Episode 248: These Two Companies Might Dominate the Next Era of Finance with Gordon Liao of Circle and Ken Ng of Uniswap Labs @alextapscott @gordonliao @nkennethk @circle @Uniswap @CMCC_Global 0:00 Introduction 2:49 Why Circle is building Arc 7:14 Uniswap's push into RWAs and permissioned pools 15:26 Circle's $400M acquisition and stablecoins as global payment rails 17:00 The Jackson Hole paper on stablecoins and global payments 18:37 The SEC innovation exemption and bearer instruments 20:10 The everything exchange: Uniswap vs. the centralized players 23:00 Meme coins, stock pairings, and new financial primitives 24:27 What's happening in the treasury market right now 27:27 Stablecoins as the marginal sticky buyer of short-term debt 29:36 How AI agents will use crypto 35:03 Agents using Uniswap and Arc for capital formation 36:46 Where to learn more