Welcome back to another EUVC Podcast, where we gather Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.

Today we dive into the mainstreaming of stablecoin yield with David Sutter, CEO & Co-founder of OpenTrade, and Itxaso del Palacio, GP at Notion Capital. With $11M raised in just six months, transaction volumes already topping $200M, and growth at 20% month-on-month, OpenTrade is one of the fastest-scaling fintech infrastructure plays in Europe. But this is about much more than another fintech: it’s about embedding yield into the financial internet, bridging stablecoins with real-world assets, and building institutional-grade trust for millions of users across Latin America and Europe.

🎧 Here’s what’s covered:

* 05:00 OpenTrade Origins: David on early stablecoin work, the “yield gap,” and why embedded yield is the next frontier.

* 10:00 Why Notion Invested: Itxaso explains the fintech infra angle, regulatory tailwinds, and parallels to prior bets.

* 15:00 Stablecoins & AI: How AI agents will need financial rails, and why stablecoins are the only money fit for machines.

* 20:00 The B2B2C Model: Why OpenTrade scales via fintech partners, lessons from Circle & Stripe.

* 25:00 Real-World Asset Yield: Treasuries, commercial paper, trade finance, private credit, and DeFi strategies.

* 30:00 Traction & Growth: $200M processed, $65M balances, 20% MoM growth — early but fast-scaling.

* 35:00 Investor Diligence: Itxaso on team quality, regulatory strategy, asset transparency, and Notion’s conviction.

* 40:00 Scaling Priorities: David on building the right team, institutional safeguards, and systems for growth.

* 50:00 Closing Reflections: Investor opportunity in crypto infra, regulation as an enabler, and why “now is the time.”

You can watch the episode here, or add it to your queue on Apple or Spotify 🎧 (chapters for easy navigation available on both).

✍️ Show Notes

The Core Insight

* Stablecoins make dollars smarter, faster, more accessible — but they’ve lacked yield.

* OpenTrade’s vision: embed yield safely into the apps people already use, like Stripe embedding checkout into the internet economy.

Why Now

* Regulation clarity (Genius Act, Circle IPO) → institutional adoption.

* Scale: Stablecoin volume > Visa & Mastercard ($20T+ annually).

* AI kicker: machine-to-machine payments need programmable money. Stablecoins are the only tech fit.

OpenTrade’s Model

* B2B2C: sell to fintechs, wallets, neobanks; they deliver yield to end-users.

* Inspired by Circle’s USDC model (“don’t serve end-users, serve the fintechs”).

* Distribution > millions of wallets via one integration.

Institutional-Grade Standards

* Legal: bankruptcy remoteness; funds segregated at creditworthy institutions.

* Cyber: independent audits and pen tests.

* Support: “no job too small” — CEO on late-night customer calls.

Real-World Asset Yield

* Products span money markets, treasuries, commercial paper, trade finance, private credit, ETFs.

* Yields range from 4% “risk-free” to 15% higher-risk.

* Built with regulated asset managers, not in-house trading desks.

Traction

* $200M processed in year one.

* $65M balances under management, growing 20% MoM.

* Repeatable infra → new product launch in 30 days.

Scaling Priorities

* Team doubled from 6 to 12.

* Key hires: COO (20 years in finance, built bank-owned custodian), MD Sales (crypto infra sales), PhD CTO (Illinois Champaign, ex-Google/Meta).

* “Game-changer hires” as talent multiplier (Notion’s framework).

Investor Lens

* Notion: backed infra from CurrencyCloud to Paddle to Griffin. OpenTrade = next rails.

* Key diligence: real yield sources, bankruptcy-remote structures, global regulatory strategy.

* Why founders picked Notion: size, reputation, founder references, chemistry with GP.

💡 One-liner takeaway:Stablecoin yield is the missing layer of embedded finance — OpenTrade is proving it can be built safely, scaled B2B2C, and expanded into a full-stack infra business for the financial internet.

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