The Stablecoin Competition Is On. Who Will Be the Winners and Losers? - Ep. 920 from Unchained

The Stablecoin Competition Is On. Who Will Be the Winners and Losers? - Ep. 920

1 hour 7 minutes Posted Oct 10, 2025 at 1:00 pm.

Intro

What Rob and Mert expect from the coming flood of stablecoins and stablechains

How network effects could decide the winners in the stablecoin wars

Whether Tether’s dominance is here to stay

Why Forex matters—and why everyone still wants dollars

Whether Tether even cares about its new competitors

What Rob calls the biggest existential threat to Tether

Can Circle’s new payments chain, Arc, really compete in this environment

Why Mert says Circle is in a difficult strategic position

How new Layer 1s risk pleasing no one by trying to please everyone

Whether banks are doomed—and why employees might want to start exiting now

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Show notes

The stablecoin race is heating up. With the passage of the U.S. stablecoin law the floodgates have opened. Tether still dominates globally, but Circle, Stripe, and a wave of new “stablechains” are making their move.

In this episode, Dragonfly partner Rob Hadick and Helius CEO Mert Mumtaz join Laura Shin to map out how this battle could reshape crypto and payments.

Will ecosystem apps like Phantom and Jupiter keep their own stablecoins? Can Circle’s new Layer 1, Arc, compete with Tether’s network effect?

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Guests:

Rob Hadick, General Partner at Dragonfly

Mert Mumtaz, CEO of Helius

Timestamps:

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