The Path to Singleness of Money for Stablecoins - Sebastien Derivaux

Stablecoins aren’t fungible and that’s a huge problem. Sebastian Derivaux from Steakhouse Financial explains how “singleness of money” can solve stablecoin fragmentation and enable seamless 1:1 swaps. From lessons in free banking Scotland to modern DeFi mechanisms, he maps the technical and regulatory path forward. This is essential thinking for anyone building or using stablecoins at scale. – 00:00 Intro and Defining the Problem 01:05 Free Banking and Stablecoin History 02:30 Why Fungibility of Money Matters 03:30 Primary vs Secondary Market Issues 05:10 Stablecoin Redemption and KYC Frictions 06:45 Atomic Clearing via DAI and Maker 08:10 Two Stablecoin Models: Fiat vs DeFi 09:30 DeFi Yield and Lending as Stablecoin Alternatives 11:00 Tokenized T-Bills as Collateral 12:30 Smart Contract-Based Interchangeability 13:45 Permissioned Assets and Bank Integrations 14:50 Final Thoughts on Stablecoin Unity – Explore Upcoming Events Stable Summit III: Devconnect • Website: https://www.stablesummit.xyz/ • Email: info@stablesummit.xyz • Apply to Speak/Sponsor: https://partyactionpeople.typeform.com/devconnect2025?typeform-source=www.stablesummit.xyz Stablecoin Summit: Singapore by XREX & Unitas • Website: https://stablecoinsummit.com/ • Email: team@stablecoinssummit.com • Apply to Speak/Sponsor: https://partyactionpeople.typeform.com/stblcoin3?typeform-source=stablecoinsummit.com Blockchain Oracle Summit: Devconnect • Website: https://blockchainoraclesummit.io/ • Email: info@partyactionpeople.com • Apply to Speak/Sponsor: https://partyactionpeople.typeform.com/BOS25apply Listen to the Stable School Podcast Link: https://stableschool.org/podcast Follow Stable Summit on X Link: https://x.com/stable_summit — About: By Stake Capital Group and Party Action People, and presented by Curve Finance, Stable Summit has been gathering leaders in stablecoins almost quarterly since 2023. Our content is curated through hours of one-on-one research with the leading minds in the stablecoin space. Each program is a highlight reel of what leaders in stables are curious about in real time. Our audience consistently features the full spectrum of the stablecoin ecosystem, from DeFi protocols to institutions, from stablecoin issuers to central banks, and every llama in between.