In this episode of Bitcoin, Fiat & Rock’n’Roll, co-host Michael Blaschke sits down with Dr. Harald Rauter, Chief Growth Officer at 21Energy and board member of the European Bitcoin & Energy Association, to explore how Bitcoin mining could become critical energy infrastructure in Europe.

Against the backdrop of Europe’s competitiveness and energy crises, Harald explains why 20–40 TWh of curtailed renewable power each year is not just an energy problem but a monetary one. He walks through the economics of stranded electricity, how grid constraints destroy CAPEX and erode industrial competitiveness, and why flexible loads like Bitcoin mining can turn wasted megawatts into revenue, grid stability and, ultimately, energy sovereignty.

Michael and Harald dive into a distinctly European model of mining: modular containers co-located with wind and solar assets, Bitcoin space heaters in homes and businesses, and architectures that stack multiple income streams—from monetizing curtailed power and providing grid-balancing and reserve services to reusing heat. They contrast this with the era of hyperscale industrial farms in North America and argue that the future of mining is smaller, smarter and deeply integrated into local energy systems.

The conversation also unpacks Europe’s surprisingly favorable regulatory landscape—from MiCA to key energy and market directives—and why the real bottleneck is no longer law but awareness and institutional courage. Drawing on work across 37 countries, Harald makes a clear case: Bitcoin mining is not outside the energy system; it is part of it.

For energy companies, financial institutions and policymakers, this episode offers a concrete roadmap to rethinking Bitcoin mining as an infrastructure tool for Europe’s energy transition.

Harald Rauter, Chief Growth Officer at 21energy, on LinkedIn

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In this episode of BFRR – Bitcoin, Fiat & Rock ’n’ Roll, host Jonas Groß welcomes Floris Lugt and Jan Lebbe, Co-Heads Digital Assets at ING Wholesale Banking and representatives of a new euro stablecoin initiative formed by nine major European banks.

The conversation traces ING’s blockchain journey from 2016 experimentation to today’s focused digital asset strategy. Floris explains how early work in trade finance, collateral and payments consortia revealed a clear gap: while assets are moving on-chain, a trusted, interoperable euro cash leg is still missing. That realization, combined with rising client demand, led to the idea of a joint bank-issued stablecoin, rather than each bank building its own siloed solution.

Jonas, Floris and Jan discuss why, despite the crowded market, they believe there is room—and a need—for another euro stablecoin: not as a speculative asset, but as regulated payment infrastructure backed by established banks, their compliance frameworks and massive client networks. They outline their vision of a neutral e-money institution based in the Netherlands, supervised by the Dutch central bank, focused solely on issuing the stablecoin, while banks and regulated providers build client-facing products and use cases on top.

Use cases range from crypto trading and DeFi liquidity to cross-border payments, treasury, settlement of tokenized securities and real-world assets, and programmable payments. The trio also explore the coexistence of stablecoins, tokenized deposits and CBDCs, and the ongoing debate between permissioned and permissionless blockchains, including the role of privacy and zero-knowledge technology.

Looking ahead to 2030, Floris and Jan expect stablecoins to be a mainstream yet almost invisible layer of financial infrastructure—quietly enabling new forms of value transfer while existing payment rails like SEPA continue to thrive alongside them.

LinkedIn Jan Lebbe

LinkedIn Floris Lugt

Press release on the joint stablecoin project

Bitcoin, Fiat & Rock'n'Roll Website

Bitcoin, Fiat & Rock'n'Roll Telegram Channel

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Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here

All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

In this episode of Bitcoin, Fiat & Rock’n’Roll, we take you inside the organizational blueprint of the world’s most influential stablecoin issuers.

Co-host Michael Blaschke is joined by Thomas Cowan, Head of Tokenization at Galaxy Digital, whose background spans Paxos, PayPal’s stablecoin infrastructure, and CBDC projects at Ripple and the Boston Fed. Together, they dissect how stablecoin businesses are truly built — far beyond the blockchain layer.

While markets obsess over market cap rankings and regulatory headlines, this conversation goes deeper:

What distinguishes a financial enterprise from a mere tech project in the stablecoin world?

How do business models, applications, data architectures, and technology stacks interact to create institutional-grade resilience?

Why does trust, not code alone, determine which stablecoin becomes “the on-chain dollar” the world actually uses?

Thomas and Michael map out a four-layer framework — from business model to infrastructure — showing how design choices cascade through every layer of a stablecoin issuer. They explore the new competitive landscape shaped by MiCA, the Genius Act, and institutional demand, and they outline three emerging archetypes: white-label platforms, payment rails, and on-chain shadow banks.

If you want to understand how the next generation of digital money infrastructure will be architected, operated, and trusted, this episode is a must-listen.

👉 Listen now and explore detailed show notes at bfrr.com

Shownotes

Bitcoin, Fiat & Rock'n'Roll Telegram Channel

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Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here

All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

In this BFRR episode, hosts Stefan Grasmann and Manuel Klein dive into the third big pillar of digital finance: tokenized securities and the regulated market infrastructure needed to scale them. They’re joined by Max Heinzle (Founder & CEO) and Victoria Jahn (Head of Regulatory Affairs) from 21X—the company operating what they describe as Europe’s first DLT trading and settlement system (DLT-TSS).

Max traces his journey from traditional capital markets to blockchain, arguing that distributed ledgers are the “missing” settlement layer for securities. He explains how 21X runs a blockchain-enabled exchange (currently on Polygon, with multi-chain plans) that atomically matches and settles trades in ~T+2 seconds, removing the need for a CSD and slashing post-trade friction and cost. Victoria unpacks the EU DLT Pilot Regime, clarifies what a TSS license allows (combining exchange and settlement on-chain), and why stringent issuer standards and disclosure are crucial to attract the buy side.

The conversation gets practical: why stablecoins (e-money tokens under MiCA) are the cash leg today, how wholesale CBDC could complement them, and what it takes to onboard wallet-native investors, RWAs funds, custodians, brokers, and—eventually—neo-banks and large distribution platforms. The hosts press on the perennial hurdles: secondary markets for on-chain bonds, bootstrapping liquidity with market makers, and solving the “chicken-and-egg” problem via multilateral venues rather than OTC.

Looking ahead, 21X outlines a US expansion via broker-dealer/ATS licensing plus targeted exemptive relief, citing open doors at regulators and growing institutional demand. The panel imagines a near future where 24/7 programmable markets, per-second yield accrual, automated treasury, and T+1-second DvP finality are standard—and where public, permissionless rails connect global issuers and investors within robust regulatory guardrails.

If you want a clear, insider view of how regulated on-chain capital markets could finally scale—from stablecoin settlement to tokenized MMFs, ETFs, bonds, and equities—this episode is your blueprint.

21X website

Bitcoin, Fiat & Rock'n'Roll Telegram Channel

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Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here

All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

In this new BFRR news episode of Bitcoin, Fiat & Rock'n'Roll, Michael and Jonas break down what happened in October across crypto markets, institutional blockchain, and stablecoins — and why it matters for the future of digital finance.

They start with the macro shock of the month: tariff threats between the U.S. and China triggered one of the largest crypto liquidations ever — roughly $20 billion in leveraged positions wiped out — and sent total crypto market cap swinging between $4.3T and $3.5T before settling near $3.75T. The hosts debate whether this proves that crypto is now a mature macro asset class that trades like equities… or just more proof that Bitcoin currently behaves more like tech stocks than “digital gold.”

From there, they zoom in on Bitcoin and Ethereum. Bitcoin held around $112K after spiking to $125K, but the headline story is political: Luxembourg became the first EU member state to allocate part of its sovereign wealth fund (1%) to Bitcoin ETFs — a symbolic but important milestone for nation-state level adoption. On Ethereum, they unpack the upcoming “Fusuka” upgrade aimed at making the network faster and cheaper through more efficient data handling and rollup support.

The core of the episode focuses on institutional blockchain infrastructure. Three developments stand out: the launch of “Regulated Layer 1,” a new European cooperative blockchain governed by major banks; Swift’s move to build a shared ledger with 30+ global banks for real-time cross-border settlement; and Deutsche Börse Group’s work with Chainlink to bring regulated market data on-chain. Michael and Jonas argue this is the shift from pilots to production — traditional finance is no longer experimenting with blockchain, it’s building and owning it.

Finally, they dive into stablecoins: Deutsche Börse partnering with Circle, Société Générale pushing bank-issued stablecoins directly into DeFi, major global banks exploring a joint stablecoin initiative, and China’s strategic push into yuan- and even euro-linked stablecoins. The lines between TradFi, DeFi, and geopolitics are blurring — fast.

BFRR episode with Ivica Aračić on DLT architecture

Bitcoin, Fiat & Rock'n'Roll Telegram Channel

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Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here

All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

In this episode of BFRR – Bitcoin, Fiat & Rock ’n’ Roll, co-host Michael Blaschke sits down with Ivica Aračić, CTO of Swiat and former IT architect at DekaBank, to map the real architecture of DLT-based financial market infrastructures—beyond pilots and press releases. With two decades in software engineering and hands-on work in TradFi since 2016, Ivica explains how the industry is shifting from “zero-to-one” experiments to “one-to-many” scale.

We introduce and use the ASAP model (Access, Service, Asset, Platform) as a simple, powerful lens:

We discuss why convergence and consolidation are finally happening (industry coalitions, neutral shared utilities, and big-tent moves like ledger interoperability) and how Swiat’s Regulated Layer 1 aims to provide a credibly neutral meeting place for European finance—so competition can move to assets and services, not base infrastructure. Ivica shares a pragmatic roadmap: finish the payment leg across money types, enable liquid secondary markets under the Pilot Regime, and achieve eligibility so tokenized assets are first-class collateral.

Long view? Success is when no one talks about wallets or chains—just better, safer markets.

ASAP: A Conceptual Model for Digital Asset Platforms

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Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here

All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

In this compelling episode of Bitcoin, Fiat & Rock’n’Roll (BFRR), co-host Jonas welcomes Tristan Thoma, a digital currency expert who helped lead El Salvador’s historic move to adopt Bitcoin as legal tender. With a decade of hands-on experience across national digital currency projects and a lifestyle that embodies the borderless ethos of the crypto world, Tristan joins to discuss how digital money is reshaping economies — and why its real impact goes far beyond price charts.

The conversation dives deep into the human and geopolitical dimensions of digital currencies. Tristan reflects on his work in El Salvador, explaining how the initiative wasn’t about “Bitcoin to the moon,” but about financial inclusion — bringing millions of unbanked citizens into the formal economy. He recounts how access to digital wallets doubled financial participation within months, boosting GDP and enabling a more transparent, data-driven view of the country’s economic health.

From there, the discussion moves to Bolivia, where Tristan is now advising on new digital finance strategies amid a monetary crisis. He describes how blockchain and stablecoins could become lifelines in regions where access to money is as vital as oxygen — enabling people to safeguard savings, transact globally, and reclaim economic sovereignty.

Beyond the technology, the episode explores freedom, education, and resilience: the right to self-custody, the balance between regulation and privacy, and the need to empower people with knowledge about how money truly works. Tristan’s insights bridge continents — connecting the lessons of the Global South with the policy debates unfolding in Europe and the U.S.

Ultimately, this episode is about redesigning money for people. Whether you’re a policymaker, a crypto enthusiast, or simply curious about the future of finance, Tristan’s story is a masterclass in how digital currencies can empower nations — and individuals — to breathe new life into the global economy.

LinkedIn Tristan Thoma

Website Tristan Thoma / Impera Strategy

Bitcoin, Fiat & Rock'n'Roll Website

Bitcoin, Fiat & Rock'n'Roll Telegram Channel

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Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here

All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

In this episode, Manuel and Rod Garratt discuss the evolution of digital money, focusing on central bank digital currencies (CBDCs), stablecoins, and tokenized deposits. Rod shares his journey into the world of digital currencies, starting from his time at the New York Fed and his involvement in Project Jasper. The conversation delves into the distinctions between wholesale and retail CBDCs, the implications of privacy, and the political landscape surrounding these innovations. They also explore the future of tokenized deposits and deposit tokens, the role of stablecoins, and the potential for collaboration between different forms of payment systems – bearer-like money forms and account-based forms of money.

LinkedIn Rod Garratt

Website Rod Garratt

Website BIS Publications of Rod Garratt

Bitcoin, Fiat & Rock'n'Roll Website

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Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here

All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

September 2025 was nothing short of explosive for digital assets, stablecoins, and the broader crypto-finance ecosystem — and in this news-packed episode of Bitcoin, Fiat & Rock’n’Roll (BFRR), Manuel and Stefan take you through the whirlwind of developments that shaped the month.

The episode kicks off with a market overview: crypto market cap reaching a fresh all-time high at $4.7 trillion, massive ETF inflows sparked by the Fed’s first rate cut of the year, and a landmark SEC decision to streamline spot crypto ETF approvals, reducing listing times from more than 200 days to just 75. These moves underline how deeply digital assets are embedding themselves into traditional finance.

From there, the hosts dive into the infrastructure shake-up. Tether’s launch of the Plasma Chain stole headlines, debuting with $2 billion in total value locked and support from over 100 DeFi projects. Anchored to Bitcoin, EVM-compatible, and zero-fee for users, Plasma marks Tether’s bold attempt to merge payments use cases, DeFi traction, and emerging market adoption into a single ecosystem — complete with its own neobank, Plasma One. Circle is countering with its ARK blockchain, while Stripe’s Tempo and Fireblocks’ payment network illustrate how corporates and fintechs are redrawing the rails of stablecoin infrastructure.

The stablecoin story doesn’t end there. Tether introduced USAT, a regulated, US-focused dollar stablecoin via Anchorage Digital. Meanwhile, Google unveiled its agent-to-agent payments protocol for AI-driven transactions, backed by a 60-member consortium including Mastercard, PayPal, and Coinbase. Cloudflare announced its Net Dollar stablecoin, while nine major European banks revealed plans for a euro-denominated alternative aimed at boosting “strategic autonomy” in payments.

On the digital asset side, Nasdaq and the London Stock Exchange began tokenization efforts, while Deutsche Börse and challengers like 21X push competing models for on-chain securities trading. In tokenized deposits, JPMorgan’s Kinexis and the multi-bank Partior consortium are expanding intraday FX and programmable payments.

Closing with Knowledge Bytes, the hosts explore ERC-8004 — a new Ethereum standard for agent reputation in AI-driven payments — alongside the latest BIS survey showing central banks tilting toward wholesale CBDCs under pressure from stablecoin adoption.

From ETFs to Plasma chains, euro stablecoins to AI-native payments, September shows one clear trend: the convergence of crypto, TradFi, and technology is accelerating faster than ever.

Powering AI commerce with the new Agent Payments Protocol (AP2)

Bitcoin, Fiat & Rock'n'Roll Telegram Channel

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Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here

All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

In this episode of BFRR – Bitcoin, Fiat & Rock’n’Roll, we welcome a very special guest: Rhys Bidder, Deputy Director of the Qatar Centre for Global Banking and Finance and lecturer at King’s Business School and the University of Cambridge. With a background at the Federal Reserve Bank of San Francisco and years of research at the intersection of monetary policy and digital assets, Rhys brings rare insight into one of the most pressing debates of modern finance: the role of stablecoins.

Our conversation traces Rhys’s journey from monetary theory and stress testing banks after the global financial crisis to becoming a leading voice on central bank digital currencies (CBDCs), stablecoins, and blockchain infrastructure. He explains how stablecoins resemble “narrow banks,” why their settlement models differ radically from traditional banking systems, and why those differences matter for efficiency and global payments.

We dive deep into the risks and opportunities:

What counterparty risk and potential “run risks” mean in a stablecoin world.

How deviations from the “singleness of money” raise fundamental questions for monetary stability.

Why onboarding and offboarding between crypto and fiat is the hidden battleground for adoption.

How stablecoins could both support and complicate monetary policy transmission.

And whether regulators should explore central bank liquidity backstops for properly collateralized issuers.

Rhys also challenges central banks’ often dismissive stance toward stablecoins, arguing that regulators should focus not only on risks but also on constructive frameworks that make them safer. From global lender-of-last-resort questions to the politics of dollarization, this conversation brings monetary economics back to first principles: what is money, how should it work, and who should control it?

If you want to understand how stablecoins could reshape the financial system—and what role they should play alongside banks, CBDCs, and tokenized deposits—this is a must-listen.

LinkedIn Rhys

Bitcoin, Fiat & Rock'n'Roll Telegram Channel

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Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here

All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!