Uploaded September 2025 | Updated September 2026, 3 days ago
We're back to discuss the top stories of the week. We deep dive into how crypto can redefine private equity, who wins from the battle for USDH, Figure's IPO, could DeFi projects go public & more. Enjoy!
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Follow Rob: https://x.com/HadickM
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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Referenced in the show:
A letter from Mike Cagney, Figure’s co-founder and executive chairman - figure.com/newsroom/company-voices/a-letter-from-mike-cagney-figure-co-founder-and-executive-chairman
False Claim From Story: “vast majority was bought from founder”
Response:
This is simply not true. The vast majority was acquired from the Foundation in two transactions. First, the Foundation contributed $IP (at a discount) for shares in CASK. Additionally, the cash PIPE proceeds were used to buy tokens at a discount. These two transactions represent most of the total token balance held by CASK. The shareholder ownership for the Foundation and SY individually are all public in the S-1 filing. See page 153-157.
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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]
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"Mantle is pioneering ""Blockchain for Banking"" as a revolutionary new category that sits at the intersection of TradFi and web3.
Key elements for Mantle as the ""Blockchain for Banking"":
- Transactions posted to the blockchain
- Compatibility with TradFi rails
- Integrated DeFi features
Mantle Network, the access layer — transforms Mantle Network into a purpose-built vertical platform — the blockchain for banking — that enables financial services on-chain. Mantle leads the establishment of Blockchain for Banking as the next frontier.
Follow Mantle on X (@Mantle_Official) for the latest updates on Mantle as the 'Blockchain for Banking'."
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Timestamps:
00:00 Introduction
02:50 Inversion Raises $26.5M
10:51 A New Era For Private Equity
25:54 Hyperliquid’s USDH Proposal
47:31 Ad (Mantle, Geodnet)
48:54 The Stablecoin Superbowl: Who Wins?
1:02:08 Takeaways From Figure’s IPO
01:14:45 Could DeFi Projects Go Public?
01:16:37 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.
We're back to discuss the top stories of the week. We deep dive into how crypto can redefine private equity, who wins from the battle for USDH, Figure's IPO, could DeFi projects go public & more. Enjoy!
--
Follow Rob: https://x.com/HadickM
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
--
Referenced in the show:
A letter from Mike Cagney, Figure’s co-founder and executive chairman - figure.com/newsroom/company-voices/a-letter-from-mike-cagney-figure-co-founder-and-executive-chairman
False Claim From Story: “vast majority was bought from founder”
Response:
This is simply not true. The vast majority was acquired from the Foundation in two transactions. First, the Foundation contributed $IP (at a discount) for shares in CASK. Additionally, the cash PIPE proceeds were used to buy tokens at a discount. These two transactions represent most of the total token balance held by CASK. The shareholder ownership for the Foundation and SY individually are all public in the S-1 filing. See page 153-157.
--
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]
--
"Mantle is pioneering ""Blockchain for Banking"" as a revolutionary new category that sits at the intersection of TradFi and web3.
Key elements for Mantle as the ""Blockchain for Banking"":
- Transactions posted to the blockchain
- Compatibility with TradFi rails
- Integrated DeFi features
Mantle Network, the access layer — transforms Mantle Network into a purpose-built vertical platform — the blockchain for banking — that enables financial services on-chain. Mantle leads the establishment of Blockchain for Banking as the next frontier.
Follow Mantle on X (@Mantle_Official) for the latest updates on Mantle as the 'Blockchain for Banking'."
--
Timestamps:
00:00 Introduction
02:50 Inversion Raises $26.5M
10:51 A New Era For Private Equity
25:54 Hyperliquid’s USDH Proposal
47:31 Ad (Mantle, Geodnet)
48:54 The Stablecoin Superbowl: Who Wins?
1:02:08 Takeaways From Figure’s IPO
01:14:45 Could DeFi Projects Go Public?
01:16:37 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.
