In this episode of Unchained, Laura is joined by Rob Hadick, General Partner at Dragonfly, and Sam MacPherson, Co-founder and CEO of Phoenix Labs, to break down the fast-moving world of stablecoins and stablechains.They discuss Ethena’s USDe $5 billion drop, the rise of “stablecoin-as-a-service” models, the emergence of payment-focused blockchains like Tempo and Codex, and the return of TradFi heavyweights like Visa, Mastercard, and Western Union to the digital dollar race.From liquidity challenges to regulatory shakeups and tokenized deposits, the conversation explores what it really takes to win the stablecoin wars, and, importantly, whether any of these players can even make a scratch to king Tether.Thank you to our sponsors! BinanceGuests: Rob Hadick, General Partner at Dragonfly Sam MacPherson, Co-founder and CEO of Phoenix LabsLinks:Previous coverage on Unchained: Stablecoins Are Popping Up Everywhere. What’s the End Game? Why Every Chain Suddenly Wants Its OWN Stablecoin - The Chopping BlockTimestamps:🎬 📉 🔮 💸 ⚔️ 💡 💳 🏦 🔥 🏛️ ⛓️ 💵 🏢 🚀 Learn more about your ad choices. Visit megaphone.fm/adchoices