The Real Eisman Playbook The Mystery of Stablecoins, Visa, & Fiserv’s Collapse with Ken Suchoski | The Real Eisman Playbook Episode 43
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Jan 26, 2026 Ken Suchoski, payments analyst specializing in networks, stablecoins, and fintech, joins to unpack payment rails. They define stablecoins and compare USDT vs USDC. They explore stablecoins’ best fits in B2B and cross‑border flows. They explain why Visa and Mastercard maintain dominance and survey alternatives. They review Fiserv’s dramatic collapse and post‑COVID realities for PayPal, Block, and Toast.
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What Stablecoins Really Are
- Stablecoins are fiat-linked digital tokens backed by short-duration assets to maintain a dollar peg.
- Their primary current use case is fast trading within crypto exchanges to avoid reconverting to fiat.
Stablecoins Solve Crypto Friction
- Stablecoins let crypto traders move between assets without converting to fiat, reducing friction and volatility exposure.
- They evolved because crypto exchanges had limited access to traditional banking rails.
Dollarization And Cross-Border Potential
- Stablecoins can enable 'dollarization' in countries with weak currencies and preserve purchasing power.
- Cross-border payments and commercial use cases could drive meaningful supply growth beyond current levels.