Circle’s IPO isn’t just another crypto company going public — it might be the clearest sign yet that stablecoins have gone fully institutional.
 
In this episode, we unpack what happens when a company that effectively prints dollars decides to list on Nasdaq. From the tangled incentives behind USDC, to Circle’s relationship with Coinbase, and the regulatory shift away from enforcement toward soft-power alignment, we ask the question:
Is Circle becoming the new Fed — or just the world’s most boring hedge fund?
 
Also in this episode:
<ul>
<li class="p1">Why stablecoins might soon pay yield</li>
<li class="p1">The IPO mispricing debate: tactical or incompetent?</li>
<li class="p1">How embedded Circle already is in the US financial machine</li>
<li class="p1">Whether this is all just Lehman 2006… but tokenised</li>
</ul>

The EthCC Cannes Special ft. Ilya, Stake Capital | Robinhood, RWAs & Future of AI | The LOCAL Ep.6

A weekly crypto podcast, with strong views shared over weak beer. Hosted by two seasoned traders Tim and Marcus. Expect markets, macro, tech, degen antics, and the odd reminder that no one really knows what they’re doing.