Bitcoin, Fiat & Rock'n'Roll

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!

Digital Money: One World, Three Strategies | Monthly Briefing

We unpack January’s most relevant digital currency and blockchain news – US Clarity Act pushback, global CBDC divergence, and launch of major tokenization platforms In this January news episode of BFRR (Bitcoin, Fiat & Rock’n’Roll), co-host Michael is joined by Manuel and Jonas to unpack what mattered most in institutional blockchain over the past month—from markets to regulation, digital money and tokenization. We start with a quick market pulse: crypto ends January roughly flat around a ~$3T market cap, while gold and silver print fresh highs—raising an uncomfortable question: is Bitcoin really “digital gold” yet? The team also digs into Ethereum’s quiet comeback: more active accounts than Bitcoin, record transaction activity, and notably lower gas fees—fundamentals that look bullish even as prices lag. Then it’s policy time in the U.S.: the Clarity Act drama (and why Coinbase CEO Brian Armstrong pulled support), the fight over stablecoin yield, last-minute tokenized securities language, DeFi/AML pushback, and competing bills vying to define SEC vs. CFTC oversight. We also cover a major regulatory signal: OCC national trust bank charter approvals for Ripple and Circle—and why traditional banks are protesting. On CBDCs, we zoom out geopolitically: China (CBDC yes, crypto no), the U.S. (CBDC no, stablecoins yes) and Europe trying to thread the needle. You’ll hear fresh details on the digital euro pilot planned for H2 2027, and why timing may be Europe’s biggest risk—contrasted with China’s e-CNY trajectory, “e-CNY 2.0” incentives, and cross-border momentum via mBridge. Finally, we connect the dots on tokenized deposits, Project Agora, stablecoin plumbing (Swift + Société Générale Forge, Interactive Brokers funding, Visa + BVNK, Barclays backing Ubyx), and what January’s platform launches (ICE, LSEG, State Street) mean for the next era of capital markets. Shownotes The Block data on Bitcoin and Ethereum accounts [https://www.theblock.co/data/on-chain-metrics/comparison-bitcoin-ethereum-solana/number-of-active-addresses-7dma] Knowledge Bite Michael: Paper “The trillion-dollar battle for money's operating system” by Christian Catalini [https://www.koreaherald.com/article/10617819] Knowledge Bite Manuel: Paper on China’s digital currency efforts by the Atlantic Countil [https://www.atlanticcouncil.org/blogs/econographics/what-to-watch-as-china-prepares-its-digital-yuan-for-prime-time/] Knowledge Bite Jonas: OPen letter by 70 European Academics to the European Parliament on digital euro [https://sustainablefinancelab.nl/wp-content/uploads/sites/506/2026/01/The-Digital-Euro-Let-te-public-interest-prevail.pdf] 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!

Running Stablecoins at Scale - with Max von Wallenberg from MoonPay

Inside the operational reality of stablecoins Stablecoins are no longer a thought experiment—they’re becoming production infrastructure. In this episode of Bitcoin, Fiat & Rock and Roll, we sit down with Max von Wallenberg, a builder who’s seen markets from every angle: trading floors at Lehman Brothers and Goldman Sachs, leadership at Börse Stuttgart Digital Exchange, and now stablecoin plumbing at scale at MoonPay (after MoonPay acquired his company IRON). Max explains what “running stablecoins” really means once you move beyond headlines: connecting on-chain money to the messy world of bank accounts, compliance, and regional payment rails. We dig into why UX still matters even in infrastructure, how developer experience becomes a moat, and why DeFi-native teams have an edge—because today’s rails were battle-tested in trading long before they became mainstream payments tech. You’ll hear how IRON compresses what used to take months of integrations with multiple banks and PSPs into a single API: virtual IBANs/accounts that auto-convert fiat into stablecoins, plus global payouts into dozens of currencies. Max shares lessons from integrating into MoonPay’s licensing stack (including MiCA) and why regulation is increasingly “table stakes” while operations and distribution decide winners. He also weighs in on Stripe/Tempo, why new “payment chains” are mainly go-to-market plays, and what’s still unsettled around stablecoin yields and uneven enforcement across jurisdictions. We debate incentives vs. liquidity, the rise of custom-issued stablecoins, and whether branded tokens will stick. Finally, Max looks ahead to a world where we stop saying “stablecoins” and simply call it money—because the blockchain layer fades into the background. Key topics: • Building stablecoin rails at scale • Virtual IBANs, on/off-ramps, global payouts • Adoption: wallets, fintechs, PSPs, and banks

Industry Expert Outlooks for 2026 with Blockstories

25 digital asset predictions for 2026 from 25 industry experts In this special 2026 predictions episode, host Alex is joined by Stefan (Zühlke) and Maximilian Vargas (Blockstories) for a forward-looking discussion based on Blockstories’ new report: “25 Predictions from 25 Digital Asset Experts”. Instead of presenting their own forecasts, the trio picks standout expert takes across five key themes—tokenization, digital money, regulation, markets & investments, and infrastructure—and pressure-tests them from a pragmatic, institution-first perspective. A central debate: tokenized deposits vs. stablecoins. Stefan challenges the idea that tokenized deposits will “go through the roof” in 2026, arguing that market pull may favor stablecoins, yield-bearing stablecoins, and tokenized money market funds, especially in a world increasingly obsessed with yield. Max adds a crucial banking reality check: many banks still view stablecoin enablement as partly defensive—driven by corporate treasurers expecting 24/7 money movement—while tokenized deposits feel more compatible with existing models (and balance sheet logic). Alex highlights the strategic dilemma: banks may need to integrate stablecoins even though doing so could accelerate deposit flight. The conversation broadens into the “unbundling vs. rebundling” of financial services—particularly how stablecoins and on-chain products could fragment banking value chains, and whether banks can reclaim the “orchestrator” role across rails (stablecoins, tokenized deposits, CBDCs, e-money) while keeping client ownership. A major DeFi thread emerges around on-chain vaults: smart-contract-based “depots” that package strategies and yield. The guests explore why vaults could become a breakout distribution mechanism for stablecoins—and potentially a disruptive force for traditional asset management as “vault curation” grows into a new layer of financial intermediation. Other highlighted themes include the rise of tokenized equities (with a narrative flip: liquid assets may tokenize before illiquid ones), the push toward core infrastructure integration inside institutions (production > experimentation), and why privacy could shift from “nice-to-have” to “institutional requirement”—even if scalability trade-offs remain unresolved. The episode closes with a lively macro riff: is the classic four-year crypto cycle ending, and will institutional allocators (even Ivy League endowments) meaningfully increase crypto exposure by end-2026? As always: not investment advice—just a sharp, insider-grade map of what might shape the next phase of digital finance. Blockstories Expert Outlooks [https://www.linkedin.com/feed/update/urn:li:activity:7416766481776123904/] LinkedIn Maximilia Vargas [https://www.linkedin.com/in/maximilian-vargas/] LinkedIn Stefan Grasmann [https://www.linkedin.com/in/sgrasmann/] LinkedIn Alexander Bechtel [https://www.linkedin.com/in/alexanderbechtel/] 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!