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:

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<a href="https://x.com/HadickM">Rob Hadick</a>, General Partner at Dragonfly
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<a href="https://x.com/0xMert_">Mert Mumtaz</a>, CEO of Helius
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Timestamps:
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🎬 0:00 Intro
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🔥 2:50 What Rob and Mert expect from the coming flood of stablecoins and stablechains
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🌐 12:06 How network effects could decide the winners in the stablecoin wars
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💵 14:09 Whether Tether’s dominance is here to stay
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💱 22:45 Why Forex matters—and why everyone still wants dollars
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😎 27:15 Whether Tether even cares about its new competitors
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⚠️ 33:18 What Rob calls the biggest existential threat to Tether
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🏦 36:00 Can Circle’s new payments chain, Arc, really compete in this environment
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🧩 40:42 Why Mert says Circle is in a difficult strategic position
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🤝 45:17 How new Layer 1s risk pleasing no one by trying to please everyone
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💣 52:55 Whether banks are doomed—and why employees might want to start exiting now
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</ul> Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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