Milk Road Macro How Stablecoins Are Taking Over The Dollar, Business, & The Federal Reserve w/ Santiago Santos
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Oct 28, 2025 Santiago Santos, founder & CEO of Inversion Capital and a prominent digital asset investor, dives deep into the evolving landscape of finance. He discusses the Federal Reserve's newfound openness to stablecoins and how AI could leverage USDC for seamless transactions. Santiago also tackles the tensions between banks and stablecoin issuers, the potential for capital flight in Latin America, and the transformative power of programmable money in commerce. His insights on the regulatory environment and institutional moves from giants like JPMorgan reveal the revolutionary shift in global finance.
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Stablecoins Reshape FX And Governance
- Dollar stablecoins increase access to dollars in cash-based economies and can drive remittance flows on-chain.
- Governments may resist capital flight, but many welcome digital money for surveillance and taxation benefits.
Telco Deal Surprised A Traditional Bank
- Inversion nearly bought a large Latin American telco and expected resistance from a traditional bank advisor.
- The bank returned saying the client was actually interested in the crypto-driven value creation story.
Users, Not Tech, Create Moats
- The real moat is user relationships and repeated economic activity, not raw blockchain tech.
- Companies that own users and distribution capture the most value from tokenized rails.
