Uploaded September 2025 | Updated September 2026, 2 days ago
This week we're back to discuss the top stories of the week. We deep dive into the state of markets, Tether looking to raise $20B at a $500B valuation, Aster vs Hyperliquid, crypto IPOs in 2025-26 & more. Enjoy!
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Follow Santi: https://x.com/santiagoroel
Follow Jason: https://x.com/JasonYanowitz
Follow Empire: twitter.com/theempirepod
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Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
Start your day with crypto news, analysis and data from David Canellis.
Subscribe to the Empire newsletter: blockworks.co/newsletter/empire?utm_source=podcasts
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Ansem's outlook on markets: https://x.com/blknoiz06/status/1970107553079079341
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Crypto’s premiere institutional conference returns to London in October 2025. Use code EMPIRE100 for £100 off at checkout: blockworks.co/event/digital-asset-summit-2025-london
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Crypto-native institutions and developers demand institutional-grade infrastructure with regulatory clarity and full asset control. Blockdaemon's Earn Stack is a non-custodial platform combining high-performance staking rewards and seamless DeFi integration with no intermediate smart contract or vaults.
Programmatically access leading Ethereum & Solana staking rewards, plus DeFi opportunities across lending protocols, DEXs, and AMMs. Book a Demo!
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peaq, the Machine Economy Computer, proudly sponsors the Empire podcast.
peaq is home to 60+ apps across 20+ industries and millions of devices, machines, and onchain robots.
It powers the world’s first tokenized robo-farm, launching soon in Hong Kong, and has launched the Machine Economy Free Zone in Dubai as a Web3 x Robotics x AI innovation hub.
For more about peaq, check out www.peaq.xyz
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Timestamps:
00:00 Introduction
02:32 Are Markets A Little Too Frothy?
06:43 The Stablecoin Thesis
10:43 Takeaways From The Origin Summit
13:53 Ansem’s Outlook On Markets
22:49 Tether Raising $20B at $500B Valuation
26:26 Ads (Blockdaemon, Peaq)
27:26 Aster vs Hyperliquid
39:23 BitGo Files Their S-1
50:28 Ads (Blockdaemon, Peaq)
51:36 Crypto IPOs In 2026
55:02 Cloudflare Issuing A Stablecoin
59:06 Zerohash Raises $100M At $1B Valuation
01:01:48 Content Of The Week
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
This week we're back to discuss the top stories of the week. We deep dive into the state of markets, Tether looking to raise $20B at a $500B valuation, Aster vs Hyperliquid, crypto IPOs in 2025-26 & more. Enjoy!
--
Follow Santi: https://x.com/santiagoroel
Follow Jason: https://x.com/JasonYanowitz
Follow Empire: twitter.com/theempirepod
--
Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
Start your day with crypto news, analysis and data from David Canellis.
Subscribe to the Empire newsletter: blockworks.co/newsletter/empire?utm_source=podcasts
--
Ansem's outlook on markets: https://x.com/blknoiz06/status/1970107553079079341
--
Crypto’s premiere institutional conference returns to London in October 2025. Use code EMPIRE100 for £100 off at checkout: blockworks.co/event/digital-asset-summit-2025-london
--
Crypto-native institutions and developers demand institutional-grade infrastructure with regulatory clarity and full asset control. Blockdaemon's Earn Stack is a non-custodial platform combining high-performance staking rewards and seamless DeFi integration with no intermediate smart contract or vaults.
Programmatically access leading Ethereum & Solana staking rewards, plus DeFi opportunities across lending protocols, DEXs, and AMMs. Book a Demo!
--
peaq, the Machine Economy Computer, proudly sponsors the Empire podcast.
peaq is home to 60+ apps across 20+ industries and millions of devices, machines, and onchain robots.
It powers the world’s first tokenized robo-farm, launching soon in Hong Kong, and has launched the Machine Economy Free Zone in Dubai as a Web3 x Robotics x AI innovation hub.
For more about peaq, check out www.peaq.xyz
--
Timestamps:
00:00 Introduction
02:32 Are Markets A Little Too Frothy?
06:43 The Stablecoin Thesis
10:43 Takeaways From The Origin Summit
13:53 Ansem’s Outlook On Markets
22:49 Tether Raising $20B at $500B Valuation
26:26 Ads (Blockdaemon, Peaq)
27:26 Aster vs Hyperliquid
39:23 BitGo Files Their S-1
50:28 Ads (Blockdaemon, Peaq)
51:36 Crypto IPOs In 2026
55:02 Cloudflare Issuing A Stablecoin
59:06 Zerohash Raises $100M At $1B Valuation
01:01:48 Content Of The Week
--
Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.


![How to Trade Crypto Cycles with Raoul Pal
This week, Raoul Pal joins the show to discuss the current state of markets. As crypto & equities face their first significant sell off since the April lows, we deep dive into whats next for markets. Raoul discusses why he believes theres a wave of liquidity coming in 2026, how to trade crypto cycles, valuing crypto networks, has the DAT bubble burst, Raouls AI thesis & more. Enjoy!
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Follow Raoul: https://x.com/RaoulGMI
Follow Santi: https://x.com/santiagoroel
Follow Empire: https://x.com/theempirepod
Zcash is encrypted Bitcoin. Your digital bill of rights securing your freedom for the 21st century.
Buy, store and spend ZEC privately using Zashi Wallet download today: https://electriccoin.co/zashi/
Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users.
Pre-deposit now: Earn high APRs with Turtle Club [https://app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates]
This Empire episode is brought to you by VanEck.
Learn more about the VanEck Onchain Economy ETF (NODE): http://vaneck.com/EmpireNODE
An investment in the Fund involves a substantial risk and is not suitable for all investors. It is possible to lose your entire principal investment. The Fund may invest nearly all of its net assets in either Digital Transformation Companies and/or Digital Asset Instruments. The Fund does not invest in digital assets or commodities directly.
Digital asset instruments may be subject to risks associated with investing in digital asset exchange-traded products (“ETPs”), which include the historical extreme volatility of the digital asset and cryptocurrency market, as well as less regulation and thus fewer investor protections, as these ETPs are not investment companies registered under the Investment Company Act of 1940 (“1940 Act”) or commodity pools for the purposes of
the Commodity Exchange Act (“CEA”).
Investing involves substantial risk and high volatility, including possible loss of principal. Visit vaneck.com to read and consider the prospectus, containing the investment objective, risks, and fees of the fund, carefully before investing.
© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.
Uniswap’s Trading API offers plug-and-play access to deep onchain and off-chain liquidity, delivering enterprise-grade crypto trading without the complexity - from one of the most trusted teams in DeFi.
Click to get started with seamless, scalable access to Uniswap’s powerful onchain trading infrastructure. https://hub.uniswap.org/?utm_source=blockworks&utm_medium=podcast&utm_campaign=ww_web_bw_awa_trading-api_20251117_podcast_clicks
00:00 Introduction
01:25 Where Are We In The Macro Cycle?
10:11 How To Value Crypto Networks?
20:58 Ads (Zcash, Katana)
22:14 The K-Shaped Economy
25:31 Has The DAT Bubble Burst?
28:24 Why Liquidity Drives Markets
38:19 Ads (Zcash, Katana)
39:35 How To Trade Crypto Cycles
49:57 Ads (VanEck, Uniswap)
51:39 Raouls AI Thesis
Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed. How to Trade Crypto Cycles with Raoul Pal](https://i.ytimg.com/vi/UvK_HbA7XRs/mqdefault.jpg)
![Crypto Meets Cards: Shaping the Future of Commerce | Permissionless IV Fireside Chat | Bonus Episode
This week, were excited to share with our community a bonus episode from PERMISSIONLESS IV, which just took place this past week in Brooklyn, NY. This is a Fireside Chat with Yano and Ivan Soto-Wright, the CEO of MoonPay, and Sherri Haymond of MasterCard who dive in and discuss the fusion of DeFi and TradFi.
Start your day with crypto news, analysis and data from Katherine Ross.
Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts
🎧 Spotify - https://bit.ly/4eCimSG
🎧 Apple - https://bit.ly/4eAGLYX
Follow Ivan - https://x.com/ivanhodl
Follow Sherri - https://x.com/SherriHaymond
Follow Jason - https://x.com/jasonyanowitz
Follow Empire: https://twitter.com/theempirepod
Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users.
Pre-deposit now: Earn high APRs with Turtle Club [https://app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates]
CHAPTERS
00:25 - Intro
01:00 - Mastercards Web3 Journey
02:53 - Stablecoins + MoonPay
05:08 - MoonPay + MasterCard Partnership
07:28 - Katana Ad
08:28 - Beneficiaries Of The Future Of DeFi + TradFi
12:25 - Global Stablecoin Adoption
15:25 - Stablecoin Backed Cards
16:31 - Katana Ad
20:12 - Future Industry Thesis For Tokenization
Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed. Crypto Meets Cards: Shaping the Future of Commerce | Permissionless IV Fireside Chat | Bonus Episode](https://i.ytimg.com/vi/VG_ROEoAftE/mqdefault.jpg)





![Bell Curve X Empire | Prediction Markets, Crypto’s Mag 7 & Stablecoin Growth | Weekly Roundup
Join Michael, Mike, Yano and Santi on stage and LIVE from PERMISSIONLESS IV as they break down cryptos breakout moment for this weeks roundup!
Start your day with crypto news, analysis and data from Katherine Ross.
Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts
Follow Michael - https://x.com/im_manderson
Follow Mike - https://x.com/MikeIppolito_
Follow Santi - https://x.com/santiagoroel
Follow Jason: https://x.com/JasonYanowitz
Follow Empire: https://twitter.com/theempirepod
Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
GEODNET is the world’s largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries.
Discover how GEODNET is changing the world: [https://geodnet.com]
Get up to speed on the biggest stories in crypto each week. In five minutes.
Get the Bitwise Weekly CIO Memo delivered directly to your inbox at bitwiseinvestments.com/ciomemo/empire
Ledger, the global leader in digital asset security, proudly sponsors Expansion! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe.
Buy now on https://shop.ledger.com/?r=1da180a5de00.
Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi.
Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo
Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz
Timestamps:
00:00 Intro
01:25 The Growth of Prediction Markets
04:11 Polymarket vs Kalshis Business Models
09:32 Ads (Geodnet, Bitwise)
11:08 Is Crypto Forming Its Own Mag 7?
19:16 Ads (Geodnet, Bitwise)
20:53 Global Capital Pools and the State of Venture
30:21 Bitcoin Dominance Is Up Only
36:21 Ads (Ledger, Citrea)
37:52 Verifiable Apps and the Effectiveness of the DAO
40:56 How to Play the Stablecoin Boom
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed. Bell Curve X Empire | Prediction Markets, Crypto’s Mag 7 & Stablecoin Growth | Weekly Roundup](https://i.ytimg.com/vi/WzY30PVO27U/mqdefault.jpg)
