The Stablecoin Report Everyone's Been Waiting For

We’re thrilled to share something truly special: **Stablecoins: The Practitioner's Guide** – a comprehensive deep dive into the $250 billion stablecoin ecosystem that's reshaping global finance.

This isn't another surface-level crypto think piece. We've assembled an absolutely incredible roster of practitioners who've built, scaled, and shaped the stablecoin landscape from the ground up.

#### **Why This Report Matters Now**

Over the past 12 months, three events have signaled a new chapter for stablecoins:

- **Tether** generated over $13 billion in profit with fewer than 200 employees. - **Stripe** acquired Bridge, a stablecoin payments company, for $1.1 billion. - **The U.S. political and regulatory landscape** has shifted toward active engagement and clarity.

These moves indicate that stablecoins are no longer speculative crypto assets. They are the foundation for programmable money and global value transfer.

But the complexity of the ecosystem has grown with its importance. Practitioners face a flood of conflicting advice, shifting standards, and evolving use cases. Our guide cuts through the noise.

#### **The All-Star Lineup**

We secured a bunch of industry legends to deliver insights:

**Phil Potter**, Co-Founder of Tether, shares the untold origin story of USDT – how a Wall Street pragmatist created the world's most profitable business with under 200 employees.

**Rune Christensen**, Founder of Sky (formerly MakerDAO), opens up about building the first decentralized stablecoin and the ideological journey from Bitcoin maximalist to DeFi pioneer.

**Zach Abrams** from Bridge (the company Stripe just acquired for $1.1 billion) reveals how stablecoin infrastructure is becoming the backbone of global payments.

We also secured insights from **Robert Mitchnick** at BlackRock, **Flavia Naves** from the Wyoming Stable Token Commission, **Chris Brummer** from BluPrynt, **Ben Milne** from Brale, **Luca Prosperi** from M0, and **Hasu** from Flashbots.

Not to mention **Kevin Miao** from Steakhouse Financial who held the pen, with **Will Beeson** from Rebank / Multiliquid and I providing support along the way.

#### **What's Inside**

This guide cuts through the noise with real practitioner insights on:

- The untold founding stories of USDT and DAI - How to navigate the shifting regulatory landscape (including the new GENIUS Act) - The infrastructure war happening behind the scenes - Why Stripe bet a billion dollars on stablecoin infrastructure - What's next as we approach a quarter-trillion in circulation

#### **Built by Practitioners, For Practitioners**

Working together and representing **Steakhouse Financial**, **Rebank**, the **Tokenized Asset Coalition**, and **Multiliquid**, we've created something that goes beyond the typical VC platitudes. This is granular, actionable intelligence from people who've actually shipped products and moved billions of dollars.

Whether you're issuing stablecoins, building infrastructure, or trying to understand why every major fintech is suddenly obsessed with tokenized dollars, this guide provides the clarity you need.

#### **Download the Report**

**Stablecoins: The Practitioner’s Guide** is available as a free download.

👉 [**Access the full report here**](https://www.rebank.cc/stablecoins-the-practitioners-guide/)

Help us raise the quality of the industry discussion, and join the practitioners building what comes next.

Introducing Stablecoins: The Practitioner's Guide – a practitioner-built, practitioner-focused deep dive into the $250B stablecoin ecosystem that’s rapidly becoming the backbone of global finance.

This report moves beyond high-level theory and crypto hype. It brings together operators, founders, and policymakers who have actually built, scaled, and regulated stablecoin systems in production.

Why This Report Matters Now

Over the last 12 months, three major developments have marked a new era for stablecoins:

• Tether generated over $13B in profit with fewer than 200 employees, demonstrating the raw economic power of stablecoin issuers.
• Stripe acquired Bridge for $1.1B, signaling that stablecoin infrastructure is now core to the future of global payments.
• U.S. policymakers and regulators have shifted from avoidance to active engagement and clarity, with new frameworks like the GENIUS Act entering the conversation.

Stablecoins are no longer niche crypto instruments. They are emerging as the default rails for programmable money, cross-border settlement, and tokenized dollars at scale.

Yet as the ecosystem has grown, so has its complexity. Practitioners now face:

• Conflicting narratives and incentives
• Fragmented regulatory guidance across jurisdictions
• Rapidly evolving infrastructure and standards

This guide is designed to cut through that noise.

The All-Star Lineup

We’ve assembled a roster of builders and decision-makers who’ve shaped the stablecoin landscape from the ground up:

• Phil Potter – Co-Founder of Tether

Shares the untold origin story of USDT and how a Wall Street pragmatist helped create one of the world’s most profitable businesses with under 200 employees.

• Rune Christensen – Founder of Sky (formerly MakerDAO)

Reflects on building the first decentralized stablecoin, the design tradeoffs behind DAI, and his ideological journey from Bitcoin maximalist to DeFi architect.

• Zach Abrams – Bridge (acquired by Stripe for $1.1B)

Explains how stablecoin infrastructure is quietly becoming the backbone of global payments and why enterprise-grade rails matter.

Additional contributions from:

• Robert Mitchnick – BlackRock
• Flavia Naves – Wyoming Stable Token Commission
• Chris Brummer – BluPrynt
• Ben Milne – Brale
• Luca Prosperi – M0
• Hasu – Flashbots

The report was drafted by Kevin Miao of Steakhouse Financial, with support from Will Beeson of Rebank / Multiliquid and additional collaborators across the ecosystem.

What’s Inside

The guide focuses on practical, operator-level insight, including:

• Founding stories of USDT and DAI

How the two most influential stablecoin models—centralized reserve-backed and decentralized collateralized—were conceived, launched, and iterated.

• Regulation and policy

How to navigate the shifting global regulatory landscape, with a focus on the GENIUS Act and emerging U.S. and international frameworks.

• Infrastructure wars

The competitive dynamics between issuers, custodians, payment processors, L1s/L2s, and banking partners vying to become the default stablecoin rails.

• Why Stripe bet $1B on stablecoins

A practitioner’s view on why leading fintechs are moving stablecoins from experiment to core product infrastructure.

• What’s next at a quarter-trillion in circulation

Scenarios for growth, consolidation, and integration with traditional capital markets and tokenized assets.

Built by Practitioners, for Practitioners

This report is a collaboration between:

• Steakhouse Financial
• Rebank
• Tokenized Asset Coalition
• Multiliquid

It’s intentionally designed for:

• Issuers designing or scaling stablecoin products
• Infrastructure builders (wallets, payment processors, custodians, L2s)
• Fintechs and banks evaluating tokenized dollars and on-chain settlement
• Policy, legal, and risk teams who need grounded, non-hype context

Instead of VC platitudes or abstract theses, you’ll find granular, actionable intelligence from people who have shipped real systems and moved billions of dollars on-chain.