On The Chain – “Something Big Is Forming | Stablecoins, XRP & The Next Payment System”

Original airdate: March 26, 2026 | Hosts: Jeff & Chip

Episode Overview

In this episode, Jeff and Chip lead the OTC community through emerging developments in the world of blockchain, stablecoins, and digital asset infrastructure. They piece together apparently disparate stories from Ripple’s RL USD stablecoin testing, new wallet integration standards, and fresh payment rails, considering whether we are witnessing the birth of a new global payment system in real time. The discussion is enhanced by audience banter, technology roadmaps, a light-hearted detour into digital watches and collectibles, a political segment, and a special guest appearance.

Key Discussion Points & Insights

1. Are We Witnessing the Next Global Payment System?

• Big-Picture Lens:
  • The episode opens by connecting dots between Ripple’s RL USD stablecoin pilot, new wallet infrastructure standards, and novel payment rails.
  • “When you step back, like you said, you connect those dots... the financial infrastructure is being built in actual real time. And historically, when new financial infrastructure starts forming, it usually signals that something much bigger is coming.” — Chip (01:02)
• The hosts question if we're now watching the early stages of the next worldwide payment backbone take shape — an historic transformation traditionally missed until after it’s set in place.

2. Ripple’s RL USD Stablecoin Pilot in Singapore

• Testing Environment:
  • Ripple is piloting its RL USD stablecoin within the Monetary Authority of Singapore's (MAS, or "Moss") “Bloom” regulatory sandbox.
  • The pilot, in partnership with supply chain finance tech company Unlock, focuses on automating cross-border trade payments, triggered by shipment verification on the XRP Ledger.
  • “By shipment verification. That's huge. Especially if you build it into the freight infrastructure.” — Jeff (04:42)
• Tokenized Bank Liabilities:
  • Discussion on the concept:
    • “Tokenized bank liabilities or tokenized deposits are digital representations of traditional bank deposits recorded on a distributed ledger... They represent a direct one-to-one liability of the issuing bank, with regulatory compliance and deposit insurance.” — Jeff (07:41)
  • Chip admits legalese can be prohibitively dense in such announcements:
    • “Man I hate these press releases. It always sounds like some attorney wrote them and they didn't really understand this.” (06:22)
• Smart Contracts and Settlement:
  • Payments are only released on pre-defined commercial conditions, akin to programmable escrow via smart contracts.

3. Tokenization, Debt, and Banks on Blockchain

• Tokenizing Debt:
  • The notion that eventually even bank liabilities (i.e., debt) may be tokenized, maintaining regulatory oversight yet increasing efficiency.
  • Banks still looking to adapt, “finagle it,” and extract value in this new digital-native paradigm.
• “As these institutional projects start rolling out, banks have to figure out how they'll get their cut. Otherwise, they're getting gobbled up.” — Jeff (11:48)

4. Integration: The Open Wallet Standard (OWS)

• Overview:
  • Moonpay, Ripple, Circle, and other leaders (PayPal, OKX, Tron, Solana, Base, Polygon, Sui, etc.) collaborate on the Open Wallet Standard:
    • Seamless, secure, and unified key management
    • “One vault, one interface, every chain” as the bold vision.
  • “This is integration... we need to go cross-chain. I also like one interface. Get so sick of too many interfaces!” — Jeff (15:30)
• Agentic AI Payments:
  • OWS gives AI agents a uniform, secure way to store private keys and sign across different blockchains.
  • Risks of current systems: fragmented key storage, multiple wallet standards, high leakage potential.
  • “Cloud KMS solves part of it, but brings tradeoffs—latency, vendor lock-in, cost.” — Jeff (17:48)
  • “Mainstream adoption needs mainstream products. If it's difficult—codes, pass keys, storage—you're never going to make it.” — Jeff (20:35)
• Security Model:
  • Private keys never exposed to agents/AI/LLMs; everything encrypted at rest and wiped post-signature.

5. New Payment Models and DeFi Lending

• Uphold & “Exactly Protocol”:
  • Launch of fixed-rate DeFi loans (as opposed to variable rates), using crypto as collateral and a Visa card for spending in the real world.
  • “With Exactly, you get exactly what you need to pay over up to eight payments...” — Video segment (26:08)
  • Still subject to liquidation, but offers clearer terms and more predictability.
  • Lively debate on the inherent risks of over-leverage and innovative ways to safeguard against liquidation, such as tokenizing real estate as collateral.

6. Hong Kong Stablecoin Announcement

• Unique Model:
  • HK Monetary Authority is about to announce a stablecoin with HSBC, Standard Chartered, Bank of China (HK) — unique as banks in HK are “stakeholders,” not competitors, of stablecoins, as compared to the US.
  • “In Hong Kong, banks themselves are the ones behind them...not that us vs. them mentality.” — Quoted video (29:23)
• Caution that this doesn’t signal Beijing’s broader endorsement of stablecoins, but highlights regulatory flexibility in HK.

7. US Tech Policy & Political Commentary

• Trump’s Tech Advisory Appointments:
  • List of high-caliber tech and business leaders (Sergey Brin, Mark Zuckerberg, Jensen Huang, etc.) brought to presidential advisory councils.
  • “This is who you think would be advising the President...People who have actually built very successful businesses.” — Chip (35:55)
• Elizabeth Warren Critique:
  • Warren objects to “big tech money” in science and technology advisory roles; the hosts deride her position, noting the value of real-world problem solvers.
• Audience Interactions:
  • Banter on tribal claims (Warren’s “Pocahontas” controversy) and fact-checking, with colorful, irreverent dialogue.

8. Cultural Detour: Watches, Collectibles & Community

• Detours into digital collectibles (e.g., Veve NFTs), Swiss watches (and “the con game” of luxury brand marketing), and the overlap of crypto and collectible communities (especially during bull cycles).
• Jeff and guests humorously debate merits of Casio, G-Shock, and Timex watches versus luxury pieces.
• Discussion about Chinese watch manufacturing and how “Swiss made” can be a branding distortion.

9. News, Satire & Special Guest Segment

• Introduction of “Little News Bro” Patrick—Chip’s brother and host of the new YouTube channel “News Bro Show.”
• The show rallies the community to help Patrick reach 150 subscribers live.
• Satirical Clips:
  • AI and political parody/fake-voice skits (robot Melania hosting at the White House, Trump at the airport, ICE agents’ PA announcements).
• More Political Banter:
  • Parody of mainstream news, Gavin Newsom prisoner story, TSA pay, and Rick Scott critique.

Notable Quotes & Moments

• “Are we watching the early stages of the next global payment system forming in real time?” — Jeff (00:40)
• “If you can take the whole escrow out of third-party control and automate this whole thing—Loving it.” — Jeff, on shipment verification with XRPL (04:42)
• “Mainstream adoption needs mainstream products. If it’s not user-friendly, you’re never going to make it.” — Jeff (20:35)
• “Moonpay puts up a post... ‘we’ve reached out to Moonpay reps for comment on this shocking development.’ On their own account. I instantly love an organization that has this kind of humor.” — Chip (23:36)
• “A tax return is what you file...a tax refund means you overpaid.” — Quoting David Schwartz’s humor (27:40)
• “They (banks in HK) actually issue the notes, unlike the US where banks are seen as competitors. Here, it’s stakeholders.” — HK Correspondent (29:23)
• “I think sometimes you just have to keep your hate for Trump ahead of the country...” — Jeff, on US tech advisors (36:06)
• “What have you, Schumer, or any of the swamp creatures actually done to bring real skills to the table?” — Jacob Connor, quoted by Chip (37:41)

Noteworthy Timestamps

• 00:01 – 02:00 — Episode framing; connecting seemingly unrelated developments.
• 03:37 – 07:41 — Ripple/MAS RL USD stablecoin trial explained, shipment verification & programmable payments.
• 10:47 – 12:15 — Tokenized deposits: regulatory details, banks’ strategic response.
• 15:30 – 21:53 — Open Wallet Standard deep dive, multi-chain wallet integration, security model.
• 25:33 – 27:33 — Uphold’s “Exactly Protocol” for fixed-rate crypto loans, Visa spending card.
• 29:16 – 31:20 — Hong Kong Monetary Authority’s upcoming stablecoin, the HK model, and differentiators.
• 35:55 – 37:41 — US tech advisory council, Warren’s criticism, hosts’ response.
• 41:49 – 42:11 — Audience/host banter, fact-checking, and the importance of source citation.
• 43:32 – 55:11 — Special guest Patrick (“Little News Bro”), community rally for subscriptions, watch community insights, and Swiss manufacturing exposé.
• 61:05 & 62:07 — Satirical skits: robot Melania; Trump/ICE at the airport.
• 70:00 – 75:44 — Political satire: CA polls, ex-prisoners, Rick Scott, and government pay mechanics.
• 79:10 — Philadelphia DA on ICE agents in airports, tension with federal authority.
• 81:09 — Letitia James referred for insurance fraud—live breaking news.
• 90:02 — Light-hearted end: coffee ad parody, community shout-outs, show wrap.

Concluding Thoughts

Though peppered with humor and community banter, this OTC episode delivers an insightful view into the maturing digital asset landscape—especially the “infrastructure layer” (stablecoins, wallet standards, payment rails) likely to power the next era of global payments. The hosts’ irreverent, sometimes chaotic style makes complex technological and regulatory topics approachable, while running commentary underscores the necessity for both innovation and skepticism as legacy finance collides with decentralized tools.

For new listeners: This episode is a fast-moving, highly interactive discussion blending hard crypto news, deep dives into wallet standards, and real community Q&A—with a side of satire, making it as entertaining as it is informative.