I am an interdisciplinary thinker at the nexus of labor economics and digital finance, committed to leveraging data-driven insights to navigate the evolving financial landscape. With a strong academic background and practical experience in the industry, I specialize in formulating strategies that address both macroeconomic trends and micro-level complexities.

🔹 Research: My scholarly work aims to fill the gaps in understanding how digital technologies impact labor markets, with over 80 publications in top-tier journals. I also regularly contribute to media outlets, offering digestible yet robust analyses on pressing economic issues with over 200 stories.

🔹 Digital Finance: Beyond academia, I am deeply involved in the realm of digital finance, focusing on how blockchain, AI, and other emerging technologies can revolutionize financial systems. I consult for various organizations, aiming to bring academic rigor to real-world applications.

🔹 Entrepreneurship: As an entrepreneur, I'm at the forefront of developing and implementing digital finance solutions that serve both businesses and individuals, ensuring a more effective and democratized financial ecosystem.

🔹 Arts & Multimedia: As a co-founder of a startup focused on multimedia production in classical music and opera, I merge my analytical skills with a passion for the arts. We bring new dimensions to timeless masterpieces, making them accessible and engaging for modern audiences.

🔹 Public Speaking & Thought Leadership: I frequently share my insights through speaking engagements, workshops, and webinars, aiming to foster informed discussions around labor economics and digital finance.

Connect with me to explore collaborations, partnerships, or simply to exchange ideas about the future of digital finance and labor markets. 

www.christosmakridis.com

Christos Makridis

Web3, AI & IT Advisor for LinkedIn Personal Branding | Web3 Deloitte | Event organiser | Guest Speaker

|| Before reading this: I only work with committed professionals who want to put in the work, are reliable, and are ready to be challenged. This being said, welcome.

After years of working with corporates, startups, agencies, and some of the smartest minds in Web3, I’ve realized that the best way I can serve the space is through what I love most: bringing knowledge and people together.

As Co-Founder and Managing Partner of Stablecoin Insider — the #1 independent journal dedicated solely to the stablecoin ecosystem - I aim to educate and share research around one of the most high-value use cases of blockchain technology. 

I create and share stablecoin content on LinkedIn and through the journal stablecoininsider.org as I learn myself the beauty of this evolving space. 

I further partner with stablecoin-related companies to co-create content together. 

Since 2018, I co-organized 20+ Web3 events and spoken at just as many. I am still active as an event moderator, speaker and event marketing advisor.

I now lead the marketing team at Proof of Talk, after years of contributing to the Dutch Blockchain Week.

Previously, I worked at Web3 Deloitte, advising on Web3 Enterprise Transition and Crypto Custody Exchange strategies. 

All of this contributes to what I call being a horizontal knowledge operator, able to activate GTM strategies across sectors by connecting the right people with the right messages.

I am genuinely a curious and strategic person, interested in collaborating and exploring ways to help each other reach individual and business objectives. 

I prioritise proactivness and believe in consistent commitment as well as honest relationships.

→ If you're a knowledge expert in the Stablecoin, TradFi, or DeFi space and want to get featured inside at Stablecoin Insider, send me a message.

→ If you want to co-create stablecoin content together, send me a message.

→ If you want to book me as a speaker or moderator, send me a message.

→ If you want to get your team educated around stablecoins, send me a message. (what a guess!)In any case, just reach out. 

If we are not a fit, we will still have an enjoyable conversation.

Let’s build and progress together.
Chiara 

Chiara Munaretto

I’ve mapped out the Cross-Border Banking Stablecoin Value Chain to visualize who does what when a corporate client moves $10M from the US to Europe:

We often talk about stablecoins as if they are just "sending money like email." 

But for a bank or a corporate treasurer, the backend reality is a complex relay race of specialized infrastructure.

> Minting: The issuer (like Bridge) must verify the funds are locked in the real world before the mint function is called on-chain. This 1:1 atomic sync is what keeps the peg stable.

> Orchestration: Middleware like Iron (by MoonPay) doesn't just connect them. It acts as a translation layer. It listens for a fiat deposit event, converts that data into a blockchain transaction instruction, and pushes it to the custody layer for signing, all while reconciling the balances in real-time.

> Custody: Providers like Fireblocks use MPC (Multi-Party Computation) to shard the private key. No single person or server holds the full key. The power sits with the Policy Engine: "If transaction >$1M, require approvals from CFO + Compliance Officer."

4. Compliance: Tools like Chainalysis or TRM Labs screen the destination wallet address for proximity to sanctions, hackers, or darknet markets. If the risk score is too high, the transaction is blocked at the smart contract level before it ever hits the chain.

5. Settlement: On networks like Stellar Development Foundation, settlement is deterministic. It means once the ledger closes (in ~5 seconds), the transaction is mathematically final and irreversible. No "T+2" days of waiting.

6. Liquidity: Providers like BVNK or Zero Hash act as the API-based FX desk. They receive the stablecoin, instantly tap into deep liquidity pools to swap it for Fiat (often with better spreads than banks), and payout via local rails (like SEPA Instant) in milliseconds. 

More nuances to be outlined. This serves as a conceptual example.

Happy to continue the conversation.

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Managing Partner at Stablecoin Insider | Head of Marketing at Proof of Talk | Writing about stablecoins

“Who should I follow in Stablecoins?”
I grouped together the TOP56 Stablecoin Leaders posting valuable content here on LinkedIn.

I’m planning to expand this list over the next months.

It’s easy to know who to follow on X when it comes to crypto, infrastructure, rwa, etc

but what about LinkedIn?

LinkedIn is a growing platform for Stablecoins, and not enough professionals are taking advantage of it.

Shout out to all the creators that are leading the space on this platform.

❗️♻️Please tag any creator that I might have missed, I want to see in how many we are out here!

What does it mean for a bank to issue its own native stablecoin versus tokenising its own deposits? Quick overview for you here below:

1) Bank-issued native stablecoin

In this model, a bank issues a digital token that represents cash backed by reserves, not a deposit.

Customer fiat funds are exchanged for a stablecoin. Those funds are held in a segregated reserve pool (cash, T-bills, reverse repo), often ring-fenced for regulatory and insolvency reasons. 

The stablecoin holder has a claim on the reserve pool, not on the bank’s general balance sheet.

2) Tokenized deposits

Here, nothing new is created economically. The bank is simply representing an existing deposit liability on-chain.

Customer deposits remain on the bank’s balance sheet and are recorded in the core banking system. The “token” is just a new technical form of the same deposit, used for faster settlement or programmability.

Stablecoins and tokenized deposits may look similar on a blockchain, but they sit in different legal, regulatory, and monetary categories. 

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!! These systems can be idle. The value only appears when funds are transferred and the instrument is demanded.

**

For the sake of this example, in both cases shown, the bank can operate the full stack: accounts, issuance, wallets, and on-chain rails. There is no reliance on external intermediaries for the logic to work. 

-

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🗞️ For more insights on stablecoins, visit Stablecoin Insider.

How do Stablecoin Issuers make money? I explain simply who they are, what business models exist and how they generate revenue (+ USDT, USDC and USDe case studies)

>> What a stablecoin issuer is
The accountable party that mints and redeems the token, manages reserves, and protects the $1 peg.

>> How they make money

1. Float = interest on reserves (cash, T-bills, MMF).

2. Flow = usage-based revenue: mint/redeem fees (quoted in bps = basis points), API/platform fees, FX & spread.

>> Case-study differences 

Tether (USDT) → Float
Revenue: mostly reserve yield on T-bills/MMFs + small mint/redeem & partner fees

Circle (USDC) → Float 
Revenue: reserve yield + platform/API from B2B services + mint/redeem fees.

E = Ethena (USDe) → Strategy/take-rate

Revenue: take-rate on funding rate & basis from delta-hedged perps + smaller staking and fixed rewards on stable balances.

So far, stablecoins fall into two simple types: fiat-backed coins that make money from interest on safe assets, and synthetic coins that make money from trading strategies.

This was one of the most appreciated guides of 2025, I hope it serves you as guidance as we enter 2026.

-

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Stablecoin Issuers Revenue Models

Tokenized Deposits, MMFs, Stablecoins, CBDCs, what belongs where? Let's bring some clarity to private vs public markets and which stakeholders are involved when. ↓

Much of the confusion around digital money comes from treating fundamentally different instruments as if they were the same. 

> > Tokenized deposits 

=  digital representations of commercial bank deposits issued on blockchain infrastructure

Stakeholders: corporates, financial institutions, payment and treasury teams

Purpose: wholesale payments, on-chain settlement, treasury efficiency

> > Tokenized money market funds

= Fund shares represented as tokens.

Stakeholders: institutional investors, treasurers, DeFi protocols

Purpose: on-chain collateral, cash management, yield-bearing settlement assets

> > Stablecoins

= Privately issued tokens designed to track fiat currency value (in most cases)

Stakeholders: global users, exchanges, fintechs, DeFi applications, companies

Purpose: payments, remittances, trading, on-chain liquidity

> >  Central Bank Digital Currencies (CBDCs)

= on-chain versions of sovereign fiat money

Stakeholders: governments, financial institutions, citizens

Purpose: monetary policy transmission, financial stability, system resilience

-

Credits to Yifeng Tian, Ph.D., and its team at Global Venturing Labs

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🗞️ For more insights on stablecoins, visit Stablecoin Insider.

If someone doesn’t understand stablecoins after reading us, we’ve failed. And I'll tell you something else:

I founded Stablecoin Insider because I know exactly what it feels like when the global financial system fails you.

I know what it is like to have my own money stuck in interbank transfers for fifteen days for no reason. I know the frustration of arbitrary account blocks and the friction of moving money across countries.

(and I was even lucky to be banked and in Europe!)

For founders, freelancers, and operators, these are structural barriers to doing business.

Stablecoins are changing this. They represent a shift toward programmable money that moves globally, settles instantly, and operates 24/7.

However, as the market grows toward $300 billion, we don't need more hype or general crypto news. 

We need education and understanding. We need a place where stablecoins are treated with the same seriousness as central banking and capital markets.

That is why we built Stablecoin Insider.

We built a single-vertical publication to deepen the conversation.

We aren't here to tell you what to think, but to provide the tools to think clearly. 

Better systems are built when decisions are informed.

We are building a shared point of reference for an industry that is becoming too important to misunderstand.

If you are working on this too, let’s talk.

-

Read more via the article in the comments.

Europe has 138 licensed crypto service providers. Here is a breakdown of CASPs per country + considerations: (still 10 countries with 0 CASPs)

Mauro Lorenzo Halve has done an incredible job in putting this together, so I am going to share it with you.

𝗟𝗶𝗰𝗲𝗻𝘀𝗲𝗱 𝗖𝗔𝗦𝗣𝘀 𝗽𝗲𝗿 𝗰𝗼𝘂𝗻𝘁𝗿𝘆
🇩🇪 42 | Germany, 𝘉𝘢𝘍𝘪𝘯 ⛔
🇳🇱 22 | the Netherlands, 𝘈𝘍𝘔 ⛔
🇫🇷 11 | France, 𝘈𝘔𝘍 🟢 
🇮🇪 9 | Ireland, 𝘊𝘉𝘐 ⛔
🇲🇹 9 | Malta, 𝘔𝘍𝘚𝘈 🟢
🇦🇹 8 | Austria, 𝘍𝘔𝘈 ⛔
🇨🇾 6 | Cyprus, 𝘊𝘺𝘚𝘌𝘊 🟢
🇪🇸 5 | Spain, 𝘊𝘕𝘔𝘝 🟢
🇫🇮 5 | Finland, 𝘍𝘐𝘕-𝘍𝘚𝘈 ⛔
🇱🇺 4 | Luxemburg, 𝘊𝘚𝘚𝘍 🟢
🇸🇰 4 | Slovakia, 𝘕𝘉𝘚 ⛔
🇸🇮 3 | Slovenia, 𝘈𝘛𝘝𝘗 ⛔
🇱🇹 3 | Lithuania, 𝘉𝘰𝘓 ⛔
🇱🇮 3 | Liechtenstein, 𝘍𝘔𝘈 ⛔
🇱🇻 2 | Latvia, 𝘓𝘉 ⛔
🇸🇪 1 | Sweden, 𝘍𝘐𝘕 ⛔
🇧🇬 1 | Bulgaria, 𝘍𝘚𝘊 🟢
____
🇧🇪 0 | Belgium 🟠 
🇭🇷 0 | Croatia 🟢
🇨🇿 0 | Czechia 🟢
🇩🇰 0 | Denmark 🟢
🇪🇪 0 | Estonia 🟢
🇬🇷 0 | Greece ⛔
🇭🇺 0 | Hungary ⛔
🇮🇹 0 | Italy 🟢
🇵🇱 0 | Poland 🟠 
🇵🇹 0 | Portugal 🟠

𝗧𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗽𝗲𝗿𝗶𝗼𝗱𝘀
🟢 Active transitional period until June 30, 2026
🟠 Unknown or postponed transitional period
⛔ Transitional period ended: license required

Overall, good to acknowledge that:

> there are 467 services authorized across 138 companies, 

> Western Europe dominates leaderboard (70%), 

> >60% of licenses are by traditional financial institutes,

> 30 banks with crypto license, (18 in Germany)

Once again, thanks Mauro - great summary!

-

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I simplified the end-to-end value chain for how an asset manager converts 50M$ into 50M USDC to buy 50M worth of BTC:

At a high level:

> Fiat enters the system via regulated banking and custody rails
> Stablecoins become the unit of account for trading
>  Crypto is acquired via institutional liquidity providers
>  Assets are settled off-exchange and held in qualified custody
>  Positions are valued and reported using crypto-native fund admin tools

A few things to keep in mind:
> Roles can differ by jurisdiction (US vs EU vs UK)
> Some firms span multiple stages, but controls and segregation still matter
> Actual implementations depend on fund structure, regulator, and investor base

Examples using this structure fully or partially include :

1. Traditional asset managers running crypto strategies like BlackRock, Fidelity Investments, Franklin Templeton, VanEck, offering crypto funds or ETFs within established custody, reporting, and regulatory frameworks.

2. Crypto-native asset managers like Pantera Capital, Paradigm, Galaxy, and Brevan Howard ,Grayscale , which are crypto-native but operate with institutional-grade custody, execution, and LP reporting.

3. Multi-strategy hedge funds with crypto allocations like Millennium Management-LLC, Point72, and Citadel, integrating crypto into existing prime-broker, risk, and compliance frameworks.

Important notes when reading this: it is a concise overview!

-

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Scanning the major Stablecoin Announcements from Davos, summarising them here for you. 6 specific developments stand out:

1. The most intriguing geopolitical signal is the preliminary agreement between Pakistan and SC Financial Technologies (affiliated with World Liberty Financial). They are exploring the deployment of the USD1 stablecoin for cross-border payments.

2. On the same lines, the rise of the "Onchain Economy" with Bermuda & Circle. Bermuda announced plans to transition its economy to become fully onchain, partnering with Circle (USDC) and Coinbase.

3. Wall Street goes 24/7 and the NYSE made waves with plans for a digital platform supporting 24/7 trading with stablecoin-based funding.

4. Regulatory arbitrage is ending as Hong Kong confirmed plans to issue stablecoin licenses later this year, while the UAE continues to position itself as a first-mover regulatory sandbox.

5. With the US moving toward the Clarity Act and Genius Act, the regulatory gap is closing. Few days to go on this side before we gain clarity.

6. G7 explorations for joint stablecoin, forecasting a massive influx of non-USD stablecoins (like yen-denominated from Japan's Shinsei Trust), laying groundwork for onchain FX.

2026 is becoming the year of global harmonization, where distinct jurisdictions are aligning enough to allow multinational institutions to build and adopt compliant, cross-border stablecoin rails.

Let's see what's coming!

P.S.

Another thing is clear: Brian Armstrong seems to have become THE spokesperson for anything stablecoins-crypto.

$670 Billion. That is the total volume of stablecoin loans originated on-chain in the last 5 years. Let's break it down:

If you thought on-chain lending was just for niche traders, look at the data from late 2025. 

The "Stablecoin Summer" of 2025 was the key moment for stablecoin lending.

Record Breaking: In August 2025 alone, $51.7 Billion in stablecoins were borrowed.

Lending protocols are holding ~$17.5B in liquidity with an incredible 84% active utilization rate.

Average loan sizes have recovered to $121,000, signaling serious commercial usage.

Who is driving this? It's not just DeFi protocols anymore. 

Morpho is acting as a lending layer for giants like Société Générale and Coinbase. 

Huma Finance is processing $500M/month in "PayFi" volume for cross-border payments. 

Credit Coop is solving working capital gaps by lending against future receivables.

Traditional lending relies on slow credit checks, while onchain lending relies on code and collateral. 

Curious to see how this grows into 2026!

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This year, I'll have the unique opportunity of bringing Top Web3 Leaders inside the Louvre of Paris. Shall I take you with me?
 
At Proof of Talk, we are hosting the 2500 leading entrepreneurs, policy makers, VCs and builders in Web3 at the very iconic Louvre Palace this upcoming June.

It's time for you to save the date.

2 & 3, June 2026.

We will host some curated Investor Lunches, Institutional Breakfasts, Women in Web3 Brunches, and the highly awaited Speakers & VIP Dinner.

It will be profitable, sensational and fun.

Get in touch to co-host the Louvre with us 🇫🇷

I looked into Global Dollar Network and USDG. I can explain to you under 2mins and and a sip of coffee: 

The network operates as a collaborative ecosystem where different types of financial players interact with USDG.

1. Issuance & redemption, meaning USDG is issued by Paxos and is fully redeemable on a 1:1 basis for US dollars.

2. Incentive model, meaning that, unlike many traditional stablecoin models, GDN rewards its partners for driving adoption and liquidity within the ecosystem.

3. Integration, meaning partners integrate USDG into their existing platforms for payments, trading, custody, and decentralized applications.

Key Specs:

Core Asset: USDG (Global Dollar)
Peg: 1 USDG = 1  USD$
Primary Issuer: Paxos (Regulated entity)

Network Participants: Includes major industry names such as Anchorage Digital, Kraken (via subsidiary), Galaxy , Robinhood , and DBS Bank  (represented by logos like Paxos, Aleo, Alpaca, etc.).

The system relies on a "virtuous cycle" where every new partner strengthens the liquidity pool and every transaction increases the overall ecosystem value.

-

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It happened again. AND THIS TIME IT IS WITH A STABLECOIN NEOBANK. Please, let me tell you a story: (Rosy and Jonny will be your friends for this)

It was on the very first day of the year that I sent a few bucks of USD from a stablecoin-powered neo bank to an expense management system.

Let's call the stablecoin neobank Jonny and the bank of expense management Rosy.

One week later, and no money gets into the system.

Bless customer support, but Rosy tells me that they cannot accept the money and that the money would have been refunded to Jonny.

Cool.

One week later, no money has come back to Jonny.

Let me reach out to Rosy.

Rosy says no money has been refunded or initiated towards her.

Cool.

A question surges quite spontaneously: where's my money?

I went back to Jonny, and he said money had been transferred.

I told that to Rosy, and she said it ain't true.

It keeps going exactly this way.

And yes, my money is still flying somewhere.

Morale of the story:

It doesn't matter which neobank, tradbank, or online bank type you use, anytime that there are more than 2 banks involved (so intermediaries and correspondent banks), an issue is more likely to happen.

If everyone could accept stablecoins, it would be just one instant transaction with (most times) no issue.

And perhaps even an automated smart contract that would re-direct the money and cancel the transaction instead of 1. settling the money 2. realising it should not have settled 3. sending it back

Will keep you posted!

taplio

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Christos Makridis

Chiara Munaretto

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The Battle

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Chiara Munaretto

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