Who Will Win The $100 Trillion Stablecoin Race? With Sam Kazemian

Stablecoins are fragmenting faster than the L1s ever did.

In today's episode, we sit with Sam Kazemian, founder of Frax, to explore how the stablecoin landscape is splitting between regulated "genius-compliant" coins and DeFi yield-bearing versions - with each serving distinct purposes in a rapidly evolving market.

Sam breaks down why every major issuer needs both types, how falling rates could reshape the competitive dynamics, and why the next 12 months will determine which stablecoins become the real "money" versus branded gift cards.

We also dive into Frax's dual approach with FraxUSD and SFRXUSD, the USDH governance battle on Hyperliquid, Tether's new USAT launch, and how stablecoins might solve America's debt crisis.

Let's get into it.

The Rollup