From MiCA to GENIUS: Joey Garcia on the Global Stablecoin Race & Bitcoin Banking

From MiCA to GENIUS: Joey Garcia on the Global Stablecoin Race & Bitcoin Banking

Xapo Bank's Joey Garcia on Libra's legacy, OpenUSD and the global race to regulate stablecoins What does effective regulation look like when technology evolves faster than the institutions governing it? In this episode of Bitcoin, Fiat & Rock’n’Roll, Jonas Gross and guest host Jonathan Knoll speak with Joey Garcia, Executive Director and Chief Strategy, Policy and Regulatory Affairs Officer at Xapo Bank. A pioneer in digital asset regulation, Garcia has helped shape Gibraltar’s blockchain framework, represented Xapo in the Libra/Diem Association and advised the United Nations on global blockchain and cryptocurrency standards. Garcia traces his journey back to 2014, when discussing Bitcoin with regulators could attract police officers rather than policy experts. His central argument remains highly relevant: the technology itself should not be the primary regulatory target. Policymakers should instead establish secure rules for the access points through which consumers and institutions interact with it. The conversation revisits Libra and the regulatory backlash triggered by its proposed synthetic currency and Facebook-led governance structure. Garcia argues that the project did not fail because of its technology or ambition. Its concentration of power and perceived challenge to monetary sovereignty created a political obstacle it could not overcome. Yet Libra accelerated regulatory initiatives that continue to shape today’s market. Open USD now revives parts of the consortium model under very different conditions. More than 140 participating companies could distribute the stablecoin through existing customer networks, while sharing reserve income rather than leaving it solely with the issuer. Garcia examines the strength of this incentive structure alongside possible tensions with the GENIUS Act and the CLARITY Act. The episode also explores Xapo Bank’s distinctive position between banking and crypto. Customers can transfer USDC or USDT into a US-dollar bank account, earn interest on their deposits and receive that interest in Bitcoin—an architecture designed to combine regulated banking safeguards with crypto-native functionality. Finally, Garcia compares the innovation-oriented US approach with more restrictive frameworks in the EU and UK, discusses the unresolved treatment of DeFi under MiCA and explains why self-custodial wallets must remain connected to the regulated financial system. Joey Garcia LinkedIn [https://www.linkedin.com/in/joeygarcia/] Xapo Bank Website [https://www.xapobank.com/en] Previous BFRR Episode with Christian Catalini [https://bfrr.info/from-libra-to-agi-christian-catalini-on-the-future-of-money/] Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

We Won. Now What? Fireblocks' Goldi On Stablecoins' Next Phase

Fireblock’s Ran Goldi Goldstein on OpenUSD, stablecoins, agentic commerce and the future of financial infrastructure with Fireblocks What happens after stablecoins move from fringe experiment to core financial infrastructure? In this episode of Bitcoin, Fiat & Rock’n’Roll, hosts Jonas Gross and Jonathan Knoll speak with Ran “Goldi” Goldstein, SVP of Payments and Network at Fireblocks, about blockchain payments, stablecoins and the work still required to bring digital money into the financial mainstream. Goldi reflects on his journey from ad tech and algorithmic trading into blockchain payments, explaining how inefficient global settlement convinced him that digital assets could reshape financial infrastructure. He also shares his perspective on the OpenUSD initiative, backed by more than 140 companies, and discusses why distribution, governance, regulation and liquidity will determine whether such projects succeed. The conversation then turns to a broader question: has the digital asset industry already won? Goldi argues that the industry has largely won the debate over why blockchain-based infrastructure matters. Banks and payment providers are no longer asking whether they should engage. The challenge is how to implement these systems in ways that create real value. The episode explores Fireblocks’ role as an infrastructure layer for wallets, tokenization and stablecoin payments, as well as the need for technical expertise inside financial institutions. Goldi explains why wallets remain the foundation of most digital asset use cases and why stablecoins are faster, but not necessarily cheaper, than traditional payment methods. Finally, the discussion looks ahead to agentic commerce, delegated wallet access and machine-initiated payments. Goldi offers a grounded view: AI agents may generate huge transaction volumes, but today the market remains experimental. In the lightning round, he identifies identity as one of the most underhyped topics in digital finance and explains how the Open Transaction Layer could add coordination, compliance and messaging for on-chain payments. Ran “Goldi” Goldshtein LinkedIn [https://www.linkedin.com/in/rangoldi/] Fireblocks Website [https://www.fireblocks.com/] OTL Network [https://www.otl.network/] Previous BFRR Episode with Christian Catalini [https://bfrr.info/from-libra-to-agi-christian-catalini-on-the-future-of-money/] Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

Episode 400 Jubilee: Our 7-Year Journey and Live Insights from PZF 2026

Seven years, 400 hours, and 15 voices from Point Zero Forum on what comes next. 400 episodes. Seven years. One podcast tracking the transformation of money from the front row. In this milestone episode of Bitcoin, Fiat & Rock’n’Roll, Michael Blaschke, Manuel Klein, Jonas Gross, Stefan Grasmann and Jonathan Knoll look back on a journey that began in 2019 as a German-language experiment and evolved into a global platform for digital money, tokenization, institutional DLT and the architecture of finance. The team reflects on the guests, debates and turning points that shaped BFRR: from Libra and the rise of CBDCs to MiCA, stablecoins, tokenized deposits, DeFi and the move from experimentation toward institutional adoption. They revisit memorable conversations, discuss what they got right—and where timing proved harder to predict—and share what seven years of weekly publishing have taught them about technology, regulation and financial infrastructure. The second half takes listeners to the Point Zero Forum 2026 in Zurich, where BFRR served as an official media partner. The team shares its takeaways and brings together voices from finance, technology and policy around three questions: What was the most important idea at the conference? What surprised people or changed their minds? And what crucial topic is still missing from the conversation? The answers reveal an industry entering a new phase. Interoperability is increasingly a governance challenge, not merely a technical one. Stablecoins, tokenized deposits and central bank money may coexist rather than compete. Agentic payments are raising urgent questions around liability and identity. Post-quantum security is moving from a distant concern to a concrete deadline. Across the board, the focus is shifting from proofs of concept to production, scale and real economic use cases. Episode 400 is both a celebration and a reality check: progress has been slower than many expected, but the direction of travel is clearer than ever. The debate is no longer whether institutions will adopt digital assets and DLT, but how fast, on which infrastructure and under whose rules. Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] Inside the ECB’ s Digital Euro Project and Stablecoins with Ulrich Bindseil [https://open.spotify.com/episode/2zT2BiUAb01rWKcJDHeeP3?si=gs1MR_5iRmGbsVtZ4TLy2w] From Libra to Legitimacy: Circle’s Stablecoin R(e)volution [https://open.spotify.com/episode/7cTAqQGmTUVZlsAHZtjzeU?si=Emd1shxHRl-MRTR5hJyD3w] From Citi Bank to Stablecoins: Tony McLaughlin's Bold Pivot [https://open.spotify.com/episode/1yhY39wD9cXQL31ZJt1ewH?si=WywzGN_zT4ug2BjkTMrRBw] Reclaiming Digital Sovereignty in Europe - and the Role of the Digital Euro [https://open.spotify.com/episode/3bJwyxoVsrRhZregjiiOTT?si=DnCpM_14S0arPmhysRS8CQ] Permissionless blockchains for financial services [https://open.spotify.com/episode/0rPtrXHR9buM0PqRngdV73?si=oouli3ygRD-jaJReehURqw] A journey through the era of digital money with Rod Garratt [https://open.spotify.com/episode/2oZnoTBXlvypr1L8R0LSwT?si=zo0AdYtTRV2yy7y9r0rZ-Q] [US vs EU: The Stablecoin Policy Divide]x(https://open.spotify.com/episode/7D5r1pOxLf31tQDocCiTQi?si=kEZ1yZ7IRIm-bZWh0dx3LA) [https://open.spotify.com/episode/7D5r1pOxLf31tQDocCiTQi?si=kEZ1yZ7IRIm-bZWh0dx3LA]) ---------------------------------------- Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

Saylor Sells and Transatlantic Money Showdown | Monthly Briefing

A deep dive into June's most relevant developments in institutional digital money and DLT. In this BFRR monthly briefing episode, Michael Blaschke and Manuel Klein look back at a brutal June for crypto markets and a surprisingly active month for institutional DLT, stablecoins and digital money. Bitcoin and Ethereum both ended deep in the red, the total crypto market cap fell sharply, and the hosts ask whether the sell-off is a bear-market signal, a liquidity stress alarm, or evidence that capital is rotating toward AI. They also unpack Michael Saylor’s symbolic sale of 32 Bitcoin, Jack Mallers’ “smoke alarm” thesis, BlackRock’s $9 trillion cash-on-the-sidelines argument and Vitalik Buterin’s push to make privacy a native Ethereum property. The episode then moves from markets to infrastructure. Stellar’s strategic investment in Frankfurt-based Cashlink highlights how regulated tokenized securities infrastructure is becoming a scarce and valuable asset in Europe. Digital Asset’s major funding round for Canton shows that banks, market infrastructures and crypto investors are converging around privacy-first networks for institutional adoption. On the money side, stablecoins continue their march into mainstream finance. MoneyGram launches MGUSD on Stellar for remittances, Italy’s Bancomat prepares a bank-backed euro stablecoin, Mastercard expands stablecoin settlement for card transactions, and reports suggest Mastercard, Stripe, Visa and Coinbase may be exploring a new stablecoin platform. The Clearing House’s tokenized deposit plans and the progress of mBridge add another layer to the race between private money, commercial bank money and central bank money. Finally, the hosts examine the widening transatlantic divide in regulation. In Europe, the ECB, European Commission, EBA and Bank of England sharpen their frameworks around stablecoins, MiCA and public settlement money. In the United States, Congress moves against a retail CBDC while policymakers increasingly frame dollar stablecoins as a tool of monetary power. The episode closes with knowledge bites on stablecoin transaction data and a critical German debate on the digital euro. Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] Knowledge Bite Michael: German Podcast Episode 385 of Daniel Stelter’s Beyond the Obvious: “Einfach überflüssig: der digitale Euro" [https://open.spotify.com/episode/3eCg08hV5sgYQzt424Njfh] KNOWLEDGE BITE MANUEL: BIS WORKING PAPER: SCHÄR ET AL., THE ANATOMY OF STABLECOIN TRANSACTIONS [https://www.bis.org/publ/work1359.htm] Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

From Libra to AGI: Christian Catalini on the Future of Money

Libra learnings, Bitcoin, Stablecoins, AI agents and the next financial infrastructure In this episode of Bitcoin, Fiat & Rock’n’Roll, co-host Jonas Gross and guest host Jonathan Knoll welcome Christian Catalini, one of the key architects behind Facebook’s Libra project, former head economist at Meta, co-founder of Lightspark, founder of the MIT Crypto Economics Lab, and one of the most influential voices at the intersection of digital money, stablecoins, Bitcoin, and artificial intelligence. The conversation begins with Libra: why it was built, why it failed, and why many of its core ideas are now resurfacing in today’s stablecoin regulation and infrastructure debates. Catalini reflects candidly on the project’s ambitions, its mistakes, its regulatory battles, and its lasting influence on frameworks such as the Genius Act. What looked premature in 2019 may now be becoming the foundation for the next phase of financial infrastructure. From there, the discussion turns to the rapidly changing stablecoin landscape. Catalini explains why banks, payment networks, fintechs, and crypto-native companies are moving toward tokenized deposits, neutral stablecoin networks, and interoperable payment rails. The episode explores the role of the US dollar, the future of euro stablecoins, Europe’s regulatory challenges under MiCA, and why open, programmable infrastructure could reshape global payments. The second half of the episode moves into AI and AGI. Drawing on his recent work on the economics of AGI, Catalini introduces the idea of verification as the central bottleneck in an economy where machines can generate endless output but humans still need to judge quality, safety, and trustworthiness. The conversation covers the future of junior jobs, education, financial services, AI agents, and why the next wave of innovation may depend on combining human judgment with increasingly powerful machine capabilities. Finally, the episode returns to Bitcoin and open networks. Catalini shares his view on Bitcoin’s role as infrastructure, the risks of quantum computing, and why the original crypto vision of openness and interoperability still matters. A wide-ranging conversation on Libra’s legacy, stablecoins, AI, Bitcoin, and the future architecture of money. May News Episode on Stablecoins in Europe: [https://bfrr.info/stablecoins-in-europe-consortia-bulls-vs-central-bank-bears-monthly-briefing] Christian Catalini LinkedIn [https://www.linkedin.com/in/ccatalini/] Full paper “Some simple economics of AGI” [https://arxiv.org/pdf/2602.20946] Summary “Some simple economics of AGI” [https://x.com/ccatalini/status/2026311784421036223?s=20] Forbes Article “Babysitting the Slop” [https://www.forbes.com/sites/christiancatalini/2026/03/18/babysitting-the-slop/] Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- Point Zero Forum*: Join us in Zurich on 23–25 June 2026 at the Point Zero Forum, the annual gathering of 2,000+ policymakers, central bankers, regulators, and industry leaders at the intersection of finance, technology, and policy: Click here [https://registration.pointzeroforum.com/2026/register?ref=BFRR2026&code=BFRR2026&c_7164712=41966045®_type_id=1063177]. Use the code "BFRR2026" to get 30% off the full-price Industry Pass. BFRR is proud media partner of the event. Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!