Lee and Jimmie dive into the implications of stablecoin growth on U.S. monetary policy, unpack the potential fallout from a major settlement between credit card issuers and large merchants, explore the collapse of digital asset treasury companies, and explain the curious concept of the "DeFi mullet."

📺 Watch on YouTube 🎥 Coffee & Crypto With Lee & Jimmie

📌 Hosts on X (formerly Twitter) • Lee Reiners → @leereiners • Jimmie Lenz → @jimmie_lenz

🔗 Related Links

• PDF: miran20251107a
• Visa and Mastercard Near Deal With Merchants That Would Change Rewards Landscape – WSJ
• The Year's Hottest Crypto Trade Is Crumbling – WSJ
• Coinbase Disrupts Bitcoin-Backed Lending – Decrypt
• Why Trump's team is betting on stablecoins

Lee and Jimmie debrief Jimmie's visit to Money 20/20 before diving into a flurry of stablecoin announcements. They also discuss the potential for FASB to recognize stablecoins as cash equivalents in financial statements and Fed Governor Waller's idea for a "skinny" master account for payment companies.

📺 Watch on YouTube 🎥 Coffee & Crypto With Lee & Jimmie

📌 Hosts on X (formerly Twitter)

• Lee Reiners → @leereiners
• Jimmie Lenz → @jimmie_lenz

🔗 Related Links

• Big Banks Enter Stablecoin Era by Taking Zelle International – WSJ
• Western Union Joins the Crypto Arms Race – WSJ
• Citi and Coinbase Boost Digital Asset Payment Capabilities
• Mastercard to Acquire Zerohash for Nearly $2B – Fortune Crypto
• Stablecoin Hype Fuels Crypto's Demands for Accounting Clarity
• Governor Waller's Remarks at the Payments Innovation Conference – Federal Reserve

Lee and Jimmie discuss CZ's pardon, the impact of stablecoins on credit intermediation, and the October 10th crypto sell-off—and the lessons it offers for market structure and risk.

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📺 WATCH ON YOUTUBE: Coffee & Crypto With Lee & Jimmie – YouTube

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📌 HOSTS ON X:

Lee Reiners → @leereiners Jimmie Lenz → @jimmie_lenz

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🔗 RELATED LINKS:

• Exclusive Trump Pardons Convicted Binance Founder – WSJ • If DeFi is the Future of TradFi, What Did Friday Teach Us? – Cumberland DRW LLC • Binance Announces The $400 Million "Together Initiative" – Binance • The Coming Stablecoin Shock to America's Credit Markets • GENIUS at Work in the US Financial System

Lee and Jimmie discuss Swift's plans for blockchain-based payments, Intercontinental Exchange's investment in Polymarket, the SEC's approval of generic listing standards for crypto ETPs, Grayscale's launch of ETH staking ETPs, a new crypto industry index from S&P, and controversy over trading volume on the DeFi exchange Aster. Lee's X: @leereiners Jimmie's X: @jimmie_lenz Register for Digital Assets at Duke: https://www.digitalassetsatduke.org/ Watch Coffee & Crypto on YouTube: Coffee & Crypto With Lee & Jimmie - YouTube Related Links:

• Swift to add blockchain-based ledger to its infrastructure stack in groundbreaking move to accelerate and scale benefits of digital finance across more than 200 countries and territories worldwide | Swift
• NYSE Owner Intercontinental Exchange in Deal for $2 Billion Stake in Polymarket - WSJ
• SEC.gov | SEC Approves Generic Listing Standards for Commodity-Based Trust Shares
• Grayscale Enables Staking For First US Spot Crypto ETPs
• S&P Global to Launch Innovative Crypto Ecosystem Index, a New Way to Combine Cryptocurrencies and Crypto-Linked Equities - Oct 7, 2025
• Aster Delisting Exposes DeFi's Growing Integrity Crisis

Lee and Jimmie discuss the use cases for tokenized funds, CFTC efforts to permit tokenized collateral, new data on consumer use of crypto for payments, Circle's push for reversible USDC transactions, a new stablecoin powered by Stripe, and Tether's potential $500 billion valuation.

Lee's X: @leereiners Jimmie's X: @jimmie_lenz

Watch Coffee & Crypto on YouTube: Coffee & Crypto With Lee & Jimmie - YouTube

Related Links:

• The Emergence of Tokenized Investment Funds and Their Use Cases - Liberty Street Economics

• Acting Chairman Pham Launches Tokenized Collateral and Stablecoins Initiative | CFTC

• U.S. Consumers' Use of Cryptocurrency for Payments - Federal Reserve Bank of Kansas City

• Stablecoin issuer Circle examines 'reversible' transactions in departure for crypto

• Stablecoin News: Stripe, Paradigm Unveils Payments-Focused Blockchain Tempo

• Tether's $500 Billion Valuation Play: How It Got There (USDT) - Bloomberg

Lee and Jimmie conduct an in-depth analysis of the recent initial public offering and S-1 filing by the cryptocurrency exchange Gemini.

Lee's X: @leereiners Jimmie's X: @jimmie_lenz

Watch the show on YouTube: Coffee & Crypto With Lee & Jimmie - YouTube

Related Links:

• Gemini S-1 Filing (SEC)

Lee and Jimmie discuss Nasdaq's move to list tokenized equities, CBOE's launch of continuous futures for Bitcoin and Ether, a bidding war to issue Hyperliquid's new stablecoin, new polling on crypto ownership, and drama with Trump's nominee to head the CFTC.

Lee's X: @leereiners Jimmie's X: @jimmie_lenz

Watch the show on YouTube: https://www.youtube.com/@CoffeeCryptoWithLeeAndJimmie

Related Links:

• Q&A: Nasdaq's New Proposal for Tokenized Securities | Nasdaq
• Cboe Global Markets, Inc. - Cboe Plans to Launch Continuous Futures for Bitcoin and Ether, Beginning November 10
• What Is USDH? A Deep Dive into Hyperliquid's Native Stablecoin | CoinGecko
• Poll: Who owns cryptocurrency? More young people, more men and more Republicans
• Trump's CFTC Hopeful Quintenz Takes His Dispute With Gemini's Tyler Winklevoss Public

Lee and Jimmie discuss the risk quantum computing poses to crypto, Galaxy's Class A shares on Solana, tokenizing gold bullion, and the WLFI token unlock.

Lee's X: @leereiners Jimmie's X: @jimmie_lenz

Related Links:

• SEC Reviews Quantum-Safe Roadmap for Digital Assets

• Galaxy (GLXY) Tokenizes Its Shares on Solana Blockchain With Superstate

• London's bullion market to trial digital gold

• Trump Family Amasses $5 Billion Fortune After Crypto Launch - WSJ

Lee and Jimmie discuss Jimmie's new paper on who will ultimately win the stablecoin wars, the Bullish and prospective Gemini IPO, and recent announcements by the CFTC designed to provide crypto "regulatory clarity."

◆ Lee's X: @leereiners ◆ Jimmie's X: @jimmie_lenz

Related Links:

• Genius At Work In The US Financial System by Jimmie Lenz & Reid Tymcio (SSRN) • Bullish receives $1.15B of IPO proceeds in stablecoins • Gemini Plans to Go Public via Nasdaq as Crypto IPOs Boom – Decrypt • CFTC Press Release 9105-25 • Acting Chairman Pham Announces FBOT Advisory to Provide Regulatory Clarity for Non-U.S. Exchanges – CFTC

Lee and Jimmie discuss a new proposal from the BIS to address AML compliance on-chain, a warning from FinCEN on Crypto ATMs, the Mooch tokenizing shares in his fund, Wyoming's new stablecoin, and the end of the Federal Reserve's novel activities supervision program.

◆ Watch this episode on the Coffee & Crypto with Lee & Jimmie YouTube Channel

◆ Lee's X: @leereiners ◆ Jimmie's X: @jimmie_lenz

Related Links: • BIS bulletin: An approach to AML compliance for cryptoassets • FinCEN Notice on Convertible Virtual Currency Kiosks • SkyBridge Capital to tokenize $300M in hedge funds on Avalanche • Wyoming becomes first to launch a state-issued stablecoin • Federal Reserve Board announces it will sunset its novel activities supervision program