What if the entire stablecoin economy is built on a monetary system that works in REVERSE of the dollar? Kory Hoang, CEO and co-founder of Stably, joins Bryan and Eric to break down a brand new taxonomy for stablecoins — and why credit expansion in DeFi actually SHRINKS the money supply instead of growing it. Kory was the fifth USD stablecoin issuer in the world. He and David launched on Binance back in 2019, survived the first stablecoin liquidity war, then pivoted Stably into stablecoin-as-a-service for institutions. Now he's published a research paper proposing a top-down taxonomy — exogenous vs. endogenous, reserve-backed vs. CDP vs. strategy-backed — and mapping stablecoins to M0, M1, M2 monetary aggregates the same way central banks track fiat. The kicker: the math is inverted. Fiat credit creation grows M2 to 4.21x M0. Stablecoin credit creation pulls tokens OUT of circulation through redemptions. Right now the stablecoin multiplier is 1.13x — but as DeFi composability stacks receipt tokens, wrapped assets, and lending deposits on top of each other, the "meta money supply" is the next thing every policymaker, builder, and investor needs to understand. This is one of the most important conversations we've had on Dose of Alpha. If you're building, investing, or just trying to understand where digital dollars are going next — this is the alpha. Chapters: 0:00 Introduction to Kory Hoang and Stably 0:59 Stably's History and Mission 2:10 From Algorithmic Trading to Crypto 5:15 Competing with Tether in the Early Days 7:26 The Launch of USDS and Binance Listing 8:50 Surviving the First Stablecoin War 12:29 Pivot to Stablecoin Infrastructure 14:02 Stablecoins in the AI Agent Economy 18:15 Proposed Stablecoin Taxonomy Research 20:26 Exogenous vs. Endogenous Stablecoin Models 24:08 How Fiat vs. Stablecoin Money Is Created 28:57 Defining M0 through M4 in Traditional Finance 33:22 Applying Monetary Aggregates to Stablecoins 45:13 The Stablecoin Money Multiplier Challenge 48:05 DeFi Composability and Meta Money Supply Risks 53:14 Stably's Advisory Services and Future Outlook More alpha drops soon. Follow on X: Kory: @koryhoang | Stably: @stably | Bryan: @bryancolligan | Eric: @EricWaisanen & Alpha Growth: @alphagrowth1 The Alpha Growth team is excited to bring you real-time intel from the DeFi front lines. Catch every episode of Dose of Alpha on YouTube, Spotify, and X. Learn more at alphagrowth.io. Subscribe, like, and drop a comment to let us know what alpha you want next. #DoseOfAlpha #Stably #Stablecoins #DeFi #Tether #Aave #StablecoinTaxonomy