Weekly Roundup 08/15/25 (DAT fine print, stablecoin L1s, banks vs stables)

·39 min·3 clips

A Solana DAT locks in a 1.7% asset fee for 20 years, draining value from investors.

The episode begins with a historical recap of the 2008 financial crisis, framing Bitcoin's emergence as a response. Hosts Matt Walsh and Nic Carter then express frustration over the crypto industry's tendency to self-sabotage, particularly through complex treasury deals. They reference a BitMEX research piece that uncovered advisory agreements in DATs, such as a Solana-focused DAT with a 1.7% asset fee locked for 20 years. The hosts critique Michael Saylor's tweet defending DAT premiums, calling it inaccurate. Moving to deals of the week, they list several funding rounds, including Heritage Distilling for Story Protocol and USD.AI. The discussion shifts to stablecoin Layer 1s, with Stripe's Tempo and Circle's ARC announced; Walsh predicts Stripe's success due to distribution, while Circle may struggle. Bullish's IPO is noted as oversubscribed, and Bitmine's failed ATM offering is mentioned. Treasury Secretary Scott Besson's comments on not buying Bitcoin for reserves are analyzed, with hosts unsurprised. The Bank Policy Institute's lobbying against stablecoin interest payments is criticized as protectionist, with hosts arguing for competition. Other news includes Do Kwon's guilty plea, Monero's alleged 51% attack, and a paper on governmental de-banking. The episode concludes with light-hearted banter about football.

As heard by us

A sharp weekly pass through disclosure gaps, fee math, and the argument over Bitcoin-linked premiums.

The episode stays deep in market structure, starting with disclosure problems in token-world deals and then moving through the pricing of certain funds, fees, and closed-end setups.

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Why you'd press play

For disclosure gaps, fee extraction, and one very confident Saylor tweet, this is your tidy weekly detour.

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