Bitcoin, Fiat & Rock'n'Roll

Stablecoin Sandwich: Reinventing Cross-Border Money Movement

How stablecoins can solve real-world cross-border payment inefficiencies In this episode of BFRR, Jonas and guest host Jonathan Knoll sit down with Milind Sanghavi, co-founder and CEO of xWeave, to explore one of the most practical and fast-moving use cases for stablecoins: cross-border payments. Drawing on more than two decades of experience across PayPal, Visa, OCBC Bank and Meta, Milind explains why payments may look simple on the surface, yet rely on deeply complex infrastructure, regulation and coordination behind the scenes. The conversation cuts through the hype and focuses on the real frictions that still define international money movement today: opaque fees, manual processes, prefunding requirements, slow settlement times and weak transparency in many non-G7 currency corridors. Milind shares vivid examples from Asia, showing how treasury and remittance flows can still depend on phone messages, delayed FX quotes and uncertain arrival times—and how new infrastructure can reduce that process from days to minutes. At the center of the discussion is xWeave’s approach: combining licensed fiat rails with blockchain-based settlement and stablecoins, without relying on regulatory arbitrage. Rather than pitching a crypto-native revolution, Milind describes a “Web 2.5” model that brings together the compliance strengths of traditional finance and the speed and programmability of digital asset infrastructure. The result is a system designed to help licensed institutions move money faster, cheaper and with less trapped capital, especially across Asian and Middle Eastern corridors. The episode also dives into xWeave’s expansion strategy, its corridor-by-corridor model, the role of intelligent routing and why stablecoins only matter when they solve a real customer problem. This is a grounded, insider conversation about how cross-border payments are actually evolving—and why the next wave of innovation may come not from replacing finance, but from quietly rebuilding its plumbing. LinkedIn Jonas Gross [https://www.linkedin.com/in/grossjonas/] LinkedIn Jonathan Knoll [https://www.linkedin.com/in/jonathan-knoll/] LinkedIn Milind Sanghavi [https://www.linkedin.com/in/milindsanghavi/] etonec Website [https://www.etonec.com/] XWeave Website [https://www.xweave.io/] Bitcoin, Fiat & Rock'n'Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock'n'Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- 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 Europe’s leading conferences on the future of money, discussing the digital euro as well as the role of stablecoins and tokenized deposits for the future of payments. More information about the DEC, can you found here*. Secure 20% off with the discount code “BFRR20”. 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!

Stablecoins, Tokenized Deposits & DeFi: TradFi Moves On-Chain

From ECB collateral paradigm shift to BlackRock on Uniswap, February shows how deeply DLT is embedding into traditional finance 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 [https://www.theblock.co/post/390057/cryptos-300-billion-stablecoin-supply-is-increasingly-used-as-everyday-money-global-study-finds?utm_source=newsletter&utm_medium=email&utm_term=2026-02-18&utm_campaign=Digital+Euro+Association+News] Citi Interview Tokenized Deposits [https://www.pymnts.com/blockchain/2026/citi-argues-tokenized-deposits-belong-at-the-core-of-finance/?utm_source=newsletter&utm_medium=email&utm_term=2026-02-11&utm_campaign=Digital+Euro+Association+News] [Knowledge Bite Atakan: Recent Speech by Hyun Song Shin(https://www.bis.org/speeches/sp260127.htm) Knowledge Bite Jonas: Stripe Annual Letter [https://stripe.com/de/newsroom/news/stripe-2025-update] Bitcoin, Fiat & Rock'n'Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock'n'Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- 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 Europe’s leading conferences on the future of money, discussing the digital euro as well as the role of stablecoins and tokenized deposits for the future of payments. More information about the DEC, can you found here*. Secure 20% off with the discount code “BFRR20”. 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!

The Layer Below the Coin: Architecting a Stablecoin (with AllUnity-CFO/CPO Simon Seiter)

Why the real stablecoin competition happens beneath the token. In this episode of BFRR (Bitcoin, Fiat & Rock’n’Roll), co-host Michael Blaschke sits down with Simon Seiter, Managing Director, CFO and CPO of AllUnity—the regulated stablecoin venture backed by DWS, Galaxy Digital and Flow Traders. Simon brings a rare perspective: he built institutional DLT infrastructure inside one of Germany’s oldest private banks, then crossed to the “other side” to design the on-chain rails banks will ultimately connect to. The conversation starts with AllUnity’s announcement of a Swiss franc–denominated stablecoin alongside its euro product—not as a headline-grabbing token launch, but as an “infrastructure signal” that the platform was built multi-currency from day one. Simon explains why multi-currency matters for corporates, how MiCA enables CHF issuance via the EEA (through Liechtenstein), and why readiness can compress time-to-market. Then we go “layer below the coin”: regulated onboarding, wallet and bank-account whitelisting, virtual IBANs, straight-through processing, and automated minting/redemption in ~4.5 minutes. Simon walks through the full stack—transaction banking APIs, smart-contract governance and key management, reserve management (cash plus eligible securities with DWS advice), and the compliance and monitoring layer (sanctions screening, on-chain monitoring, travel rule, blacklisting mechanics). We also unpack where TradFi breaks when you bolt on blockchain: the identity-layer mismatch between accounts and addresses, real-time settlement vs. batch reconciliation, and why weekend liquidity can require buffers or smarter banking partnerships. Simon’s takeaway for bank CXOs: stop over-strategizing—build wallet and key-management capability now, run real experiments, and treat on-chain settlement as core infrastructure, not a side project. Mentioned: Digital Euro Conference 2026 (March 26, Frankfurt / online)—discount code BFRR20 in the show notes. Not financial advice. AllUnity just launched a Swiss franc stablecoin alongside its existing euro product—and while most coverage treats it as a product announcement, this episode treats it as an infrastructure signal. Host Michael Blaschke sits down with Simon Seiter, Managing Director and CFO/CPO at AllUnity, to go layer by layer through the actual technology, partnerships, and design decisions that have to exist beneath a stablecoin before any institutional client will touch it. From onboarding and virtual IBANs to smart contract key management, reserve allocation, and compliance monitoring, Simon walks through the full customer flow and reveals what straight-through processing looks like in practice—including the four-and-a-half-minute mint-to-wallet cycle AllUnity has built. The conversation goes deeper than technology. Simon and Michael dissect where traditional financial architecture genuinely breaks when it meets blockchain: the identity layer mismatch between KYC-based closed account systems and pseudonymous open networks, the reconciliation gap between end-of-day batch processing and real-time atomic settlement, and the challenge of enforcing sanctions in an open transfer system. Simon draws on his experience building digital asset infrastructure inside Hauck Aufhäuser Lampe to explain why blacklisting—rather than whitelisting—became the necessary bridge between TradFi’s closed-system paradigm and crypto’s open one, and why banks that haven’t started a wallet infrastructure project at least two years ago have already missed the window to build competitively. Perhaps most striking is Simon’s candid assessment of the broader institutional landscape. While banks have formed consortia and announced intentions, he argues that very few have actually shipped anything—and that the real bottleneck isn’t strategy or regulation but the willingness to build and the people who can execute. His advice to any bank CXO listening is blunt: stop theorizing and start experiencing. Buy wallets the way Kodak should have bought PCs. Give your teams money and time to experiment before commissioning a year-long strategy project. Because the secondary-order consequences of digital money—from pay-per-usage models to the elimination of classical point-of-sale infrastructure—are business model shifts that no amount of strategic planning will surface without hands-on experience. Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] Michael Blaschke on LinkedIn [https://www.linkedin.com/in/dr-michael-r-blaschke/] Simon Seiter on LinkedIn [https://www.linkedin.com/in/simon-seiter/] ---------------------------------------- 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] 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 Europe’s leading conferences on the future of money, discussing the digital euro but also the role of stablecoins and tokenized deposits for the future of payments. More information about the DEC, can you found here* [https://www.eventbrite.de/e/digital-euro-conference-2026-dec26-tickets-1478227812179?dicsount=BFRR20]. Secure 20% off with the discount code “BFRR20”. 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!

The Architecture of Money

Why IT Design Decisions Will Shape the Next Financial System Architecture is the hidden battleground of digital money. In this solo episode of BFRR (Bitcoin, Fiat & Rock’n’Roll), co-host Michael Blaschke argues that the choices being made right now—inside central banks, commercial banks, fintechs and protocol teams—will shape the global financial system for the next 30–50 years. Too often, the people who must make it all work (enterprise architects) are pulled in after strategic bets are already placed. Michael opens with a question from the IMF: what is the “TCP/IP equivalent” for digital assets? He revisits early computer networking, when proprietary protocols didn’t scale and point-to-point integrations exploded in complexity. The lesson: interoperability comes from layered design and shared standards—not from forcing everyone onto one stack. He then introduces the IMF’s ASAP framework—Access, Service, Asset, Platform—a shared vocabulary for conversations that currently happen in silos (blockchain vs. RTGS vs. DeFi vs. bank IT). The key insight is counterintuitive: platform diversity is here to stay, so standardization effort pays off most at the asset and service layers. Jasper–Ubin is the proof point: different DLTs, one shared service protocol (HTLC) enabling atomic exchange. Next comes today’s “platform war”: vertically integrated “corp chains” versus open, permissionless networks. Michael explores the trade-off between turnkey efficiency now and strategic freedom later—and why closed stacks risk becoming “islands of harmony in a sea of diversity.” He also highlights emerging approaches like MAS’s Purpose Bound Money as hints of where practical standards may form. Finally, stablecoins take center stage as the ultimate stress test: multi-chain deployments, brittle bridges, fragmented standards, and real systemic consequences. LinkedIn Michael Blaschke [https://www.linkedin.com/in/dr-michael-r-blaschke/] IMF Working Paper: ASAP: A Conceptual Model for Digital Asset Platforms [https://www.imf.org/en/publications/wp/issues/2024/02/02/asap-a-conceptual-model-for-digital-asset-platforms-544387] Opinion: The trillion-dollar battle for money's operating system [https://www.koreaherald.com/article/10617819] Article: The Path to Seamless Blockchain-Based Retail Payments: The Role of Interoperability [https://www.stablecoinstandard.com/thought-articles/the-path-to-seamless-blockchain-based-retail-payments-the-role-of-interoperability] ECB Macroprudential Bulletin: Stablecoins' role in crypto and beyond: functions, risks and policy [https://www.ecb.europa.eu/press/financial-stability-publications/macroprudential-bulletin/html/ecb.mpbu202207_2~836f682ed7.en.html] Market Data: Market size of non-USD fiat-backed stablecoins up to September 2025 [https://www.statista.com/statistics/1437251/market-size-non-usd-fiat-backed-stablecoins/] 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!

How stablecoins can become the backbone of our financial system

A practitioner's view In this episode of BFRR (Bitcoin, Fiat & Rock and Roll), co-host Jonas is joined by guest host Jonathan Knoll for a deep dive into one of the most important shifts in digital finance: stablecoins moving from a crypto-native product to real payment infrastructure. Our guest is Geetha Panchapakesan, co-founder of Tesser—and one of the most experienced practitioners in global money movement. Geetha has spent decades building and scaling payment systems across the industry, with roles at Mastercard, MoneyGram, PayPal, Visa Direct, and most recently Circle, where she witnessed firsthand how stablecoins evolved through boom, bust, and renewed institutional focus. Together, we explore why stablecoins are increasingly seen as a backend rail rather than a consumer-facing payment method—especially for cross-border payments, where legacy correspondent banking still creates friction, cost, and delays. Geetha explains what’s changed over the last few years: improving regulatory clarity across jurisdictions, growing competitive pressure, and major market signals (including high-profile moves by large payment companies) that have pushed banks and PSPs from “strategy” into execution. But wanting a stablecoin strategy is very different from actually shipping one. This conversation gets practical: What happens after a bank says “yes”? Where do projects get stuck—custody, wallet security, compliance, gas management, treasury reconciliation, reporting, ERP integration? Geetha breaks down the real infrastructure gaps, the fear points, and why stablecoin adoption is ultimately an orchestration problem as much as a technology problem. Finally, we discuss Tesser’s approach: a white-label, full-stack stablecoin payments platform built specifically for regulated financial institutions—abstracting complexity so banks can add stablecoins like they add any other payment method (ACH, SEPA, wire… and now stablecoins). We close with Geetha’s view on the next 12–24 months: emerging markets, off-ramp opportunities for local banks, and why on-chain identity and privacy may become critical to the next phase of adoption. LinkedIn Jonas Gross [https://www.linkedin.com/in/grossjonas/] LinkedIn Jonathan Knoll [https://www.linkedin.com/in/jonathan-knoll/] LinkedIn Geetha Panchapakesan [https://www.linkedin.com/in/geethapanchapakesan/] etonec Website [https://www.etonec.com/] Tesser Website [https://tesser.xyz/] 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!