# The Path to Singleness of Money for Stablecoins - Sebastien Derivaux

- Channel: [Stable Summit](https://streameth.org/stable_summit)
- Date: 2025-10-07
- Duration: 15:22
- Watch: https://streameth.org/watch/yt-BNxhPENfkSA
- YouTube: https://www.youtube.com/watch?v=BNxhPENfkSA

## Description

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.

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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

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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.