The Curve Bull Case, StakeDAO Strategies and Managing Mbappé

Last week I sat down with Julien Bouteloup (CEO of Stake Capital and Curve team member) on the Delphi Podcast. In this piece, I want to share some highlights and after-thoughts from that episode, as it was a conversation I really enjoyed. You can listen to the complete interview here.

Since it’s hard-to-concentrate season again, I’ll try to keep this one short so you can go back to refreshing Coingecko 🙂

Curve: An Ambitious Vision

One of the most interesting parts of the conversation was Julien’s take on Curve’s vision and future (00:48:50). His take was simple: Curve is uniquely positioned to win in a space that will be huge: stablecoins. He shared that there are projections that suggest that stablecoins will capture 50-60% of the total crypto market. Why? Because of CBDCs (central bank digital currencies). Taking just the USD as an example, the current USD stablecoin supply is ~$31B, while M1 money supply currently sits at ~$6,900B. However, anyone that’s ever used a stablecoin knows where the puck is going (see Figure 1 – it’s going from left to right). Even if just 10% of current M1 (conservative in my opinion) gets their way to the blockchain in a 5 year horizon, that would imply a ~$690B stablecoin supply (assuming