The Policy Layer

Stablecoins were the main character in policy circles this year, and for good reason. Urszula McCormack, Andrew Whitworth , and Laura Navaratnam walk us through how 2025 played out across Hong Kong, the EU, UK, and Australia. From what got finalized, what’s still fuzzy, and what signals to watch in early 2026... it's the year-end reality check for anyone dealing with digital money, law, and regulation. 🎧 Listen on Spotify and Apple Podcasts.

This episode examines Decentralized Lending Protocols (DLPs) and the contagion that can arise due to assets lent to one pool serving as collateral in a different pool. We discuss efficient design of DLPs and mitigations for managing risk. Guest: Julien Prat (CNRS Researcher CREST, Ecole Polytechnique, IP Paris) Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5380164 🟢 https://open.spotify.com/episode/7BY4mEfcPc9xlWH0Gd54RJ 🟣 https://podcasts.apple.com/us/podcast/ava-labs-x-cber-ep-15-contagion-in-decentralized-lending/id1706838957?i=1000737261429

Contrary to popular belief, price discovery can occur at decentralized exchanges instead of at centralized exchanges. We discuss the underlying economics and how this affects bidding for block space. We also discuss how private memory pools affect bidding behavior and the price discovery process. Guests: Ruizhe Jia (Stanford University), Shihao Yu (Singapore Management University) Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4236993 🟢 https://open.spotify.com/episode/5Jq7Z3SCQHRtma9NdqwpjV 🟣 https://podcasts.apple.com/us/podcast/ava-labs-x-cber-ep-14-price-discovery-at-decentralized/id1706838957?i=1000737259483

This episode covers the digitization of payments and the rise of stablecoins. We discuss China’s CBDC project, the success of USD stablecoins, and the barriers to broader stablecoin adoption. We also examine how stablecoins could reshape the modern payment infrastructure. Guests: Lin William Cong (Cornell University), Simon Mayer (Carnegie Mellon University) Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4063878 🟢https://open.spotify.com/episode/3wECfvSkePcU2sKyFayxDF 🟣 https://podcasts.apple.com/us/podcast/ava-labs-x-cber-ep-13-stablecoins-and-digital-payments/id1706838957?i=1000737258244

This episode examines the central role nonprofit foundations have played in supporting blockchain networks. We trace their original purpose, how these entities have become a point of friction for many projects, and how regulatory and policy shifts have opened the door to alternatives. We reference two emerging models: the Decentralized Unincorporated Nonprofit Association (DUNA) and the Cybernetic Organization (BORG). Guest: Miles Jennings (Head of Policy & General Counsel at a16z crypto) Paper: https://a16zcrypto.com/posts/article/end-foundation-era-crypto/ 🟢https://open.spotify.com/episode/5N3j22vesfIZbjIFirgoa4 🟣 https://podcasts.apple.com/us/podcast/ava-labs-x-cber-ep-12-beyond-the-foundation-model/id1706838957?i=1000737256761

This episode explores the governance of Decentralized Autonomous Organizations (DAOs). We discuss how ownership concentration and whale voting can distort incentives and hinder platform growth. The conversation examines mechanisms to embed long-term incentives directly into DAO economic design. Guests: Jungsuk Han (Seoul National University), Jongsub Lee (Seoul National University; University of Florida), Tao Li (University of Florida) Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4346581 🎧 Listen on 🟢https://open.spotify.com/episode/51xNyvfM35izUAIL2CJ4Vf 🟣 https://podcasts.apple.com/us/podcast/ava-labs-x-cber-ep-11-decentralized-autonomous-organizations/id1706838957?i=1000737254323

Crypto says it’s for everyone — but who’s actually building the future? Michelle O’Connor, founder of The Digital Future, joins us to talk about inclusion, innovation, and why the next wave of Web3 depends on who’s in the room. From breaking down crypto’s insider language to creating real access for builders across different backgrounds and regions, Michelle shares how diverse voices are shaping the next era of Web3. Together, we explore what happens when the people designing the technology finally reflect the world it’s meant to serve. 🎧 Listen on Spotify and Apple Podcasts.

What happens when Bordeaux meets blockchain? Connor Daly, CTO of CruTrade, explains how tokenizing wine on the blockchain is transforming a $25B industry with transparency, traceability, and a whole new kind of cellar. By unlocking instant liquidity and aligning incentives, the model empowers producers with fairer economics and gives collectors and consumers trusted access to the world’s finest bottles. Discover more at crutrade.io 🎧 Listen on Spotify and Apple Podcasts.

Keith Bear, Fellow at Cambridge Judge Business School, joins us to break down what digital money really looks like in a tokenized economy. From stablecoins to CBDCs, we explore what’s working, what’s missing, and what still needs to be reimagined.

Can blockchains ever truly be privacy-compliant? Clifford Chance lawyers walk through the gray areas, from wallet addresses to pseudonymous data, and explain what regulators are starting to expect. 🎧 Listen on Spotify and Apple Podcasts.

Lord Chris Holmes explains how tokenization could reshape identity, finance, and trust across the UK and beyond. He breaks down what digital assets really are and why they matter for everyone, not just technologists. From refugee ID to football cards, this episode connects the dots between everyday life and emerging tech. 🎧 Listen on Spotify and Apple Podcasts.