Welcome back to another EUVC Podcast, where we gather Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.
Today we dive into the mainstreaming of stablecoin yield with David Sutter, CEO & Co-founder of OpenTrade, and Itxaso del Palacio, GP at Notion Capital. With $11M raised in just six months, transaction volumes already topping $200M, and growth at 20% month-on-month, OpenTrade is one of the fastest-scaling fintech infrastructure plays in Europe. But this is about much more than another fintech: it’s about embedding yield into the financial internet, bridging stablecoins with real-world assets, and building institutional-grade trust for millions of users across Latin America and Europe.
🎧 Here’s what’s covered:
01:01 Why stablecoin yield matters: the “every dollar wants a return” insight + Stripe analogy
02:51 Why issuers can’t pay yield: e-money rules, narrow-bank logic, and the regulatory backdrop
07:36 Stablecoin scale: ~$20T annualized volume, now surpassing Visa/Mastercard (it’s dollar volume, not tx count)
08:28 What’s driving usage: from crypto markets to mainstream adoption in LATAM/emerging economies
10:45 The AI kicker: why stablecoins are the only “money tech” fit for autonomous agents
13:41 “Institutional-grade” explained: bankruptcy remoteness, cybersecurity, and white-glove support
16:25 Why B2B2C: serving fintechs/wallets (à la USDC) beats going direct for distribution and cost base
22:06 Stripe’s $1.1B Bridge deal: market validation for stablecoin infrastructure, not a direct threat
25:54 Real-world assets behind yield: treasuries, MMFs, CP, trade finance, private credit, ETFs
32:01 Expected returns: from ~4% “risk-free” products up to ~12–15% for higher-risk strategies
You can watch the episode here, or add it to your queue on Apple or Spotify 🎧 (chapters for easy navigation available on both).
✍️ Show Notes
The Core Insight
Stablecoins make dollars smarter, faster, more accessible — but they’ve lacked yield.
OpenTrade’s vision: embed yield safely into the apps people already use, like Stripe embedding checkout into the internet economy.
Why Now
Regulation clarity (Genius Act, Circle IPO) → institutional adoption.
Scale: Stablecoin volume > Visa & Mastercard ($20T+ annually).
AI kicker: machine-to-machine payments need programmable money. Stablecoins are the only tech fit.
OpenTrade’s Model
B2B2C: sell to fintechs, wallets, neobanks; they deliver yield to end-users.
Inspired by Circle’s USDC model (“don’t serve end-users, serve the fintechs”).
Distribution > millions of wallets via one integration.
Institutional-Grade Standards
Legal: bankruptcy remoteness; funds segregated at creditworthy institutions.
Cyber: independent audits and pen tests.
Support: “no job too small” — CEO on late-night customer calls.
Real-World Asset Yield
Products span money markets, treasuries, commercial paper, trade finance, private credit, ETFs.
Yields range from 4% “risk-free” to 15% higher-risk.
Built with regulated asset managers, not in-house trading desks.
Traction
$200M processed in year one.
$65M balances under management, growing 20% MoM.
Repeatable infra → new product launch in 30 days.
Scaling Priorities
Team doubled from 6 to 12.
Key hires: COO (20 years in finance, built bank-owned custodian), MD Sales (crypto infra sales), PhD CTO (Illinois Champaign, ex-Google/Meta).
“Game-changer hires” as talent multiplier (Notion’s framework).
Investor Lens
Notion: backed infra from CurrencyCloud to Paddle to Griffin. OpenTrade = next rails.
Key diligence: real yield sources, bankruptcy-remote structures, global regulatory strategy.
Why founders picked Notion: size, reputation, founder references, chemistry with GP.
💡 One-liner takeaway:
Stablecoin yield is the missing layer of embedded finance — OpenTrade is proving it can be built safely, scaled B2B2C, and expanded into a full-stack infra business for the financial internet.
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