Cheeky Pint Stablecoin special: Zach Abrams (Bridge) and Henri Stern (Privy)
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Nov 4, 2025 
Join Zach Abrams, CEO of Bridge, and Henri Stern, CEO of Privy, as they dive into the future of stablecoins. They explore the dominance of dollar stablecoins and their critical role in cross-border payments. The duo discusses how wallets are evolving as control centers for financial activities, predicting a shift toward on-chain experiences for lending and trading. Regulatory clarity is highlighted as a game-changer for enterprise adoption, and they envision a world where stablecoins seamlessly power global transactions.
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Open Issuance Opens The Financial Stack
- Open issuance lets any platform issue its own stablecoin to control money and economics.
- Zach argues many stablecoins will emerge, enabling an "N not N^2" financial stack.
Why Dollar Stablecoins Dominate
- US dollar stablecoins dominate because of revealed preference, trading norms, and global dollar demand.
- Local currency stablecoins will grow but network effects favor dollar dominance long-term.
Regulation Lowers Adoption Friction
- Regulatory clarity like MiCA stimulates experimentation and adoption by reducing perceived risk.
- Henri notes that clarity increased European customers' willingness to try stablecoin projects.