<p>How are stablecoins reshaping the financial stack?</p><p>Ryan chats with Luca Prosperi about reimagining the financial stack from first principles, why separation between money creation and distribution matters, and how M^0&apos;s enables both DeFi protocols and fintech apps to build better products.</p><p>Follow our guests: </p><ul><li><a href="https://x.com/LucaProsperi" class="linkified" target="_blank">https://x.com/LucaProsperi</a></li><li><a href="https://x.com/m0foundation" class="linkified" target="_blank">https://x.com/m0foundation</a></li></ul><p>And try out Wallfacer’s latest release: <a href="https://app.vaults.fyi">https://app.vaults.fyi</a></p><p>Follow our host: </p><ul><li><a href="https://twitter.com/RyanRodenbaugh" class="linkified" target="_blank">https://twitter.com/RyanRodenbaugh</a></li><li><a href="https://warpcast.com/ryanrodenbaugh.eth" class="linkified" target="_blank">https://warpcast.com/ryanrodenbaugh.eth</a></li></ul><p><br/>Timestamps</p><p><br/></p><ul><li>00:00 - Luca&apos;s crypto red pill</li><li>03:03 - The philosophy of money</li><li>07:21 - Understanding modern banking</li><li>12:14 - Reflections on working with MakerDAO</li><li>17:24 - The current state of RWAs</li><li>21:52 - The belief behind M^0</li><li>30:28 - $M&apos;s role as wholesale money</li><li>38:04 - How M^0 manages collateral</li><li>41:40 - Composability and $M</li><li>44:47 - M^0&apos;s pitch for GTM success</li><li>47:37 - The economics of stablecoin issuers</li><li>53:58 - M^0&apos;s two token governance model</li><li>58:32 - The economics of M^0</li><li>1:00:52 - Levelling up crypto monetary infrastructure</li><li>1:04:27 - Closing predictions on DeFi</li></ul><p><br/></p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://wallfacerlabs.substack.com?utm_medium=podcast&#38;utm_campaign=CTA_1">wallfacerlabs.substack.com</a>