chart/1CDu50yK/?symbol=NASDAQ%3AHOOD
52:45 Gary Gensler’s Missing Texts
https://x.com/EleanorTerrett/status/1963731865577127980
https://x.com/haydenzadams/status/1964471380403245525
https://x.com/NateGeraci/status/1963780017281765392
https://x.com/lex_node/status/1642242646931300353
56:36 Senate Clarity Act
https://x.com/jchervinsky/status/1965465751122592119
58:15 Nasdaq Seeks Tokenized Stocks
https://www.coindesk.com/policy/2025/09/08/nasdaq-seeks-nod-from-u-s-sec-to-tokenize-stocks
1:01:15 Robinhood Social
https://x.com/RobinhoodApp/status/1965589746937446623

---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

Ryan & David sit down with Ondo Finance’s Nathan Allman and Ian De Bode to map the path from stablecoins to tokenized treasuries to tokenized stocks.

We break down why Ondo’s wrapper model is set out to win, how blockchain brings 24/5 primary markets with 24/7 secondary markets, Defi composability and liquidity at fair prices.

Ethereum and Ondo are leading a $100T onchain migration you can’t miss.

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------

TIMESTAMPS

0:00 Intro

5:55 Is Business Booming?

7:59 Are RWAs Inevitable?

12:50 Tokenized Treasuries

19:13 Tokenization Roadmap

24:17 Types of Tokenized Treasuries

31:40 What’s Holding the US Back?

37:08 Tokenized Stocks

41:04 Tokenized Stocks Liquidity

50:56 Property Rights

56:25 Is Permissionless Tokenization Possible?

1:04:32 24/7 Markets?

1:07:52 Ondo Global Markets

1:10:54 Why Ethereum?

1:12:08 Stocks Meet DeFi

1:19:26 What Chains will RWAs Settle On?
1:32:41 Is Wall Street Ready?

1:34:29 What’s Next?

1:36:00 Closing & Disclaimers

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RESOURCES

Ian

https://x.com/iandebode 

Nathan

https://x.com/nathanlallman 

Ondo Finance

https://ondo.finance/ 

Ondo Global Markets

https://app.ondo.finance/ 

RWAs Overview

https://app.rwa.xyz/ 

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures⁠

Hyperliquid is less than a year old, yet it’s already rivalling Ethereum and Solana in revenue. In this episode, Ryan and Michael from the DeFi Report dive deep into the rise of crypto’s hottest exchange: from its fair-launch token drop to its Binance-like UX, to why whales and builders can’t get enough of it.
We cover the project’s inception story, the ecosystem forming around HyperEVM, and the unique buyback model funnelling millions back into its token. Along the way, we unpack tough questions about valuation, decentralization, and regulatory risk.
Is Hyperliquid the future of on-chain trading or just another bull market phenomenon? Tune in for a full breakdown of the fundamentals, the risks, and the potential upside.

---

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🎩DEGEN | JOIN THE COMMUNITY
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---
TIMESTAMPS

0:00 Intro
1:47 Hyperliquid’s Revenue Surge
6:33 Valuation Questions
13:42 Product Experience & Growth Flywheel
18:16 The Team Behind Hyperliquid
20:14 Ecosystem Expansion
24:33 Decentralization & Risks
33:34 Regulation, AML, and KYC
38:35 Tokenomics & Buybacks
49:18 Valuation Comparisons
57:15 Closing Thoughts

---
RESOURCES

Michael Nadeau
https://x.com/JustDeauIt

The DeFi Report
https://x.com/the_defi_report

Hyperliquid (HYPE)
https://x.com/HyperliquidX

---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

Zach Abrams—co-founder of Bridge, acquired by Stripe—joins Ryan to unpack Stripe’s stablecoin strategy and why tokenized dollars are poised to devour global payments.

We cover Bridge’s sale to Stripe, how “fiat L1 / stablecoin L2” rails unlock faster, cheaper cross-border payouts (from startups to government aid), the case for many issuer- and app-specific stablecoins with better yield sharing, and what the Tempo chain targets for payment-scale throughput, privacy, and finality. 

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🛞MANTLE | MODULAR LAYER 2 NETWORK

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🎩DEGEN | JOIN THE COMMUNITY

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------

TIMESTAMPS

0:00 Intro

6:28 Zach’s Founder Arc

15:47 Fintech x Crypto Convergence

18:55 Founding Bridge in the Dark Times

22:42 Traditional Payment Inefficiencies

26:21 Bridge 101

42:00 Traditional Bank Pushback

42:17 Stablecoin Treasuries

50:22 Post-Genius Stablecoin Market

59:27 Fintech in 5 years

1:05:01 Tempo L1

1:13:30 Too Many Blockchains

1:17:25 Exiting TradFi

1:20:49 Getting Stablecoins to Trillions

1:25:28 Stripe x Crypto

1:29:44 AI Stablecoin Users

1:32:32 Closing & Disclaimers

------
RESOURCES

Zach Abrams

https://x.com/zcabrams 

Tempo

https://tempo.xyz/ 

Bridge

https://www.bridge.xyz/ 

Stripe

https://stripe.com/ 

------

Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures⁠