In this episode, we cover institutional crypto adoption, stablecoins’ interplay with treasuries and 24/7 repo financing on Canton, the risks associated with wrapped assets and stablecoin fragmentation, and 2026 expectations for broader, client-driven OTC and onchain activity.   -- Quadrillions brings together the voices defining the next era of finance. From institutional rails to stablecoins and privacy, the series dives into how traditional markets, crypto innovation, and regulatory frameworks are converging to bring the full force of capital markets onchain. Join hosts Jason Yanowitz, Yuval Rooz, and Eric Saraniecki for deep dives with special guests Shaul Kfir, Don Wilson, Mike Belshe, Justin Peterson, Acting Chair Caroline Pham, Eli Ben-Sasson, and more. Produced by Blockworks and Canton Network. For more information, check out https://quadrillionspod.com/ -- Follow Canton: https://x.com/CantonNetwork Follow Tradeweb: https://x.com/Tradeweb Follow Mike: https://x.com/mikebelshe Follow Eric: https://x.com/wesarn_real Follow Empire: https://twitter.com/theempirepod -- Timestamps: (0:00) Introduction (1:38) Tradeweb's Origin Story (3:58) The State of Institutional Crypto Adoption (8:23) Where is the Most Growth Right Now? (10:26) Consolidating Stablecoins (15:23) Tradeweb's Crypto Strategy (18:32) What Does Crypto Solve Today? (23:37) The Next 100x Growth Opportunity (27:56) Bringing RWAs Onchain (31:25) The Role of Custodians (35:03) Canton's Go-to-market Strategy (38:31) Tokenized Equities (44:02) The Need For Privacy (49:23) Crypto Adoption Going Forward -- Disclaimer: “Quadrillions” is a mini-series produced by Blockworks, and is sponsored by Canton Network. Nothing on this show is a recommendation to buy or sell securities or tokens. It’s for informational purposes only, and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of Blockworks. Our hosts, guests, and the Blockworks team may hold positions in companies, funds, or projects discussed, including those related to Canton Network.

This week Mike Novogratz joins the show to reflect on his path from a successful trading career to building and running Galaxy. We deep dive into the state of markets, what defines the most successful macro traders, Galaxy's AI data center opportunity, running a public company & more. Enjoy! -- Follow Mike: https://x.com/novogratz Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh Start your day with crypto news, analysis and data from David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Crypto-native institutions and developers demand institutional-grade infrastructure with regulatory clarity and full asset control. Blockdaemon's Earn Stack is a non-custodial platform combining high-performance staking rewards and seamless DeFi integration with no intermediate smart contract or vaults. Programmatically access leading Ethereum & Solana staking rewards, plus DeFi opportunities across lending protocols, DEXs, and AMMs. Book a Demo! -- peaq, the Machine Economy Computer, proudly sponsors the Empire podcast. peaq is home to 60+ apps across 20+ industries and millions of devices, machines, and onchain robots. It powers the world’s first tokenized robo-farm, launching soon in Hong Kong, and has launched the Machine Economy Free Zone in Dubai as a Web3 x Robotics x AI innovation hub. For more about peaq, check out www.peaq.xyz -- Mantle is pioneering ""Blockchain for Banking"" as a revolutionary new category that sits at the intersection of TradFi and web3. Key elements for Mantle as the ""Blockchain for Banking"": - Transactions posted to the blockchain - Compatibility with TradFi rails - Integrated DeFi features Mantle Network, the access layer — transforms Mantle Network into a purpose-built vertical platform — the blockchain for banking — that enables financial services on-chain. Mantle leads the establishment of Blockchain for Banking as the next frontier. Follow Mantle on X (@Mantle_Official) for the latest updates on Mantle as the 'Blockchain for Banking'. -- GEODNET is the world’s largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries. Discover how GEODNET is changing the world: [https://geodnet.com] -- Timestamps: (00:00) Introduction (06:32) Mike's Outlook For Markets in 2025 (14:53) Are Markets Frothy, AI Capex & The Minsky Moment (24:26) Ads (Blockdaemon, Peaq) (25:36) What Will The Next Four Years For Crypto Look Like? (30:44) What Makes The Most Successful Macro Traders? (40:25) Ads (Blockdaemon, Peaq) (41:35) Hyperliquid (44:19) The AI Data Center Buildout (54:34) Ads (Mantle, Geodnet) (55:59) Galaxy's Crypto Business (59:06) Tokenizing Galaxy's Stock (01:03:14) Running A Public Company & The IPO Window (01:07:03) Final Thoughts -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Gm! This week Yano is joined by Steven and AJ from OffChain Labs to dive into all the behind-the-scenes happenings of one of the biggest deals in recent crypto history - the collaboration between Arbitrum and Robinhood to tokenize both public and private US stocks for European markets.  -- Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Follow Steven - https://x.com/sgoldfed Follow AJ - https://x.com/ajwarner90 Follow Santi - https://x.com/santiagoroel Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh -- SKALE is the next evolution in Layer 1 blockchains with a gas-free invisible user experience, instant finality, high speed, and robust security. SKALE is built different as it allows for limitless scalability and has already saved its 50 Million users over $11 Billion in gas fees. SKALE is high-performance and cost-effective, making it ideal for compute-intensive applications like AI, gaming, and consumer-facing dApps. Learn more at https://skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork -- Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users. Pre-deposit now: Earn high APRs with Turtle Club [https://app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates] -- Mantle is evolving into the premier on-chain financial hub, supercharging the ecosystem that bridges blockchain with banking. The 2025 roadmap introduces three transformative products: - Enhanced Index Fund (launching Q1) offering optimized crypto exposure to BTC, ETH, SOL and USD with built-in yield optimization - targeting $1B AUM - Mantle Banking for seamless financial services - MantleX for AI-powered innovationBacked by a $4.5B treasury, Mantle is building the future of on-chain finance – accessible for everyone.Learn more: https://x.com/Mantle_Official/status/1882017058680086805 -- Zenrock is a permissionless, decentralized custody network backed by 1RoundTable Partners, 10T, Maven11, and Spartan. Live on Jupiter, $ROCK is the native token for transactions within the Zenrock ecosystem and secures Zenrock’s decentralized custody network.The first application launching on Zenrock is zenBTC – yield-bearing Bitcoin on Solana. zenBTC is now live. -- Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.Visit https://www.ledn.io to learn more.  -- CHAPTERS: 00:00 Intro 02:45 BTS Of Robinhood X Arbitrum Collab 07:25Launch & Migrate Strategy 19:01 Ads (Skale, Katana) 20:49 What Did Robinhood Want The Most Out Of Arbitrum 24:03 Business Model Breakdown 38:22 Ads (Skale, Katana) 40:09 The Largest Digital Nation 42: OpenAI Tokens 46:56 Next Up To Work With Arbitrum 51:57 Ads (Mantle, Zenrock, ,LEDN) 54:26 Mistakes Around L1s and L2s 01:13:16 Corporate Treasuries 01:16:53 Acquisitions 01:20:13 Stablecoins — Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Gm! This week we're back with another weekly roundup. We discuss Coinbase's $3B acquisition of Deribit, Stripe's stablecoin launch, Ethereum's big pivot, will Meta launch a stablecoin & more. Enjoy! -- Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Follow Santi: https://x.com/santiagoroel Follow Jason: https://x.com/jasonyanowitz Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh -- Grab your tickets to Permissionless IV. Use code EMPIRE10 for 10% off: https://blockworks.co/event/permissionless-iv -- SKALE is the next evolution in Layer 1 blockchains with a gas-free invisible user experience, instant finality, high speed, and robust security. SKALE is built different as it allows for limitless scalability and has already saved its 50 Million users over $11 Billion in gas fees. SKALE is high-performance and cost-effective, making it ideal for compute-intensive applications like AI, gaming, and consumer-facing dApps. Learn more at https://skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork -- Marinade Labs develops staking technologies that strengthen Solana. In 2021, our protocol was the first to bring liquid staking to the network; today, our sophisticated, high-performance staking delegation platform brings billions in liquidity and security to the SOL market. We have solutions for both DeFi and TradFi, including liquid and native staking, as well as direct enterprise integrations. Our best-in-market features include user downside protection (through protected staking rewards) and optimized delegation (via our automated auction marketplace). Cryptoasset investors worldwide, from individual traders to global institutions, use Marinade to earn rewards on their SOL treasuries and holdings. We are headquartered in New York, with offices in the European Union, including Prague. To learn more about Marinade, visit marinade.finance. -- Ledger, the world leader in digital asset security, proudly sponsors Empire podcast. Celebrating 10 years of protecting over 20% of the world’s crypto, Ledger ensures the security of your assets. For the best self-custody solution in the space, buy a LEDGER™ device and secure your crypto today. Buy now at www.Ledger.com -- WalletConnect is the onchain connectivity network . If you’ve connected to a Web3 app, you’ve seen WalletConnect. It’s everywhere—an icon of trust in crypto, as recognizable as Visa at checkout. The numbers speak for themselves: Over 220 million connections and 35 million users worldwide use WalletConnect to power their Web3 experience. @WalletConnect on X and Telegram or visit https://WalletConnect.Network -- Get up to speed on the biggest stories in crypto each week. In five minutes. Get the Bitwise Weekly CIO Memo delivered directly to your inbox at bitwiseinvestments.com/ciomemo/empire -- Timestamps: (00:00) Intro (02:58) Bitcoin Breaks $100k (05:25) Ethereum’s Pectra Upgrade (10:14) Ethereum's Big Pivot (12:41) Ads (Skale, Marinade) (14:13) Is Robinhood Launching A Chain? (15:31) Coinbase Acquires Deribit For $2.9 Billion (21:54) Stripe Sessions: The Stablecoin Playbook (32:02) Ads (Skale, Marinade) (33:35) Tokenization (real) (37:51) Is The IPO Window Open? (44:20) Ads (Ledger, WalletConnect, Bitwise) (46:38) The GENIUS Act (49:35) Will Meta Launch A Stablecoin? (52:08) Coinbase Earnings (53:31) Is Microstrategy A Threat To Bitcoin? (58:47) Final Thoughts — Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.