The Two Stablecoin Models That Will Dominate with Sam Kazemian

The Two Stablecoin Models That Will Dominate with Sam Kazemian

Author: Where digital assets meet capital markets. Hosted by Robbie & Andy November 13, 2025 Duration: 37:58

Payment rails vs yield-bearing vaults—the stablecoin landscape is undergoing a fundamental shift.

In this episode of Stabled Up, we sit down with Sam Kazemian, founder of Frax Finance, to discuss why genius regulation changes everything, how Frax's clearinghouse strategy works for compliant stablecoins, and why Western Union and JPMorgan are making stablecoin moves.


We discuss:

- The Two Types of Stablecoins Framework

- Why Genius Regulation Changes Everything

- Frax's Clearinghouse Strategy for Compliant Stables

- DeFi Blowups & Lessons Learned

- Western Union & JPMorgan's Stablecoin Moves

- White Label Issuance Infrastructure

- Tokenized RWAs as Stablecoin Collateral


00:00 Intro

01:04 Sam's FOMO & Conference Circuit

02:00 Fraxnet Launch & DeFi Blowups

04:14 Recursive Lending vs Rehypothecation

07:23 Separating Risk Analysis from Allocation

09:24 Genius Act's Broader Impact

13:30 The Stablecoin Spectrum Explained

14:21 Payment vs Savings Stablecoins

17:52 Checking & Savings as Economic Forms

19:21 Stablecoins Meet RWAs

20:44 10x Yield Efficiency Gains

25:01 Tokenized Collateral Architecture

25:45 TrueUSD Dubai News Break

26:31 Frax's Genius Compliance Bet

28:10 White Label Issuance Vision

29:43 Target Sectors for Stablecoin Launches

31:06 Institutional Inflection Point

33:13 The Seats at the Table Metaphor

34:01 Frax's Ethlend to Aave Moment

37:06 Closing Thoughts


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𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥: 𝘐𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨 𝘪𝘯 𝘤𝘳𝘺𝘱𝘵𝘰𝘤𝘶𝘳𝘳𝘦𝘯𝘤𝘺 𝘢𝘯𝘥 𝘋𝘦𝘍𝘪 𝘱𝘭𝘢𝘵𝘧𝘰𝘳𝘮𝘴 𝘤𝘰𝘮𝘦𝘴 𝘸𝘪𝘵𝘩 𝘪𝘯𝘩𝘦𝘳𝘦𝘯𝘵 𝘳𝘪𝘴𝘬𝘴 𝘪𝘯𝘤𝘭𝘶𝘥𝘪𝘯𝘨 𝘵𝘦𝘤𝘩𝘯𝘪𝘤𝘢𝘭 𝘳𝘪𝘴𝘬, 𝘩𝘶𝘮𝘢𝘯 𝘦𝘳𝘳𝘰𝘳, 𝘱𝘭𝘢𝘵𝘧𝘰𝘳𝘮 𝘧𝘢𝘪𝘭𝘶𝘳𝘦 𝘢𝘯𝘥 𝘮𝘰𝘳𝘦. 𝘈𝘵 𝘤𝘦𝘳𝘵𝘢𝘪𝘯 𝘱𝘰𝘪𝘯𝘵𝘴 𝘵𝘩𝘳𝘰𝘶𝘨𝘩𝘰𝘶𝘵 𝘵𝘩𝘪𝘴 𝘤𝘩𝘢𝘯𝘯𝘦𝘭, 𝘸𝘦 𝘮𝘢𝘺 𝘦𝘢𝘳𝘯 𝘢 𝘤𝘰𝘮𝘮𝘪𝘴𝘴𝘪𝘰𝘯 𝘰𝘳 𝘧𝘦𝘦 𝘢𝘴 𝘢 𝘴𝘱𝘰𝘯𝘴𝘰𝘳𝘴𝘩𝘪𝘱, 𝘪𝘧 𝘵𝘩𝘪𝘴 𝘪𝘴 𝘵𝘩𝘦 𝘤𝘢𝘴𝘦 𝘸𝘦 𝘸𝘪𝘭𝘭 𝘢𝘭𝘸𝘢𝘺𝘴 𝘮𝘢𝘬𝘦 𝘴𝘶𝘳𝘦 𝘪𝘵 𝘪𝘴 𝘤𝘭𝘦𝘢𝘳. 𝘞𝘦 𝘢𝘳𝘦 𝘴𝘵𝘳𝘪𝘤𝘵𝘭𝘺 𝘢𝘯 𝘦𝘥𝘶𝘤𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘱𝘭𝘢𝘵𝘧𝘰𝘳𝘮, 𝘯𝘰𝘵𝘩𝘪𝘯𝘨 𝘸𝘦 𝘰𝘧𝘧𝘦𝘳 𝘪𝘴 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘞𝘦 𝘢𝘳𝘦 𝘯𝘰𝘵 𝘱𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭𝘴 𝘰𝘳 𝘭𝘪𝘤𝘦𝘯𝘴𝘦𝘥 𝘢𝘥𝘷𝘪𝘴𝘰𝘳𝘴.


Tune into The Rollup for a front-row seat to the ongoing conversation where digital assets meet traditional capital markets. Hosts Robbie and Andy facilitate these essential discussions, broadcasting live from the heart of the global financial system. This isn't about abstract theories; it's where you hear directly from the people building and governing the infrastructure of this new financial frontier. Each episode pulls back the curtain on the practical realities, strategic shifts, and regulatory challenges shaping the convergence of crypto and mainstream finance. You'll get unfiltered perspectives from founders, institutional investors, and policy thinkers who are navigating this complex merger daily. The dialogue on this podcast is grounded in the expertise of its guests, offering listeners a clear-eyed view of both the immense opportunities and the significant hurdles ahead. For anyone curious about how blockchain technology is being integrated into the world's existing financial frameworks, The Rollup provides crucial context and analysis. It's a recorded chronicle of a financial evolution in progress, capturing the debates and decisions that will define the next era of markets. Find more from Robbie and Andy and dive deeper into each topic through the show's official online home.
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