Episode Details

In this February review edition of BFRR (Bitcoin, Fiat & Rock and Roll), co-host Jonas is joined by Atakan to unpack the most important developments at the intersection of traditional finance, digital assets, and institutional blockchains — with plenty of signal, and very little hype.

They kick off with a sharp market recap: February brought volatility, a notable BTC drawdown followed by a partial rebound, and another reminder that the “digital gold” narrative still isn’t a given when Bitcoin continues to trade like a risk asset.

From there, the episode moves into the month’s biggest themes:

Stablecoins vs. tokenized deposits: prompted by a revealing interview with Citi’s innovation leadership, Jonas and Atakan break down how banks think about on-chain money — why tokenized deposits may shine inside bank networks (remuneration, deposit insurance, regulatory familiarity), and why stablecoins win on universal reach once money leaves those walled gardens. The big takeaway: we’re heading toward coexistence, and long-term the user shouldn’t need to care which “rail” is used.

BlackRock’s DeFi moment: BlackRock’s tokenized treasury fund BUIDL becoming tradable via Uniswap (through Securitize) is framed as a genuine milestone — TradFi and DeFi moving closer, faster than many would have predicted.

Tokenization goes mainstream: the Eurosystem/ECB move to accept certain DLT-issued securities as collateral (with some legacy infrastructure strings attached) is a strong signal of integration beyond pilots. Plus: Deutsche Börse integrating tokenized equities capabilities via 360X, showing regulated markets are adopting crypto-native standards.

Crypto earnings reality check: despite a tougher market backdrop, Coinbase and Kraken post striking numbers — growing volumes, expanding funded accounts, and accelerating diversification beyond trading fees into subscriptions, custody, staking, payments, and infrastructure plays.

Digital euro politics heat up: a notable February vote in the European Parliament adds momentum to a dual-mode digital euro (online + offline). Jonas and Atakan explain why this isn’t a technical footnote: offline touches cash-like privacy and resilience, while online is key for e-commerce, interoperability, and broader adoption.

To close, the hosts share two “knowledge bites” worth your time: Stripe’s annual letter (stablecoins + AI) and a BIS perspective on money as a coordination device — perfect if you like your digital money debates grounded in first principles.

If you want one episode that connects stablecoins, bank-issued on-chain money, tokenization, DeFi’s institutional turn, and the digital euro — this is it.

BNYK Study on Stablecoin Usage

Citi Interview Tokenized Deposits

[Knowledge Bite Atakan: Recent Speech by Hyun Song Shin(https://www.bis.org/speeches/sp260127.htm)

Knowledge Bite Jonas: Stripe Annual Letter

Bitcoin, Fiat & Rock'n'Roll Website

Bitcoin, Fiat & Rock'n'Roll Telegram Channel

Digital Euro Conference: Bitcoin, Fiat & Rock’n’Roll ist again partnering with the Digital Euro Conference that takes place on March 26, 2026, in Frankfurt. The DEC is one of Europ