I sit down with Devere Bryan, Group General Manager of First Digital, the company behind FDUSD stablecoin, and discuss the origins of First Digital, the creation and expansion of FDUSD, its partnership with Binance; Hong Kong's stablecoin sandbox and legislation, the reason they chose to move stablecoin business to BVI; the challenges facing stablecoin issuers and growth opportunities in emerging markets. Devere providesinsights into FDUSD's operations, crisis management, and future growth strategies, and its focus on Asia-Pacific regions.

Timestamps:

(00:00) - Opening Remarks

(00:54) - Brief Introduction to Genesis of First Digital (FD)

(03:23) - Hong Kong as a former Launchpad for Crypto Businesses

(04:13) - Partnership between FDUSD and Binance

(06:14) - FDUSD’s Asia Focus

(08:07) - Promising Asian Markets and Emerging Utility for stablecoins, Case Study - Coins.ph

(13:22) - Current Utility of stablecoin at This Stage

(17:22) - FDUSD's Brief Depeg in April and How FD Handled it

(23:04) - Hong Kong Sandbox, Stablecoin Bill and FD’s Decision

(30:34) - Challenges in Operating Stablecoins

(34:23) - Is Stablecoin Market Winner-Take-All

(36:44) - Ways to Diversify Stablecoin Revenue

(41:12) - How FD Identifies Growth Opportunities and Diversifies

(45:04) - Dominance of Dollar-pegged Stablecoins

(47:20) - GENIUS and its Impact on BVI, Cayman, Cook Islands, ADGM of Abu Dhabi

(49:12) - Closing Remarks

Follow worldledger.substack.com

Follow Devere Bryan on LinkedIn

On one side, we have centralized storage solutions like AWS; on the other, decentralized platforms such as Filecoin and Arweave. Sitting in between is IPFS, a distributed, peer-to-peer network for data storage and sharing that plays a critical role in the decentralized blockchain ecosystem we're building. Yet, IPFS adoption remains limited, hindered by the high cost of on-chain storage and slow data delivery speeds.

Kyle Tut, Co-founder and CEO of Pinata, offers arefreshing perspective. He doesn’t confine his company to the ideological extremes of either centralization or decentralization, nor does he tie it to any single blockchain. Instead, he takes a pragmatic approach to solving theindustry's real-world challenges.

You’ll also want to hear his views on NFTs and Memecoins.While some dismiss them as “silly,” Kyle looks beyond the surface to uncover the genuine opportunities and innovation they will bring to the space. His strategies to navigate the volatility of Web3 and views about the next big thing forcrypto offer further insights I’m excited to share with my audience.

Follow Kyle and Pinata on X: @kyletut | @pinatacloud; Follow Coco on Substack:  worldledger@substack.com , LinkedIn: https://www.linkedin.com/in/cocokee/ and X: @keeglobal

Timestamps:

(00:00) Opening Remarks, Omaha, Warren Buffett
(01:25) Kyle Tut's Background and the Beginning of Pinata (04:48) Comparison of Pinata with Other Centralized and Decentralized Storage Solutions
(07:37) IPFS and Its Unique CID and What It Means to Crypto Storage (09:21) Challenges Pinata Is Trying to Solve for Crypto Data Storage (10:37) What Is IPFS and Why It's Powerful (12:36) The Reasons Creators and Developers Use Pinata (15:19) Case Studies: OpenSea and Pump.Fun Partnership with Pinata (17:05) Why Centralized Storage Is Still the Majority of Data Storage (18:43) Pinata's Fee Structure (20:59) Kyle's Take on NFTs and Memecoins and Why They Are Important Regardless of Some Silliness (24:58) Other Market Opportunities: AI, RWAs, DePin, Gaming (31:21) Leading Hubs for NFTs and Memecoins Development (31:53) Strategies to Weather the Volatility of Web3 (34:52) Kyle's Contact Info and Closing Remarks

What happens when traditional finance (TradFi) principles meet the dynamic innovation of decentralized finance (DeFi)?

In this episode, I sit down with Martin de Rijke, Head of Growth at Maple Finance, to explore the company's diverse yieldproducts, over-collateralized lending options, cross-chain Syrup offerings, and, most importantly, its risk management framework.

Martin shares insights into Maple’s partnership with Cantor Fitzgerald, outlines the company’s growth strategy, and discusses how upcoming U.S. stablecoin regulations could impact firms like Maple. We also reflect on the previous cycle and the key lessons learned.

 Timestamps:

(00:56) Opening Remarks and Self-introduction

(02:40) Introduction to Maple Finance

(04:05) Maple's Partnership with Cantor Fitzgerald

(08:22) Maple's Business Explained in Detail

(15:05) Risk Management Mechanism for Underwriting Loans

(21:33) On-chain Pool for Lenders and Yield-bearing SyrupUSDC

(25:30) Built on Ethereum SyrupUSDC also Live on Solana

(26:21) Comparing Ethereum vs.other Chains Regarding TVL

(27:17) Growth Strategies and New Products

(31:47) Lessons Learned from the Last Cycle and Outlook for DeFi Lending

(33:58) Differences in Borrowing & Lending between this Cycle and the Last Cycle

(34:34) Implication of U.S. Stablecoin Regulations and whether non-USD Stablecoins Matter

(35:46) Closing Remarks

Follow me on X: @keeglobal Or on Substack: worldledger.substack.com

Follow Martin on X: @martindrijke

Follow Maple on X: @maplefinance

In a recent podcast interview with World Ledger, Amik A., Head of Product at Autonomys Network, shares his insights on how Autonomys Network is built to scale and support the fast growth of AI3.0 and Web3, including agentic technologies, without compromising decentralization.

(00:00) Opening remarks

(00:59) Amik’s Background and Responsibilities

(03:50) What is AI 3.0?

(05:21) Autonomys’ Layered Approach

(07:08) AI3.0 vs. Centralized AI

(10:12) Laying the Foundation for AI 3.0 and a Web3-Focused Future

(15:23) Solving the Blockchain Trilemma

(17:46) A Closer Look at Autonomys’ Solution to the Trilemma

(20:04) Product Roadmap

(22:20) Why Use MCP to Store Your Own Data in Centralized AI

(24:55) Users Served by Autonomys

(27:08) Challenges in Valuing Data and Compensating Data Contributors

(28:40) Will We Run Out of Data for AI Training?

(31:21) Why Build on Autonomys?

(34:55) AI + Web3: Are They a Good Match?

 To stay updated, subscribe to worldledger.substack.com

In this episode, I’m joined by Nick Forster, founder ofDerive, a decentralized crypto options exchange. We discuss his journey in launching Derive and his vision for the platform.

We also exchange thoughts on the uniqueness of this market cycle, the impact of Coinbase’s acquisition of Deribit, U.S. regulations, Bitcoin Strategic Reserve, traders’ sentiment aboutBitcoin’s price on Derive, and more.

Nick Forster founded Derive bout 5 years ago. Before that, he worked as an equity options trader at Susquehanna International Group.  He studied mathematics and economics at the St. Paul’s College, University of Sydney.

Subscribe to my newsletter to stay updated: worldledger.substack.com

00:00 Opening Remarks
00:38 Nick’s Background and Introduction
02:04 Introduction to Derive and How It Differs from Deribit
04:34 Initial Challenges and Hurdles in Launching Derive
06:32 Where Nick Found Tech Talent and Funding
09:08 Competition
10:17 Coinbase’s Acquisition of Deribit and Its Implications
11:20 DEX vs. CEX and Derive’s Target Users
13:57 Tremendous Growth Potential for DEXs
17:15 Addressing Technical Limitations Like Execution Speed
18:43 Ethereum Layer 2 vs. Layer 1
19:41 The Role of AI in DEXs
21:44 U.S. Regulations and their Impact
25:59 U.S. Market vs. Other Markets
27:45 Strategic Bitcoin Reserve
28:38 Where Bitcoin’s Price Is Headed This Cycle
29:45 Is This Cycle Different from Previous Ones?

In this episode of World Ledger, I sit down with Dr. Sam Seo, Chairman of the Kaia DLT Foundation, to discuss the evolution of Kaia Blockchain. Dr. Seo traces the history and challenges of two independent blockchains: Klaytn, launched by South Korea’s Kakao, and Finschia, developed by Japan’s LINE, their decision to merge, and the creation of Kaia.

Kaia leverages the reach of Kakao and LINE, two leading SuperApps in Asia with a combined user base of approximately 250 million. Dr. Seo shares Kaia’s vision, strategies, and tactics for driving Web3 mass adoption after the merge.  We alsoexamine the obstacles to Web3 adoption, strategies to overcome them, and the differing mindset and approaches between U.S. and Asian companies in building Web3 businesses.

Timestamps:

00:00 Opening01:12 Meet Dr. Sam Seo: Journey into Blockchain and Kaia03:23 The Birth of Kaia: Merging Klaytn and Finschia07:55 Comparing Kaia, Facebook, Telegram, and WeChat08:51 Post-Merger Restructuring and Positioning14:21 Applications Building on Kaia16:54 Improving UI/UX: Private Keys, Gas Fees, and Other Practices20:30 Kaia’s Strategies to Attract Web2 Users22:41 Major Hurdles to Web3 Mass Adoption25:09 Kaia and Stablecoins26:07 How Kaia Generates Revenue28:45 Differing Mindsets and Approaches to Web3: U.S. vs. Asia31:27 Building a New Chain vs. Using Existing Ones

 Subscribe to: worldledger.substack.com for updates.

In this episode, I'm joined by Rachel Lin, CEO of Singapore-based SynFutures, a decentralized derivatives exchange (DEX). 

We dive into the competitive landscape of crypto derivatives and explore both the strength and weakness of centralized and decentralized exchanges and the potential of AI integration with DeFi.  Rachel also offers valuable insights into DeFi regulations, token issuance strategies and RWAs. 

She highlights the dilemma she and her team are facing: on one hand, they aim to uphold their commitment to true Web3 principles—full on-chain operations, transparent trading, and decentralized product listings; on the other hand, they grapple with slow execution times caused by the lengthy block intervals of existing public chains.

She closes with reflections on the unique advantages and hurdles of being a female founder in the blockchain space.

Episode Timestamps:

00:32: Guest Background: From TradFi to Derivatives DEX
01:55: Founding SynFutures
02:30: Decentralized vs. Centralized Exchanges
03:46: How SynFutures Compares to Deribit & dYdX
06:47: Building a Derivatives DEX with the Amazon Model
09:25: Key Challenges for Derivatives DEXs
12:35: Why Product-Market Fit Is Crucial
14:14: AI Integration with DeFi: Hype or Real Impact?
21:44: Real-World Assets (RWA): Potential and Limitations
27:03: Token Issuance: Smart Strategies and Pitfalls to Avoid
29:00: DEX Regulations in particular what the Future Holds for SynFutures in the U.S. and Base’s Verified Pools
31:28: Centralized vs. Decentralized: Strengths, Weaknesses & Lessons from SynFutures
34:03: The Female Founder Experience: Unique Advantages and Challenges

My newsletter： worldledger.substack.com

My X: @keeglobal

In this conversation with Luca Prosperi, Co-founder and CEO of M^0, we discuss how M^0 is helping builders create stablecoins different from most of the existing ones such as Tether and Circle. M^0 is backed by Pantera Capital, Bain Capital, Galaxy Digital, Wintermute, SCB10X, GSR and others.

Follow Luca's blog Dirt Roads: https://dirtroads.substack.com/

Subscribe to World Ledger newsletter:

https://worldledger.substack.com/

Timestamps:

00:00: Introduction

00:49: From TradFi to DeFi, from surviving blood cancer to becoming an entrepreneur

03:28: From Maker to M^0, successful fund raise

06:43: Maker‘s innovation and its limitations

07:51: M^0‘s vision and aspiration 

12:23: Use Stripe as an example to illustrate how M^0 works

15:22: Differences between Paxos and M^0

16:54: Clients and real use cases

18:46: Opportunities and challenges with DeFi and traditional companies

20:59: Address counterparty risks of traditional banks

25:14: Real-time attestation of reserves

25:46: Fees, yields, spread

28:14: Embrace regulations and understand their limitations

31:00: Tether and its future

32:34: M^0 and its markets

34:38: MiCA and GENIUS Stablecoin Bill

37:26: Regulations and their potential impact on M^0’s growth

38:08: Closing remarks

No better time than now to take a step back and explore the global economy from a broader perspective. In this engaging new episode, I sit down with Shengbei Guo, CEO of New York-based GSB Podium Advisors, to unpack some of the most critical economic developments shaping the world. With his unique experience spanning the U.S., Japan, and China, Shengbei brings a global lens to these complex topics.

Here is what we cover in this episode:

Converting or swapping assets between Bitcoin and other blockchains has never been easy. Often, people rely on third parties or bridges for assistance. These bridges are typically centralized and operated by a small number of validators, making them vulnerable to hackers and fraud. Moreover, Bitcoin asset owners must relinquish self-custody.

I was joined by Niusha and Mahyar, Co-founders of TeleSwap, to discuss how they conceived the idea of TeleSwap and why they believe they have a better solution. Enjoy our conversation!

Follow Niusha (@__nemo__omen), Mahyar (@mahyar_daneshpajooh) and TeleSwap (@Tele_Swap) on X

To stay updated, subscribe to my newsletter: worldledger.substack.com

Show Notes:

01:00 Introductions

01:20 Two co-founders’ educational & professional backgrounds

06:21 TeleSwapbusiness concept genesis and development

07:17 Pain points that TeleSwap addresses

10:00 Differences between trustless and centralized bridges;

11:27 Mechanism how TeleSwap works as a trustless bridge

19:36 Expanding TeleSwap's reach

22:09 Meme coins on Bitcoin

24:27 Teleswap’s user profile and hurdles to overcome

33:50 Its competitors

34:39 Investors and backers

36:32 Recommendations for founders in different market cycles

30:00 Their plans for TST

39:44 Future vision, market sentiment, AI

43:10 Closing remarks

Welcome back. I am Coco. BlockchainAsia has been rebranded as World Ledger.

I am excited to share this new podcast episode featuring Xin Yan, co-founder of Sign. We discuss his journey from training as an electrical engineer to co-founding Sign, an omni-chain attestation protocol.

We explore Sign’s product offerings, clients, and revenue model — yes, we talk about how to make money! Xin also shares his vision for Sign and the industry and the company’s fundraising experience, and offers advice for fellow founders.

Founded in 2021, Sign is already profitable! Tim Draper wrote a blank check for the pre-seed round, and Sequoia’s U.S., China, and India entities all participated in its Seed Round. Most recently, Binance’s venture arm led Sign’s $16M Series A round. Notably, Sign does not have a token.

Enjoy our conversation and discover why such prominent investors readily invested in Sign.

01:35 Introduction and launch of the business

03:50 Sign Protocol and Product Offerings – EthSign, SignPass, Token Table

08:21 How EthSign works

14:56 How SignPass works and its clients

17:48 Adoption of blockchain technology and its impact on developing countries

21:02 Examples of EthSign users

22:44 Sign’s business model

23:42 Token Table’s business model in detail

26:49 How Token Table can help improve airdrop mechanism

28:24 The role of Token Table in global markets outside of crypto

32:17 The dynamics of different roles played by Sign Protocol and Token Table

34:02 Target markets

34:37 Fundraising journey from pre-seed to seed to Series A

36:45 Advice for fellow founders

To receive updates, subscribe to my newsletter: worldledger.substack.com

I officially launched BlockchainAsia Podcast in February 2024. Since then, I have interviewed eight insightful guests from the U.S., Europe, and Asia.

These include the former CEO of Silicon Valley Bank, two C-suite executives of Taiwanese companies that deliver real-world use cases of blockchain, the founder of a Web3 incubator in Hong Kong, a partner from a VC Fund headquartered in Singapore, the Founder and CEO of Malaysia’s first licensed digital asset fund manager, and the Head of Capital Markets for the Nasdaq-listed first ASIC bitcoin mining rig manufacturer headquartered in Singapore.

I've collected some highlights to showcase these engaging conversations.

To stay informed, subscribe to my free newsletter

The information in the podcast is for educational and informational purposes only, not investment or financial advice, and the speakers' views are their own.

In this episode, I explore AI technology to convert one of my blog posts into a podcast!

Any differences between my written post and the AI-generated audio version do not necessarily reflect my views

To stay updated, subscribe here.

Many people still remember Silicon Valley Bank's sudden collapse affected a significant number of technology companies, including the stablecoin platform Circle, which had $3.3 billion in cash reserves deposited at SVB.

In this episode, I sit down with Ken Wilcox to understand the root causes of Silicon Valley Bank’s downfall and some lingering questions, e.g. why all the lines of defense failed, and why regulators were not more forceful despite being aware of the warning signs.

Ken Wilcox was the CEO of Silicon Valley Bank (SVB) from 2001 to 2011, then the CEO of SVB's joint venture with Shanghai Pudong Development Bank (SPDB-SVB) in Shanghai until 2015, followed by four years as its Vice Chairman.

He is the author of "Leading Through Culture: How Real Leaders Create Cultures That Motivate People to Achieve Great Things" and The China Business Conundrum (Wiley, 2024)

Ken’s Substack Musing on the Middle Kingdom and More

To stay informed, subscribe to BlockchainAsia

Show notes

-Introduction

-Understanding loan-to-deposit ratio

-Impact of COVID-19 on Silicon Valley Bank

-Problem of excess Deposits

-Long-term Treasury Bonds

-Bank run and social media

-Reflections on failures across all lines of defense

-Importance of banking culture and risk control

-Alternatives to Silicon Valley Bank and the joint venture in Shanghai

-Conclusion and new book announcement

This special episode features Coco's observations and findings from her trip to Hong Kong and Mainland China.

- Hong Kong's geographical advantages to becoming a Web3 hub; its unique role as a testing ground and development center of Mainland's ambition to be a key player in Web3

- Economy in Mainland China

- 20% of Bitcoin's hash power in China

- Central government's potential change of plans to legalize crypto assets and the catalysts driving the change

Follow BlockchainAsia on Substack to stay informed. https://blockchainasia.substack.com/

The market is grinding, sentiment has turned bearish, and many are now asking: 'Is the bull market coming to an end?'"

Join me in welcoming back Jupiter Zheng, HashKey Capital, for a timely session about Bitcoin, cryptocurrency, and digital asset valuation based on the book “Digital Asset Valuation Framework” by HashKey Capital.

We explore the methodologies used in valuing digital assets, debunk common skepticism, and discuss the intriguing predictions from industry leaders like Cathie Wood.

Learn about the NVT, MVRV, and stock-to-flow models used to evaluate Bitcoin and discover valuation models for Ethereum and other Layer 1 public chains.

We also look at the current market trends and what the future holds for crypto assets.

---------

00:00: Introduction, skepticism surrounding Bitcoin and crypto’s long-term value

02:33: “Digital Asset Valuation Framework” book overview

• Published April 2024

• Fusion of existing crypto valuation methods with traditional beta models

• Categories of digital assets and corresponding valuation methods

04:56: Bitcoin valuation framework, key principles and metrics

08:48: Zoom in on the following methods

• NVT

• MVRV and its relevance to predicting the crypto market cycle

• Stock-to-flow

• Evolving valuation methods as Bitcoin is undergoing changes

15:16: How does Cathy Wood project $1M Bitcoin price by 2030

• 5% allocation of global investable assets

• Impact of BTC spot ETF

• Parallels of BTC ETF and price and Gold ETF and price

• Key milestones for Bitcoin to cement its status as “digital gold”

19:08: Ethereum and smart contract Layer 1 valuation

• DCF

• Quantify network security and incorporate it into valuation models

• Commonalities and differences between Ethereum and its competitors, e.g. Solana (Ethereum killers) to be considered when calculating DCF

24:06: Data’s reliability and availability for building valuation models

• Glassnode/Kaiko/Coin Metrics/Nansen/CryptoQuant

26:26: Warrant Buffett’s mental framework when evaluating stocks and assets

• His skepticism about gold’s value

• Different investors' perspectives on the value of cash-flow-generating and non-cash-flow-generating investment assets

• Bitcoin as an alternative financial system

30:27: Current cycle - where are we now and outlook

• What MVRV tells us

• Industry’s consensus about Bitcoin’s price in this cycle

• BTC spot ETF’s impact on this cycle

• Why ETH is underperforming, how about the altcoins

• Market sentiment and outlook

33:36: Closing

Subscribe to my free newsletter for updates: https://blockchainasia.substack.com/

This discussion session is for educational and informational purposes only, not investment or financial advice, and the speakers' views are their own.

This is a special episode. I put together a trail of the past 10 episodes of BlockchainAsia Podcast.

Revisiting these conversations, I have to say they remain very relevant and insightful.

If you've missed any episodes, you can catch up on Apple Podcasts, Spotify, Amazon Music, or YouTube Podcasts.

Don't forget to subscribe to my newsletter: https://blockchainasia.substack.com/

In this episode, Vera Wu, COO of Numbers Protocol & Capture, founded in 2019, explains how Numbers leverages blockchain to verify the authenticity and origin of digital content, ensure content’s traceability, and empower content creators.

She also shares their collaborations with Reuters and Stanford's Starling Lab in documenting important historical events on blockchain, and their technology was used in Taiwan 2024 election, as well as in the elections in Hong Kong, India and Indonesia to fight disinformation and misinformation. She introduces in detail the practical tools offered by Numbers.

Numbers is backed by some notable investors including Protocol Labs and founders of YouTube and Twitch, as well as a Silicon Valley VC fund’s general partner.

·       00:00 Introduction and Welcome

·       00:13 Vera's background and journey into blockchain

·       01:34 Overview of Numbers Protocol

·       02:59 Details of Numbers’ blockchain and its cross-chain standards

·       03:57 Numbers’ partnerships and use cases

·       05:59 Addressing trust issues in digital content

·       07:16 Tools and solutions for content verification

·       13:17 AI-Generated content and provenance

·       15:22 Target users and market expansion

·       23:46 Regulatory landscape in Taiwan and Ethical AI Alliance

·       27:04 Conclusion and contact information

Numbers Protocol Website/Discord/TG group (English) Ethical AI Alliance

Follow Vera Wu’s LinkedIn

To stay informed, subscribe to my ⁠free newsletter⁠

Disclaimer: The content in Blockchain Podcast is for informational and educational purposes only, represents personal views and opinions, and does not constitute investment advice or recommendations.

In this episode of BlockchainAsia Podcast, I have an engaging dialogue with Ioana.

Our conversation explore a diverse array of topics, from the gradual adoption within large financial institutions to the merits and drawbacks of the EU's regulation-centric approach.

We dive into what makes the Middle East an appealing destination for founders worldwide and compare the contrasting execution mentalities between Asian and European startups.

She sheds light on Domin Network's unique offerings, illustrating how NFTs are evolving beyond speculative collectibles into practical tools for enhancing brands in a scalable manner, along with the company's growth plans.

Ioana also provides insights into events such as Dubai Token2049, Paris Blockchain Week, and NFT:NYC.

Ioana's professional journey, from the European Parliament to Citigroup, and now with Domin Network, is connected by a common theme: a quest for innovative frontiers, with blockchain and crypto emerging as the focal point.

Follow Ioana on LinkedIn and X

To stay informed, subscribe to my free newsletter

Disclaimer: The content in Blockchain Podcast is for informational and educational purposes only, represents personal views and opinions, and does not constitute investment advice or recommendations.

Hann Liew, Founder & CEO of Halogen Capital, Malaysia's First Licensed and Shariah-Compliant Digital Asset Fund Manager, joins this episode of BlockchainAsia Podcast and discusses:

- Why he chose to launch a digital asset fund after exiting a Fintech company he founded and built for more than 10 years

- The key regulatory event in Malaysia that has been beneficial to the country’s crypto market

- How his Web2 Fintech expertise becomes an advantage for his new fund

- What he learns about retail and institutional investors in Malaysia when distributing his new fund

- What impact U.S. BTC spot ETF has had and Hong Kong’s ETFs will have on Malaysia’s crypto market

- What is a Shariah-compliant fund and why it offers a unique value proposition

- Things that people may not be aware of about Malaysia, e.g., one of the top 10 Bitcoin mining countries

To learn more about Halogen Capital, visit its website, follow Hann Liew on X (@ooihann)

To get more content in our inbox, subscribe to the free newsletter blockchainAsia.substack.com