Payment rails vs yield-bearing vaultsâthe stablecoin landscape is undergoing a fundamental shift.
In this episode of Stabled Up, we sit down with Sam Kazemian, founder of Frax Finance, to discuss why genius regulation changes everything, how Frax's clearinghouse strategy works for compliant stablecoins, and why Western Union and JPMorgan are making stablecoin moves.
We discuss:
- The Two Types of Stablecoins Framework
- Why Genius Regulation Changes Everything
- Frax's Clearinghouse Strategy for Compliant Stables
- DeFi Blowups & Lessons Learned
- Western Union & JPMorgan's Stablecoin Moves
- White Label Issuance Infrastructure
- Tokenized RWAs as Stablecoin Collateral
00:00 Intro
01:04 Sam's FOMO & Conference Circuit
02:00 Fraxnet Launch & DeFi Blowups
04:14 Recursive Lending vs Rehypothecation
07:23 Separating Risk Analysis from Allocation
09:24 Genius Act's Broader Impact
13:30 The Stablecoin Spectrum Explained
14:21 Payment vs Savings Stablecoins
17:52 Checking & Savings as Economic Forms
19:21 Stablecoins Meet RWAs
20:44 10x Yield Efficiency Gains
25:01 Tokenized Collateral Architecture
25:45 TrueUSD Dubai News Break
26:31 Frax's Genius Compliance Bet
28:10 White Label Issuance Vision
29:43 Target Sectors for Stablecoin Launches
31:06 Institutional Inflection Point
33:13 The Seats at the Table Metaphor
34:01 Frax's Ethlend to Aave Moment
37:06 Closing Thoughts
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