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Alex Gluchowski, CEO and co-founder of Matter Labs, joins CoinDesk’s Jennifer Sanasie on Markets Outlook to unpack Prividium Commander, the company’s new product built to take digital assets from pilots to revenue. Gluchowski explains why operational friction, not technology, keeps institutions from moving digital asset experiments into production, and how Commander gives banks one control plane to run digital asset services under their own rules. - This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com. - Digital asset vaults are growing rapidly, but understanding the risks behind them requires more than on-chain data. S&P Global Ratings' Vault Risk Assessment (VRA) delivers independent, forward-looking insight into vault credit quality, governance, and risk management, helping bring institutional-grade risk transparency to digital asset markets. Learn more at https://www.spglobal.com/ratings/en/products/vault-risk-assessments. - Learn more about CoinDesk Data & Indices at coindesk.com/institutions. - Timecodes: 00:00 - Matter Labs’ Alex Gluchowski Joins Markets Outlook 01:40 - What Is Prividium Commander? 02:03 - Why Bank Blockchain Pilots Stall Before Production 04:30 - What Happens When Banks Build Their Own Plumbing 05:34 - How Cari Network Is Bringing 30 Banks to Tokenized Deposits 06:48 - The Path From Commander to ZK 09:06 - What Institutions Want From ZK Privacy 10:52 - Can Blockchains Handle Bank-Level Volume? 12:04 - Matter Labs’ Vision for a Global Digital Asset Economy

Juan Otero, CEO of Travala, joins CoinDesk’s Jennifer Sanasie on Markets Outlook to explain how the company’s new AI travel agent lets you book any of 2.2 million hotels in more than 230 countries just by chatting. Otero walks through how Travala uses BNB Chain’s machine payment protocol for gasless transactions and Binance Pay for settlement. Plus, he lays out the bigger plan: a future where agents anywhere can book hotels, flights, activities and car rentals on crypto rails. - This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com. - Digital asset vaults are growing rapidly, but understanding the risks behind them requires more than on-chain data. S&P Global Ratings' Vault Risk Assessment (VRA) delivers independent, forward-looking insight into vault credit quality, governance, and risk management, helping bring institutional-grade risk transparency to digital asset markets. Learn more at https://www.spglobal.com/ratings/en/products/vault-risk-assessments. - Learn more about CoinDesk Data & Indices at coindesk.com/institutions. - Timecodes: 00:00 - Travala’s Juan Otero Joins Markets Outlook 01:51 - Travala’s AI Travel Agent 02:25 - How AI Agents Pay With BNB Chain’s Machine Payment Protocol 03:16 - Why BNB Chain and Binance Pay? 04:17 - Booking a Hotel by Chatting With an Agent 07:05 - Can You Trust an AI Agent With Your Wallet? 08:00 - Crypto Rewards vs. Credit Card Points 09:29 - Who Is Travala’s AI Agent For? 11:12 - The Future of Agentic Travel on Crypto Rails

Acronym Foundation President Tyler Spalding joins CoinDesk's Kate Irwin on Markets Outlook to break down the launch of the Anvil Protocol's SDK and what it means for bringing DeFi into everyday business. Spalding explains how Anvil works as a letter of credit protocol, and how CoinDesk parent company Bullish is among the first companies to integrate the SDK. Plus, why Bitcoin, Ethereum and tokenized real-world assets could reshape on-chain collateral. - Disclosure: Bullish is the parent company of CoinDesk. - This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com. - Digital markets move fast. Move forward with clarity from S&P Global Ratings' risk analysis spanning stablecoins, tokenized funds, digital bonds, DeFi protocols, and more. Explore digital asset solutions with S&P Global Ratings at https://www.spglobal.com/ratings/en/products/solutions/digital-assets?utm_campaign=Global-DA-Vaults&utm_source=digital-ads&utm_medium=link&utm_content=CoinDesk1. - Read more about CoinDesk Research's report on Asia-Pacific's emergence as the proving ground for regulated stablecoin finance and RLUSD's role at: https://www.coindesk.com/research/the-definitive-stablecoin-landscape-series-asia-pacific - Timecodes: 00:00 - Tyler Spalding Joins Markets Outlook 02:02 - Anvil Launches Its SDK for Builders 03:10 - DeFi's New Playbook: Letters of Credit 04:09 - Founders Fund Leads $5M Anvil Token Round 05:40 - Why a Governance Token Still Makes Sense 09:12 - The First Companies to Integrate 11:42 - What Makes Anvil's On-Chain Collateral Different 14:22 - Collateral in the Age of AI Agents 14:57 - Bitcoin, Ethereum and the Future of Collateral

Chronicle Founder Nik Kunkel joins CoinDesk's Kate Irwin on Markets Outlook to unpack their new report that found over $12 billion in tokenized assets falling short on transparency. Kunkel breaks down the five pillars every tokenized asset needs to meet, why roughly 70% of the assets reviewed don't clear the bar, and what real-time, verifiable proof-of-asset data means for institutions like BlackRock, BNY Mellon and Galaxy racing to bring trillions onchain. - This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com. - Digital markets move fast. Move forward with clarity from S&P Global Ratings’ risk analysis spanning stablecoins, tokenized funds, digital bonds, DeFi protocols, and more. Explore digital asset solutions with S&P Global Ratings at https://www.spglobal.com/ratings/en/products/solutions/digital-assets?utm_campaign=Global-DA-Vaults&utm_source=digital-ads&utm_medium=link&utm_content=CoinDesk1. - Timecodes: 00:00 - Niklas Kunkel Joins Markets Outlook 02:21 - Chronicle's New Report: Tokenization's Hidden Problem 03:50 - $12.3B Exposed: 70% of Tokenized Assets Fail the Test 06:12 - The Five Pillars Every Tokenized Asset Needs 08:18 - How to Achieve Proof of Asset 10:47 - Why Risk Isn't Priced In 12:57 - BlackRock, BNY Mellon and the Road to Real-Time Regulation

Transform Ventures CEO and author of "Bitcoin Supercycle” Michael Terpin joins CoinDesk's Jennifer Sanasie on Markets Outlook to explain why he believes the bear market is over and "Bitcoin winter," the long climb back to the top, has officially begun. Terpin lays out his path to $120K by late next year, why 2028-29 could bring a rare collision of presidential and stock market cycles, when he sees million-dollar bitcoin, and why he believes an altcoin supercycle is coming too. Plus, GSR’s Managing Director of Asset Management Andy Baehr on why fixed income, not equities, will be the real catalyst that takes tokenization mainstream. - This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com. - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Join the Testnet now at realfi.co. - Timecodes: 00:00 - Michael Terpin Joins Markets Outlook 01:02 - Bitcoin Winter Is Here: Why the Bull Market Has Begun 02:40 - The Four Seasons of Bitcoin, Explained 04:45 - The Path to $120K Bitcoin 06:02 - Does the AI Trade Make This Cycle Different? 07:34 - When Bitcoin Breaks From Risk Assets 08:52 - The 2028-29 Cycle Collision 10:39 - Why Million-Dollar Bitcoin Needs a Supercycle 12:58 - Brand New Rails: Why Fixed Income Beats Equities for Tokenization 16:12 - Million-Dollar Bitcoin by 2037? 17:45 - 95% Mined: The Coming Supply Shock 18:38 - 28M Millionaires, 21M Bitcoin: What the Market Is Missing 19:44 - What Happens When the Last Bitcoin Is Mined? 20:52 - The Coming Altcoin Supercycle 22:53 - Memecoins Meet Tokenized Stocks

Nikhil Chandhok, Chief Technology and Product Officer at Circle, joins CoinDesk Contributor Kate Irwin on Markets Outlook the day Arc mainnet goes live. Chandhok explains why gas on Arc is USDC and not a native token, how opt-in privacy works, why BlackRock and Visa signed on as validators, and what changes for institutions when GENIUS rules take effect in January. Plus, Beezie Founder and CEO Andrea Miele on why tokenized luxury goods are the next frontier for provenance and liquidity. - This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com. - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Join the Testnet now at realfi.co. - Timecodes: 00:00 - Nikhil Chandhok Joins Markets Outlook 00:59 - CLARITY Failed. Why GENIUS Is Circle's Guiding Light 02:37 - Circle Announces Arc Mainnet 03:00 - How Opt-In Privacy Works on Arc 04:35 - Why Gas Is USDC and Not a Native Token 06:52 - Will AI Agents Take Over Onchain Activity? 10:10 - Brand New Rails: Tokenized Luxury with Beezie 13:11 - Why BlackRock and Visa Signed On as Validators 15:20 - DeFi on Arc: Aave, Morpho and Uniswap 16:43 - The Biggest Challenge Facing Institutions 18:45 - Bitcoin, Ethereum, and Why Circle Isn't Bearish

Ran Neuner, Founder of Crypto Banter, joins Coindesk’s Jennifer Sanasie on Markets Outlook with charts in hand to explain why Bitcoin's pullback from $82K is textbook post-golden-cross behavior, and why he thinks the real story is what comes next. Neuner breaks down Scott Bessent's Treasury buybacks as the engine of the rally, why ETH just broke a nine-year downtrend against Bitcoin, and why he's rotating out of layer ones and into apps with real users and revenue. Plus, Energy Substantiation Co-Founder Wil Harris joins Brand New Rails to explain why hard-to-custody assets, like oil, are tokenization's real frontier. - This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com. - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Join the Testnet now at realfi.co. - Timecodes: 00:00 - Ran Neuner Joins Markets Outlook 00:45 - The Golden Cross and Bitcoin's Pullback 02:31 - Bessent's Buybacks and Why $6B Disappointed the Market 03:56 - Oil, the War, and Trump's $1.4T Stimulus Promise 06:47 - Brand New Rails: Tokenized WTI Crude Oil 09:37 - "Crypto's Biggest Bull Market Ever" 11:33 - ETH Breaks a Nine-Year Downtrend Against Bitcoin 14:03 - Altcoins to 7X Bitcoin? Crypto's Product Market Fit 18:02 - Why AI Agents Are Crypto's Real Use Case 19:54 - What Makes an Altcoin Win: Users, Revenue, Buybacks

Matt Hougan, Chief Investment Officer of Bitwise Asset Management, joins Jennifer Sanasie for a special edition of Markets Outlook from the New York Stock Exchange to unpack the market's overnight flip from despair to euphoria. Hougan explains why a traditional 60/40 portfolio is "100% fiat currency," why holding 0% Bitcoin has become a misallocation, and where he's allocating now. Plus, why he gives Bitcoin a good chance of reclaiming $100K this year and sees $1.3 million by 2035.  Stellar Development Foundation CEO Denelle Dixon also joins to unpack Stellar crossing $4 billion in tokenized real-world assets, a 400% jump since January. - Timecodes: 00:00 - Matt Hougan Joins Markets Outlook 00:45 - Despair to Euphoria: What Flipped the Market 03:20 - AI Stocks vs. Bitcoin 05:49 - Brand New Rails: Stellar Crosses $4B in Tokenized RWAs 08:05 - Bitcoin, Zcash, and the Tokenization Trade 14:15 - Matt's Bitcoin Price Prediction This Year and By 2035 - This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com. - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Join the Testnet now at realfi.co. - This episode was hosted by Jennifer Sanasie.

Pierre Rochard, CEO of The Bitcoin Bond Company, joins Jennifer Sanasie on Markets Outlook to unpack the narratives driving crypto markets heading into Q4. From his 80K year-end price target to his rebuttal of Mark Cuban's "chips are the new crypto" take, Pierre breaks down why Bitcoin's scarcity story remains intact and why miners pivoting to AI could actually be a tailwind for Bitcoin price. Plus, Bullish's new Head of Tokenization joins to unpack what it means to be the first regulated exchange to trade tokenized equity. - Timecodes: 00:00 - Pierre Rochard Joins Markets Outlook 00:56 - Watching the Fed and Treasury 02:14 - Pierre’s Bitcoin Price Target 02:24 - Responding to Mark Cuban: Chips vs. Bitcoin 06:01 - Why Cuban May Have Latched Onto the Wrong Narrative 07:25 - Will Retail Come Back to Bitcoin? 09:24 - Brand New Rails: Bullish Launches Tokenized Equity Trading 12:02 - Self-Custody vs. Exchanges Post-ColdCard 13:42 - The Best Ways to Get Bitcoin Exposure 15:32 - Bitcoin Miners Pivoting to AI 17:21 - Why Miners Leaving Is Actually Bullish for Bitcoin - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. RealFi is launching August 2026. Join the Testnet now at realfi.co. - This episode was hosted by Jennifer Sanasie.

With Fomo posting all-time high fees in August and with roughly 100,000 daily traders, co-founder Se Yong Park joins CoinDesk Contributor Kate Irwin on Markets Outlook to unpack the Solana-to-Robinhood Chain growth story, why social finance apps like Farcaster and Zora never broke out, and how prediction markets could turn a generation of bettors into traders.  - Timecodes: 00:00 - Se Yong Park Joins Markets Outlook 01:11 - Inside FOMO's Record August in Fees 02:22 - Institutional Era, Consumer Endgame 03:43 - Solana, Robinhood Chain, and the Multi-Chain Effect 06:10 - Why Farcaster and Zora Never Broke Out 08:05 - Prediction Markets Will Turn Bettors Into Traders 09:24 - Advice for Founders: Ship Before It's Perfect 10:51 - DeFi is a Matter of When, Not If 12:39 - Regulation, Innovation Exemptions, and Building in the US 13:37 - Gen Z, New Media, and the Rise of Small Creators 15:20 - Q4 Outlook: The Next Breakout App Won't Be Crypto-Branded - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. RealFi is launching August 2026. Join the Testnet now at realfi.co. -

With Bitcoin surging past $72K and showing signs of a broader breakout, 10x Research CEO and Founder Markus Thielen joins Jennifer Sanasie on Markets Outlook to explain why he turned bullish early and why he believes the cycle low is already behind us. From Fed tailwinds and institutional flows to the key levels that could unlock a new all-time high, Markus breaks down what's driving the move. Plus, we look inside Symbiotic's partnership with Centrifuge to offer instant USDC liquidity. - Timecodes: 00:00 - Markus Thielen Joins Markets Outlook 00:37 - Where Does Bitcoin End the Year? 02:02 - When Do We See a New ATH? 05:32 - Brand New Rails: Symbiotic x Centrifuge 08:44 - Is Bitcoin Still a Retail Product? 12:03 - $1 Million Bitcoin by 2030? 15:20 - On-Chain Signals to Watch Right Now - This interview was recorded on August 19th before bitcoin's most recent rally. - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. RealFi is launching August 2026. Join the Testnet now at realfi.co. - This episode was hosted by Jennifer Sanasie.

DoubleZero Edge is partnering with Kalshi to deliver Wall Street-grade market data to the world's largest CFTC-regulated prediction market. Co-Founder Austin Federa joins Jennifer Sanasie on Markets Outlook to unpack why professional infrastructure took so long to reach crypto, what the 10/10 flash crash revealed about new finance's weaknesses, and why faster data could level the playing field for every trader, not just the big firms. Plus, in today's Brand New Rails, we meet the ship captain working to bring the $2 trillion commercial shipping industry on-chain. - Timecodes: 00:00 - Austin Federa Joins Markets Outlook 00:43 - DoubleZero x Kalshi: Inside the Announcement 02:30 - Why Wall Street Infrastructure Took So Long to Reach Crypto 04:36 - Brand New Rails: Tokenizing the $2 Trillion Shipping Industry 07:13 - Does Faster Data Hurt Retail Traders? 08:16 - Prediction Markets: More Than a Narrative 10:31 - Access, Disruption, and Federa's 2017 Thesis 12:13 - The Catalyst to Watch 13:11 - New Finance's Biggest Challenge - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. RealFi is launching August 2026. Join the Testnet now at realfi.co. - This episode was hosted by Jennifer Sanasie.

In his first interview since declaring the ElizaOS token dead, Eliza Labs Founder Shaw Walters sits down with CoinDesk's Jennifer Sanasie to lay out what he says actually happened. He also makes a broader case for why crypto's casino culture is actively driving out the builders who could make the space matter and why he's still coding Eliza every day regardless. - Timecodes: 00:00 - Shaw Walters Joins CoinDesk 02:23 - “Why Do People Think I Owe Them Anything?" 06:35 - How AI16Z Started: A $75K Joke That Hit $2.6 Billion 10:49 - Does He Regret Launching the Token? 11:43 - Crypto “Needs to Die And…Be Restarted" 15:34 - On the Burwick Lawsuit: "It Was a Total Scam"18:36 - "The Casino Is Not the Industry" 20:40 - Why He’s Still Building Eliza 24:00 - "Stay Away From All of This and Invest In Yourself" - This episode was hosted by Jennifer Sanasie. This interview has been edited for clarity and focus.

With the CLARITY Act pushed to September and $130 million drained in the Coldcard exploit, Crypto Market Analyst Ray Salmond joins Jennifer Sanasie on Markets Outlook to unpack Fed rate odds, Bitcoin’s four-year cycle, and the key metrics to watch ahead of a potential CLARITY Act vote. Plus, in today’s Brand New Rails, we explore how Dinari is bringing U.S. stocks on-chain. - Timecodes: 00:00 - Ray Salmond Joins Markets Outlook 00:55 - Jobs Report and the Fed 01:58 - Bitcoin's Ceiling and the CLARITY Act Delay 02:26 - Why CLARITY Stalled: Banks, Stablecoins, and the Trump Cloud 04:32 - How Crypto Markets Will Front-Run the CLARITY Vote 06:39 - Brand New Rails: Dinari Brings US Stocks On-Chain 09:26 - Bitcoin's Four-Year Cycle: Still Intact? 12:26 - The Coldcard Hack: An Ideological Blow to Self-Custody 15:06 - Beyond Bitcoin: RWA, Prediction Markets, and the Altcoin Reality - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. RealFi is launching August 2026. Join the Testnet now at realfi.co. - This episode is hosted by Jennifer Sanasie.

Zcash activated its Ironwood upgrade, sealing roughly $1.7 billion in ZEC behind a one-way turnstile after a researcher found a flaw that could have minted counterfeit coins. Here’s everything you need to know. Plus, on Brand New Rails: POSCO International puts its trade receivables on-chain with LG CNS on Injective. CoinDesk's Jennifer Sanasie hosts Markets Outlook. - 00:00 Welcome to Markets Outlook 00:55 Zcash Activates Ironwood, Seals $1.7B Orchard Pool 01:18 The Four-Year Orchard Counterfeit Bug 02:15 How the Turnstile Locks Out Counterfeit Coins 02:32 Quantum Recovery and Verification 03:05 The Voluntary Migration to Ironwood 03:53 Who Is Zcash For? Tushar Jain Weighs In on The Rollup 04:32 Why Ironwood Matters Beyond Zcash 06:19 Brand New Rails: Tokenizing Global Trade 06:38 POSCO Puts Trade Receivables On-Chain with Injective 07:03 What is a Trade Receivable? 07:24 Injective CEO Eric Chen on Faster Settlement - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Find out more at realfi.co. - Ledn provides a secure and transparent way to access liquidity while maintaining your bitcoin holdings. Perfect 8 year track record of keeping clients assets safe. Don't sell your bitcoin. Get a bitcoin-backed loan. Check out your rate by using their loan calculator at ledn.io - JPEG Trading is a global proprietary trading firm specializing in cryptocurrency and decentralized finance markets. From market structure and liquidity provision to quantitative trading strategies, JPEG Trading operates across the full spectrum of blockchain-based assets. Follow @jpegtrading on X to stay ahead of the latest developments in digital asset markets: https://x.com/jpegtrading - This episode was hosted by Jennifer Sanasie.