Tokenized Deposits vs. Stablecoins: Inside Anchorage Digital's Playbook with Sergio Mello

<p>In this episode, we&#39;re joined by Sergio Mello, Global Head of Stablecoin Solutions at Anchorage Digital, the only OCC-chartered crypto bank in the US. We trace his path from Web1 entrepreneurship in Italy to building institutional stablecoin infrastructure, and dig into how Anchorage built an end-to-end issuance stack now serving major players like Tether, Western Union, OSL, and Athena. We unpack the launch of USAT, Tether&#39;s US-regulated stablecoin issued alongside Cantor and Anchorage, why &quot;good stablecoin means good dollar,&quot; and how the GENIUS Act reshaped the regulatory landscape almost overnight. We also dive deep into tokenized deposits versus stablecoins, why Sergio sees them as complementary rather than competing (tokenized deposits for staying close, stablecoins for going far), the role of correspondent banking in solving cross-border dollar access, and why market cap is a poor proxy for real stablecoin utility compared to acceptance by major payment networks. Plus: thoughts on Revolut&#39;s new EUR stablecoin, the &quot;Money Flower&quot; framework revisited, and Sergio&#39;s advice for any bank or fintech deciding whether to launch its own stablecoin. </p><p><br></p><p><strong>Follow Stablecoin Partners</strong> </p><p>Stablecoin Partners: <a href="https://www.stablecoinpartners.com/">https://www.stablecoinpartners.com/</a> </p><p>StableCheck: <a href="https://www.stablecoinstandard.com/stablecheck">https://www.stablecoinstandard.com/stablecheck</a> </p><p> </p><p><strong>SVB:</strong></p><p>Website: <a href="https://www.anchorage.com/"><u>https://www.anchorage.com/</u></a> </p><p>LinkedIn: <a href="http://linkedin.com/in/sergiomello"><u>linkedin.com/in/sergiomello</u></a> / <a href="https://www.linkedin.com/company/anchorage/"><u>https://www.linkedin.com/company/anchorage/</u></a> </p><p> </p><p><strong>Chapters </strong> </p><p>00:00 Institutional Stablecoins: The Big Debate</p><p>01:16 Sergio’s Path to Digital Assets</p><p>03:38 What Institutions Need From Stablecoin Issuance</p><p>05:37 Regulation and the Institutional Adoption Wave</p><p>08:54 Tether and the Regulated U.S. Market</p><p>13:38 Why Banks Are Entering Stablecoin Issuance</p><p>16:15 Liquidity Fragmentation and Interoperability</p><p>19:41 Measuring Stablecoin Utility Beyond Market Cap</p><p>24:25 Tokenized Deposits vs. Stablecoins</p><p>35:10 Cross-Border Banking and Dollar Access</p><p>40:18 The Case for Non-U.S. Stablecoins</p><p>44:49 Remittances, Treasury, and Real-World Distribution</p><p>47:16 When Should a Bank or Fintech Launch a Stablecoin?</p>