Unstable

Mikhail Kedzel
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  • Technology

Made mostly as an excuse for me to chat with people I like about internet money(stablecoins), credit, fintech and anything at all!

Episodes

  1. 18h ago

    Fixing SME credit with stablecoins, better data and AI - Kea Credit

    In this episode of Unstable Pod, Mikhail sits down with Jo Dsilva, founder of Kea Credit, to talk about what happens when traditional credit underwriting meets stablecoin liquidity. We discuss why SMEs in the Gulf still struggle to access credit, how Kea underwrites businesses that banks often overlook, and why speed and better data may matter more than simply offering cheaper capital. We also get into: • Why undercollateralized lending has struggled in DeFi • What Kea learned from Goldfinch • How Kea structures different credit risk tiers and yields • Stablecoins as a funding and settlement layer • Why banks could eventually become partners rather than competitors • Lending with institutional and on-chain capital • Kea’s ambition to reach $1B in TVL • The longer-term vision of building an on-chain bank A conversation about credit risk, real-world lending, stablecoins, and what financial infrastructure could look like when capital can move globally but underwriting remains grounded in real businesses and real cash flows. Timestamps: 00:00 Intro & Jo’s background in traditional finance 01:40 Why TradFi and DeFi need each other 03:05 Why Kea Credit was started 04:38 Stablecoins as infrastructure for SME lending 06:36 What Kea Credit actually does 08:15 Why build the full lending stack instead of just underwriting software 11:20 Who Kea lends to & how SMEs are underwritten 14:42 Kea’s edge: faster credit decisions and capital 16:00 Making credit risk understandable for lenders 19:05 Risk-tiered vaults: from 8% to 22% APY 22:57 Why lending in the Gulf is different 26:12 Could banks become Kea’s biggest partners? 28:51 Why undercollateralized DeFi lending has struggled 30:12 What Kea learned from Goldfinch 34:04 Defaults, risk management & short-term SME credit 38:33 Kea’s roadmap and the $1B TVL ambition 41:51 Origination vs lending with Kea’s own capital 47:50 Crypto cards and borrowing against DeFi positions 49:54 The long-term vision: an on-chain neobank 51:48 The SME founder traditional banks wouldn’t finance 54:59 Closing thoughts: the $5.7T SME credit gap

  2. Jul 7

    Future of credit in Africa with Sarthak @ Innflux

    We're sitting down with Sarthak (aka. Shark) from innflux to chat about stablecoins & credit in Africa.  Discussing: How to properly structure stablecoin credit & why it can't fully be onchainThe hardest thing about credit Credit landscape in Africa (some pretty wild stuff)Why are prime borrowers paying 40-50% and pledging 10x collateral?

  • 2 Episodes

About

Made mostly as an excuse for me to chat with people I like about internet money(stablecoins), credit, fintech and anything at all!

Information

  • Creator
    Mikhail Kedzel
  • Years Active
    2026
  • Episodes
    2
  • Rating
    Clean
  • Copyright
    © 2026 Unstable
  • Show Website
    Unstable