FIUSD's fiat-layer innovation

Presented by Stablecon; Powered by BVNK. 

In episode 18 of Money Code, hosts Chuk Okpalugo and Raj Parekh are joined by Cooper Thompson, Head of Innovation for Embedded Finance and Digital Assets at Fiserv. 

They argue that stablecoins won’t replace bank cores but will connect them, and that the real bottleneck for bank adoption is the liability side: if reserves sit in Treasuries or at GSIBs, stablecoins undermine deposit-funded lending unless “fiat-layer” designs keep backing deposits distributed across smaller institutions.

Subscribe and listen to the Money Code podcast here:

https://lnk.to/MoneyCodeSN

Chapters

00:00 The bank funding problem stablecoins create

00:55 Why Fiserv is in the “implementation layer”

02:36 What banks want: trust, reliability, and constraints

04:54 “Not everything moves onchain; cores stay”

06:38 Why FIUSD: stablecoins ignored fiat-layer innovation

10:33 FIUSD distribution: regulated-network cash, not DeFi liquidity

12:12 Domestic rails vs cross-border wins, and where programmability matters

17:36 Tokenized deposits vs payment stablecoins

21:14 StoneCastle and the deposit network mechanism

31:33 What products move onchain first: multi-party coordination

36:45 Privacy on public ledgers: ZK, audit keys, and institution-grade needs

39:49 Parting advice: when to adopt, and staying educated

Connect with the Hosts & Guest

Chuk Okpalugo: https://www.linkedin.com/in/chuk-okpalugo/ | https://x.com/chuk_xyz/ | http://stablecoinblueprint.com 

Raj Parekh: https://www.linkedin.com/in/rajparekh7/ | https://x.com/rajparekh | http://monad.xyz 

Cooper Thompson: https://www.linkedin.com/in/cooper-thompson-963a01171/ | https://www.fiserv.com/ 

About Money Code

Money Code is the show that decodes stablecoins and the evolution of programmable money for builders, investors, and decision-makers. Each week, join hosts Chuk Okpalugo, Author of Stablecoin Blueprint and Raj Parekh, Head of Payments/Stablecoins at Monad Foundation as they break down the systems and strategies of seasoned operators in the space, revealing the insights you need for better build and buy decisions.

About Stablecon

Stablecon (https://stablecon.com/) is the premier gathering for those at the intersection of DeFi, economic policy, financial infrastructure, and institutional integration, and those reinventing global commerce. By convening the brightest minds in fintech and crypto, Stablecon provides attendees with world class thought leadership and fosters unparalleled networking and strategic collaboration across the digital payments industry.   Whether you’re building, advising, or navigating this new frontier, this is the room where it happens.

About BVNK
BVNK is the leading provider of stablecoin payments infrastructure, helping businesses move money faster, settle globally, and even launch their own stablecoin products. Head to https://bvnk.com/ to learn more.