April 8, 2026
This week:
Stabledash Live segments - MetaMask, Coinbase, and Arculus
FDIC writes the GENIUS Act rulebook - 1:1 reserves, 2-day redemptions, and capital requirements for stablecoin issuers
White House weighs in on stablecoin yields - economists say rewards won't threaten community banks
Stableminded update - Drew is in New York City filming new episodes
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This Week on Stabledash Live
This week we took Stabledash Live on location to Arculus headquarters in Somerset, New Jersey. Three conversations are now available as standalone segments on YouTube and Spotify.
Stablecoin Cards, Web3 Payments, and Securing Agentic AI
Adam Lowe, CIO of CompoSecure/Arculus, on hardware security and the emerging agentic economy. Lowe sees hardware cards becoming the passkey layer for AI agents - the authorization mechanism for autonomous transactions.
The MetaMask Metal Card Is Here
Liz Bazurto, BD Director at Consensys/MetaMask, on the MetaMask metal card launch in the US, built by CompoSecure. Bazurto, who grew up in a developing country, framed stablecoins as survival infrastructure for people whose currency devalues daily.
"These communities have been hit with so many lies, have been robbed and stolen so much that there has to be a component of trust that is incredibly high."
Coinbase One Card Explained: 4% Bitcoin Back on Everything
Ben Shen on why Coinbase is building toward owning the full financial life cycle - trading, staking, lending, spending, mortgages - all compounding through one membership.
Tomorrows's show will feature USDM1, Star Fun, and The Better Money Company
Stableminded: The Frontier
Presented by Altitude
No new episode this week, but production is active. Drew is in New York City filming new episodes. More details coming soon.
If you missed them, two Stableminded episodes have dropped so far. EP. 0046 featured Louis Amira, founder of ATXP - the stablecoin payments infrastructure company building the next generation of compliant payment rails.
EP. 0045 launched with Charles Yoo-Naut, Co-Founder of Rain - the stablecoin card infrastructure company that raised $300M+ at a $1.95B valuation.
News of the Week
The FDIC Writes the GENIUS Act Rulebook
On Monday, the FDIC Board approved a notice of proposed rulemaking that puts real structure around the GENIUS Act for the first time. Any FDIC-supervised stablecoin issuer would need to hold 1:1 reserve backing, honor redemptions within two business days, and maintain a minimum of $5 million in capital for the first three years of operation. Deposits held as stablecoin reserves would not qualify for pass-through FDIC insurance. A 60-day comment period is now open.
White House: Stablecoin Yields Won't Harm Banks
The GENIUS Act, signed into law on July 18, 2025, prohibits stablecoin issuers from paying any form of interest or yield to holders. The Council of Economic Advisers just published a report analyzing the effects of that prohibition on bank lending. Key findings from the CEA:
Keeping the yield ban in place would only increase total bank lending by $2.1 billion - that's 0.02% of all lending. The cost of that small gain: $800 million in lost benefits to people who hold stablecoins.
Most of that extra lending (76%) would go to large banks, not small ones. Community banks would gain just $500 million in new loans - a 0.026% increase.
Even under the most extreme assumptions - stablecoins growing to six times their current size, all reserves sitting as idle cash, and the Fed abandoning how it currently operates - bank lending would only rise by 4.4%.
The report lands as Congress debates the CLARITY Act, which would define what types of stablecoin rewards are permissible. A bipartisan compromise on yield language is on the table, but the bill went into recess unresolved. Markup is targeted for late April.
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