Two major stories are rocking the Web3 world in May 2025: 1️⃣ A consortium of U.S. megabanks (JPMorgan, Citi, Wells Fargo) is exploring a joint stablecoin to modernize payments, challenge crypto-native players, and shape U.S. regulation. 2️⃣ President Donald Trump hosted a $TRUMP coin investor dinner, raising serious questions about conflicts of interest, foreign influence, and the future of crypto regulation in politics. This episode unpacks the motivations, risks, and implications of these developments—and what they mean for the future of Web3. From the stablecoin battleground to the politicization of meme coins, the stakes for decentralization have never been higher.