Research
Inside “The Stablecoin Stack”: A Behind-the-Scenes Look at How Wallets, Compliance, Accounting & Rails Come Together
May 19, 2025
Panelists: Jared Silvers (Fireblocks), Adam Zion (Dynamic), Deepankar Saxon (Socure), Victor Cerio (Tres Finance), Brissia Perez (Borderless.xyz) — moderated by Chris Chuang (Dynamic). Recorded live at Stable SF in front of ~150 payments operators and fintech builders.
Panel Recap
The room & the mood
Shack15’s glass-walled loft was buzzing. Coffee cups rattled as Chris kicked things off with a simple challenge:
“If stablecoins really are programmable money, what does the *toolbox* look like for the teams that have to ship features next quarter?”
What followed was thirty minutes of rapid-fire war stories, gentle ribbing between panelists, and the kind of pragmatic advice you only get from operators who have scraped their knees in production.
Five narrative threads that stole the show
# | Story Beat | Why It Matters |
|---|---|---|
1 | “Keys mean liability and super-powers.” Jared held up his phone, explaining how a single policy mis-configuration can freeze a treasury—or let an intern move eight figures. Custody, he said, is the first architectural fork: HSM-as-a-service? Self-managed MPC? Qualified custodian? | Your custody model dictates the licences you need, the auditors who knock on your door, and the automation you can safely build. Get it wrong on day one and every downstream process—treasury sweeps, payouts, yield programmes—has to be torn up later. |
2 | “Lose the blockchain jargon.” Brissia laughed about the first time she pitched Borderless to a Fortune-100 CFO. “The second I said ‘onchain,’ the call died.” Today her deck leads with hard numbers—FX saved, days of working capital freed—not with token tickers. | Most of the next billion dollars in volume will come from finance teams who don’t care about crypto. Translating tech into P&L impact shortens sales cycles and green-lights pilots. |
3 | “Ship, learn, refactor.” Adam described Dynamic’s wallet SDK as a “duct-tape layer” that lets engineers launch in weeks. “You’ll rip half of it out in a year,” he admitted, “but by then you’ll know which 10 % of features your users actually touch.” | Payments road-maps traditionally span 12-18 months—too slow when token standards, chains, and regulations mutate every quarter. Teams that treat their stack as Lego bricks, not poured concrete, stay alive. |
4 | "Money without identity is untrusted money." Deepankar dead-panned that compliance is the “broccoli of fintech—nobody likes it, everybody needs it.” He walked through Socure’s risk layering: device intelligence → document auth → sanctions & adverse media → wallet-behaviour analytics—each check switching on only when needed to keep UX snappy. | Regulators everywhere are tightening the screws. Solid KYC/AML doesn’t just avoid fines; it keeps bank partners confident and corridors open when headlines get rough. |
5 | “Design for tomorrow’s assets, not today’s.” Victor and Jared swapped predictions: tokenised money-market funds, yield-bearing stablecoins, card programmes that debit USDC in real time. Their punchline: “Your ledger had better handle multiple asset classes—or you’ll rebuild it next year.” | Revenue won’t come only from moving digital dollars; it will come from holding balances, sweeping into yield, issuing cards, offering supplier financing. Optionality in the ledger unlocks those future revenue lines. |
Pulling the threads together
By the time Chris wrapped, the audience had moved from “Should we use stablecoins?” to “Which custody policy, which KYC tier, and which ledger abstraction do we need to hit launch in Q3?”
The common theme was choice with guardrails:
Choose custody intentionally, because it’s the root of both control and regulatory obligation.
Speak in the language of problems solved, not protocols used.
Architect for iteration, because the stack will age like dog-years.
Bake compliance into core flows, not bolted on after growth.
Future-proof the ledger so new asset types feel like config, not re-writes.
Stablecoins have matured from a speculative side-show into a neutral, programmable settlement layer. The winners won’t simply handle tokens - they’ll orchestrate identity, risk, liquidity and user experience around them.
Ready to explore your stablecoin strategy?
Find out how Borderless.xyz can act as the hub of your stablecoin stack by leveraging the Borderless Network of regulated financial institutions for liquidity & fiat rails as well as prebuilt integrations into leading wallet providers, compliance companies, and operations/reconciliation platforms by scheduling a meeting.
Missed the session?
Grab a coffee and watch the full panel replay below. You’ll walk away with a checklist you can bring straight into your next sprint planning meeting.
