Episode Overview
I explore the future of stable assets with Eno, co-founder of ISC (International Stable Coin). The conversation spans from practical DeFi infrastructure to philosophical questions about the future of money.
Eno's Market Insights
Stablecoin Ecosystem
Current total stablecoin market cap: ~$180B
Massive growth potential (global money supply ~$85-95T)
Not competing with USDC/USDT due to market size
Tron dominates stable transactions globally
98% of Tron stables are USDT
Major presence in emerging markets
Strong OTC dealer network globally
Market Evolution & Infrastructure
Exchange Integration Path
Tether's success came from exchange-first approach
Ground-level OTC dealer relationships crucial
Mobile experience critical for adoption
Regional Adoption Patterns
Most emerging markets prefer Tron USDT
Need better Solana on/off ramps globally
Local currency stablecoins could revolutionize regional payments
Future Market Predictions
Stablecoin Development
Moving beyond USD-denominated assets
Need for local currency stablecoins
Potential for "hard money 2.0" through diversified asset backing
Real World Assets (RWA)
Partnership with Etherfuse bringing bonds on-chain
Treasury bonds from multiple countries coming to blockchain
RWA market needs more liquidity before full integration
ISC's Strategic Vision
Technical Architecture
Asset Allocation (20% each):
Cash holdings
Gold reserves
US Treasury Bills
Global bonds
Global stocks
Yield Generation
Currently achieving ~10% APY
Historical average: 5-6%
Modified all-weather portfolio for stability
Market Strategy
Target Markets:
Web3 CFOs and treasury management
DeFi protocols needing yield on unused capital
Future: Countries without sovereign currencies
Development Phases:
Phase 1: Solana DeFi integration
Phase 2: Emerging markets
Phase 3: Global adoption
Critical Market Observations
DeFi Integration
Perps Markets
Integration potential with Jupiter Perps
Potential for yield on unused stable reserves
Better capital efficiency for protocols
Infrastructure Needs
New DEX launching for correlated assets
Better liquidity management tools needed
Focus on reducing friction points
Market Psychology & Non Financial Trading Advice
Key Trading Principles:
"When you can brag about your portfolio, it's time to sell"
Never update profit targets after reaching them
Screenshot rule: If you're taking portfolio screenshots, sell
Beware of "moon bag" mentality
Risk Management:
Full exits better than partial sells in crypto
Market timing is impossible
Focus on realized gains over potential gains
Future Outlook
Ideal Success Scenario (5 Years)
ISC as legal tender in countries without sovereign currency
Example: Zimbabwe's currency situation
Alternative to failed fiat systems
Infrastructure Development
Current Challenges:
Limited RWA liquidity
Need for better on/off ramps
Mobile user experience improvements
Opportunities:
Growing institutional adoption
Expansion of RWA tokenization
Integration with traditional finance
Key Project Updates
New DEX development for correlated assets
Etherfuse partnership for bond tokenization
Focus on DeFi protocol integrations
Market Warnings
PayPal's PYUSD incentive program results
Risks of chasing yields vs stable returns
Importance of sustainable growth over quick gains
Notable Quotes
"We're not fighting for a small piece of the pie - we're building for the future of global finance." "The biggest lie of fiat is that it works for everybody - it only works for very few countries." "Don't update your profit targets - the pain of missing gains is less than the pain of losses."
These insights reveal Eno's deep understanding of both market mechanics and the philosophical implications of stable assets in global finance, while providing practical advice for market participants.
Solana Weekly #89 - Eno Is Accelerating Stablecoin Usage On Solana With ISC