CRYPTO 101, Ep. 673
The Competitive Edge of Crypto Trading with True Markets
Host: Bryce Paul
Guest: Vishal Gupta (Co-founder and CEO, True Markets)
Date: August 23, 2025
Episode Overview
This episode dives deep into the evolution and future vision of crypto trading platforms, focusing on the emerging hybrid CEX-DeFi experience being pioneered by True Markets. Bryce Paul welcomes Vishal Gupta, an industry veteran (ex-Goldman Sachs, Coinbase, Circle) and True Markets’ co-founder, to discuss his storied journey, the impetus behind True Markets, and how new trading infrastructures are answering the needs of next-generation retail and institutional participants. Major discussion points include regulatory clarity, stablecoin innovation, competitive fee structures, the fusion of TradFi and DeFi, and building for the mobile-first crypto trader.
Vishal Gupta’s Backstory and Crypto Journey
[02:49–10:12]
- Background: Computer engineer; cut teeth on the Goldman Sachs electronic trading desk. “You know, I was one of those nerds that would try to like, spread trade in college.” (Vishal, 03:18)
- Trading & Innovation: Grew Goldman’s options business from scratch; pivoted toward fintech and then deeply into crypto, feeling TradFi had plateaued in real innovation.
- Circle & USDC: Spearheaded USDC’s launch and growth at Circle – from 0 to $500 million market cap. Emphasized USDC’s unique advantages (multi-issuer, fee-free, fast mint/burn) in a competitive stablecoin landscape, emphasizing regulatory trust.
- “We really had to kind of lean into our messaging, which was like, we’re fee free for mint and burn. We’re multi issuer…” (Vishal, 03:54)
- Coinbase: Served as head of asset addition, growing listings from 20 to 235, then led efforts into derivatives (Coinbase Derivatives Exchange and International Exchange). Left after three years, launching True Markets with longtime collaborator Patrick.
Why True Markets? Bridging CEX and DeFi
[10:12–13:15]
- The Product: “We’re a non-custodial hybrid CeFi–DeFi exchange that leverages stablecoins as that, as a core on-ramp to bring dollars in.” (Vishal, 10:52)
- True self-custody combined with a robust trading interface.
- Non-custodial by default (integrating Turnkey wallets), option of qualified custody via Paxos for added security.
- Fast onboarding of new assets—far more agile than traditional routes (e.g., Coinbase asset listing process).
- Major Ethos: Fair pricing—removing egregious retail markups on basic trades, aiming for transparent, institution-grade pricing for everyone.
Stablecoin Infrastructure: Current and Future
[15:33–18:34]
- Regulatory Reality: Platform accepts USDC and PYUSD (PayPal) for U.S. clients, mirroring current legal clarity under the “Genius Act.” “We want to be a stablecoin agnostic platform and that’s our goal.” (Vishal, 17:26)
- Behind the Scenes: True Markets is creating core infrastructure to swap and route across multiple stablecoins and chains, preparing for increased fragmentation as new competitors (banks, Web2 giants) emerge.
- Unique Handling: Rather than bucket stables under “USD,” True Markets identifies and routes each stablecoin specifically, with risk handled by market makers.
Go-To-Market & Customer Advantage
[18:12–20:11]
- Not directly targeting seasoned exchange users, but the broader population of first-time or retail traders—especially those dissatisfied with high retail fees.
- Holy grail is offering “Robinhood”-like experience but with far lower markups and genuine self-custody, leveraging veteran team efficiency and best-in-class tech.
- “We’re like the Navy SEALs, not the Navy…90% of my team used to work for me at one point or another.” (Vishal, 19:14)
- Pricing: Laser-focused on minimizing fee differentials between retail and institutional crypto exposure.
Startup Culture & Speed
[21:04–22:47]
- Lean team enables rapid iteration—asset expansion from 6 → 99 in just two weeks.
- “So the speed of innovation at a smaller team… is amazing.” (Vishal, 21:14)
- Engineers are empowered to build, not bogged down managing ("My CTO is coding all day.")—AI accelerates development.
The Evolution of Crypto and Stablecoins
[22:47–25:26]
- Crypto, fintech, TradFi, and AI are all converging; “At some point, dollars into the system that turn into stablecoins are technically crypto.” (Vishal, 23:13)
- End-user abstraction: Users just want assets and exposure, not technical backgrounds. As with internet streaming, the infrastructure should be invisible.
- Stablecoins: The “wrapper” differs, but the core utility is commoditized dollars; distinction between blockchains and stablecoin types will fade for the end-user.
Platform Edge: Tools & UI
[25:26–28:04]
- First innovation: 24-hour sparklines—a compact way to spot real breakouts instantly.
- “If something’s like kind of charging ahead… You see the market in a different way.” (Vishal, 25:46)
- AI-driven alerts: Move beyond price alerts to intelligent, actionable market signals (“We use AI-driven notifications.” (26:17)).
- Mobile-first: Prioritizing mobile as the real trading hub, with biometrics and robust UX. “247 trading should happen on your mobile device…” (Vishal, 27:15)
- Rapid updates: Biweekly feature iterations.
Why Solana First? And Cross-Chain Aspirations
[28:12–30:05]
- Launch focus: User demand for Solana tokens and strong support from the foundation (including investment from Raj).
- Fast expansion: By end of summer, support expected for Solana, Base, EVM, and more—abstracting away “gas” user experience.
- “We handle it all behind the scenes…Our goal is…to be a Coinbase competitor.” (Vishal, 29:05)
Security: Custody, Wallets, and Best Practices
[30:05–32:32]
- Platform uses Turnkey wallet infrastructure for non-custodial DeFi assets, with high confidence in its security innovations.
- For qualified custody (QC), assets like BTC and ETH will be held separately from execution, mitigating FTX-style risk.
- “Separation of execution and custody is super important.” (Vishal, 31:50)
- Vision: Retail to have institutional-grade custody options at fair pricing.
Institutional Value Proposition
[32:32–33:39]
- Building robust B2B functionality; market makers and systematic traders already plugged in.
- Planning eventual white-labeling of True Markets infrastructure for institutional platforms.
The Stablecoin Market’s Potential Impact
[33:39–36:45]
- If stablecoin market grows 10x (as Scott Bessant projects), it lifts the entire crypto market’s infrastructure and liquidity, driving global adoption—not just in “crypto,” but fundamentally as US dollar rails.
- “All these things will grow. There’ll be these side businesses…offering services,” (Vishal, 34:19)
- Stablecoins become America’s new sovereign asset, extending the “exorbitant privilege” of the dollar.
Earning Yield & Competition
[36:45–38:34]
- Defi-powered yield earning likely on roadmap but cautious of risks from previous market blowups.
- Vision: Multiple lending/trading options, not just monopolistic infrastructure; regulatory clarity now enabling fair competition with players like Coinbase.
Tokenized Assets & Market Truth
[38:50–41:07]
- Tokenizing dollars is easy because of their real-world utility and clarity; securities more difficult due to utility and regulatory lag.
- Markets as engines for finding truth. Prediction markets on-chain are a key area of interest.
- “A group of people that think the same and come to a conclusion is a mob. And a group of people that think differently and come to a conclusion is a market.” (Vishal, 41:02)
Regulation & Long-term Vision
[41:07–42:30]
- Platform is built with regulatory compliance top of mind, leveraging experience with CFTC and SEC-regulated entities.
- True Markets as “magnum opus”—a legacy project. “Literally what I’m going to be doing for the rest of my life.” (Vishal, 42:27)
Wisdom & Industry Reflections
[42:30–44:32]
- Advice to newcomers: “Trade what you know and what you love.”
- Learn the market, find your edge, and don’t overextend into unknown assets.
- Cites the continued gap in efficient options markets for crypto as a major opportunity.
What Excites Vishal About the Future
[44:53–46:32]
- The synergy of AI-powered trading and crypto/dollar rails.
- Ongoing innovation from builders like Arthur Hayes (“OG of perps”), Stripe’s push into the space, and Circle’s next moves.
- “I’d love to see what they can do…” (re: Circle, Stripe) (Vishal, 46:21)
Notable Quotes
- “We’re a non-custodial hybrid CeFi–DeFi exchange that leverages stablecoins as that, as a core on-ramp to bring dollars in.” (Vishal, 10:52)
- “We want to be a stablecoin agnostic platform and that’s our goal.” (Vishal, 17:26)
- “We’re like the Navy SEALs, not the Navy.” (Vishal, 19:14)
- “If I can’t provide the best service on mobile app, we just got to try harder.” (Vishal, 27:01)
- “Crypto eats finance.” (Vishal, 24:55)
- "A group of people that think the same and come to a conclusion is a mob. And a group of people that think differently and come to a conclusion is a market." (Vishal, 41:02)
Key Segments by Timestamp
- Vishal’s Background & Early Trading: [03:16–08:30]
- Building USDC & Shift to Crypto: [03:54–07:03]
- Overview of True Markets: [10:12–13:15]
- Stablecoin Handling & Regulation: [15:33–18:34]
- Who True Markets Targets: [18:34–20:11]
- Innovating on Speed and Team: [21:04–22:47]
- Blurring Lines: TradFi, DeFi, AI: [22:47–25:26]
- Trading Tools and UI: [25:26–28:04]
- L1 Decisions & Cross-chain Future: [28:12–30:05]
- Security Stack and Custody: [30:05–32:32]
- Institutional Growth & White Label: [32:32–33:39]
- Stablecoin Market 10x Impact: [33:39–36:45]
- Yield & DeFi Integration: [36:45–38:34]
- Tokenized Assets/Markets & Finding Truth: [38:50–41:07]
- Regulation and Vision: [41:07–42:30]
- Trading Wisdom: [43:10–44:32]
- Tech and Industry Future: [44:53–46:32]
- Where to Find Vishal and True Markets: [46:42–46:55]
Follow Vishal Gupta and True Markets
- Twitter/X: @VishalKGupta, @TrueMarketsCo
- App: True Markets (download via QR/links in show notes)
- Email: vishal@truemarkets.com
Summary by Key Themes
- Innovation in custody + asset onboarding: Agility via non-custodial tech, rapid asset addition, blending best of CEX and DeFi.
- Stablecoin infrastructure kingmaker: Multi-stablecoin routing, preparing for competitive (and regulatory) stablecoin future.
- Trader empowerment: Honest fees, mobile-native trading, actionable AI market insights.
- Security: User-first, with advanced non-custodial and qualified custody options.
- Industry future: AI/dollar rails synergy, tokenized markets as engines of truth, a regulatory environment that finally supports retail and institutional innovation in finance.