
Sam McPherson, co-founder of Phoenix Labs and Spark Protocol, explores the future of stablecoins, Spark’s role as DeFi’s liquidity layer, and how billions in capital are being allocated across DeFi, TradFi, and centralized markets. The conversation covers Spark’s evolution from lending markets to the liquidity layer, the role of Sky and its subDAOs, stablecoins as the black hole pulling TradFi on-chain, and how Symbiotic staking strengthens Spark’s security. We also discuss why yield-bearing stablecoins may define the next decade of crypto.Topics discussed in this episode:- 00:00 — Introduction- 09:28 — Evolution of Stablecoins- 13:11 — Capital Allocation on Spark- 17:42 — Rewards vs. Risk: Finding the balance- 20:56 — The link between Sky and Spark- 34:42 — TGE Advice for Founders- 36:57 — Competition in the Stablecoin market- 46:11 — Is there room for more Stablecoins?