Bitcoin, Fiat & Rock'n'Roll

EU Goes All-In, Stablecoins Scale, Equities Tokenize | News

From stablecoin issuance by major banks to tokenized securities entering DeFi—December marked the shift from experimentation to operational infrastructure. Close out 2025 with BFRR’s final news episode of the year—a fast-paced, institution-focused tour through what might be the most consequential month yet for blockchain in finance. Host Michael Blaschke is joined by Ivica Aračić and Atakan Kavukluto to unpack December’s biggest developments across markets, regulation, stablecoins, and tokenization—and to zoom out on what 2025 really meant for institutional adoption. We start with a market pulse (recorded on December 22): crypto closes the year strong, with the total market rebounding to roughly $3.8T, Bitcoin hovering around $90k, and stablecoins hitting new scale—with Tether and Circle together surpassing $260B. But the real story isn’t price. It’s infrastructure. Ivica breaks down major European policy momentum, including updates to the EU’s DLT Pilot Regime aimed at expanding eligible instruments, raising caps, reducing friction for smaller participants, and strengthening long-term certainty. The episode also tackles the digital euro’s political reality: the ECB pushes for legislative progress, while coordination challenges across parliaments, banks, and incentives remain the hard part. Michael then dives into the “stablecoin year” thesis: regulated clarity meets real-world rollout. From SoFi USD as a bank-issued stablecoin in the US, to a major European bank consortium targeting a EUR stablecoin, to payment giants integrating stablecoins at scale—PayPal’s PYUSD moving into AI infrastructure financing, YouTube enabling creator payouts in PYUSD, Intuit embedding USDC across finance workflows, and Visa expanding USDC settlement (including on Solana). Atakan rounds out the month with tokenization and TradFi integration: landmark pilots like JP Morgan arranging commercial paper on Solana, tokenized money market funds (JP Morgan and Amundi on Ethereum), and the early hints of tokenized equities distribution via crypto platforms and messaging-first experiences. The episode ends with a sharp 2025 wrap: stablecoins as the bridge between old rails and new networks, regulatory maturation finally arriving, and a growing tilt toward public blockchain infrastructure—plus reading recommendations (BIS Project Rialto, an IMF stablecoin primer, and Christian Catalini on the “trillion-dollar battle” for money’s operating system). BFRR Episode #290 on "Das sind die Alternativen zum digitalen Euro" with Peter Bofinger [https://www.bfrr.de/das-sind-die-alternativen-zum-digitalen-euro/] BFRR Episode #371 on “Reclaiming Digital Sovereignty in Europe - and the Role of the Digital Euro” [https://open.spotify.com/episode/3bJwyxoVsrRhZregjiiOTT] LinkedIn Ivica Aračić [https://www.linkedin.com/in/ivicaa/] LinkedIn Atakan Kavuklu [https://www.linkedin.com/in/atakan-kavuklu/] LinkedIn Michael Blaschke [https://www.linkedin.com/in/dr-michael-r-blaschke/] Knowledge Bite Ivica: Christian Catalini on “The trillion-dollar battle for money's operating system” [https://www.linkedin.com/feed/update/urn:li:activity:7396079717621202944/] Knowledge Bite Atakan: BIS Technical Report on “Project Rialto” [https://www.bis.org/publ/othp106.htm] Knowledge Bite Michael: MIF Paper on “Understanding Stablecoins” [https://www.imf.org/en/publications/departmental-papers/issues/2025/12/02/understanding-stablecoins-570602] 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!

Our 2025 Recap: What We Did (Not) See Coming

Recapping major developments and evaluating our predictions for 2025 BFRR closes out 2025 the only way it knows how: with bold calls, honest scorekeeping, and a few friendly jabs along the way. In this annual review episode, co-hosts Jonas, Michael, and Manuel look back on a year that felt like a turning point for digital money — not because the debates got quieter, but because they got more real: regulation hardened, institutions leaned in, and “stablecoin” became the word nobody in finance could avoid. First, we show some gratitude. 2025 was the podcast’s first full year in English, and the payoff shows: listeners in 50+ countries, a fast-growing community (including our highly active Telegram group), and a noticeable jump in LinkedIn reach. We also pull back the curtain on the work behind the scenes — from post-production to website support — and thank partners like Zühlke for helping professionalize what’s still, at its core, a passion project built outside full-time jobs. Then it’s time for the internal scoreboard: the top episodes by downloads, including conversations on stablecoins, Siemens’ blockchain journey, and — the runaway #1 — the team’s own predictions episode that everyone came back to audit. And yes: the audit gets spicy. The hosts revisit their 2025 predictions with a simple rule: if it was right, it earns a beer. If it wasn’t, there is no beer for you. Beyond the scorekeeping, the bigger theme emerges: 2025 was “the stablecoin year,” but also the year the industry matured — clearer rules, more institutional rails, more productization, and a sharper focus on what actually ships versus what only gets announced. The episode wraps with personal highlights, community shout-outs, and a clear message heading into 2026: stay curious, keep the feedback coming, and help spread Europe’s perspective on digital currencies to the world. 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!

Reclaiming Digital Sovereignty in Europe - and the Role of the Digital Euro

Exploring why digital money matters for Europe’s strategic autonomy and what the Digital Euro could change. In this episode of Bitcoin, Fiat & Rock’n’Roll (BFRR), hosts Jonas Gross and Stefan Grasmann sit down with Dr. Alexandra Hachmeister, Director General for the Digital Euro at Deutsche Bundesbank, for a wide-ranging and candid conversation about the future of money in Europe. Drawing on more than two decades at Deutsche Börse and her transition into central banking, Hachmeister offers rare insight into how public institutions think about digitizing sovereign money in an increasingly fragmented and geopolitically charged payments landscape. The discussion explores why the digital euro is not simply a technical upgrade, but a strategic response to Europe’s growing dependence on non-European payment infrastructures. From Visa and Mastercard to Big Tech wallets, much of Europe’s daily payment traffic runs on rails outside European control. Hachmeister explains how the digital euro is designed to strengthen monetary sovereignty while preserving the role of commercial banks, protecting privacy, and offering citizens a cash-like public alternative in the digital world. Beyond retail payments, the conversation dives into usability, merchant acceptance, offline functionality, and the complex challenge of rolling out a pan-European payment system across 20 countries. The hosts and their guest also address common misconceptions: the digital euro is not about crowding out private innovation, abolishing cash, or competing head-on with existing payment solutions, but about building resilient public infrastructure that others can build upon. In the second half of the episode, the focus widens to stablecoins, tokenized deposits, and corporate payments. Why are USD-denominated stablecoins advancing so quickly? Why has Europe struggled to create a compelling euro stablecoin ecosystem? And how do central banks view the potential risks and opportunities these new forms of money bring for financial stability, cross-border payments, and bank balance sheets? This episode offers a nuanced, behind-the-scenes look at how Europe’s monetary future is being shaped—balancing innovation, sovereignty, market realities, and public purpose at a time when the definition of money itself is evolving. Shownotes LinkedIn Alexandra Hachmeister [https://www.linkedin.com/in/alexandrahachmeister/] LinkedIn Jonas Gross [https://www.linkedin.com/in/grossjonas/] LinkedIn Stefan Grasmann [https://www.linkedin.com/in/sgrasmann/] Website Digital Euro Bundesbank [https://www.bundesbank.de/de/aufgaben/unbarer-zahlungsverkehr/digitaler-euro] 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!

Selling Picks and Shovels in the Stablecoin Gold Rush

How Januar solves debanking and licensing challenges for crypto SMEs In this episode of Bitcoin, Fiat & Rock’n’Roll, we dive deep into one of the least discussed but most existential challenges for Europe’s crypto industry: the ongoing debanking of crypto SMEs — and the emerging regulatory twist that could upend the market again in 2026. Host Michael Blaschke is joined by Stefan and Marcus Mølleskov, Chief Risk & Compliance Officer and Co-Founder of Januar, a Danish payment institution built to solve exactly this problem. Marcus shares his unusual journey from quantitative finance into crypto compliance and explains how a chance encounter with the early Chainalysis team shaped Januar’s founding vision: bringing trust, transparency, and proper financial infrastructure to an industry long treated as “too risky” by banks. We explore why crypto companies across Europe still struggle to open something as simple as a corporate bank account — and how Januar created a full-stack payment and custody platform that bridges traditional finance with digital assets. Marcus also unpacks a regulatory curveball few CASPs have fully grasped: according to recent EBA guidance, from March 1, 2026, stablecoins legally qualify as funds. This means any CASP offering stablecoin services must hold a PSD2 license or work with a partner who has one — or face fines. Overnight, Januar’s dual licensing path turned into a critical lifeline for the industry. Looking ahead, Marcus explains why stablecoins, not speculation, will drive the next evolution of blockchain: enabling instant global settlement, powering tokenized financial assets, and reducing trillions locked in traditional settlement rails. Instead of issuing yet another stablecoin, Januar is positioning itself as the integration layer connecting Europe’s rapidly fragmenting stablecoin landscape. If you want to understand the real bottlenecks for crypto adoption in Europe — and how regulation, payments infrastructure, and tokenization are converging — this episode is for you. Marcus Mølleskov, CRCO at Januar, on LinkedIn [https://www.linkedin.com/in/molleskov/] Michael Blaschke on LinkedIn [https://www.linkedin.com/in/dr-michael-r-blaschke/] Stefan Grassman on LinkedIn [https://www.linkedin.com/in/sgrasmann/] Januar’s thinking and resources [https://www.januar.com/resources/blog] Recent BFRR News Episode ‘Stablecoins Everywhere - While European Parliament Rethinks the Digital Euro | News’ [https://open.spotify.com/episode/4cAalGoBCO3xrriV6AfZnm?si=srEenqHJRdWalnaanPKeag] 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!

Stablecoins Everywhere - While European Parliament Rethinks the Digital Euro | News

We unpack November’s biggest digital currency and blockchain news – JP Morgan’s bold moves, continued stablecoin momentum and long-awaited digital euro perspectives from Brussels In this new BFRR News episode, Jonas Groß and Manuel look back at a turbulent November across digital assets, stablecoins, tokenized deposits and CBDCs. They’re joined for the first time by Atakan Kavuklu, project manager at AllUnity, who brings hands-on insights from one of Europe’s most prominent stablecoin initiatives. November delivered heavy market volatility, with a 15% crypto market drop and extreme fear readings, yet also remarkable institutional breakthroughs. The Czech National Bank revealed a pilot Bitcoin portfolio as part of a broader digital-asset readiness strategy. Harvard University quietly tripled its Bitcoin exposure, while questions resurfaced about MicroStrategy’s long-term resilience during downturns. On the infrastructure side, Clearstream launched its D7 DLT platform, Swiat received its BaFin license as a crypto securities registrar, and the Basel Committee signaled it may soften punitive capital rules for banks holding crypto assets—potentially a milestone for regulated adoption. Stablecoins again dominated headlines: Visa and Mastercard rolled out stablecoin payout pilots; Western Union launched a USD-backed token on Solana; Klarna introduced its own stablecoin on Tempo; and Swiss payments giant TWINT started exploring a CHF stablecoin. The team breaks down why payouts, remittances and retail rails could become catalysts for real-world stablecoin usage. JP Morgan accelerated the race in tokenized deposits with the live launch of its JPM Coin infrastructure on Base and new interoperability steps with USDC. Citi also expanded its token services and deepened collaboration with Coinbase. Finally, the hosts unpack the European Parliament’s draft report on the digital euro, including the surprising push to prioritize the offline CBDC, new governance ideas, and looming questions for private-sector payment schemes such as Vero. A packed episode full of market insights, policy shifts and infrastructure updates—perfect for anyone navigating the future of digital money. Digital Euro Draft Report from European Parliament](https://www.europarl.europa.eu/RegistreWeb/search/simpleSearchHome.htm?relations=NUPE%23%23778.136&sortAndOrder=DATEDOCUDESC) [https://www.europarl.europa.eu/RegistreWeb/search/simpleSearchHome.htm?relations=NUPE%23%23778.136&sortAndOrder=DATE_DOCU_DESC]) Knowledge Bite Atakan: Paper “Regulatory responses to the financial stability implications of stablecoins” [https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5710762] Knowledge Bite Manuel: European Banks & Stablecoin Report from Blockstories [https://www.linkedin.com/posts/block-stories_european-banks-stablecoins-report-vol-activity-7394313269508845569-icvA/] Knowledge Bite Jonas: ECB Enters Next Phase of Digital Euro Project [https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr251030~8c5b5beef0.en.html] 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!