Stablecoin Banking, Hot CPI, and The October FOMC Meeting

In the latest CF Benchmarks live X Space, recorded October 15, 2026, Head of Research Gabe Selby is joined by Kraken Chief Economist Thomas Perfumo and Research Analyst Mark Pilipczuk. Special guest Bivu Das, Kraken’s UK General Manager and head of Payment Services, also joins to discuss the team’s new paper on stablecoin payments infrastructure. The first half unpacks where banks and fintechs are starting with stablecoins, why balances are the most exposed pool of capital, and what Kraken’s agreed acquisition of a Lithuanian bank signals about crypto and TradFi convergence. The second half turns to macro: a hotter core CPI print, falling long-end yields, and whether the Fed should hold or hike at its October meeting. Chapters: 00:00 Intro & Team Welcome 02:19 Meet Bivu Das: Kraken UK & Payment Services 03:40 Stablecoins & the Opportunity 05:08 What Banks & Fintechs Want from Stablecoins 08:42 Three Pools of Capital: Which Gets Disrupted First? 17:04 Kraken’s Bank Acquisition 21:42 Stablecoin Yield: GENIUS, the OCC & MiCA 27:08 Central Banks Pilot Stablecoin Rails 29:34 Is Deposit Flight Overblown? 35:41 Fixing Fiat On & Off Ramps 39:32 Macro: Hot Core CPI, Falling Yields 41:11 October FOMC: Hike or Hold? 45:23 Why Long-End Yields Fell Despite Inflation 50:39 Rate Hikes Before Elections: What History Says 56:09 Bitcoin Key Levels 57:33 Week Ahead: Earnings, Auctions & GENIUS Comments