The Trust Battle: Stablecoins, Crypto and the Future of Money (with Ali Abou Daya and Morva Rohani)
For centuries, the power to create money was isolated to traditional issuers, who built trust over the ages. But now stablecoins are starting to pull at that monopoly, rising up in relevance as a massive innovation on infrastructure. Some jurisdictions are turning things upside down with digital asset adoption, while others are holding back, with important geopolitical implications. On season two’s opener, hosts Vass Bednar and Paul Samson welcome Ali Abou Daya and Morva Rohani to discuss the emergence and transformative nature of crypto and stablecoins. Ali is the chief executive officer of Transactix Financial, a stablecoin company, and Morva is the executive director of the Canadian Web3 Council, an industry organization that advocates for responsible public policy. Together the four consider the digitalization of traditional finance, and the challenges surrounding establishing trust and who controls what.Mentioned:Blockchain: see CIGI’s explainer video “What Is Blockchain?” (YouTube, January 4, 2018)“In God We Trust” printed on US currency: see www.congress.gov/committee-report/112th-congress/house-report/47/1 and David Mislin, “The complex history of ‘In God We Trust’” (The Conversation, February 2, 2018)“Satoshi” refers to Satoshi Nakamoto, the mysterious pseudonymous author of a 2008 white paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”; see also Joshua Davis, “The Crypto-Currency” (The New Yorker, October 3, 2011)“Bitcoin maxis”: Tonya M. Evan defines this term and others in the digital asset lexicon: “The Bitcoin, Not Crypto, Debate: Why Words Matter” (Forbes, August 21, 2024)For more on El Salvador’s experience with bitcoin, see “Bitcoin: El Salvador makes cryptocurrency legal tender” (BBC, June 9, 2021), “World’s first Bitcoin nation scales back crypto dream” (BBC, December 18, 2024) and Robyn Wilson’s “The Salvadoran beach town that became a Bitcoin testbed” (BBC, July 1, 2025)Nigeria’s central bank digital currency, the eNaira: www.firstbanknigeria.com/personal/ways-to-bank/e-naira/Tether setting up physical HQ in El Salvador: Federico Maccioni, “Crypto firm Tether and its founders finalizing move to El Salvador” (Reuters, January 13, 2025)For comparison of transaction costs by analyst Eric Yeung, see his April 20, 2025 X post: “The Final Showdown Between China and the U.S.: The Battlefield Shifts from Military Hegemony to Global Currency Warfare.” Yeung is a Hong Kong–based precious metals and investment expert who posts daily analysis on X.The GENIUS Act (in full: Guiding and Establishing National Innovation for U.S. Stablecoins Act) became public law in July 2025 to provide for the regulation of payment stablecoins in the United States: www.congress.gov/bill/119th-congress/senate-bill/1582/text“MiCA and the European Union”: see Markets in Crypto-Assets RegulationDaniel Day-Lewis played Daniel Plainview in There Will Be Blood, a 2007 film based on Upton Sinclair’s 1927 novel Oil!“The milkshake example”: a reference to Harvard Business School professor “Clay Christensen’s milkshake marketing,” which considers why we “hire” a productFurther Reading: Ali Abou Daya’s bio: www.linkedin.com/in/aliaboudaya/About Transactix Financial: www.transactix.ca/aboutMorva Rohani’s bio: www.linkedin.com/in/morvarohani/About the Canadian Web3 Council: https://web3canada.ca/about/For more analysis on the evolving role of digital assets, including central bank digital currencies, cryptocurrencies, stablecoins and tokenized assets, within the broader context of the global financial system, see CIGI’s project Digital Assets in a Deglobalized WorldCredits:Policy Prompt is produced by Vass Bednar and Paul Samson. Our supervising producer is Tim Lewis, with technical production by Henry Daemen and Luke McKee. Show notes are prepared by Lynn Schellenberg, social media engagement by Isabel Neufeld, brand design and episode artwork by Abhilasha Dewan and Sami Chouhdary, with creative direction from Som Tsoi. Original music by Joshua Snethlage. Sound mix and mastering by François Goudreault. Be sure to follow us on social media. X: @_policypromptIG: @cigionlineListen to new episodes of Policy Prompt on all major podcast platforms. Questions, comments or suggestions? Reach out to CIGI’s Policy Prompt team at
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