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Kraken’s IPO, Tether’s Power Play, & Why Bitcoin Still Wins

Nov 24, 2025

Presented collaboratively by Early Riders & Onramp Media…

Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.

00:00 - Latest in Bitcoin price action 01:46 - Kraken’s $20B IPO & Citadel’s investment 10:17 - Tether’s strategic investment in Ledn & Bitcoin-only lending 17:53 - VC money chases perp DEX infrastructure 21:52 - Maker/Sky’s OBEX incubator & the stablecoin yield gray zone 24:46 - Slash: stablecoin-first banking and demand for better money movement 26:01 - Human risk management, AI scams & Doppel’s $70M raise 32:48 - Cardano chain split exploit & “decentralization theater” 42:13 - Rethinking the poverty line, broken stats & the debasement trade 50:12 - Square/Block’s SMB Bitcoin tools & the future of merchant adoption

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