World Ledger with Coco Kee

What does a veteran macro investor see that most people are missing heading into 2026? My guest Shengbei, who correctly called the #gold trade, the dollar selloff, and the post-August liquidity squeeze, returns to World Ledger to break down what's really driving markets right now. From gold's decade-long structural tailwind and the de-dollarization quietly reshaping global trade, to why he turned bearish on #bitcoin and #crypto, and what Kevin Warsh as the new Fed chair actually means for liquidity, this conversation cuts through the noise. A must-listen for anyone trying to understand the macro forces moving real assets in 2026.Shengbei is the CEO of New York-based GSB Podium Advisors, with over two decades of experience spanning Morgan Stanley, Deutsche Bank, and senior investment roles at CITIC Securities — one of China's leading financial institutions.(00:15) Introduction and Market Backdrop(01:16) 2025 Review (01:45) February - April 25, Sell Dollar & Risk Assets, Long Gold(02:24) April - August 25: Long U.S. Equity & Crypto(03:28) August 25 - till now: Long Gold & Global Diversification(06:28) Deep Dive U.S. Market’s Changes(07:18) Why Investors Diversifying from U.S. Dollar-backed Assets(08:36) 2026 Outlook and Key Factors to Monitor: Tariff, Liquidity, AI and Credit Issues(11:51) Will Gold Rally Continue and Why(13:46) Gold and Chinese Currency RMB in Global Trade(15:49) China and its U.S. Treasury Holdings(17:51) Why is the dollar weakening(19:25) Which Assets will Benefit from a Weaker Dollar(21:42) Views on Bitcoin and Strategy and Why he is Bearish(24:33) Liquidity Issue and Solutions(28:06) Kevin Warsh, a Good Pick? Why the Market Sell-off? Fed & Treasury Working together?(32:13) Cut or No Cut by FedFollow me: X: @CocoKeeSubscribe to my newsletter: worldledger.substack.com

What does a veteran macro investor see that most people are missing heading into 2026? My guest Shengbei, who correctly called the gold trade, the dollar selloff, and the post-August liquidity squeeze, returns to World Ledger to break down what's really driving markets right now.  From gold's decade-long structural tailwind and the de-dollarization quietly reshaping global trade, to why he turned bearish on Bitcoin and crypto, and what Kevin Walsh as the new Fed chair actually means for liquidity, this conversation cuts through the noise.  A must-listen for anyone trying to understand the macro forces moving real assets in 2026.Shengbei is the CEO of New York-based GSB PodiumAdvisors, with over two decades of experience spanning Morgan Stanley, Deutsche Bank, and senior investment roles at CITIC Securities — one of China's leading financial institutions.Follow: Shengbei GuoFollow: Coco KeeFollowing World Ledger: World Ledger newsletterTimestamps:(00:15) Introduction and Market Backdrop(01:16) 2025 Review (01:45) February - April 25, Sell Dollar & Risk Assets, Long Gold(02:24) April - August 25: Long U.S. Equity & Crypto(03:28) August 25 - till now: Long Gold & Global Diversification(06:28) Deep Dive U.S. Market’s Changes(07:18) Why Investors Diversifying from U.S Dollar - backed Assets(08:36) 2026 Outlook and Key Factors to Monitor: Tariff, Liquidity, AI and Credit Issues(11:51) Will Gold Rally Continue and Why(13:46) Gold and Chinese Currency RMB in Global Trade(15:49) China and its U.S. Treasuries Holding(17:51) Why Dollar Weakening(19:25) Which Assets will Benefit from Weaker Dollar(21:42) Views on Bitcoin and Strategy and Why he is Bearish(24:33) Liquidity Issue and Solutions(28:06) Kevin Walsh, a Good Pick? Why the Market Sell-off? Fed & Treasury Working together?(32:13) Cut or No Cut by Fed

I sit down with Devere Bryan, Group General Manager of First Digital, the company behind FDUSD stablecoin, and discuss the origins of First Digital, the creation and expansion of FDUSD, its partnership with Binance; Hong Kong's stablecoin sandbox and legislation, the reason they chose to move stablecoin business to BVI; the challenges facing stablecoin issuers and growth opportunities in emerging markets. Devere providesinsights into FDUSD's operations, crisis management, and future growth strategies, and its focus on Asia-Pacific regions. Timestamps:(00:00) - Opening Remarks(00:54) - Brief Introduction to Genesis of First Digital (FD)(03:23) - Hong Kong as a former Launchpad for Crypto Businesses(04:13) - Partnership between FDUSD and Binance(06:14) - FDUSD’s Asia Focus(08:07) - Promising Asian Markets and Emerging Utility for stablecoins, Case Study - Coins.ph(13:22) - Current Utility of stablecoin at This Stage(17:22) - FDUSD's Brief Depeg in April and How FD Handled it(23:04) - Hong Kong Sandbox, Stablecoin Bill and FD’s Decision(30:34) - Challenges in Operating Stablecoins(34:23) - Is Stablecoin Market Winner-Take-All(36:44) - Ways to Diversify Stablecoin Revenue(41:12) - How FD Identifies Growth Opportunities and Diversifies(45:04) - Dominance of Dollar-pegged Stablecoins(47:20) - GENIUS and its Impact on BVI, Cayman, Cook Islands, ADGM of Abu Dhabi(49:12) - Closing RemarksFollow worldledger.substack.comFollow Devere Bryan on LinkedIn

On one side, we have centralized storage solutions like AWS; on the other, decentralized platforms such as Filecoin and Arweave. Sitting in between is IPFS, a distributed, peer-to-peer network for data storage and sharing that plays a critical role in the decentralized blockchain ecosystem we're building. Yet, IPFS adoption remains limited, hindered by the high cost of on-chain storage and slow data delivery speeds.Kyle Tut, Co-founder and CEO of Pinata, offers arefreshing perspective. He doesn’t confine his company to the ideological extremes of either centralization or decentralization, nor does he tie it to any single blockchain. Instead, he takes a pragmatic approach to solving theindustry's real-world challenges.You’ll also want to hear his views on NFTs and Memecoins.While some dismiss them as “silly,” Kyle looks beyond the surface to uncover the genuine opportunities and innovation they will bring to the space. His strategies to navigate the volatility of Web3 and views about the next big thing forcrypto offer further insights I’m excited to share with my audience.Follow Kyle and Pinata on X: @kyletut | @pinatacloud; Follow Coco on Substack:  worldledger@substack.com , LinkedIn: https://www.linkedin.com/in/cocokee/ and X: @keeglobalTimestamps:(00:00) Opening Remarks, Omaha, Warren Buffett(01:25) Kyle Tut's Background and the Beginning of Pinata (04:48) Comparison of Pinata with Other Centralized and Decentralized Storage Solutions(07:37) IPFS and Its Unique CID and What It Means to Crypto Storage (09:21) Challenges Pinata Is Trying to Solve for Crypto Data Storage (10:37) What Is IPFS and Why It's Powerful (12:36) The Reasons Creators and Developers Use Pinata (15:19) Case Studies: OpenSea and Pump.Fun Partnership with Pinata (17:05) Why Centralized Storage Is Still the Majority of Data Storage (18:43) Pinata's Fee Structure (20:59) Kyle's Take on NFTs and Memecoins and Why They Are Important Regardless of Some Silliness (24:58) Other Market Opportunities: AI, RWAs, DePin, Gaming (31:21) Leading Hubs for NFTs and Memecoins Development (31:53) Strategies to Weather the Volatility of Web3 (34:52) Kyle's Contact Info and Closing Remarks

What happens when traditional finance (TradFi) principles meet the dynamic innovation of decentralized finance (DeFi)? In this episode, I sit down with Martin de Rijke, Head of Growth at Maple Finance, to explore the company's diverse yieldproducts, over-collateralized lending options, cross-chain Syrup offerings, and, most importantly, its risk management framework. Martin shares insights into Maple’s partnership with Cantor Fitzgerald, outlines the company’s growth strategy, and discusses how upcoming U.S. stablecoin regulations could impact firms like Maple. We also reflect on the previous cycle and the key lessons learned. Timestamps:(00:56) Opening Remarks and Self-introduction(02:40) Introduction to Maple Finance(04:05) Maple's Partnership with Cantor Fitzgerald(08:22) Maple's Business Explained in Detail(15:05) Risk Management Mechanism for Underwriting Loans(21:33) On-chain Pool for Lenders and Yield-bearing SyrupUSDC(25:30) Built on Ethereum SyrupUSDC also Live on Solana(26:21) Comparing Ethereum vs.other Chains Regarding TVL(27:17) Growth Strategies and New Products(31:47) Lessons Learned from the Last Cycle and Outlook for DeFi Lending(33:58) Differences in Borrowing & Lending between this Cycle and the Last Cycle(34:34) Implication of U.S. Stablecoin Regulations and whether non-USD Stablecoins Matter(35:46) Closing RemarksFollow me on X: @keeglobal Or on Substack: worldledger.substack.comFollow Martin on X: @martindrijkeFollow Maple on X: @maplefinance

In a recent podcast interview with World Ledger, Amik Ahmad, Head of Product at Autonomys Network, shares his insights on how Autonomys Network is built to scale and support the fast growth of AI3.0 and Web3, including agentic technologies, without compromising decentralization.  (00:00) Opening remarks(00:59) Amik’s Background and Responsibilities(03:50) What is AI 3.0?(05:21) Autonomys’ Layered Approach(07:08) AI3.0 vs. Centralized AI(10:12) Laying the Foundation for AI 3.0 and a Web3-Focused Future(15:23) Solving the Blockchain Trilemma(17:46) A Closer Look at Autonomys’ Solution to the Trilemma(20:04) Product Roadmap(22:20) Why Use MCP to Store Your Own Data in Centralized AI(24:55) Users Served by Autonomys(27:08) Challenges in Valuing Data and Compensating Data Contributors(28:40) Will We Run Out of Data for AI Training?(31:21) Why Build on Autonomys?(34:55) AI + Web3: Are They a Good Match? To stay updated, subscribe to worldledger.substack.com 

In this episode, I’m joined by Nick Forster, founder ofDerive, a decentralized crypto options exchange. We discuss his journey in launching Derive and his vision for the platform. We also exchange thoughts on the uniqueness of this market cycle, the impact of Coinbase’s acquisition of Deribit, U.S. regulations, Bitcoin Strategic Reserve, traders’ sentiment aboutBitcoin’s price on Derive, and more.Nick Forster founded Derive about 5 years ago. Before that, he worked as an equity options trader at Susquehanna International Group.  He studied mathematics and economics at St. Paul’s College, University of Sydney.Subscribe to my newsletter to stay updated: worldledger.substack.com00:00 Opening Remarks00:38 Nick’s Background and Introduction02:04 Introduction to Derive and How It Differs from Deribit04:34 Initial Challenges and Hurdles in Launching Derive06:32 Where Nick Found Tech Talent and Funding09:08 Competition10:17 Coinbase’s Acquisition of Deribit and Its Implications11:20 DEX vs. CEX and Derive’s Target Users13:57 Tremendous Growth Potential for DEXs17:15 Addressing Technical Limitations Like Execution Speed18:43 Ethereum Layer 2 vs. Layer 119:41 The Role of AI in DEXs21:44 U.S. Regulations and their Impact25:59 U.S. Market vs. Other Markets27:45 Strategic Bitcoin Reserve28:38 Where Bitcoin’s Price Is Headed This Cycle29:45 Is This Cycle Different from Previous Ones?

In this episode of World Ledger, I sit down with Dr. Sam Seo, Chairman of the Kaia DLT Foundation, to discuss the evolution of Kaia Blockchain. Dr. Seo traces the history and challenges of two independent blockchains: Klaytn, launched by South Korea’s Kakao, and Finschia, developed by Japan’s LINE, their decision to merge, and the creation of Kaia. Kaia leverages the reach of Kakao and LINE, two leading SuperApps in Asia with a combined user base of approximately 250 million. Dr. Seo shares Kaia’s vision, strategies, and tactics for driving Web3 mass adoption after the merge.  We alsoexamine the obstacles to Web3 adoption, strategies to overcome them, and the differing mindset and approaches between U.S. and Asian companies in building Web3 businesses.Timestamps:00:00 Opening01:12 Meet Dr. Sam Seo: Journey into Blockchain and Kaia03:23 The Birth of Kaia: Merging Klaytn and Finschia07:55 Comparing Kakao, LINE, Facebook, Telegram, and WeChat08:51 Post-Merger Restructuring and Positioning14:21 Applications Building on Kaia16:54 Improving UI/UX: Private Keys, Gas Fees, and Other Practices20:30 Kaia’s Strategies to Attract Web2 Users22:41 Major Hurdles to Web3 Mass Adoption25:09 Kaia and Stablecoins26:07 How Kaia Generates Revenue28:45 Differing Mindsets and Approaches to Web3: U.S. vs. Asia31:27 Building a New Chain vs. Using Existing OnesSubscribe to: worldledger.substack.com for updates.  

In this episode, I'm joined by Rachel Lin, CEO of Singapore-based SynFutures, a decentralized derivatives exchange (DEX).  We dive into the competitive landscape of crypto derivatives and explore both the strength and weakness of centralized and decentralized exchanges and the potential of AI integration with DeFi.  Rachel also offers valuable insights into DeFi regulations, token issuance strategies and RWAs.  She highlights the dilemma she and her team are facing: on one hand, they aim to uphold their commitment to true Web3 principles—full on-chain operations, transparent trading, and decentralized product listings; on the other hand, they grapple with slow execution times caused by the lengthy block intervals of existing public chains.She closes with reflections on the unique advantages and hurdles of being a female founder in the blockchain space.Episode Timestamps:00:32: Guest Background: From TradFi to Derivatives DEX01:55: Founding SynFutures02:30: Decentralized vs. Centralized Exchanges03:46: How SynFutures Compares to Deribit & dYdX06:47: Building a Derivatives DEX with the Amazon Model09:25: Key Challenges for Derivatives DEXs12:35: Why Product-Market Fit Is Crucial14:14: AI Integration with DeFi: Hype or Real Impact?21:44: Real-World Assets (RWA): Potential and Limitations27:03: Token Issuance: Smart Strategies and Pitfalls to Avoid29:00: DEX Regulations in particular what the Future Holds for SynFutures in the U.S. and Base’s Verified Pools31:28: Centralized vs. Decentralized: Strengths, Weaknesses & Lessons from SynFutures34:03: The Female Founder Experience: Unique Advantages and ChallengesMy newsletter： worldledger.substack.com My X: @keeglobal

In this conversation with Luca Prosperi, Co-founder and CEO of M^0, we discuss how M^0 is helping builders create stablecoins different from most of the existing ones such as Tether and Circle. M^0 is backed by Pantera Capital, Bain Capital, Galaxy Digital, Wintermute, SCB10X, GSR and others.Follow Luca's blog Dirt Roads: https://dirtroads.substack.com/Subscribe to World Ledger newsletter:https://worldledger.substack.com/Timestamps:00:00: Introduction 00:49: From TradFi to DeFi, from surviving blood cancer to becoming an entrepreneur 03:28: From Maker to M^0, successful fund raise 06:43: Maker‘s innovation and its limitations07:51: M^0‘s vision and aspiration 12:23: Use Stripe as an example to illustrate how M^0 works 15:22: Differences between Paxos and M^0 16:54: Clients and real use cases18:46: Opportunities and challenges with DeFi and traditional companies20:59: Address counterparty risks of traditional banks25:14: Real-time attestation of reserves25:46: Fees, yields, spread28:14: Embrace regulations and understand their limitations31:00: Tether and its future32:34: M^0 and its markets34:38: MiCA and GENIUS Stablecoin Bill37:26: Regulations and their potential impact on M^0’s growth38:08: Closing remarks