Stablecoins in Europe: Consortia Bulls vs. Central Bank Bears | Monthly Briefing

From PayPal to Stellar: The Journey of Jose Fernandez da Ponte

Stablecoins, tokenization, agentic payments and the future of financial infrastructure on Stellar Stablecoins are moving beyond crypto markets and becoming part of the financial system’s core infrastructure. In this episode of BFRR’s Digital Money Interview Series, co-host Jonas Gross and guest host Jonathan Knoll speak with José Fernández da Ponte, President and Chief Growth Officer at the Stellar Development Foundation and former Head of Blockchain and Digital Currencies at PayPal. Drawing on two decades in payments, banking and fintech, José explains why blockchain technology could reshape financial rails that still rely on decades-old systems. He describes blockchains as “Linux for payments”: open-source, permissionless infrastructure on which institutions, developers and fintech companies can build new products step by step. The conversation explores why stablecoins are gaining momentum now, from regulatory clarity and institutional confidence to emerging use cases in cross-border payments, treasury, payroll and commerce. José also discusses tokenized real-world assets and the shift in institutional conversations: the question is no longer whether assets such as money market funds can be tokenized, but how they can be distributed, used as collateral and integrated into markets. A major focus is Stellar’s role in institutional finance, including the announcement that DTCC plans to make tokenized assets available on Stellar. José explains what institutions look for in a blockchain: speed, liquidity, uptime, compliance tooling, risk controls and openness. The discussion then turns to agentic commerce. As AI agents begin to transact at machine speed, payment systems may need to support micropayments, streaming payments and higher transaction volumes. Finally, José outlines why privacy will be essential for on-chain payments and how configurable privacy, confidential tokens and selective disclosure could reconcile transparency with compliance. A conversation about rebuilding financial infrastructure from first principles — and why the future of money may depend on open, institutional-grade networks. Jose Fernandez da Ponte LinkedIn [https://www.linkedin.com/in/jose-fernandez-da-ponte-a46ba81/] DTCC & Stellar Announcement [https://stellar.org/case-studies/dtcc] Stellar Q1 2026 Report [https://stellar.org/blog/foundation-news/q1-2026-execution-at-network-scale] Stellar Website [https://stellar.org/] 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!

Stablecoins in Europe: Consortia Bulls vs. Central Bank Bears | Monthly Briefing

Europe’s stablecoin race, Lagarde’s doubts, and Washington’s Clarity Act push. Stablecoins are no longer a niche topic in digital finance. They are rapidly becoming a strategic question for banks, regulators and technology providers on both sides of the Atlantic. In this BFRR news episode, the hosts are joined once again by Maximilian Vargas from Blockstories to examine the most important developments of May. The discussion begins in Europe, where the Qivalis banking consortium has expanded significantly. With 37 participating banks from 15 countries, the initiative combines institutional credibility, distribution power and substantial funding. But can a large banking consortium turn these advantages into a widely used euro stablecoin, or will governance, licensing and go-to-market challenges slow it down? The episode also explores AllUnity’s multi-currency strategy and its move into agentic payments. As AI agents begin to transact autonomously, programmable and regulated stablecoins could become an important bridge between machine-to-machine commerce and the traditional financial system. Across the Atlantic, Circle is pursuing a different path. Its Arc blockchain signals a push toward vertical integration: instead of relying solely on third-party rails, the stablecoin issuer wants to build infrastructure for a tokenized financial economy. The hosts discuss what this means for Circle, Coinbase and the wider race to own the payment layer of the internet. The debate then turns to regulation. Christine Lagarde’s critical remarks highlight concerns around financial stability and monetary policy transmission, while the European Commission’s MiCA consultation opens the door to potential improvements. In the United States, the Clarity Act is gaining momentum but remains far from a done deal. Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] Knowledge Bite Michael: IMF paper “Making Stablecoins Stable” [https://www.imf.org/en/publications/wp/issues/2026/04/10/making-stablecoins-stable-575348?utm_source=newsletter&utm_medium=email&utm_term=2026-04-29&utm_campaign=Digital+Euro+Association+News] Knowledge Bite Jonas: ECB LinkedIn Post [https://www.linkedin.com/posts/grossjonas_ecb-digitaleuro-share-7463114751989080065-iXIJ?utm_source=share&utm_medium=member_desktop&rcm=ACoAACrbu_EBW7M4BlvfP26crTAy7pLCSNYfCMg] Knowledge Bite Max: Institutional Crypto Lending Report [https://docsend.com/view/mfdsmswg6d54cgbb] Knowledge Bite Max: Spanish Digital Assets Ecosystem Report [https://docsend.com/view/9cwh7dckekn8tz63] ---------------------------------------- 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!

The Convergence of Capital Markets and Blockchain

How Clearstream Sees the Future of Financial Infrastructure In this episode of Bitcoin, Fiat & Rock’n’Roll, Stefan Grasmann speaks with Thilo Derenbach, Head of Sales & Business Development Digital Securities Services at Clearstream, about how financial market infrastructure is evolving through digitisation, tokenisation, and blockchain technology. The conversation offers a rare inside perspective from one of Europe’s most important post-trade infrastructure providers and explores how traditional financial institutions are preparing for a hybrid future between legacy and on-chain markets. Thilo explains the role of Deutsche Börse Group, Clearstream, D7, Crypto Finance, 360X and related initiatives, outlining how the group is building digital-first but hybrid infrastructure for both traditional and blockchain-native market participants. The discussion covers the growing convergence between TradFi and Web3, including Deutsche Börse’s investment into Kraken, partnerships with Ondo and stablecoin issuers, and the broader strategic shift towards interoperable digital capital markets. Stefan and Thilo also discuss recent industry developments such as DTCC’s tokenisation initiative and Bullish acquiring Equiniti for USD 4.2 billion. A major focus of the episode is collateral mobility and the future reuse of assets across digital markets. Thilo explains why institutional clients increasingly demand more efficient collateral usage, why tokenised securities alone are not enough, and how blockchain technology could fundamentally improve the movement and mobilisation of assets across trading, settlement and custody environments. The episode concludes with a forward-looking discussion on hybrid infrastructure, 24/7 markets, AI-driven financial systems and why the next years may represent a decisive phase in the digitisation of global financial markets. Bitcoin, Fiat & Rock'n'Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock'n'Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] Co-host LinkedIn profile [https://www.linkedin.com/in/sgrasmann/] Guest LinkedIn profile [https://www.linkedin.com/in/thilo-derenbach-2102031/] ---------------------------------------- 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!

From Libra to Legitimacy: Circle's Stablecoin R(e)volution

The journey from Libra via MiCA to AI agents and open financial infrastructure In this episode of BFRR, Jonas and guest host Jonathan Koll welcome back one of the most influential voices in digital money: Dante Disparte, Head of Strategy and Global Policy at Circle. Four years after his last appearance on the show, Dante returns for a wide-ranging conversation on how stablecoins moved from regulatory controversy to the core of the global financial system. The discussion begins with Dante’s personal path into crypto: from cyber risk and financial resilience to the early blockchain debates, the Libra project, and the hard lessons learned when big ideas collide with politics, regulation and public trust. Looking back, Dante argues that Libra may have been controversial, but it also accelerated the global conversation around digital money and helped pave the way for today’s regulatory clarity. From there, the conversation turns to Circle’s evolution. Once mainly known as the issuer of USDC, Circle is now positioning itself as a full-stack financial infrastructure company. Dante explains the role of USDC as a regulated digital dollar, EURC as the leading euro-denominated stablecoin, USYC as a tokenized money market fund, and Circle’s broader technology stack, including the Circle Payments Network and the upcoming ARK blockchain. The episode also explores the changing stablecoin use cases: from crypto trading and decentralized finance to cross-border payments, capital markets collateral, store-of-value demand in unstable economies and even agentic commerce, where AI systems may increasingly transact with each other using programmable money. Regulation is another major theme. Dante compares Europe’s MiCA framework with the U.S. GENIUS Act, discusses the search for international harmonization, and reflects on the United Kingdom’s opportunity to define its own digital asset regime. The conversation also touches on digital identity, financial inclusion, and why open standards may be essential to bring billions of people into the formal economy. A sharp, thoughtful and occasionally funny episode about stablecoins, regulation, institutional adoption and the future of money — with one of the few people who has been at the center of the debate from Libra to Circle. Dante Disparte LinkedIn [https://www.linkedin.com/in/dantedisparte/] Dante Disparte X [https://twitter.com/ddisparte] Circle Website [www.circle.com] Article Korea Herald [https://www.koreaherald.com/article/10654592] 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!

How Europe Is Rewriting Financial Rules for DLT: MISP overview

Will DLT finally be part of EU Financial Regulation? In this episode of BFRR – Bitcoin, Fiat & Rock’n’Roll, host Manuel welcomes back Dr. Anika Patz, partner at YPOG and one of Germany’s leading legal experts on digital assets, digital money and financial market regulation. Together they unpack a regulatory development for Europe’s capital markets: the Market Integration and Supervision Package, or MISP. Anika explains how MISP is designed to simplify and harmonize European capital market rules, reduce fragmentation across EU member states and give ESMA a much stronger supervisory role. The conversation then zooms in on the DLT Pilot Regime, Europe’s framework for blockchain-based trading and settlement infrastructures. While the regime was meant to enable real-life experimentation with tokenized securities, DLT settlement systems and combined trading-and-settlement models, uptake has remained limited due to product restrictions, volume caps, time limits and a heavy licensing burden. The episode explores how MISP could change that. Proposed reforms would raise volume thresholds, remove product limitations and make DLT-based infrastructure a more permanent, scalable option for the market. Anika also discusses how the Central Securities Depositories Regulation may recognize DLT systems and stablecoin-based settlement, why e-money tokens and tokenized money market funds could become relevant for collateral, and where EMIR, MiFIR and MiCA may need alignment. Beyond the legal details, Manuel and Anika reflect on the implications for Europe. Can the EU move quickly enough to remain competitive with the US and Asian markets? Should parts of the DLT Pilot Regime be carved out and accelerated? And will European supervision help create an integrated capital market, or add complexity for firms navigating crypto and securities regulation? 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!