Want a comprehensive look at the stablecoin sector from top Messari analysts and industry-leading contributing partners?

📥 Download the FREE State of Stablecoins 2025 report live now: https://messari.io/report/state-of-stablecoins

💡 Ask Messari Copilot: How should emerging markets balance the benefits of dollar-denominated stablecoin access with the risks to their sovereign monetary policy?

👉 See Copilot's Response: https://messari.io/copilot/share/stablecoins-in-emerging-markets-a-balancing-act-63575aa2-c161-4091-b2b4-166c5cd640a3

In this special Unqualified Opinions episode, Messari’s Andrew dives deep into the cross-border stablecoin economy with Arnold Lee, co-founder of Sphere Labs.

They unpack:

- What it means to operate without clear money transmitter laws in emerging markets

- How “stablecoin sandwiches” are revolutionizing cross-border payments

- Why FX inefficiencies still dominate traditional finance rails

- The core thesis behind Sphere Pay and the Sphereet private Solana cluster

- Why small, agile companies may have an edge over global fintech giants like Wise and Revolut

- The looming tension between dollar stablecoin adoption and sovereign monetary policy

Whether you're a builder in fintech, a stablecoin researcher, or just crypto-curious, this episode offers a comprehensive look at the real-world implications, frictions, and transformative potential of programmable money.

00:45 Introductions

1:11 What Sphere Is

3:22 User Benefits

15:39 How Liquidity Works

25:33 Role in Routing

34:52 Use Cases

44:39 Competitor Talk

47:27 Future and Risk

1:05:40 What's Next?

1:08:08 Conclusion

Hosted by Andrew Dyer of Messari

Full list of contributing partners includes: Coinbase Developer Foundation, Tether, Tron, Addressable, Circle, Global Dollar Network, Stellar, Sky, Hyperbeat, Perena, fx Protocol, Bitso, Huma, Ondo Finance, Plasma, Firefly, Dragonfly, Anchorage Digital, and Sphere.

Follow Messari on Twitter: https://twitter.com/MessariCryptoFollow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415e

Follow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979

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This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.