Stablecoins are having a moment. In this episode of TRM Talks, Ari sits down with Lesley Chavkin, Head of Global Policy at Paxos and former US Treasury official, to unpack the regulatory evolution shaping the future of digital finance.

Lesley shares her journey from building anti-money laundering frameworks in the Middle East, to building at Stellar, to now helping guide Paxos through a pivotal period for stablecoins. Her perspective bridges public service and private sector innovation — making her one of the most thoughtful voices in crypto policy today.

The conversation covers the impact of the GENIUS Act and why it marks a turning point for stablecoin issuers, how Paxos’ regulatory-first model is resonating with banks and traditional finance, and the differences between regimes like Singapore, the EU’s MiCA, and the US. They also dive into what financial institutions need to know about stablecoin infrastructure — from partnerships with PayPal to the buildout of the Global Dollar Network.

Lesley offers a candid view on what policymakers often miss about digital assets — and what’s still needed to build a safe, trusted, and interoperable future for stablecoins.