Unchained How the Competition Will Play Out in the Great Stablecoin Race - Ep. 936
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Nov 1, 2025 
Rob Hadick, General Partner at Dragonfly, and Sam MacPherson, Co-founder and CEO of Phoenix Labs, bring their insights into the competitive landscape of stablecoins. They delve into Ethena's market cap drop and the challenges of liquidity and regulatory hurdles. The duo discusses emerging trends like stablecoin-as-a-service and the race involving traditional financial giants like Visa. Additionally, they explore the implications of Tether's new USAT launch and how strategic partnerships could influence stability and adoption in the space.
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Distribution Beats Pure Technology
- Distribution determines which stablecoin or payment chain succeeds more than tech alone.
- Sam MacPherson highlights Stripe's integration as Tempo's key advantage for adoption.
Tempo’s Strategic Tradeoff With Stripe
- Tempo may be Stripe-aligned, giving built-in distribution but risking resistance from other PSPs.
- Rob warns partner PSPs won't route volume to a competitor's chain unless compelled.
Tether’s Acquisition-Driven Expansion
- Tether can aggressively buy distribution assets like Rumble and other businesses to drive stablecoin demand.
- Rob compares Tether's strategy to Ripple's acquisition-led approach for expanding stablecoin use.