Stablecoins Will Stop Retail From Subsidizing Wall St Ft. BitGo CEO Mike Belshe

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Apr 6, 2026

Guest

Mike Belshe

Guest

Sam Broner

Mike Belshe, CEO of BitGo and veteran digital-asset operator, discusses stablecoin payments, 100% reserve banking, tokenization, and quantum cryptography risks. Sam Broner, Founder of The Better Money Company and former a16z partner, outlines a stablecoin clearinghouse to fix interoperability and retail payment frictions. They dig into retail UX, cross-border FX, yield debates, and infrastructure for instant redemptions.

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INSIGHT

Enterprises Drive Stablecoin Proliferation

Large enterprises want to issue branded stablecoins for yield, control, and compliance, driving proliferation of many stablecoins.
Sam Broner says this diversity increases conversion needs, strengthening demand for clearinghouses and interop services.

ADVICE

Roll Out Clearinghouse With Simple Money Moves First

Move simple money flows to your clearinghouse first as an incremental rollout.
Sam Broner gives a roadmap: begin onboarding builder partners, launch basic moves in April, then expand features through spring.

INSIGHT

Interest Debate Is Retail Versus Institutional Subsidy

Three camps shape the interest-on-stablecoin debate: banks resisting retail interest, crypto firms promoting it, and skeptics fearing systemic risk.
Mike Belshe argues stablecoins can return risk-free rates to retail and that current banks often subsidize institutional lending by keeping retail rates low.

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On Ep. 77 of Tokenized, Simon Taylor, Head of Market Development @ Tempo and Cuy Sheffield, Head of Crypto @ Visa, are joined by Sam Broner, Founder @ The Better Money Company and Mike Belshe, CEO @ BitGo to discuss frictions in stablecoin payments for retail, the interest and yield debate on stablecoins, quantum computing threat to blockchain cryptography and more!

Timestamps:

00:00 Introduction
1:54 Stablecoin clearing house problem explained
3:10 Frictions in stablecoin payments for retail
6:55 Diversity of stablecoins and enterprise issuance
8:19 Clearing house solving many to many problem
10:04 Interest and yield debate on stablecoins
16:25 OpenFX raises $94 million for FX
21:01 Stablecoin cross border payments and FX
30:59 Midas raises $50 million for tokenized liquidity
48:00 Quantum computing threat to blockchain cryptography

Tokenized is sponsored by Visa

A world leader in digital payments, Visa is bridging the gap between traditional financial institutions and innovative blockchain networks, helping players in the payments ecosystem navigate the ever-evolving world of tokenized fiat currencies with confidence and ease. Learn more at visa.com/crypto.

Tokenized is presented by Bridge, a Stripe company.

Just like the internet made information global, stablecoins are making money global. And Bridge, a Stripe company, is the infrastructure powering that shift. Built for speed, scale, and simplicity, Bridge helps businesses send, store, convert, and spend stablecoins instantly, all without borders or having to navigate the complexities of crypto. Learn more at bridge.xyz

Tokenized is also presented by Fireblocks

With over $100 billion in monthly stablecoin volume, Fireblocks powers stablecoin strategies at scale with infrastructure that enables PSPs, fintechs, remitters and banks to issue, move, hold, and manage stablecoins. And it’s all done securely, at scale, and with built-in compliance. Learn more at fireblocks.com

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We’d also like to remind you that the views or opinions of our contributors today are their own and do not necessarily reflect those of the companies they are representing. Nothing we say should be taken as tax, financial, investment or legal advice, do your own research!

Music by Henry McLean