Every Bank Will Launch a Stablecoin

19 snips

Feb 2, 2026

Guest

Dogan Alpaslan

Dogan Alpaslan, researcher and investor focused on crypto-native banking infrastructure. Kirill Gertman, CEO of Conduit building stablecoin rails and fiat on/off‑ramps. Bam Azizi, CEO of Mesh scaling tokenization and payments networks. They debate banks issuing stablecoins, distribution and on‑ramp economics, network vs rails distinctions, fragmentation risks, and real‑world tokenization growth.

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INSIGHT

Network Of Networks Solves Fragmentation

Mesh acts as a "network of networks" to abstract fragmented tokenized rails and provide one-click setup for businesses and users.
Building that global network requires heavy compliance, licensing, and partnership work across jurisdictions.

INSIGHT

Different Layers: UX Versus Money Rails

Conduit distinguishes itself by touching and moving funds while Mesh focuses on UX and abstraction above the rails.
The industry needs both UX layers and money-rail operators to enable reliable global on/off-ramps.

ANECDOTE

On-Chain Neobank Struggles In Turkey

Dogan described building an on-chain neobank in Turkey and struggling with expensive on-ramps and limited access to large exchanges.
Mesh enabled access to exchange liquidity without the neobank holding local licenses, improving pricing and product offerings.

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On Ep. 68 of Tokenized, Simon Taylor, GTM @ Tempo is joined by Bam Azizi, CEO & Founder @ Mesh, Kirill Gertman, CEO @ Conduit and Dogan Alpaslan, Researcher @ cyber•Fund to discuss Mesh raising $75M at $1B valuation, Fidelity launching its own stablecoin (FIDD) and more!

Timestamps:

00:00 Introduction
1:53 Mesh raises $75M at $1B valuation for tokenized asset network
4:24 Differentiating between infrastructure companies like Conduit and Mesh
6:20 Competitive landscape and value of distribution in stablecoin infrastructure
13:17 Fidelity launching its own stablecoin (FIDD)
15:08 Historical parallels of multiple dollar issuers in the 1800s
19:15 Economics and abstraction layers for multiple stablecoins
25:26 UBS allowing select clients to trade Bitcoin and Ethereum
32:53 Tether launching USDT onshore and increasing gold reserves

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 Centrifuge

With over $1 billion in total value locked, Centrifuge works with major institutional partners to tokenize and distribute their funds — and with capital allocators onchain to invest and manage yield. Through every crypto cycle, Centrifuge has been building — and today, it’s the market leader in tokenizing real-world assets. Learn more at centrifuge.io

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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