Uploaded November 2025 | Updated September 2026, 3 days ago
In this episode, we cover institutional crypto adoption, stablecoins’ interplay with treasuries and 24/7 repo financing on Canton, the risks associated with wrapped assets and stablecoin fragmentation, and 2026 expectations for broader, client-driven OTC and onchain activity.
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Quadrillions brings together the voices defining the next era of finance. From institutional rails to stablecoins and privacy, the series dives into how traditional markets, crypto innovation, and regulatory frameworks are converging to bring the full force of capital markets onchain.
Join hosts Jason Yanowitz, Yuval Rooz, and Eric Saraniecki for deep dives with special guests Shaul Kfir, Don Wilson, Mike Belshe, Justin Peterson, Acting Chair Caroline Pham, Eli Ben-Sasson, and more.
Produced by Blockworks and Canton Network. For more information, check out quadrillionspod.com
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Follow Canton: https://x.com/CantonNetwork
Follow Tradeweb: https://x.com/Tradeweb
Follow Mike: https://x.com/mikebelshe
Follow Eric: https://x.com/wesarn_real
Follow Empire: twitter.com/theempirepod
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Timestamps:
0:00 Introduction
1:38 Tradeweb's Origin Story
3:58 The State of Institutional Crypto Adoption
8:23 Where is the Most Growth Right Now?
10:26 Consolidating Stablecoins
15:23 Tradeweb's Crypto Strategy
18:32 What Does Crypto Solve Today?
23:37 The Next 100x Growth Opportunity
27:56 Bringing RWAs Onchain
31:25 The Role of Custodians
35:03 Canton's Go-to-market Strategy
38:31 Tokenized Equities
44:02 The Need For Privacy
49:23 Crypto Adoption Going Forward
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Disclaimer: “Quadrillions” is a mini-series produced by Blockworks, and is sponsored by Canton Network. Nothing on this show is a recommendation to buy or sell securities or tokens. It’s for informational purposes only, and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of Blockworks.
Our hosts, guests, and the Blockworks team may hold positions in companies, funds, or projects discussed, including those related to Canton Network.
In this episode, we cover institutional crypto adoption, stablecoins’ interplay with treasuries and 24/7 repo financing on Canton, the risks associated with wrapped assets and stablecoin fragmentation, and 2026 expectations for broader, client-driven OTC and onchain activity.
--
Quadrillions brings together the voices defining the next era of finance. From institutional rails to stablecoins and privacy, the series dives into how traditional markets, crypto innovation, and regulatory frameworks are converging to bring the full force of capital markets onchain.
Join hosts Jason Yanowitz, Yuval Rooz, and Eric Saraniecki for deep dives with special guests Shaul Kfir, Don Wilson, Mike Belshe, Justin Peterson, Acting Chair Caroline Pham, Eli Ben-Sasson, and more.
Produced by Blockworks and Canton Network. For more information, check out quadrillionspod.com
--
Follow Canton: https://x.com/CantonNetwork
Follow Tradeweb: https://x.com/Tradeweb
Follow Mike: https://x.com/mikebelshe
Follow Eric: https://x.com/wesarn_real
Follow Empire: twitter.com/theempirepod
--
Timestamps:
0:00 Introduction
1:38 Tradeweb's Origin Story
3:58 The State of Institutional Crypto Adoption
8:23 Where is the Most Growth Right Now?
10:26 Consolidating Stablecoins
15:23 Tradeweb's Crypto Strategy
18:32 What Does Crypto Solve Today?
23:37 The Next 100x Growth Opportunity
27:56 Bringing RWAs Onchain
31:25 The Role of Custodians
35:03 Canton's Go-to-market Strategy
38:31 Tokenized Equities
44:02 The Need For Privacy
49:23 Crypto Adoption Going Forward
--
Disclaimer: “Quadrillions” is a mini-series produced by Blockworks, and is sponsored by Canton Network. Nothing on this show is a recommendation to buy or sell securities or tokens. It’s for informational purposes only, and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of Blockworks.
Our hosts, guests, and the Blockworks team may hold positions in companies, funds, or projects discussed, including those related to Canton Network.

![Token Transparency and The Hot Ball of Money (Hyperliquid/Circle) | Weekly Roundup
On this week’s Roundup, Yano and Santi explore Blockworks’ recently released Token Transparency framework, discuss the passing of the GENIUS act through the senate, and continue to marvel and engage with the fire plays right now - Hyperliquid and CRCL.
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 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
Chapters:
00:00 Intro
01:24 Token Transparency Launch
22:30 Ads (Geodnet, Bitwise)
24:06 Permissionless
27:26 Stablecoin Summer
30:27 Market Update
39:45 Ads (Geodnet, Bitwise)
41:22 Hyperliquid
54:10 Ads (Ledger, Citrea)
55:41 Tron + USD1
01:01:21 Cycle Top?
01:12:20 Eigen Cloud
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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. Token Transparency and The Hot Ball of Money (Hyperliquid/Circle) | Weekly Roundup](https://i.ytimg.com/vi/hMrlrbAACeM/mqdefault.jpg)








