EY Parthenon, Igor Mikhalev | Europe's 1% Share, Yield-Bearing Deposits, $1M Licenses to Innovate

Show Notes

On this Market Cap episode, Igor Mikhalev, Partner Digital Asset & Market Infrastructure Strategy at EY Parthenon, joins our Director of Institutional Partnerships Stefano Sanabria.

He explains how traditional consulting firms approach blockchain and digital assets, what prevents them from placing larger strategic bets, and how EY-Parthenon works across both incumbent and crypto-native businesses.

He also illustrates Europe’s position in digital finance, the constraints created by regulation, the role of stablecoins and tokenized deposits, and what could allow European financial markets to remain competitive.

Chapters
02:36 The early blockchain boom
05:20 Innovation needs strategic thinking
07:29 What firms ask strategy consultants
10:46 Bridging crypto and traditional firms
15:54 How consulting firms approach digital assets
18:44 Open data and open innovation
24:02 Europe’s digital finance position
27:22 What Europe can do to compete
30:57 Competition and the monetary order
34:15 Why euro stablecoins face a challenge
38:13 The case for tokenized deposits
42:26 EY-Parthenon’s stablecoin tracker
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On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.

🎥 Watch the video version: https://x.com/AleaResearch/status/2098074691198193874

What is Market Cap?

Market Cap is the show for serious capital in crypto. Stefano hosts allocators, market makers, and institutional operators to unpack the flows, structures, and mechanics shaping the asset class. Conversations focus on market structure, liquidity, the bridge between TradFi and crypto, and the questions allocators are actually asking. Built for professionals who treat crypto as a market, not a meme.