# Frictionless FX: Building Borderless Stablecoin Infrastructure

- Channel: [Stable Summit](https://streameth.org/stable_summit)
- Date: 2025-10-07
- Duration: 41:12
- Watch: https://streameth.org/watch/yt-Eo0g7vTv6TI
- YouTube: https://www.youtube.com/watch?v=Eo0g7vTv6TI

## Description

This panel explores the emerging architecture for a multi-stablecoin world—and why not all stablecoins should be priced the same. With insights from Redstone, Dragonfly, Curve, Bastion, and Mento Labs, the discussion covers onchain FX infrastructure, the failures of bank tech stacks, liquidity fragmentation, and why a clearinghouse for stablecoins is a fantasy. 

The focus is on building FX rails that work 24/7, pricing stablecoins by credit risk, and pushing real usability through tokenized treasuries and spendable assets.

Speakers:
1. Martin Krung, Business Development Manager at Curve Finance
2. Nassim Eddequiouaq, Founder & CEO at Bastion
3. Rob Hadick, General Partner at Dragonfly
4. Markus Franke, CEO & Co-founder at Mento Labs

Matt Gurbiel, Head of BD at RedStone (Moderator)

---
00:00 Panel Intros
02:11 Bank Stablecoins vs Infrastructure Gaps
06:31 Liquidity Fragmentation and Market Access
11:17 Building FX Infrastructure Onchain
15:14 Regional Stablecoins and Legal Complexity
18:42 Corporate Treasury and Tokenized Treasuries
22:14 Institutional-Grade FX Trading Onchain
26:20 Curve’s AMM Evolution and Risk Modeling
30:19 Pricing Stablecoins by Credit Risk
35:37 Liquidity Costs and Market Growth
37:03 The 2-Year Outlook for Onchain FX

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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.