Gordon Liao, Head of Research at Circle, discusses the explosive growth of USDC to a $50 billion market cap. Gordon also explains how stablecoins are revolutionizing cross-border payments, the regulatory landscape shaping crypto, Circle's strategic IPO timing, and why blockchain-based payment rails will disrupt tradfi.
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Notes:
• USDC reaches $50B market cap
• Cross-border payments cost 6-7% traditionally
• Stablecoins settle transactions in seconds
• PayPal launched PYUSD competitor
Timestamps:
00:00 Start
00:40 Who is Gordon?
02:21 Responsibilities at Circle
05:27 What's unique about DeFi?
11:50 Why is fractional reserve bad?
12:40 Separating lending & payments
13:23 AMM functions
15:20 xy=k (inverse variation)
18:06 Circles's mission statement?
21:16 Arc: An L1 Blockchain for Stablecoin Finance
23:15 Proof of Authority
24:32 Ellipsis Labs Ad
25:19 Staking in dollars?
27:48 Courts & laws as slashing mechanism
28:55 Permissionlessness
32:06 Stablecoin competition
34:24 Smaller banks
36:34 Small bank creating stablecoins?
38:19 Will $1 equal $1?
41:29 Arc's value add
45:11 Arc timeline
45:29 Initial use cases
48:23 Liquidity fragmentation
50:35 Managing Circle's multi-chain operations
53:18 Market volatility
55:52 circuit breakers for volatility
57:42 Auto-deleveraging
58:29 Controlling a decentralized marketplace
59:46 Hedge funds & perps
1:02:29 Will TradFi even participate in these markets?
1:04:46 Degens gonna degen
The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges.
Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to ellipsislabs.xyz.
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Published on 5 days, 18 hours ago
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