If the risk is the same, why would any rational agent choose a stablecoin that pays nothing over a money market fund that does? 

In this clip, Chris Perkins puts the question directly to Circle’s Gordon Liao, who walks through USYC — Circle's yield-bearing instrument — and the seamless toggle between it and USDC. 

Austin Campbell frames the winners as "transformers": platforms that can move fluidly between yield and liquidity states. The answer matters for every wallet, exchange, and agentic commerce stack being built right now.

 

Hosts: Austin Campbell @austincampbell | Ram Ahluwalia @ramahluwalia | Chris Perkins @perkinscr97

Guest: Gordon Liao, Chief Economist and Head of Research at Circle

 

This clip is from a longer conversation on USDC, the CLARITY Act, and rising bond yields. Full episode here: https://youtube.com/live/bYgoVvXME3Q?feature=share  

We go live every Monday at 4.30 ET — subscribe to catch it live.

 

Follow us on our new channels!

Bits + Bips is moving to its own feeds. Subscribe now at unchainedcrypto.com/bitsandbips so you don't miss the launch.

 

Coinbase: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained.