In-depth discussion between World Ledger’s host Coco Kee andJason Carpenter, Founder of Etherbridge, convering Etherbridge's framework built around four core investment themes: Outside Money, Trustware, Chain Street (DeFi), and the Agentic Economy, where AI agents transact on-chain; crypto's shift from a speculative noun to a functional verb, driven by six secular forces : regulation, stablecoins, asset tokenization, DeFi mullet, token rights and AI Agents; common mistakes in crypto asset valuation. Jason shares why developing decentralized alternative infrastructure is a noble pursuit to secure global property rights and financial inclusion for billions worldwide.

✍️ Links: - Follow Coco: X: @CocoKee | LinkedIn (https://www.linkedin.com/in/cocokee/ | Substack: https://worldledger.substack.com- Follow Jason: LinkedIn https://www.linkedin.com/in/jasonkcarpenteretherbridge/ | Substack: https://etherbridge.substack.com/- Valuing ETH:https://etherbridge.co/tools/valuing-eth- DeFiLLama: https://defillama.com/- Blockworks Token Transparency Framework: https://blockworks.com/token-transparency

Timestamps:(00:00) Opening commentary

(00:59) Introduction and Jason’s background

(01:45) Genesis of Jason's crypto fund and its structure

(03:46) South Africa’s crypto landscape & Jason's personal experiences

(05:12) What motivated Jason to found his fund Etherbridge

(07:38) 4 investment themes

(07:57) Outside Money

(08:34) Trustware

(09:17) Chain Street

(10:00) Agentic Economy

(10:35) Factors necessary for Agentic Economy to materialize

(12:05) 6 secular forces changing crypto's identity and fundamentals

(12:58) Comparing 2021 Dot-crypto with 2000 Dot-com

(13:49) Force 1 - regulation

(14:30) Force 2 - stablecoins

(15:00) Force 3 - tokenization

(15:49) Force 4 - DeFi mullet

(19:35) Force 5 - Token rights Deep Dive

(24:08) Two places to find token rights information

(25:30) Valuing crypto Assets: 3 common mistakes

(25:52) Mistake 1 - not segmenting crypto

(29:24) Mistake 2 - overvaluing voting machine over weighing machine

(29:58) Mistake 3 - think crypto assets cannot be valued

(30:53) The type of tokens that can use traditional valuationmethods

(31:54) Jason's preferred valuation methodology - expectation-based investing

(34:01) Lack of consensus on the valuation of ETH and SOL

(40:08) Etherbridge's investment approach and challenges selling to institutions

(44:04) Why remain committed to crypto and closingremarks

Are stablecoins really becoming a mainstream payment method, or is most of the activity still driven by crypto trading?

In this episode of World Ledger, Coco Kee talks with Kailash Madan, Chief Commercial Officer at Triple A, a regulated global stablecoin payments provider, backed by Sequoia Capital’s former Southeast Asia and India investment arm. Kailashexplains how businesses use USDC, USDT, and crypto for payments, how merchants can reduce transaction costs, and why stablecoins are gaining traction in cross-border payments, gaming, travel, FX, and import-export. They also discussregulation, banking relationships, chargebacks, USDC vs. USDT, and why stablecoins and AI agents are the match made in heaven. Stablecoin payments may only be beginning, but the journey is underway.

Follow Coco Kee:

X: CocoKee | LinkedIn | Substack | YouTube

Timestamps

(00:00)Episode Overview

(01:54)What is Triple A vs. Stripe and Primer?

(05:23)How Farfetch accepts stablecoins with fiat settlement without volatility risk

(07:24)Managing and hedging stablecoin price volatility

(08:21)Why merchants are adopting stablecoin payments

(11:26)Fee breakdown: 1% merchant fees vs. 3-4% credit card fees

(12:36)High-growth industries & geographic penetration

(15:28)Are stablecoin processors a threat to traditional banks?

(19:15)Go-to-market strategies for top commercial verticals

(24:57)Real-world commerce vs. exchange trading volumes

(26:54)Navigating global regulatory fragmentation

(29:32)Building critical banking relationships for stablecoin payments

(32:06)Chargeback risks and consumer’s preference

(35:24)How AI agents will transform stablecoin payments

(37:37)The future of stablecoins in global commerce

(38:48) Episode Summary

Discover BTCS, Poland’s first actively managed Bitcoin treasury company inspired by Strategy, yet distinctly built differently. Warsaw entrepreneur Wojciech Kaszycki reveals how BTCS trades on the Warsaw and Frankfurt exchanges, generating yield on Bitcoin while developing Web3 services, and why European tax structures favor treasury companies over direct crypto ownership.

The conversation then turns critical: Wojciech argues thatMiCA is killing innovation and small startups, while Poland’s prolonged fight over implementation and its local MiCA-based laws are hurting Polish crypto companies.

Watch or listen to the full discussion of building a Bitcoin treasury company in Europe, navigating regulations, and why MiCA needs a new version to protect startups and innovation.

☛Subscribe to the newsletter: https://worldledger.substack.com for more updates.☛Follow Coco on X: @CocoKee☛Pitch to World Ledger with Coco Kee, email to: worldledger@substack.com

(00:00) Introduction

(01:10) Turning Coincidence into Opportunities

(03:33) Genesis of BTCS and its Vision to Become DAT2.0

(07:21) BTCS in Comparison with Strategy

(09:59) BTC ETF vs. BTC DAT in Europe

(11:14) DAT's Performance in the Bear Market

(13:07) Poland's Tax Incentive for DATs

(16:10) Why Is Poland Delaying MiCA Implementation?

(18:45) Is MiCA Too Harsh on Innovation?

(22:30) EU Policymakers Are Playing Defense Against U.S. Dollar Dominance

(24:44) MiCA Favors Big Players and Is Bad for Startups

(25:19) Is Bad Legislation Better Than No Legislation?

(26:50) Wojtek’s Connection with Asia

(28:37) One Piece of Advice to Young Founders