ConceptCentral theme · 5/5

Good payments driving out good money

The guest argued Gresham's new law posits that the speed and convenience of modern digital payment platforms are driving monetary choices, but these 'good payments' are backed by 'bad money' (uninsured, risky liabilities), which could ultimately push sound money out of the system.

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The story so far

CONTESTED · 187 MENTIONS · 86 EPISODES · 27 SHOWS

14 JUL 2025 — 16 AUG 2026 · 2D AGO

111 SUPPORT · 9 CHALLENGE · 67 MENTIONED

14 JUL 2025 · FIRST HEARD
MACRO MUSINGS WITH DAVID BECKWORTH
- Stablecoins as a marginal treasury demand source
26 EPISODES NOT SHOWN
9 FEB 2026
MACRO MUSINGS WITH DAVID BECKWORTH · 6 MENTIONS
- Unbundling money from payments for better systems
- Good payments driving out good money · THIS IDEA
- Stablecoin vulnerability illustrated by USDC's SVB moment · CHALLENGES
- Future bailouts of stablecoins to protect Treasury market
- Open access to Fed infrastructure for non-banks
- OCC trust charters as a backdoor 'light bank' charter
52 EPISODES BETWEEN · 107 MENTIONS
1. 19 FEB 2026
  FINTECH INSIDER PODCAST BY 11:FS
  - Stablecoins as a cross-border payments solution
2. 19 FEB 2026
  MACROVOICES · 2 MENTIONS
  - Potential fragmentation into competing currency blocks
  - Stablecoins threatening bank business models · CHALLENGES
3. 25 FEB 2026
  FORWARD GUIDANCE
  - Institutional crypto adoption bullish despite price
4. 27 FEB 2026
  THE COMPOUND AND FRIENDS
  - Stablecoins better than Bitcoin, bullish Circle
5. 1 MAR 2026
  ON THE MARGIN · 6 MENTIONS
  - Stablecoin adoption for US government fee collection
  - Full-stack issuers capture more value
  - US as a latent crypto card opportunity
  - PMF in emerging markets with weak currencies
  - Collateralized credit as a crypto card evolution
  - Tempo as a hub for stablecoin innovation
6. 5 MAR 2026
  FORWARD GUIDANCE · 2 MENTIONS
  - Structured finance ripe for blockchain disruption
  - Blockchains as the ultimate displacer of financial middlemen
7. 10 MAR 2026
  THE POMP PODCAST
  - Stablecoins' value is payments, not yield
8. 12 MAR 2026
  CAPITAL ALLOCATORS · 2 MENTIONS
  - US poised to lead in blockchain finance applications
  - Tokenization to democratize access to new company upside
9. 16 MAR 2026
  MACRO MUSINGS WITH DAVID BECKWORTH · 3 MENTIONS
  - Fed master account access solves run risk
  - Stablecoin growth is inevitable, horse out of barn
  - Stablecoins are a new entrant, incumbents resistant
10. 18 MAR 2026
  WHAT BITCOIN DID · 3 MENTIONS
  - Stablecoins as US governance tool offshore
  - Bitcoin's potential role as future collateral
  - Stablecoins as new Treasury demand channel
11. 20 MAR 2026
  BANKLESS
  - Tempo as Stripe's payments-first L1
12. 21 MAR 2026
  SMARTERMARKETS · 2 MENTIONS
  - Tokenization's institutional adoption accelerates
  - Traditional market infrastructure solid for DeFi integration
13. 23 MAR 2026
  ANIMAL SPIRITS · 5 MENTIONS
  - Bitcoin ETFs are a mature, permanent asset class
  - Crypto value shifts to utility and infrastructure
  - In-kind ETF creations democratize primary market access
  - Stablecoins as the bridge to traditional finance
  - Tokenization momentum building with institutional backing
14. 24 MAR 2026
  THE POMP PODCAST
  - Stablecoins as critical infrastructure for 24/7 settlements
15. 25 MAR 2026
  THE POMP PODCAST
  - Blockchain rails as a response to debanking, censorship
16. 30 MAR 2026
  BANKLESS
  - Crypto beyond Bitcoin for value creation
17. 30 MAR 2026
  MACRO MUSINGS WITH DAVID BECKWORTH
  - Dollar stablecoins threaten eurozone monetary sovereignty
18. 31 MAR 2026
  ON THE MARGIN · 5 MENTIONS
  - Open Money Stack: one API for global payments
  - Stablecoins solve global payroll for EORs
  - Blockchain's three core value propositions
  - AI agents will transact in crypto
  - Stablecoin cards as a major growth driver
19. 1 APR 2026
  FORWARD GUIDANCE · 3 MENTIONS
  - Skinny master accounts as a step for fintech innovation
  - Stablecoin inflows could lower the neutral rate
  - Tokenized deposits as a bank service evolution
20. 1 APR 2026
  THE JULIA LA ROCHE SHOW · 2 MENTIONS
  - Stablecoins and CBDCs reduce Fed's power
  - Stablecoins as a US geopolitical dollar-entrenching tool
21. 1 APR 2026
  THE POMP PODCAST
  - Corporate chains as a major 2024 theme
22. 6 APR 2026
  MACRO MUSINGS WITH DAVID BECKWORTH
  - Dollar stablecoins: pernicious and no additionality
23. 7 APR 2026
  ON THE MARGIN
  - Demo as the stablecoin onboarding ramp
24. 7 APR 2026
  BANKLESS · 5 MENTIONS
  - Tokenized securities as future broker-dealer offering
  - Tokenization as inevitable migration for equity markets
  - Tokenization unlocks massive equity market inefficiencies
  - Tokenization unlocks new issuer-investor utilities
  - Tokenized treasury market as a leading growth catalyst
25. 9 APR 2026
  ON THE MARGIN
  - Bridgeport as crypto's Plaid for institutions
26. 9 APR 2026 · CHALLENGES
  THE POMP PODCAST · 3 MENTIONS
  - Bitcoin's value is retail-driven, not institutional
  - Stablecoin yield faces political bank opposition
  - TradFi perps will fail due to broken clearing
27. 10 APR 2026
  REAL VISION DAILY BRIEFING
  - Financial system migrating to blockchain rails
28. 15 APR 2026
  WHAT BITCOIN DID · 2 MENTIONS
  - Bitcoin as the deglobalization settlement money
  - Bitcoin's long-term adoption via currency backing
29. 20 APR 2026
  ON THE MARGIN · 3 MENTIONS
  - Stablecoins as the new financial rail
  - Stablecoins' first wave: cross-border efficiency
  - Wallets as the critical crypto bottleneck
30. 23 APR 2026
  ON THE MARGIN · 2 MENTIONS
  - UR as blockchain-native account infrastructure
  - Blockchain rebuilds finance to reduce cost, unlock programmability
31. 22 JUL 2026 · 4W AGO
  REAL VISION DAILY BRIEFING
  - Clarity Act passage as short-term sell-the-news
32. 23 JUL 2026 · 4W AGO
  THE OPTIONS INSIDER RADIO NETWORK
  - Centralized swap clearing vs DeFi model
33. 23 JUL 2026 · 4W AGO
  UNCHAINED · 3 MENTIONS
  - DTCC canonical tokens threaten third-party equity wrappers
  - Japan legal reforms unlock institutional crypto growth
  - Japan leads pragmatic approach to asset tokenization
34. 23 JUL 2026 · 4W AGO
  BANKLESS · 4 MENTIONS
  - The bottleneck in real-world assets: demand
  - Compliant tokenization outcompetes synthetic equity derivatives
  - Tokenized funds lead equity in institutional adoption
  - Compliance simplifies for tokenized stock trading
35. 23 JUL 2026 · 4W AGO
  BLOOMBERG SURVEILLANCE
  - Tokenized market infrastructure for settlement efficiency
36. 25 JUL 2026 · 3W AGO · CHALLENGES
  THE JULIA LA ROCHE SHOW
  - Clarity Act passage unlikely, forcing stablecoins offshore
37. 25 JUL 2026 · 3W AGO
  THE POMP PODCAST
  - Global adoption of stablecoins and tokenization accelerating
38. 27 JUL 2026 · 3W AGO
  ANIMAL SPIRITS
  - Stablecoins drive institutional efficiency across banking rails
39. 27 JUL 2026 · 3W AGO
  BANKLESS
  - Institutional TradFi adoption via marginal crypto primitives
40. 29 JUL 2026 · 3W AGO
  BANKLESS
  - Stablecoin supply projected to reach $2T by 2030
41. 29 JUL 2026 · 3W AGO
  UNCHAINED
  - Crypto infrastructure shifts from consumer to institutional adoption
42. 31 JUL 2026 · 3W AGO
  UNCHAINED · 3 MENTIONS
  - Superstate's tokenized equity as a crypto experiment
  - Permission pools enable compliant tokenized assets
  - Regulatory clarity as a platform for token innovation
43. 1 AUG 2026 · 2W AGO
  A16Z PODCAST
  - Blockchains enable a peer-to-peer Finance 2.0 upgrade
44. 3 AUG 2026 · 2W AGO
  MACRO MUSINGS WITH DAVID BECKWORTH · 3 MENTIONS
  - Stablecoins as a new, risky dollar class
  - Stablecoins undermine dollar's sanctions advantage · CHALLENGES
  - CBDCs and tokenized deposits over stablecoins
45. 3 AUG 2026 · 2W AGO
  BANKLESS · 7 MENTIONS
  - Buy-and-burn model as a necessary signal
  - Infrastructure build-out enabling tokenization
  - Crypto's shift from FAT protocol to FAT app
  - On-chain capital efficiency for tokenized assets
  - Token as the financial shipping container
  - Cypherpunk dream alive but not loud
  - Stablecoins heading to trillions by 2030
46. 3 AUG 2026 · 2W AGO
  THE POMP PODCAST · 3 MENTIONS
  - Crypto's convergence with traditional finance
  - Killer use cases: putting assets to work
  - Blockchain as the future financial infrastructure
47. 4 AUG 2026 · 2W AGO
  UNCHAINED
  - DTCC's tokenized entitlement is a different, limited model
48. 5 AUG 2026 · 2W AGO
  BANKLESS · 2 MENTIONS
  - Higher-quality on-chain assets to smooth cycles
  - Crypto's right product: better financial infrastructure
49. 5 AUG 2026 · 2W AGO
  WHAT BITCOIN DID · 2 MENTIONS
  - Crypto regulatory clarity's upside case
  - Bitcoin regulatory clarity's institutional impact
50. 5 AUG 2026 · 2W AGO
  THE POMP PODCAST
  - Cold Card hack pushes Bitcoin custody to institutions
51. 6 AUG 2026 · 2W AGO
  UNCHAINED
  - Litigation as path to crypto accountability
52. 9 AUG 2026 · 1W AGO
  ON THE MARGIN · 3 MENTIONS
  - Sovereign digital infrastructure as a B2G crypto pivot
  - Stablecoins as future global P2P payment rail
  - National stablecoins for domestic financial digitization
10 AUG 2026 · 1W AGO
MACRO MUSINGS WITH DAVID BECKWORTH · 2 MENTIONS
- Stablecoins redistribute, don't create, safe assets
- Stablecoin demand could compress T-bill yields
10 AUG 2026 · 1W AGO
WHAT BITCOIN DID · 2 MENTIONS
- Bitcoin loan securitization unlocks institutional capital
- Tether Gold as a digital rails catalyst
11 AUG 2026 · 1W AGO
UNCHAINED
- Spark as infrastructure for new stablecoin issuance
11 AUG 2026 · 1W AGO
THE POMP PODCAST
- Bitcoin as a bet on the internet
14 AUG 2026 · 4D AGO
BANKLESS · 3 MENTIONS
16 AUG 2026 · 2D AGO
MONETARY MATTERS WITH JACK FARLEY
- Compute as a future tradable asset class

HOW THE SHOWS HAVE DISCUSSED THIS THESIS OVER TIME · NOT A PERFORMANCE RECORD