This week on Commerce Conversations, Dan is joined by Tom Brown for a candid, operator-level walkthrough of the next big change in payments: tokenized deposits and controllable payment intangibles (CPIs). Instead of shuttling funds across intermediaries, banks can keep value parked and transfer the claim—a model that looks a lot more like immobilized securities than traditional money movement.

We dig into what that means for wires, RTP, and bank UX; why real-time ledgering matters more than real-time messaging; and where clearing houses still fit. Tom lays out a pragmatic adoption path: start with one internal flow, define standards before chasing consortia, and dogfood a wallet/registry that tracks ownership across accounts. We also cover risk, compliance, and how startups can serve as the bridge layer between cores and digital rails.

If you run payments, treasury, or product at a bank or fintech, this episode is your field guide—complete with quick wins, common pitfalls, and how to know you’re actually ready to ship.

Stablecoins are moving from the margins of crypto speculation to the center of real-world commerce—and regulation is finally catching up.

In this episode of Commerce Conversations, Dan Rosen is joined by two experts on the frontlines of fintech law: Lindsey Haswell, Chief Legal Officer at MoonPay and board member for BlackRock’s crypto ETFs, and Mitzi Chang, co-chair of the blockchain and fintech practices at Goodwin Procter.

Together, they break down:

Why 2024’s regulatory clarity marks a turning point for stablecoins

How legislation like the Genius Act could unlock a wave of adoption—and M&A

What makes USDC, USDT, and PYUSD different under the hood

Why the merchant side (not consumers) may drive the next phase of stablecoin use

How global markets (Europe, LATAM, APAC) are approaching stablecoin legislation

The legal questions surrounding yield-bearing tokens

And what happens when crypto infrastructure meets generative AI

Whether you’re a founder, fintech exec, lawyer, or investor—this episode offers a clear-eyed look at where stablecoins are headed and what it means for the broader financial stack.

In this episode of the Commerce podcast, Ys chats with longtime friend and payments operator Marco Mahrus—now Head of Revenue at Bridge—about how stablecoins are reshaping the future of global payments.

Marco takes us behind the scenes of building payments products at Uber and Brex, including the complexities of launching a co-branded card and navigating global regulatory environments. He explains how Bridge, now part of Stripe, enables companies to send and receive value on-chain through stablecoins—without requiring a crypto-native customer experience.

They dive into why adoption is accelerating now, where stablecoins have already seen traction in the Global South, and why the real breakthrough is happening behind the scenes in treasury management, cross-border disbursements, and on-chain loyalty. Whether you’re a fintech founder or enterprise operator, Marco’s clear-eyed view of the evolving payments stack offers a blueprint for what’s coming next.

In this podcast, Kirill Gurtman, Co-Founder of Conduit, shares his journey from growing up in Ukraine to building one of the leading infrastructure providers for stablecoin-powered cross-border payments. After living in multiple countries and adapting to new cultures, Kirill developed a sense of resilience and adaptability—traits that would later prove essential in his entrepreneurial journey.

Kirill recounts his early curiosity around crypto, sparked by receiving his first Bitcoin over a decade ago (and subsequently losing it), and how that experience led him to roles at crypto startups like Bread Wallet. After seeing firsthand the limitations of traditional financial infrastructure during a stint in banking, he became convinced that blockchain could offer a better alternative.

The episode dives into the founding story of Conduit, which started as a DeFi middleware layer and later pivoted to focus on solving a major pain point: making stablecoins useful in real-world, cross-border payments. Kirill reflects on the hard lessons learned through product pivots, layoffs, and the search for product-market fit—highlighting how intellectual honesty and staying lean helped the team survive.

Kirill also explores trends in the stablecoin ecosystem, from the role of traditional financial institutions to Circle’s recent moves and the broader regulatory landscape. He offers thoughtful predictions on how banks, payment processors, and central banks might interact with stablecoin rails in the years ahead.

The conversation closes with Kirill’s reflections on leadership, the underrated value of focus, and why founders need to be brutally honest with themselves—especially when things seem like they’re working, but aren’t.

In this episode of Commerce Conversations, the Commerce Ventures partners outline their key predictions for 2025, diving into FinTech, Retail Tech, and broader industry trends. They begin by examining stablecoins, predicting their adoption for cross-border payments due to increased liquidity, expanded use cases, and favorable regulatory environments. Moving to the banking sector, they foresee significant M&A activity driven by regulatory changes, capital pressures, and competition, potentially creating larger super-regional institutions.

The partners discuss anticipated regulatory shifts under new leadership, particularly in FinTech, noting potential impacts on banking innovation and sponsor-banking dynamics. They also predict a wave of successful FinTech IPOs, led by companies with strong revenue growth, and forecast 2025 as a banner year for venture funding, driven by increased liquidity and optimism in public markets.

In technology, AI takes center stage, with predictions about its disruptive impact on search engines and its potential to transform industries like insurance. They foresee AI-driven tools reducing integration costs for insurance carriers, accelerating innovation and venture interest in the sector. Additionally, they predict advancements in digital wallets and biometric payments, enabling consumers to leave physical wallets behind.

Closing with reflections on the confluence of regulatory, technological, and market shifts, the episode emphasizes the transformative potential of 2025. The team encourages listeners to engage with Commerce Ventures on their platforms for ongoing insights.

In this podcast, Johnny Ayers, CEO and Founder of Socure, delves into his journey from a sports-oriented upbringing to becoming the founder of Socure, a leader in identity verification. Growing up in a competitive environment, Johnny developed a strong work ethic and resilience, which were further reinforced by mentors and exposure to successful entrepreneurs. After college and navigating a tough financial crisis-era job market, he founded Socure, driven by the idea of leveraging technology to solve critical problems in identity verification.

Johnny recounts pivotal moments, including the development of groundbreaking fraud detection algorithms in 2016 that outperformed industry benchmarks, cementing Socure’s position as a market leader. He also highlights challenges, such as B2B enterprise sales, and the need for grit in overcoming repeated rejections.

The conversation also explores the company’s evolution from being a potential acquisition target to becoming a consolidator, with strategic acquisitions like Berbix and Effective enhancing their capabilities. He emphasizes the transformative potential of AI, which permeates all aspects of Socure’s operations, from product development to internal processes.

Reflecting on entrepreneurship, Johnny advises aspiring founders to enjoy the journey, choose problems they are passionate about, and surround themselves with complementary teams. He also discusses the importance of adaptability, customer-centricity, and leveraging partnerships like Commerce Ventures to scale effectively. The episode closes with a forward-looking perspective on Socure’s role in the consolidation of the identity verification space and Johnny’s continued enthusiasm for tackling large-scale challenges.

• Host Julie Verhage Greenberg introduces the Commerce Conversations podcast and the episode’s focus: a conversation between Dan Rosen and Aaron Schum, CEO of Vestwell, discussing Aaron's journey, entrepreneurship, and the U.S. retirement crisis.

• Aaron shares his upbringing in a blue-collar family in Chicago, where his father’s interest in the stock market sparked Aaron’s own passion for finance.
• Despite not seeing himself as an entrepreneur early on, Aaron recalls his early interests in problem-solving and teamwork, which set the foundation for his future in financial services.

• After an initial career at Northern Trust, Aaron moved to New York, pivoting toward fintech. He gained experience as a product manager in CheckFree, which later influenced his approach to financial technology.
• Aaron describes his first entrepreneurial venture, starting FolioDynamix, and the eventual acquisition by Envestnet, detailing the challenges and emotions around selling his first startup.

• Post-FolioDynamix, Aaron quickly transitioned into founding Vestwell to tackle the retirement crisis. He felt a strong conviction about Vestwell’s mission and was motivated to address the issue of savings in America.
• Aaron highlights the challenges he faced building the company’s infrastructure from scratch and explains how the experience helped him refine his approach to problem-solving in a startup environment.

• Aaron recounts the difficulties Vestwell encountered, particularly raising funds during COVID-19 and convincing investors of the company’s value in an industry where understanding core infrastructure is complex.
• He also reflects on a challenging Series C funding round, compounded by personal struggles, but explains how the experience underscored the importance of patience and adaptability.

• Aaron talks about working with legislators on Capitol Hill to advocate for retirement reform and drive awareness of the retirement crisis. He underscores the bipartisan support and dedication he observed, appreciating the intelligence and commitment of many in the political sphere.
• He mentions bringing industry leaders together to discuss solutions and advocate for policy changes that benefit the public.

• Aaron discusses the importance of core infrastructure in fintech, noting his belief that many recent innovations are more sustainable as features than standalone businesses.
• He comments on the wave of AI-driven ideas and solutions, highlighting the need for these innovations to address real problems meaningfully.

• Aaron shares his admiration for various business leaders, such as Jamie Dimon and Bill Crager, and mentors who influenced his perspective on leadership, strategic thinking, and problem-solving.

• Aaron advises new founders to focus on solving real-world problems, remain humble, and embrace the inevitable challenges and learning curve that come with building a startup.
• He encourages founders to be open to feedback and leverage the knowledge of others, stressing the importance of purpose-driven work.

In this episode of Commerce Conversations, Vivek Krishnamurthy, partner at Commerce Ventures, interviews Kirti Shenoy, co-founder and CEO of Zeal. The two discuss the future of payroll technology and how Zeal is pioneering solutions in the space.

Here are the key takeaways:

Background and Entrepreneurship: Kirti grew up in a blue-collar environment and was inspired by her father's entrepreneurial journey. Her early interest in building and creating led her to start her own ventures. At Wharton, she stood out by wanting to start a business while others aimed for investment banking.

Zeal's Journey: Kirti initially started a gig company with her co-founder Pranav, which eventually evolved into Zeal after they realized a gap in payroll services for W2 labor. They identified that existing tools like Stripe weren't equipped to handle complex payroll needs like taxes and overtime calculations.

Challenges and Innovations in Payroll: Zeal found that payroll for hourly and gig workers is complex because their hours, pay rates, and shifts vary constantly. Kirti highlighted that traditional payroll systems like ADP were not designed to handle the intricacies of modern, flexible workforces. Zeal's solution is to automate time capture and payroll processing, which has allowed companies to pay their workers more efficiently, even daily if needed.

The Future of Payroll: Kirti envisions a future where large employers will have branded, fully integrated payroll systems that allow employees to manage their finances seamlessly within the company’s ecosystem. She believes that payroll will become increasingly digitized and personalized, with a focus on faster payments, automated compliance, and greater integration with financial services.

Lessons Learned: Kirti emphasized the importance of focusing on essential products that customers can't live without, especially in volatile markets. For her, payroll is a “painkiller” product that businesses rely on regardless of the economic climate. She also advised founders to trust their instincts and ensure their products are solving real, critical pain points.

Advice for Entrepreneurs: Kirti's advice to aspiring founders is to pursue work that feels meaningful and impactful, rather than work that is driven by external accolades. She emphasized the satisfaction of building something real and valuable.

In the rapid-fire round, Kirti shared her admiration for entrepreneurs like David Barrett of Expensify and Rihanna for their unique approaches to business growth. She also hinted at a passion for public policy, which she might pursue if not running Zeal.

The conversation wraps with a reflection on the evolving role of vertical SaaS companies and how Zeal is helping businesses manage payroll more efficiently with their innovative infrastructure solutions.

• Early Life: Melissa was born and raised outside Minneapolis, Minnesota, with a strong family influence from her mother, a teacher and mathematician, and her father, a Vietnam vet and entrepreneur in tech and education.
• Career Path: Started in financial services due to her interest in combining tech and numbers. Joined Citi, eventually moving to Fifth Third Bank.

• Citi: Melissa shared highs, such as working with smart colleagues and leading tech initiatives like being the first to launch a banking app on the Apple Watch. Lows included internal factions and missed opportunities for better collaboration.
• Fifth Third Bank: Moved to Fifth Third for new challenges, influenced by the company’s focus on customer service and transformation, and inspired by leaders like Jane Fraser, Tim Spence and Greg Carmichael.

• Current State: Discussed the gap between the promise of digital banking and its current state. Highlighted the importance of personal relationships alongside digital advancements.
• Future Vision: Envisions a seamless, intuitive banking experience where needs are anticipated and addressed without complex forms, leveraging AI and open banking principles.

• Branches: Despite digital advancements, branches remain important for human connection and are seen as beacons of positivity and customer service.
• Blending Physical and Digital: Emphasized the importance of integrating digital tools to enhance personal interactions and ensure seamless service.

• Progress and Challenges: Noted improvements in gender diversity but acknowledged ongoing challenges, particularly at senior levels.
• Advice for Women: Encouraged self-advocacy and building supportive networks. Stressed the importance of forming inclusive and supportive professional communities.

• Final Thoughts: Melissa reflected on the importance of bringing people along and setting the pace for others in their careers.

The interview highlighted Melissa's journey, insights on the evolution of banking, and the importance of combining digital innovation with personal relationships.

Global Perspective and Resilience:

• Sharda's upbringing was deeply influenced by her parents' journey from India to the United States and their subsequent global relocations. This nomadic lifestyle instilled in her a sense of global citizenship and adaptability. She learned the importance of creativity, risk-taking, and dreaming big from her family's experiences, which have significantly shaped her professional journey.

Career Risks and Pivots:

• Sharda's career is marked by several significant risks and pivots. After law school, she transitioned into a business development role at Silicon Valley Bank, which set the stage for her future in tech and finance. Later, she moved from Wells Fargo to PayPal and eventually to Square, where she embraced roles that pushed her boundaries and leveraged her passion for technology and innovation.

Importance of Mission and Culture:

• Sharda emphasizes the importance of aligning with a company's mission, vision, and culture. She advises that believing in the product and leadership is crucial for meaningful work. She also highlights the value of being true to oneself and recognizing when a company's culture and goals do not resonate with personal values, which can significantly impact job satisfaction and effectiveness.