Stablecoins are redefining how money moves across borders — but will regulation keep up?In this episode, Jan and Jón are joined by Rhys Bidder, Senior Lecturer at King’s Business School, King’s College London, and advisor to Chainlink Labs, to discuss how MiCAR, the GENIUS Act, and the UK’s evolving stablecoin framework will shape the future of digital money. Rhys has written widely on stablecoins, CBDCs, and the digital yuan, and offers a deep look at how regulatory design, market structure, and monetary sovereignty intersect in the emerging digital economy. Expect an in-depth exploration of the tension between innovation and financial stability — and how Europe, the U.S., and the U.K. are taking different paths toward the same goal: safe, scalable digital money. What You’ll Learn in This Episode MiCAR vs. GENIUS: Why the EU and U.S. are taking such different approaches to regulating stablecoins. Dollarization and policy response: How the GENIUS Act could accelerate USD dominance — and how Europe is responding  The UK’s next steps: Inside the FCA and Bank of England consultations — from redemption rules to liquidity backstops. Financial stability trade-offs: Why runs on stablecoins may look different from bank runs — and how central banks can design liquidity safety nets. Innovation pressure: How stablecoins are forcing banks and central banks to modernize — and why competition between deposit tokens, CBDCs, and stables could be healthy. Future outlook: What stablecoins will look like in five years — from on-chain HQLA to cross-chain compliance and global standards. Academic insight: Where to study if you want to do a PhD on stablecoins, DeFi, or macro-financial innovation. Guest Rhys Bidder – Senior Lecturer, King’s Business School, King’s College London; Advisor, Chainlink Labs.Rhys researches how digital money is reshaping finance and monetary systems, with a focus on stablecoins, CBDCs, and financial stability.https://www.linkedin.com/in/rhys-bidder-10157826 The Hosts Jón Egilsson is a former Chair of the Central Bank of Iceland and Co-founder of Monerium, the first company to issue fiat currency on-chain. https://www.linkedin.com/in/egilssonJan Philipp Fritsche is Managing Director at Oak Security, a Web3 cybersecurity firm pioneering research on economic and systemic risks in decentralized systems. https://www.linkedin.com/in/janf/

📰 Episode Summary In this episode of MetaMarkets, hosts Jan Fritsche and Jón Egilsson sit down with Miguel Fernández Ordóñez, former Governor of the Bank of Spain and author of Adiós a los Bancos (“Farewell to the Banks”).Ordóñez argues that it’s time to end the banking monopoly on digital money — and to give every citizen direct access to public, risk-free money issued by the central bank. He explains why the current system is fragile, why crises like 2008 keep repeating, and how a Digital Euro could make money safer — if designed as an open public infrastructure, not as a tool to protect incumbents.From the collapse of Iceland’s banks to Europe’s MiCA regulation and the rise of stablecoins, this conversation explores how technology, competition, and monetary reform are reshaping the very foundations of finance. 💡 Key Topics & Ideas Why bank deposits aren’t “real money” — and what that means for financial stability The difference between public digital money and private bank money Lessons from the 2008 crisis: regulation vs. market failure How banking privileges block innovation Why the Digital Euro should be an open platform, not a state-run app Stablecoins and competition: the U.S. vs. European regulatory paths MiCA and the risk of reinforcing incumbent dominance “Banks are in favor of using digital euros — but against the Digital Euro”: unpacking the paradox Liberalization, not protectionism, as the key to progress in payments 🧠 Guest Bio: Miguel Fernández Ordóñez Miguel Fernández Ordóñez served as Governor of the Bank of Spain (2006–2012) and previously held senior roles in Spain’s Ministry of Economy and the European Central Bank.He is the author of Adiós a los Bancos, a groundbreaking book that challenges the foundations of modern banking and advocates for full monetary liberalization — enabling citizens to hold digital central bank money directly.His recent work focuses on the intersection of monetary reform, competition, and digital innovation.

Traditional finance is moving on-chain. Can Europe keep pace? We sit down with Marina Markezic, co-founder and Executive Director of the European Crypto Initiative (EUCI), to unpack how regulation is shaping the future of blockchain and finance in Europe. We cover breaking news from Stripe and Circle launching their own layer-ones, ESMA’s push to expand the DLT Pilot Regime, and even the European Central Bank’s exploration of issuing a digital euro on Ethereum or Solana. Marina brings her unique perspective from years of advising projects on governance, DeFi, NFTs, and regulation, as well as lobbying for innovation-friendly frameworks in Brussels. Expect a deep dive into how European crypto regulation compares to the U.S., the unintended consequences of MiCA, and why tokenization could reshape Europe’s financial infrastructure. What You’ll Learn in This Episode How ESMA wants to expand the DLT Pilot Regime to encourage broader tokenization. Why have only three firms joined the DLT sandbox so far. The hidden risks in Europe’s Data Act and its surprising requirement for smart contracts to be alterable and require backdoors. How lobbying battles in Brussels pit traditional financial institutions against crypto-native builders. The contrasting visions of Europe and the U.S. on stablecoins, CBDCs, and financial market modernization. Why regulatory vision matters more than technical details when shaping the future of finance. Guest: Marina Markezic Marina Markezic – Co-founder & Executive Director, of the European Crypto Initiative https://eu.ci Marina has advised blockchain projects since 2017 on governance and regulation, and is a leading voice on European crypto policy. Follow EUCI on https://www.linkedin.com/company/european-crypto-initiative and https://x.com/EuCInitiative  The Hosts Jón Egilsson is an Executive Member at King’s College London and an Executive Director at Monerium, the first company to issue fiat currency on-chain. https://uk.linkedin.com/in/egilsson  Jan Philipp Fritsche Managing Director of Oak Security, a Web3 cybersecurity firm that pioneered research on economic attack vectors in decentralized systems.https://www.linkedin.com/in/janf/   Links & Resources European Crypto Initiative (EUCI) https://eu.ci  ECB exploring Ethereum, Solana for digital euro launch according to FT https://cointelegraph.com/news/europe-mulls-ethereum-solana-digital-euro-launch Stripe and Circle are announcing their own Layer 1s https://www.coindesk.com/news-analysis/2025/08/17/why-circle-and-stripe-and-many-others-are-launching-their-own-blockchains ESMA Report on the DLT Pilot Regime (2025) https://www.esma.europa.eu/sites/default/files/2025-06/ESMA75-117376770-460_Report_on_the_functioning_and_review_of_the_DLTR_-_Art.14.pdf  Data Act https://digital-strategy.ec.europa.eu/en/policies/data-act   

Europe wants to lead in digital money—but is its own regulation setting it up to fail? In this episode of MetaMarkets, Jan Fritsche and Jón Egilsson are joined by Hana to unpack why Europe’s stablecoin rules could backfire. We discuss how MiCAR—the EU’s flagship crypto law—might actually increase risk, tilt the playing field in favor of big banks, and unintentionally help the U.S. dollar win the digital currency race. You’ll hear: Why the euro isn’t as “singular” or safe as it should be under current rules How a stablecoin tied to a bank could be under distress, as USDC once was Why Europe is forcing stablecoins to rely on banks they’re supposed to compete with What could happen if the next financial shock hits  What needs to change if the euro wants to stay relevant in a digitized world

MetaMarkets is the European lens on macro-finance and digital assets. We cover capital markets, cryptocurrency regulation, and the often-overlooked geopolitical implications of financial policy. This podcast maps out the forces shaping today’s economic landscape.    Jón Egilsson and Jan Fritsche host the show. We bring a rare combination of central banking leadership, economic research, crypto entrepreneurship, and Web3 cybersecurity expertise.