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Podcast: Bitcoin, Fiat & Rock'n'Roll
Episode: The Architecture of Stablecoin Issuers with Galaxy’s Thomas Cowan
Description: A four-layer architecture for stablecoin businesses to survive institutional scrutiny.
In this episode of Bitcoin, Fiat & Rock’n’Roll, we take you inside the organizational blueprint of the world’s most influential stablecoin issuers.
Co-host Michael Blaschke is joined by Thomas Cowan, Head of Tokenization at Galaxy Digital, whose background spans Paxos, PayPal’s stablecoin infrastructure, and CBDC projects at Ripple and the Boston Fed. Together, they dissect how stablecoin businesses are truly built — far beyond the blockchain layer.
While markets obsess over market cap rankings and regulatory headlines, this conversation goes deeper:
What disti...