Market Cap

Alea Research
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Market Cap is the show for serious capital in crypto. Stefano hosts allocators, market makers, and institutional operators to unpack the flows, structures, and mechanics shaping the asset class. Conversations focus on market structure, liquidity, the bridge between TradFi and crypto, and the questions allocators are actually asking. Built for professionals who treat crypto as a market, not a meme.

  1. 1d ago

    Tradable, Alex Cordover | Private Credit Capital Fight, $15M Plume Partnership, Why PC Secondaries

    On this Market Cap episode, Alex Cordover, CEO at Tradable, joins our Director of Institutional Partnerships, Stefano Sanabria.  He explains how Tradable is formalizing private-credit markets with transaction and deal-lifecycle infrastructure, and why secondaries and syndications can make the asset class more maneuverable.  The conversation covers private credit’s lack of a full credit cycle since 2008, the $15 million FACTOR vault with Plume and Deep Ocean Partners, onchain investor expectations, valuation lag and Tradable’s move into LP fund secondaries. Chapters 02:39 Alex Cordover’s from Early BTC to Tradable07:56 How A Generalist Identifies Emerging Techs10:50 Tradable: A Marketplace for Private Credit14:04 Blockchain Edge's: Markets Without Existing Infra17:41 Syndication and Fractionalization in Private Credit23:15 Why Tradable Is Not An Investment Bank26:55 Private Credit Fundraising Pressure and Shakeout31:45 No Full Credit Cycle For Private Credit Since 2008 39:51 FACTOR $15M Launch w/ Plume and Deep Ocean45:26 Expectation Gap: Low Risk 10–20% Returns54:26 Tradable Expands into LP Fund Secondaries—On Market Cap we speak with senior leaders from established firms to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. Guest: https://www.tradable.xyz/Host: https://www.linkedin.com/in/stefanosanabria/Research: https://alearesearch.io/reportsLinkedIn: https://www.linkedin.com/company/alearesearchX: https://x.com/AleaResearchYouTube: https://www.youtube.com/@AleaResearch

  2. Nov 2

    Moody's, Cristiano Ventricelli | Ripple USD First Credit Rated Stablecoin, Most Protocols Not Ready

    On this Market Cap episode, Cristiano Ventricelli, VP of Decentralized Finance and Digital Assets at Moody's, joins our Director of Institutional Partnerships, Stefano Sanabria. They discuss how Moody’s applies traditional credit-rating frameworks to digital assets, including its first stablecoin credit rating for Ripple USD and the factors it assesses across reserves, blockchains, smart contracts and legal claims.  The conversation also covers RWA liquidity, the limits of onchain monitoring, why most DeFi protocols are not yet ready for institutional ratings, and how programmable digital cash could support AI-driven payments and autonomous treasury management. Chapters 01:43 RWA Summit Impressions on Adoption and Liquidity03:21 Traditional Risk Management in Digital Assets06:38 Why Digital Assets Need Institutional Adoption08:59 What Moody's Credit Ratings Measure14:15 Moody’s, S&P and Fitch: The Landscape18:39 How Moody’s Assesses Stablecoin Risk21:55 Onchain Monitoring vs. Offchain Transparency25:15 Why DeFi Credit Ratings Have Yet to Take Off30:26 AI Agents, Programmable Cash and Limits35:30 Agents' Regulatory Constraints and Bank Access38:37 The Emergence of an Agentic Economy40:21 Moody’s First Stablecoin Credit Rating RLUSD— On Market Cap we speak with senior leaders from established firms to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. Guest: https://www.moodys.com/Host: https://www.linkedin.com/in/stefanosanabria/Research: https://alearesearch.io/reportsLinkedIn: https://www.linkedin.com/company/alearesearchX: https://x.com/AleaResearchYouTube: https://www.youtube.com/@AleaResearch

  3. Oct 21

    Franklin Templeton, Chetan Karkhanis | HKD Stables, Benji Assets Over $2.5B, Intraday Yield

    On this Market Cap episode, Chetan Karkhanis, Senior VP at Franklin Templeton, joins our Director of Institutional Partnerships, Stefano Sanabria. We discuss Franklin Templeton’s Benji platform, which has grown to over $2.5 billion in assets across its tokenized fund suite, and the firm’s efforts to scale tokenized products across jurisdictions. Also we cover yield and peer-to-peer transfers in tokenized money market funds, stablecoin development across Asia, institutional adoption barriers, and the potential use of tokenized funds as collateral. Chapters 01:08 Institutional Shift at Token204904:24 Franklin Templeton’s Early Bet on Tokenization07:09 $3B in Benji Assets and Franklin’s Digital Asset Strategy10:59 Tokenized Funds: Intraday Yield and P2P Transfers14:07 Asia’s Regulatory Timelines: Korea 2027, Japan 202817:03 DBS, SBI and Institutional Distribution19:37 Native Onchain Funds vs. Digital Twins23:11 $300B in Stablecoins vs. $15B in Tokenized Liquidity25:22 Hong Kong’s HKD Stablecoins and 24/7 Payments28:40 Legacy Systems as a Barrier to Adoption31:54 HashKey Partnership and Tokenized US Government Funds32:32 Franklin Holds 20% of Tokenized Liquidity Products33:44 Daily Interest and Programmable Fund Transfers35:15 Tokenizing Assets Into a Unified Digital Wallet— On Market Cap we speak with senior leaders from established firms to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. Guest: https://www.franklintempleton.com/Host: https://www.linkedin.com/in/stefanosanabria/Research: https://alearesearch.io/reportsLinkedIn: https://www.linkedin.com/company/alearesearchX: https://x.com/AleaResearchYouTube: https://www.youtube.com/@AleaResearch

  4. Oct 1

    Bitwise, Michael Howe | STRC $70 Depeg, Covered Calls ETF $100M AUM, Zero Institutions Sold in Bear

    On this Market Cap episode, Michael Howe, Head of Strategy at Bitwise Europe, joins our Director of Institutional Partnerships, Stefano Sanabria. We review the introduction of preferred equity vehicles, covered calls ETFs, and other yield-oriented structured products such as SMAs, and assess how they fared. Further we discuss their Lighter ETP, define the primary categories for such products, and outline the many counterparties involved in bringing them to market. And finally we consider whether their vaults will rival ETPs, how to get those "institution-ready", and their intricate linkage to RWA products. Chapters 02:53 Insights from EBC05:52 Institutional Adoption of Crypto08:53 The Search for Yield in Digital Assets11:57 Emerging Yield-Oriented Products14:49 The Evolution of DeFi and Yield Solutions17:56 Innovations in Structured Digital Asset Products20:50 The Future of Investments and Market Dynamics29:08 Democratizing Investment Access30:39 Innovations in Financial Products32:46 Evaluating Investment Opportunities36:01 Navigating Regulatory Landscapes38:43 The Future of Vaults and RWAs42:33 Institutional Readiness of Vaults45:12 The Evolution of Financial Products50:35 The Role of AI in Investing53:57 Upcoming ETP Launches— On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. 🎥 Watch the video version: https://x.com/AleaResearch/status/2105601053773218002

  5. Sep 17

    Bitvavo, Ramin Kader | 50% of Global EUR Volume, Only 20% Get a MiCA License, Circumventing FX

    On this Market Cap episode, Ramin Kader, Director of Institutions & Markets at Bitvavo, joins our Director of Institutional Partnerships Stefano Sanabria. Ramin explains how Bitvavo built 50% of global EUR-denominated crypto spot volume, how retail demand helped create a liquidity flywheel, and why EUR liquidity matters to institutions that don't want to take unnecessary FX exposure. He also discusses MiCA’s impact on the European exchange landscape, why only a fraction of previously active firms obtained authorization, what institutions actually require from an exchange, and why some now want T+1/T+2 settlement despite crypto’s ability to settle instantly. Chapters 02:13 From ING to neobanking05:39 The rise of crypto neobanks08:05 Stablecoins and the future of payments13:36 Bitvavo’s rise to 50% of EUR volume15:46 The exchange liquidity flywheel22:31 Why EUR liquidity matters to institutions25:05 MiCA and Europe’s push for local liquidity29:23 Bitvavo’s regulatory pre-positioning35:58 Bitvavo’s shift toward institutions40:31 Why institutions want T+1/T+2 settlement— On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. 🎥 Watch the video version: https://x.com/AleaResearch/status/2100592706708033839

  6. Sep 11

    EY Parthenon, Igor Mikhalev | Europe's 1% Share, Yield-Bearing Deposits, $1M Licenses to Innovate

    On this Market Cap episode, Igor Mikhalev, Partner Digital Asset & Market Infrastructure Strategy at EY Parthenon, joins our Director of Institutional Partnerships Stefano Sanabria. He explains how traditional consulting firms approach blockchain and digital assets, what prevents them from placing larger strategic bets, and how EY-Parthenon works across both incumbent and crypto-native businesses. He also illustrates Europe’s position in digital finance, the constraints created by regulation, the role of stablecoins and tokenized deposits, and what could allow European financial markets to remain competitive. Chapters 02:36 The early blockchain boom05:20 Innovation needs strategic thinking07:29 What firms ask strategy consultants10:46 Bridging crypto and traditional firms15:54 How consulting firms approach digital assets18:44 Open data and open innovation24:02 Europe’s digital finance position27:22 What Europe can do to compete30:57 Competition and the monetary order34:15 Why euro stablecoins face a challenge38:13 The case for tokenized deposits42:26 EY-Parthenon’s stablecoin tracker— On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. 🎥 Watch the video version: https://x.com/AleaResearch/status/2098074691198193874

  7. Sep 3

    Fundstrat, Sean Farrell | Impact of RIAs, Liquidity vs. Earnings Led Markets, BTC Non Safe-Haven

    On this Market Cap episode, Sean Farrell, Head of Digital Asset Strategy at Fundstrat, joins our Director of Institutional Partnerships, Stefano Sanabria. We discuss how Fundstrat’s client base has evolved, with more traditional hedge funds, asset managers and RIAs moving in with Bitcoin ETFs, regulatory developments and high-profile IPOs. The marginal investor increasingly manages Bitcoin alongside equities, commodities and currencies, with ETFs expanding the investor base and crypto becoming integrated into investor benchmarks. Chapters 01:07 Sean Farrell’s Background in Finance03:41 How Sean Entered Digital Assets07:58 Fundstrat’s Digital Asset Research13:31 Why RIAs Are Looking at Digital Assets17:01 Fundstrat’s Macro Approach to Digital Assets20:35 Data and Fundamental Analysis in Digital Assets24:27 Liquidity, Earnings and Bitcoin27:31 The Liquidity-Earnings Dynamic28:06 Token Value Accrual and Hyperliquid32:23 Why Digital Assets Track Broader Markets Now34:31 AI and Capital Flows From Crypto39:45 Bitcoin and the Safe-Haven Question— On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. 🎥 Watch the video version: https://x.com/AleaResearch/status/2095523344426680807

  8. Aug 27

    FalconX, Joshua Lim | Opening Access to Private and Fragmented Markets

    On this Market Cap episode, Joshua Lim, Global Co-Head of Markets at FalconX, joins our Director of Institutional Partnerships, Stefano Sanabria. Joshua explains how crypto’s investor base has shifted toward professional asset managers, increasing demand for options and other limited-loss structures while moving Bitcoin ownership toward ETFs, digital asset treasuries, and managed accounts. We also examine how crypto-native market structure is expanding into equities, commodities and prediction markets, while traditional finance adopts 24/7 markets, perpetuals and tokenized collateral. Chapters 03:56 Capital Rotates From Crypto Into AI09:41 ETF Options Overtake Crypto-Native Venues12:19 The Changing Guard of Crypto Investors18:03 Why 24/7 Markets Change Risk Management19:47 Crypto Perps Open Access to Global Equities22:11 Prediction Markets Are Really Risk Transfer25:08 Turning Private Risk Into Tradable Markets29:13 Regulation Creates Trade-Offs for Market Access32:07 Access Is Really a Network Problem39:28 Crypto and TradFi Are Converging Both Ways43:34 Why Most Altcoins Still Lack Long-Term Value50:31 FalconX’s New Synthetic Linear Instruments— On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. 🎥 Watch the video version: https://x.com/AleaResearch/status/2092980530199269564

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About

Market Cap is the show for serious capital in crypto. Stefano hosts allocators, market makers, and institutional operators to unpack the flows, structures, and mechanics shaping the asset class. Conversations focus on market structure, liquidity, the bridge between TradFi and crypto, and the questions allocators are actually asking. Built for professionals who treat crypto as a market, not a meme.

Information

  • Creator
    Alea Research
  • Years Active
    2026
  • Episodes
    29
  • Rating
    Clean
  • Copyright
    © 2026 Alea Research Group
  • Show Website
    Market Cap